Management & Organization

Outline the day-to-day operations of your practice, including information about key staff and advisors.


What to Include in the Management & Organization Section of Your Plan

One of the main purposes of the business plan is to make a compelling case to lenders for financing your practice. One of the common reasons new businesses fail is lack of management competence. Because of the significant risk to lenders in this area, your business plan will need to describe your practice's management structure and operational plan.

Information to include:

  • Hours of operation
  • Staffing
  • Expertise and background of the practitioner and staff
  • List of policies that have been developed that will guide the practice
  • Business formation (e.g. limited liability corporation, S-corporation, sole proprietorship)
  • Insurance coverage accepted
  • Accounting systems and software
  • Payment of taxes – quarterly estimates or withholding (depends on the business structure – corporation, independent contractor, etc.)
  • Individuals who will provide professional and advisory support (attorney, accountant, etc.)
  • Management succession and exit strategy

Have you carefully thought through the details of your day-to-day operation?

Outline the day-to-day operations of your practice, including information about key staff and advisors. This might also include job descriptions for employees you plan to hire.

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.