Any potential investor will want to know what they’re getting themselves into, how their money will be spent and whether or not you will be capable of pulling it off.“Writing a business plan requires you to meticulously research the market, which will help you learn more about what your customers really want, how much they’d be willing to pay, how you can attract them, and who your competitors are.” With this in mind, if you plan to raise money to start your business, whether from outside investors or friends and family, it’s important to have a well-researched and compelling business plan that inspires confidence in your ideas as well your abilities.
This is where you provide details about the education, qualifications and experience that you and your management team bring to your small business.
Written in a crisp and focused manner, the management team section should help those third parties recognize what sets your business apart from others.
In the early days of a business venture when things are still new and exciting it’s easy to become so passionate about your ideas and plans that you fail to see the potential downsides and put adequate safeguards in place.
Writing a business plan will force you to look at your product or service objectively and understand your strengths as well as your weaknesses.
A well-written business plan will provide your business with the structure it needs to run smoothly by laying out what your priorities should be and the actions you’ll need to take.
It will help you manage everything from cash flow and personnel to marketing and brand awareness.
Discretion here is important; you want to demonstrate to people reading your business plan that you've hired accomplished people, but you don't want to stray into the realm of hyperbole, either.
This said, after spelling out so many numbers and analytics in your business plan, the management section is your chance to expose the Thomas Cole, Director of Marketing A mass communication graduate of Illinois State University, Tom brings to us nearly 20 years of marketing experience and a proven ability to integrate best practices into emerging businesses.
Of course, they'll read the market analysis section – and you can expect them to linger over the financial projections section.
But if there's one section of a business plan that may carry the greatest weight with lenders, investors and potential strategic partners, it's the management team section.