Question

Submit a minimum of 200-word answer for each of the following questions :

Imagine you are starting the firm with your Team and you are all college seniors with limited work experience (as probably some of you are!). You may not have impressive credentials to include in the management team section of your business plan.

1. How can you construct this section of your plan, and the company itself, in a way that reassures the readers of the plan that you know what you’re doing and will get the advice you need to launch a successful company.
2. Please discuss with your Team your answer and agree on what to do for your final plan.
   • Please summarize your discussion and final recommendation.

Answer 1

ANSWER

As per the given question,

1. For the management team summary or the management summary even though there are no impressive credentials, the emphasis should be on optimum utilization of resources. It can be assured that the resources will be used wisely that will lead to profitable operations. The mention of timely payment of debts and abiding by laws and regulations will add further credibility. There should be clear mention of the designations, who will be at what position given their academic qualifications or whatever limited experience. This is can be summarized as follows

Our management will strictly follow the guidelines to provide the maximum customer satisfaction along with taking care of the profits. Our management will be based on the philosophy of cordial relations among the employees, team effort and respect of each other. We aim to have a  working environment that promotes workplace diversity, creativity, self development and growth. Our management will be committed to use the resources wisely keeping in mind the profitability. The management will be particular in paying the debts on time and act in compliance with laws and regulations. The members of the management team are qualified management graduates and they have also participated in many short term business management programs certified by the Entrepreneurship Development Center.

2. After discussing with my team the entire plan is summarized as follows.

The Business Plan should include the following.

i. Synopsis or Analytical summary

ii. Description about the company

iii. Costs and Funding

iv. Ownership of the company

v. Product and Services to be offered

vi. Market Analysis

vii. Operations structure

viii. Strategies

ix. Financial Plan

x. Investor Considerations

xi. Business Model

xi. Management Summary

The recommendations for the management summary are to add the following postulates to the existing summary.

1. Clear identification and role specification of the Management team.

2. Mention the owners' qualifications and short term work or internship experiences related to the similar business.

3. Add how the owners plan to implement their business learning and business skills in coherence with their technical expertise.

4. Mention of the strategies to be implemented for continuous progress and improvement of the business. This may include techniques for modern management like theory of constraints, just in time operation environment, activity based management.

5. Clear mention of the human resource policies so as to have a good team that works together towards the company's goals maintaining the ethical aspects.

6. There can also be mention of the marketing and financial plan so as to get the initial support from the investors. The financial information can throw some light on the inventory methods, expected break even, projected profit and loss, projected cash flow and business ratios.