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.
Posted in Planning on Sunday, May 22, 2016
Information to Include
- Hours of operation
- 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.