Overview
Don't underestimate the importance of the Management Team section of your business plan. As you complete this section of the plan, imagine yourself trying to pitch a potential investor on the competence advantage your business will have. Describe the distinct skills and talents of your management team, which at the highest level include investors, members of the board of directors, key employees, advisors, and strategic partners.
The people behind a business are of critical importance. Many investors would sooner invest in a business with a top-notch management team and a mediocre idea, than invest in a mediocre team championing a brilliant idea. Ultimately, the people behind the business will have a huge impact on the venture's success or failure.
The Management Team section of your business plan should include:
- An organizational chart. The organizational chart visually presents the relationships and divisions of responsibility within the company.
- Policy and strategy. In this section of the plan, describe how employees will be selected, trained, and rewarded. How will you manage the human capital of the organization?
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An Investor's Perspective
"Don't just focus on the people currently involved in the startup; think about the skills you need to launch and run your business over time."
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