Potential lenders will only finance a company with a management team that provides the four essential elements of managment:
- planning
- organization
- control
- leadership
Write down who will be in charge of certain responsibilities and tasks and why they are qualified to manage this specific department or task.
Chart your formal organization
It is reasonable for small- to medium sized businesses to have a management team consisting of one (or possibly two) key management personnel. Use outside consultants and professionals to supply any missing expertise.
Incorporate your management team
Examples of major functions:
- marketing
- advertising
- sales
- finance/controller
- inventory control
- purchasing
- operations
- production
- distribution
- human resources
- legal
Responsibilities
List each manager separately and explain his or her various responsibilities.
Outside support
Include any outside professional consultant and industry expert who provides support for your management team:
- attorney
- certified public accountant
- business and management consultant
- marketing consultant
- computer consultant
- temporary agency
- insurance agent
Management Résumés
Provide a résumé of the qualifications of each manager. Include references for key managers.
People and talent requirements
List current and future needs of required company staff. Estimate the number of employees as well as positions needed to effectively operate the business.
Compensation
List salary histories, proposed salaries and other compensation for each management team member. Include bonuses, profit-sharing plans and other compensation arrangements.
Directors
Provide a complete list of directors. Include their name, professional credentials, and any compensation you are providing them.
