The phrase "management is what managers do" occurs widely,  suggesting the difficulty of defining management without circularitythe shifting nature of definitions[ citation needed ] and the connection of managerial practices with the existence of a managerial cadre or of a class. One habit of thought regards management as equivalent to " business administration " and thus excludes management in places outside commerceas for example in charities and in the public sector. More broadly, every organization must "manage" its work, people, processes, technology, etc.
Many investors and lenders feel the quality and experience of the management team is one of the most important factors used to evaluate the potential of a new business. But putting work into the Management Team section will not only benefit people who may read your plan.
It will also help you evaluate the skills, experiences, and resources your management team will need.
Key questions to answer: Who are the key leaders? If actual people have not been identified, describe the type of people needed.
What are their experiences, educational backgrounds, and skills? Do your key leaders have industry experience? If not, what experience do they bring to the business that is applicable? What duties will each position perform?
Creating an organization chart might be helpful. What authority is granted to and what responsibilities are expected in each position? What salary levels will be required to attract qualified candidates for each position?
What is the salary structure for the company, by position? The Management Team section for our cycling rental business could start something like this: Jim Rouleur, Owner and Manager Joe has over twenty years experience in the cycling business. A complete resume for Mr. Rouleur can be found in the Appendix.
Mountain Biking National Champion. She worked in product development for High Tec frames, creating custom frames and frame modifications for professional cyclists.
She also has extensive customer service and sales experience, having worked for four years as the online manager of Pro Parts Unlimited, an online retailer of high-end cycling equipment and accessories.
In some instances you may also wish to describe your staffing plans. Otherwise, include staffing plans in the Operations section.
Just make plans to get help from the right people. Finally, when you create your Management section, focus on credentials but pay extra focus to what each person actually will do. Experience and reputation are great, but action is everything. That way your Management section will answer the "Who is in charge?
More in this series:A formal business plan is an important document for any business. Entrepreneurs just starting out may find putting their thoughts, goals and in some cases dreams to paper an intimidating process.
In this section of the business plan, be prepared to cover the people portion of your organization.
One of the keys to the success of a business is its people, and the planning of your personnel should be given great and careful consideration. Understand the types of organization design and their uses, and get tips on how to ensure your organization is aligned with your business objectives.
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There are seven major sections of a business plan, and each one is a complex document. Read this selection from our business plan tutorial to fully understand these components.