Updating Your Business Plan for 2021 Part 7 - Management & Organization

Updating Your Business Plan for 2021 Part 1 - Getting Started

Updating Your Business Plan for 2021 Part 2 - Executive Summary

Updating Your Business Plan for 2021 Part 3 - Company Description

Updating Your Business Plan for 2021 Part 4 - Products and Services

Updating Your Business Plan for 2021 Part 5 - Marketing Plan

Updating Your Business Plan for 2021 Part 6 - Operational Plan

The Management and Organization section of your business plan should provide an understanding of the people in your business – including roles and responsibilities. For businesses seeking investors or financing, the qualifications of your management team will be carefully scrutinized.

In this section include:

• Biographies - Include brief biographies of the owner/s and key employees. Include resumes in the Appendix. Here, summarize your experience and those of your key employees in a few paragraphs per person. Focus on the special experience and skills each person brings to the business.

• Organization Chart - If you have more than 10 employees, include an organization chart showing who is responsible for key functions. Describe the positions of key employees.

• Continuation Plan - How would you continue the business if owner/s or key employees left or were incapacitated?

• Advisors - List the members of your professional/advisory support team, including:
  • Attorney
  • Accountant
  • Board of directors
  • Advisory board
  • Insurance agent
  • Consultants
  • Banker
  • Mentors and other advisors

Explain the relevant experience and specializations of your advisors. For example, does your mentor have experience running and expanding a similar business?

After reading the Management & Organization section, the reader should feel confident in the qualifications of your team.

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