The Business Plan
Read this section to see why business plans are essential and what sections should be included.
Management Plan
Management makes the key decisions for the business, such as its legal form and organizational structure. This section of the business plan should outline these decisions and provide information about the qualifications of the key management personnel.
A. Legal Form of Organization
This section dentifies the chosen legal form of business ownership: sole proprietorship (personal ownership), partnership (ownership shared with one or more partners), or corporation (ownership through shares of stock).
B. Qualifications of Management Team and Compensation Package
It isn't enough merely to have a good business idea: you need a talented management team that can turn your concept into a profitable venture. This part of the management plan section provides information about the qualifications of each member of the management team. Its purpose is to convince the reader that the company will be run by experienced, well-qualified managers. It describes each individual's education, experience, and expertise, as well as each person's responsibilities. It also indicates the estimated annual salary to be paid to each member of the management team.
C. Organizational Structure
This section of the management plan describes the relationships among individuals within the company, listing the major responsibilities of each member of the management team.