Wondering about how to show management team gaps in business plan? It seems like a sensitive subject, doesn't it? But actually this is a spot where investors WANT to see you acknowledge a shortcoming. One common failing of business plans is an entrepreneur thinking they can do it all—or believing that a small team of employees will be able to seamlessly handle all of the executive responsibilities as the company grows. This just doesn't work. If you're the sole member of your executive team—Founder & CEO—you shouldn't include just yourself in the management section of the business plan and leave it at that. You may have the best education the country can offer and years of experience in this exact industry, but you won't be running the show alone. So if you haven't recruited anyone to join, what's a business plan writer to do? Easy: create a management team gaps section.
A management team gaps piece in a business plan is not difficult to develop. Simply identify the executive-tier positions that you do NOT have filled by named staffers or advisors at start up, and acknowledge in writing that these positions will need to be filled either at funding or during (for example) Year 1 or Year 2 of operations. Don't have a CFO? No problem, a staff accountant can probably manage those tasks for the first few years. But if you're projecting $25M in revenue within 2-3 years, you're going to want a true CFO. Don't sweat it, just disclose the need! It's possible the chief investor himself will have a good person in mind, and maybe your team will be solidified naturally.
If you have questions about how to address management team holes or anything else to do with your executive recruiting, compensation, or personnel objectives, you may find it helpful to discuss them with a business plan writing professional. MasterPlans is an industry leader in business planning and has more than 8,000 successful plan writing engagements under its belt. Reach out to a consultant today by calling 877-453-2011 or visiting us online at www.masterplans.com.
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