The Management Plan

Managing a business demands dedication, persistence, the ability to make decisions and the ability to manage both employees and finances. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business.

Your management plan should answer questions such as:

• How does your background/business experience help you in this business?
• What are your weaknesses and how can you compensate for them?
• Who will be on the management team?
• What are their strengths/weaknesses?
• What are their duties?
• Are these duties clearly defined?
• What are your current personnel needs?
• What are your plans for hiring and training personnel?
• What salaries and holidays will you offer?
• What benefits, if any, can you afford at this point?

Consequently, it's imperative that you know what skills you possess and those you lack since you will have to hire personnel to supply the skills that you lack.

Employees often have excellent ideas that can lead to new market areas, innovations to existing services or new services that can improve your overall competitiveness.