Executive Summary - Include everything that you would cover in a five-minute interview. Who are the owners, what is their experience in this industry? Explain the fundamentals of your business. What do you think the future holds for your business and your industry?
Sometimes, lenders are more interested in lending to management teams than they are to an idea, and you will need to establish your ability to lead the business to success in your franchise management plan. If your own characteristics in this area are weak, then you will need to demonstrate how your partner — or others on your team — can make up for this lack.
It is quite possible that the quality of the management plan in your business plan will make the difference between getting the money — or not. Identify the Leadership and Their Qualifications Your franchise management plan should also identify who each person is including employees and how and why they are essential to the success of the new business.
You should include their education, experience, and quantify some results of their performance and abilities. Basically, this means putting their resumes into this part of the business plan.
You will also want your own to be in there, too. This section is also extremely important because if the business plans for management leadership talent is not deemed present, it stands a good chance of not being financed.
Some lenders will even look at this section first and base their conclusions on what they find here. A good presentation will include an honest assessment of your own strengths and weaknesses, and then show how you are prepared to compensate through other partners or employees.
If you have not yet identified all of your management team, then you want to simply put into your management plan that that position is pending. Be sure, though, to identify qualifications and responsibilities of that position. Identify How Your Business Is to Be Managed Once all the leaders and managers have been identified, you will then need to show how your business will be managed.
What percentages of the leadership will others have in the franchise business possess, and will they be given any opportunities to provide some input as to the direction of the company?
What about responsibilities and how are they to be doled out? Is there a strict assignment of tasks, or is there a looser structure that allows some overlap and possibly greater flexibility?
One more thing needs to be added into this part of your management plan, and that is your external management resources. This refers to those that you can call on for advice and direction for your business — if needed.
This is even more important if you are lacking in either experience or business management career training. Your lenders will want to see that you have expert help when it should be needed.
It will further guarantee your business success. If you can get direct help from your franchise main office, you want to be sure to include that information. Identify the Responsibilities of Your Leadership Team If you have several other people involved, you should create a flow chart showing how everyone relates to each other person.
This should also include responsibilities and how they are divided up and who is in charge of what action or task.
Identify the Hiring and Training Process How employees are brought into the business also needs to be covered. This should include information about what requirements will be held for employees in order to be hired, and how they are to be trained and rewarded for good performance.
Also, show how you will motivate employees for top performance with the use of benefits offered and incentives. Your franchise business management plan needs to carefully identify the management processes involved in your business.
Be careful not to use a cookie-cutter management plan template that does not identify each of these parts of the plan and how it uniquely describes your business plans.Essential tips and advice on how to write a business plan to grow your business.
Sample Business Plans; important than up-front material such as the business concept and the management team. This article is part of a series on how to write a great business plan. Many investors and lenders feel the quality and experience of the management team is one of the most important factors used.
Sometimes, lenders are more interested in lending to management teams than they are to an idea, and you will need to establish your ability to lead the business to success in your franchise management .
This section provides the lecture notes for the course, summaries of of the topics covered in each session, and information on speakers. Courses» Sloan School of Management» Nuts and Bolts of Business Plans» Lecture Notes Introduction and Overview of Business Plans.
Speaker. Joe . Jan 04, · Every business idea needs a plan that carefully outlines the journey it will take. If you ponder on beginning an asset oversight business, then the business of rental asset management and purchase ought to be the first thing to consider/5(2).
The business plan is the key ingredient for a successful business and is often ignored. This session shows you how to create an individualized business plan, and provides the tools to make it easy. The primary value of your business plan will be to create a written outline that evaluates all aspects.