Over the last 20+ years, the professional business plan writers at Growthink have written business plans for over 4,000 companies and hundreds of thousands of others have used the best business plan template and our other strategic planning materials.
From this vast experience, we’ve gained valuable insights on how to write a business plan effectively, specifically in the management section.
What is a Management Team Business Plan?
A management team business plan is a section in a comprehensive business plan that introduces and highlights the key members of the company’s management team. This part provides essential details about the individuals responsible for leading and running the business, including their backgrounds, skills, and experience.
It’s crucial for potential investors and stakeholders to evaluate the management team’s competence and qualifications, as a strong team instills confidence in the company’s ability to succeed.
Why Your Management Team is Important
The Management Team section of your plan details your team members.
This section is critical since the best plans in the world will not be executed if the team is incapable. By proving you have a strong team, you are signaling to investors that you can in fact achieve the plans and milestones included in your business plan.
Your management team plan has 3 goals:
- To prove to you that you have the right team to execute on the opportunity you have defined, and if not, to identify who you must hire to round out your current team
- To convince lenders and investors (e.g., angel investors, venture capitalists) to fund your company (if needed)
- To document how your Board (if applicable) can best help your team succeed
What to Include in Your Management Team Section
A well-defined management team section has three sub-sections:
Management Team Members
For each management team member, detail their name, title and professional background.
Their backgrounds are most important in telling you and investors they are qualified to execute. Detail what positions they’ve held and what they accomplished in those positions. For example, by saying Jane Smith was the former Vice President of Manufacturing for XYZ company where she scaled manufacturing from 1,000 to 10 million products per month would be very impressive if your company was a startup manufacturer.
Importantly, try to relate your team members’ past job experience with what you need them to accomplish at your company. For example, if a former high school principal was on your team, you could state that their vast experience working with both teenagers and their parents will help them succeed in their current position (particularly if the current position required them to work with both customer segments).
This is true for a management team for a small business, a medium-sized or large business.
Management Team Gaps
If your internal management team has gaps (key people you expect to hire in the future), detail what position(s) is/are missing and who will fill the positions.
This could read like a job description. For instance, you might say that we will soon hire a VP of Sales. This person will have 10 years’ experience selling to big box retailers and has managed at least 100 sales representatives at a time in their career.
Below are some key positions that you might include in your own business plan:
- Chief Executive Officer
- Chief Operating Officer
- Chief Financial Officer
- Chief Technology Officer
- Sales Manager
- Chief Marketing Officer
- Digital Marketing Manager
- Human Resources Management
- Business Development Manager
- Account Management/Customer Service Manager
- Key Managers Staff
Board Members
If you have a Board of Directors or Board of Advisors, include the bios of your Board members here.
A Board of Directors is a paid group of individuals who help guide your company. Typically startups do not have such a board until they raise VC funding.
If your company is not at this stage, consider forming a Board of Advisors. Such a board is ideal particularly if your team is missing industry expertise and/or experience in certain areas. An advisory board includes 2 to 8 individuals who act as mentors to your business. Usually, you meet with them monthly or quarterly and they help answer questions and provide strategic guidance. You typically do not pay advisory board members with cash, but offering them options in your company is a best practice as it allows you to attract better board members and better motivate them.
Management Team Business Plan Examples
Below are examples of how to include your management section in your business plan.
Example #1
Key Team Members
Jim Smith, Founder & CEO
Jim brings 15 years of experience in online software development, having co-founded two successful online businesses. His first company specialized in developing workflow automation software for government agencies and was acquired by a public company in 2003. Jim’s second company developed a mobile app for parents to manage their children’s activities, which was acquired by a large public company in 2014. Jim holds a B.S. in Computer Science from MIT and an M.B.A. from the University of Chicago.
Bill Jones, COO
Bill brings 20 years of sales and business development experience from working with several startups that he helped grow into large businesses. His strong operational skills and strategic mindset will be instrumental in driving the company’s growth. Bill holds a B.S. in Mechanical Engineering from MIT, where he also played Division I lacrosse for four years.
Jane Doe, CTO
With over 10 years of experience in software engineering and architecture, Jane is a seasoned technology leader. She has a proven track record of delivering innovative solutions and leading high-performing engineering teams. Jane’s deep technical expertise will be crucial in developing and implementing our cutting-edge technology. She holds a B.S. in Computer Science from Stanford University and an M.S. in Computer Science from MIT.
Mike Lee, CFO
Mike is a seasoned financial executive with over 15 years of experience in financial planning, analysis, and strategy. He has a strong track record of driving financial performance and raising capital. Mike’s expertise will be invaluable in managing our financial operations and securing the necessary funding to fuel our growth. He holds a B.S. in Accounting from the University of California, Berkeley and an M.B.A. from Harvard Business School.
Management Team Gaps
We currently have no gaps in our management team, but we plan to expand our team by hiring a Vice President of Marketing to be responsible for all digital marketing efforts.
Example #2
Key Team Members
Vance Williamson, Founder & CEO
Prior to founding GoDoIt, Vance was the CIO of a major corporation with more than 100 retail locations. He oversaw all IT initiatives including software development, sales technology, mobile apps for customers and employees, security systems, customer databases/CRM platforms, etc. He has a B.S. in computer science and an MBA in operations management from UCLA.
Bill Cunningham, COO Bill brings over 25 years of experience in operations management and supply chain logistics. Previously, he held key positions at [previous company] where they successfully implemented lean manufacturing practices, optimized inventory management, and streamlined distribution processes. His expertise in [specific area of expertise, e.g., Six Sigma, Lean methodologies] will be invaluable in ensuring efficient operations and cost-effectiveness.
Carol Wingren, CFO
Carol Wingren is a seasoned financial executive with a proven track record in financial planning, analysis, and strategy. They have a deep understanding of [specific industry or financial area, e.g., e-commerce, venture capital]. Their expertise in [specific skill, e.g., financial modeling, fundraising] will be crucial in securing funding, managing cash flow, and driving long-term financial growth.
Sally Smiles, CMO
Sally Smiles is a marketing visionary with a passion for [specific marketing area, e.g., digital marketing, brand strategy]. They have a proven ability to develop and execute innovative marketing campaigns that drive customer acquisition and brand loyalty. Their experience in [specific marketing tool or platform, e.g., SEO, social media] will be instrumental in increasing brand awareness and generating leads.
Management Team Gaps
We currently have two gaps in our Management Team:
- A VP of Sales with 10 years of experience managing sales teams, overseeing sales processes, working with manufacturers, establishing new accounts, working with digital marketing/advertising agencies to build brand awareness, etc.
- In addition, we need to hire a VP of Marketing with experience creating online marketing campaigns that attract new customers to our site.
Conclusion
A strong management team section is crucial for a compelling business plan. It showcases the expertise and experience of the individuals driving the company’s growth. By highlighting their qualifications, accomplishments, and specific roles, you instill confidence in potential investors and stakeholders. A well-crafted management team section not only demonstrates your team’s ability to execute your business plan but also strengthens your company’s overall credibility and attractiveness.
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