Lynne Franks on how to detail your team in the business plan.
So that you and your potential investors can assess the strength of your team, write a paragraph or two about your own professional background and that of your full-time colleagues, advisers, and members of your board of directors, if you have them.
In addition, the role of each team member should be defined. If there are any glaring gaps with regard to skills and abilities, they will soon become apparent to you as you write. You should ensure that your team includes a leader, a visionary, a financial expert, a product developer, a marketer, and a manager. Although these are often the same person in a small entrepreneurial business, try to name at least a few people besides yourself to lend credibility.
Ask your accountant and legal advisor if they object to being named as part of your team. Who else do you know who is an expert in areas where you are not? Would they be prepared to give you some advice at times? Would they be the people you would like to ask to join you as members of your board of directors or advisory board further down the line?
Most business plans have gaps on their management team, particularly in the areas of marketing, advertising or public relations, which can be added later. You're not going to have the full team in place for a while, so visualise members of the team whom you would like to join you during the first year and add their roles in the respective areas on your time line.
I've allowed my name to be used on other people's business plans in the past, when I've believed in their project, and have found that it doesn't necessarily follow that I'll be involved once the business has been formed. You're not married for life to the people named on your business plan, but compiling this list is a good start towards creating your ongoing team.
You should end up with at least four people named on your plan as the management team. These people should ideally cover the areas of management, finance, product or service design, and marketing. Remember, too, that you should always try to surround yourself with individuals whose business strengths are your weaknesses. Do what you do well and delegate the rest.
