Management and Organization

As we continue our postings on Business Plans; this week we focus on Management and Organization.

Readers of your Business Plan will be interested in the competency and qualifications of management. You will want to address the following:

List CEO and key management by name.
Summarize number of years of experience in this field.
Qualifications of key staff
Include previous accomplishments to show that these are people with a record of success.
What are staff demands today? In the future?
Who will manage the business on a day-to-day basis?
What experience does that person bring to the business?
Describe their special and distinctive competencies.
What is the succession plan should key members of your management team become incapacitated or leave?

If you’ll have more than 10 employees, create an organizational chart showing the management hierarchy and who is responsible for key functions.

Include position descriptions for key employees. If you are seeking loans or investors, include resumes of owners and key employees.

Professional and Advisory Support

Consider the professional support resources you will need. The list below includes key players you should mention within this section:

· Board of directors
· Management advisory board
· Attorney
· Accountant
· Insurance agent
· Banker
· Consultant or consultants
· Mentors and key advisors

Nomination through the Tampa Bay Business Journal

Sheri' Taber has been nominated for the 2009 Tampa Bay Business Woman of the Year through the Tampa Bay Business Journal - Stay tuned for more details!

Congratulations to Sheri' Taber

Sheri' Taber Awarded 2009 - Tampa Bay Businesswoman of the Year for eWomenNetwork: http://tinyurl.com/lon3wn

Business Concept, Products, and Services

The next part of the Business Plan is describing your business concept, products and or services.

Describe in depth your products or services (technical specifications, drawings, photos, sales brochures, and other large items belong in Appendices).

Summarize the key technology, concept or strategy upon which your business is based. Do not include trademark or technical details in your plan. Such details should not be revealed in this document. Even a non-disclosure document may not protect your interests.

List general categories of your products, services, or intellectual concept.

What factors will give you competitive advantages or disadvantages? Examples include level of quality, unique, or proprietary features.

What are the pricing, fee, or leasing structures of your products or services?

Bay Area Business Magazine

Sheri' was recently published in the Bay Area Business Magazine of Tampa Bay, Florida. Take a look at: http://www.babm.com/strategicplanning/7-steps.htm

Vision Statement

The second part of your business plan is your Vision Statement. Organizations sometimes summarize goals and objectives into a mission statement and / or a vision statement:

• A Definition of Vision in a dictionary: 'An Image of the future we seek to create'.
  
  
• A vision statement describes in graphic terms where the goal-setters want to see themselves in the future. It may describe how they see events unfolding over 10 or 20 years if everything goes exactly as hoped.
  
• A definition of Mission in a dictionary: purpose, reason for being; also, an inner calling to pursue an activity or perform a service.
  
  Many people mistake vision statement for mission statement. The Vision describes a future identity and the Mission describes how it will be achieved. A Mission statement may define the purpose or broader goal for being in existence or in the business. It serves as an ongoing guide without time frame. The mission can remain the same for decades if crafted well. Vision is more specific in terms of objective and future state. Vision is related to some form of achievement if successful.
  
  For example, "We help transport goods and people efficiently and cost effectively without damaging environment" is a mission statement. Ford's brief but powerful slogan "Quality is Job 1" could count as a mission statement. "We will be one amongst the top three transporters of goods and people in North America by 2010" is a vision statement. It is very concrete and unambiguous goal.
  
  Mission and Values go hand in hand. To make the mission statement effective, it needs to be aligned with the prevailing culture of its stakeholders, organization, market and political sphere. A lofty mission statement means nothing if it is not in congruence with the values practiced by the organization. A statement of values provides guiding principles when ethical issues related to realizing the Vision, and undertaking the Mission, arise.
  
  A mission statement can resemble a vision statement in a few companies, but that can be a grave mistake. It can confuse people. The vision statement can galvanize the people to achieve defined objectives, even if they are stretch objectives, provided the vision is SMART (Specific, Measurable, Achievable, Realistic and Time bound). A mission statement provides a path to realize the vision in line with its values. These statements have a direct bearing on the bottom line and success of the organization.
  
  Features of an effective vision statement may include:
  
  · Clarity and lack of ambiguity
  · Paint a vivid and clear picture, not ambiguous
  · Describing a bright future (hope)
  · Memorable and engaging expression
  · Realistic aspirations, achievable
  · Alignment with organizational values and culture, Rational
  · Time bound if it talks of achieving any goal or objective
  
  In order to become really effective, an organizational vision statement must (the theory states) become assimilated into the organization's culture. Leaders have the responsibility of communicating the vision regularly, creating narratives that illustrate the vision, acting as role-models by embodying the vision, creating short-term objectives compatible with the vision, and encouraging others to craft their own personal vision compatible with the organization's overall vision.
  
  
  

Executive Summary

This is the first series in developing your Peak Performance Strategic Business Plan. Stay tuned each week as continue to give you information on building your plan.

Creating the Executive Summary

If you are developing this Plan for your internal organizational purposes, concentrate on gaps, weaknesses, and challenges so that you can develop resources and strategy that overcome those challenges; ultimately resulting in a plan that guarantees success.

If this Plan will be used to raise money, be sure to develop a compelling Executive Summary and within the Management and Organization worksheet, thoroughly focus on the background of each person on your management the team. This is the most important part of your Business Plan.

This is the first impression your reader will get of your company. Because most readers will scan through it, it must make an impact if you want them to continue reading.

By completing each of the worksheets within the business plan document prior to completing the Executive Summary, you will have all of the components required for the development of a compelling Executive Summary.

Write this section last.

Make it less than two pages in length.

Divide each component into it’s own section or paragraph. Put them in the order they fall within the Business Plan.

Bulleting important information will help it stand out.

Sub-captions will make reading flow and help the reader absorb your information more effectively.

Keep it brief. If you were to present it verbally, it should take you less than 3 – 5 minutes.

Explain your business concept clearly:
What will your product be?
Who will your customers be?
Who are the owners?
What do you think the future holds for your business and your industry?

Make it enthusiastic, professional, complete, and concise.

If applying for a loan, state clearly how much you want, precisely how you are going to use it, and how the money will make your business more profitable, thereby ensuring repayment.