Management

A good management team can take a mediocre idea and give it the appeal it needs. The management section of your business plan must demonstrate that the team you have assembled is a winner. Each member of management must be talented and have experience relevant to your business, but it is also important that the people on your team have complementary skills.

MANAGEMENT DESCRIPTION

Use this section to describe company management including the responsibilities and expertise of each person. Many angel investors base their investment decisions on the strength of the company's principals. Demonstrating that your management team possesses an array of complementary skills will help convince angels that your business has a bright future. Tips

• Be sure to have major categories of business management covered such as marketing, sales, production, research, and administration.
• Include relevant details in your management description, but save complete resumes as attachments to your plan. This will enable readers to quickly evaluate the strength of your team. If they are interested, they can delve deeper into management's background by reviewing their resumes.
• Emphasize people who have already committed to working with your business
• For important positions left unfilled at the time your business plan is assembled, describe necessary skills and job experience.

OWNERSHIP

A brief section on who owns and controls your company will help angel investors gain a better understanding of who will be making decisions.

BOARD OF DIRECTORS/BOARD OF ADVISORS

A strong board of directors or board of advisors is an asset to a business. It can add credibility to your business. In this section, outline who is on your board, giving their names, employment, training, education, and expertise. Highlight each board member’s experiences that you believe are an asset to your business. Many small business owners use the skills of board members to provide expertise and assistance they cannot initially afford to hire. If this is the case in your business, use this section of your business plan to play up the fact that your company has acquired this expertise by having a board. If the board members have industry connections, good reputations, or potential to raise capital for your business, include these facts. Tips

• Create a board that complements existing management.
• If you have not formed a board of directors or advisors yet, use this section to discuss the kind of talent and experience you plan to acquire for your board.

SUPPORT SERVICES

Strong support services - including attorneys, accountants, advertising agencies, as well as industry-specific services - indicate others' faith in your business as well as your ability to attract talent to your business. Having support services in place also indicates to angel investors that you have thought through all of the support you will need for your business. In your description of each support service, address what strengths the company or individual possesses, as well as what advantages they bring to your company. Tips

• Ask industry peers or read trade magazines to find the names of "hot" firms in your industry that will add clout to your business plan.