Describe Your Management Team
Determine who will manage your business and describe your Management Team.
Because management is such a critical aspect of any business, you will want to put careful thought into this Element. If you are hiring a manager, you will need to consider a number of key points within your business planning process:
- Establish job descriptions and hiring criteria.
- Identify the manager’s roles and responsibilities.
- Determine what training you will provide for a manager.
- Assess Industry standards and establish a budget for salary and training.
- Consider what rewards and recognition you will establish for employees.
In my case, this was an easy Element because I am the chief cook and bottle washer–end of story. My biography already exists in the owner Element of the Business Concept Section. There was nothing to be gained by replicating what has been written there, so I chose to elaborate on my history as a business manager.
View the Example: Management Team
Action
If you have set up a working copy of your business plan using the Shell™, this information will be entered under section 4 “Operations” under the heading 4.5 “Management”
To complete this Element you will need to identify your own strengths and weaknesses, then:
- Determine whether or not you will manage the business yourself.
- Identify what training you or your manager will require.
- Forecast all management-related salaries and training costs.
- If you are the only person working in the business and you have already provided your background information in the applicant Element, you need only to focus in this Element on your training needs and strengths that were not highlighted there.