Business Planning And Management

Business Planning And Management-49
Then consider how your business's human resources needs can best be met.

Then consider how your business's human resources needs can best be met.

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While External Management Resources are often overlooked when writing a business plan, (and running a business), using these resources effectively can make the difference between management success and failure.

Think of External Management Resources as your internal management team's backup.

The Ownership Structure section describes the legal structure of your business.

It may be a single sentence if your business is a sole proprietorship.

Add to this the cost of Workers' Compensation Insurance (mandatory for most businesses) and the cost of any other employee benefits, such as company-sponsored medical and dental plans to calculate your total labor cost.

When you're writing about staff training in your business plan, you'll want to include as many specifics as possible. What ongoing training opportunities will you provide your employees?This is an online course that involves approximately 12 - 15 hours of online learning (including study time) with no classroom time.Rise to the challenge of the homebuilding industry by successfully applying the fundamentals of business management - setting realistic goals, benchmarking and creating standards for production as well as service, accounting, sales, marketing and profitability.If you choose your board members carefully, they can also provide expertise that your internal management team lacks.When selecting people to serve on your Advisory Board, you obviously want people who have a genuine interest in seeing your business do well and have the experience and expertise to provide good advice.When writing the business plan, the Management Plan section describes your management team and staff and how your business ownership is structured.People reading your business plan will be looking to see not only who's on your management team but how the skills of your management and staff will contribute to the bottom line.Recently retired executives or managers, other successful entrepreneurs, and/or vendors would be good choices.You will not want to include anyone on your Advisory Board who may have a conflict of interest, such as lawyers, accountants, customers (or a direct competitor).If you're writing a business plan in preparation for starting a business and don't yet have an Advisory Board, be sure to include this section anyhow, describing your plans for setting one up and describing the types of people you will approach to serve on your Board.Having an Advisory Board, or planning to have one, shows those reading your business plan that you have the foresight to seek advice and make your management team as strong as possible, an important consideration when most businesses fail because of mismanagement of one type or another.

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