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| Management Plan | Even unoriginal idea can be successful with a strong management team. So, the other important section of the business plan is the Management Plan. This part contains description of your business ownership structure, management team and staff.
When writing the business plan, the Management Plan section describes your management team and staff and how your business ownership is structured. Readers of your business plan will be interested in the bottom line, in other words how the skills of your management and staff will assist with project’s success.
Usually the Management Plan section of your business plan is divided into several parts:
- Ownership Structure
- Internal Management Team
- External Management Resources
- Human Resources Needs
The Ownership Structure
The size of this section depends on the legal structure of your business. You may limit to a single sentence if plan your business as a sole proprietorship. Or give a lengthy explanation if your business is a partnership or a corporation. In that case, explain who holds what percentage of ownership in the company.
The Internal Management Team
This section may include description of the main business management categories relevant to your business, determination of who will be responsible for each category, with the profile of that person's skills.
Almost any small business requires Sales and Marketing, Administration and Production categories.
Research and Development and Human Resources are additional management categories which may be needed.
If you have a limited budget you can charge one person to fill more than one role. Just identify the key management people in your business and describe their functions.
As an Appendix to your business plan you can make complete résumés of each member of your management team. Add review of salary and benefits which management team members will have, describe any profit-sharing plans that may apply. If you plan to conclude any contracts with your management team members, it can be work contract or non-competition agreement, also include them in an Appendix to your business plan.
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