Management & Organization – Creating a Business Plan
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Last time, we talked about your Operational Plan. Now we’re going to go over the Management & Organization section of your business plan. The purpose of this section is to describe who’s on your management team and the skills they bring to the table.
Ownership Structure
This is where you’ll describe your business’s legal structure. Examples include whether you’re a sole proprietor, a partnership, or a corporation (LLC, S-Corp, etc.). It may be helpful to work with an attorney here if you aren’t sure how to classify your business.
Internal Management
Start by classifying the different categories within your business (admin, sales, HR, etc.). Then, identify the key figures within each of those categories, the function of the role, and the responsibilities they carry. Depending on the way your business is structured, some people may overlap within the departments. Include the complete work history and qualifications of each member of your senior management team, including your own.
Professional Relationships
This is where you should list any external relationships your business has, including accountants, attorneys, lenders, etc. Include any important contract details, if any.
Boards
Depending on the size of your business, this may not be applicable to you. However, if you do have a board in place, list all the members and the reason why they were selected to serve on the board, i.e., qualifications.
Human Resources
Start by providing a brief history of how your business got to where it is now, when it comes to your employees. Did things start with only you, or did you always have a team? Explaining your previous growth can help provide a blueprint for the future.
Describe the type of workers you have. Are they usually employees, or do you prefer to go the contract route? Are most of your employees full-time, or does it vary? To keep your business operating at the level it is now, what are the number of employees you need, and what are their skill sets? What are your current labor costs, including salary, Workers’ Compensation, additional insurance, and employee benefits?
Once you have all this information, it may be helpful to include plans for future growth. This includes where you’ll find new employees, what training you provide, and how they fit into the overall plans for your business.
Keep an eye out for the next installment of this series, where we’ll talk about your personal financial statement.
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