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Now that we understand the structure of your business, we need to meet the people who’ll be running it. This section is important even for a single practitioner or sole proprietorship, as it will introduce you and your qualifications to the readers of your plan.
Obviously, for small businesses, the organization will be far more streamlined and less complicated than it is for larger ones, but your business plan still needs to demonstrate an understanding of how you’ll handle the work flow.
At the very least, you’ll need to touch on sales and marketing, administration, and the production and distribution of your product or the execution of your service.
Here’s where you’ll list the names and profiles of your management team, along with what their responsibilities are.
Especially if you’re looking for funding, make sure to highlight the proven track record of these key employees.
One way to explain your organizational structure in the business plan is graphically.
A simple diagram or flowchart can easily demonstrate levels of management and the positions within them, clearly illustrating who reports to whom, and how different divisions of the company (such as sales and marketing) relate to each other.
This section will spell out the compensation for management team members, such as salary, benefits and any profit-sharing you might be offering.
If any of the team will be under contract or bound by non-compete agreements, you would mention that here, as well.
If the business will use outside consultants, freelancers, or independent contractors, mention it here as well.
And talk about positions you’d want to add in the future if you’re successful enough to expand.