Business Planning And Management

Business Planning And Management-21
The Ownership Structure section describes the legal structure of your business.It may be a single sentence if your business is a sole proprietorship.Recently retired executives or managers, other successful entrepreneurs, and/or vendors would be good choices.

The Ownership Structure section describes the legal structure of your business.It may be a single sentence if your business is a sole proprietorship.Recently retired executives or managers, other successful entrepreneurs, and/or vendors would be good choices.

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Add to this the cost of Workers' Compensation Insurance (mandatory for most businesses) and the cost of any other employee benefits, such as company-sponsored medical and dental plans to calculate your total labor cost.

When you're writing about staff training in your business plan, you'll want to include as many specifics as possible. What ongoing training opportunities will you provide your employees?

You can calculate the number of employees you will need by figuring out how many customers each employee can serve.

As an example, if it takes one employee to serve 150 customers, and you forecast 1500 customers in your first year, your business will need 10 employees.

If your business is a partnership or a corporation, it may be longer; you want to be sure you explain who holds what percentage of ownership in the company.

This section of the Management Plan will describe the main business management categories relevant to your business, identify who's going to have responsibility for each category, and profile that person's skills.An Advisory Board of just two or three people can be a powerful management tool for a small business.When you're writing your business plan, you'll want to describe who is on your Advisory Board, listing their names, titles, experience, and expertise and explaining how each member will contribute to helping you run a profitable business.Identify the key management people in your business and explain what functions each team member will fill.Along with this outline, the management plan will include complete resumés of each member of your management team (including you) and an explanation of how each person's skills will contribute to your new business's success.Do you need full-time or part-time staff or a mix of both?Now you're ready to calculate your labor costs.Even if your plan for your business is to start as a solo act, you need to include this section on Human Resources Needs in your business plan to demonstrate that you've thought about the staffing your business may require as it grows and that your business has (or will have) human resources policies in place.Business plans are about the future, and how your business is going to succeed.If you're writing a business plan in preparation for starting a business and don't yet have an Advisory Board, be sure to include this section anyhow, describing your plans for setting one up and describing the types of people you will approach to serve on your Board.Having an Advisory Board, or planning to have one, shows those reading your business plan that you have the foresight to seek advice and make your management team as strong as possible, an important consideration when most businesses fail because of mismanagement of one type or another.

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