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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.Start at the top with the legal structure and ownership of the business.
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.
You want your readers to feel like your top staff complements you and supplements your own particular skill set.
You also want readers to understand why these people are so qualified to help make your business a success.
Think of this section as a resume-in-a-nutshell, recapping the highlights and achievements of the people you’ve chosen to surround yourself with.
Actual detailed resumes for you and your management team should go in the plan’s appendix, and you can cross reference them here.If you are incorporated, say so, and detail whether you are a C or S corporation.If you haven’t yet incorporated, make sure to discuss this with your attorney and tax advisor to figure out which way to go.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.It’s important to define the positions in the company, which job is responsible for what, and to whom everyone will report.Over time, the structure may grow and change and you can certainly keep tweaking it as you go along, but you need to have an initial plan.Whether you’re in a partnership or are a sole owner, this is where to mention it.List the names of the owners of the business, what percent of the company each of them owns, the form of ownership (common or preferred stock, general or limited partner), and what kind of involvement they’ll have with day-to-day operations; for example, if they’re an active or silent partner.A smooth-running operation runs far more efficiently and cost-effectively than one flying by the seat of its pants, and this section of your business plan will be another indication that you know what you’re doing.A large company is also likely to need additional operational categories such as human resources and possibly research and development.