Target Market - How to connect with your customers. The mission statement could be defined in terms of: Your Target Audience who are they?
Resumes cover a majority of these issues but for key managers it is better to provide a narrative explanation supported by a resume.
The narrative provides a story while the resume details the dates, titles and organizations resumes will be included in the appendices of the business plan.
An existing enterprise, preparing a business plan for loan purposes, would discuss the above items of only key members of the management team president, vice president, financial controller, and so on.
In addition, resumes of each key players act as supporting information and should be placed in the appendices of the business plan.
Lower level managers must be addressed, however, fewer details are required. Usually the key management team of a new or aspiring business ventures consists only of the entrepreneurs or owners. In this case, each owner would provide a narrative description, discussing the above items.
In addition, each owner's resume would be placed in the appendices of the business plan. Below details each area that should be discussed under the "Management Team" section, beginning with personal background and status.
You may adjust these components to reflect your particular situation. Personal Background and Status: Most example management team section business plan want to know about an entrepreneur's personal background and status.
If your background involves volunteer and community work, be sure to mention it in this section. If you are a member of any organizations such as the Chamber of Commerce, discuss your involvement.
You want to leave the impression that you are respectable, reputable, and committed to the project. An employment history gives an investor an idea of who will be controlling their money and whether the entrepreneur will be a good investment. If your employment history is discussed properly, it will illustrate to potential investors that you are capable of handling the task of successfully operating the business and that you will perform accordingly.
Holding positions of responsibilities will assist you in demonstrating your ability to own and operate the proposed ventured. If you've worked as a manager, you should definitely make reference to your duties while in this capacity.
This will re-enforce your ability to perform in positions of responsibility. Be sure to omit unfavorable aspects such as taking a year off from your working past.
Wording can be adjusted to make a statement true or favorable. If an investor sees an unfavorable aspect, she may decide against investing; reasoning that you may just abandon the project like you did in your working past.
Industry Background and Experience: Many backers require prior experience in the industry before investing into an entrepreneur or group of entrepreneurs.
Even with the "best" business idea, many investors tend to feel that entrepreneurs need experience within the industry before they can efficiently operate in it.
For example, if you have worked in the retail clothing industry for 10 years and now plan on establishing a retail clothing store, investors are less reluctant to provide the necessary capital.
If, on the other hand, an entrepreneur plans to open a computer software company without any prior experience in the software industry, backers assume the risks are higher and tend to be more dubious in making an investment. Therefore, if you or your partners do not have experience in the industry, you are advised to take the necessary steps in acquiring it.
Sometimes it is impossible to take the time needed to work in the industry to obtain such experience. In this case, be sure to conduct extensive research in all functional areas such as operations, marketing, customer service, etc.
This will demonstrate that you have thought of every aspect of the business, you are aware of what you are getting into, and you are able to adapt to new settings.For example, a plan that is fundamentally a marketing play should not seek financing without a stellar marketing team.
The Management Team section should also include biographies of the company's Advisory Board and/or Board of Directors. When writing the business plan, the Management Plan section describes your management team and staff and how your business ownership is structured.
People reading your business plan will be looking to see not only who's on your management team but how the skills of your management and staff will contribute to the bottom line.
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.
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