Including Management and Financial Summary in the Online Business Plan is a Necessity
You are creating your business plan for your online business and like all business plans there are a number of sections you need to put together to ensure you have a plan you can follow to keep your business on track and headed for successes. You may be surprised to learn that many business plans come up short in their management and financial summary. Perhaps this is simply because they are unsure.
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Management Team
Start by creating an outline of what type of experience you want to see your management team have. How many people you envision on your management team, the individual roles that they will have and what their responsibilities will be individually and as a team.
Think of the management summary as hiring resume where you can easily see the qualifications you are looking for, the work history of those that will be involved in the startup of your business. If it’s a smaller venture like so many online businesses are, you may have to wear many different hats yourself and improve your skills in some areas. You may not have the luxury of having many people on your management team and so in these instances, in addition to you having to have a wide range of skills, the people you do hire may have to be able to perform a broader range of tasks.
Finances
In addition to taking the time to outline what your management team will look like you need to also address any financing that you have put into place and that’s ready to go for your startup. Your working capital is critical to your startup. How much working capital you need will depend on your specific venture. Some companies have little to no stock on hand while others carry huge amounts.
Sales and revenues are established by you for the business plan; however, we all that these projections can be way off if the person creating the business plan isn’t being realistic, so try to keep it real. Your business plan is also going to establish how much capital you already have and what your operating costs will be.
What’s nice about an online business, is that if you don’t any sales yet so you can’t provide solid sales numbers, you can get your website up and running, go live, get things moving on the site in a practical way that’s closer to reality and then show the potential investors what you are making and what you’re spending.
Bottom line – make sure your online business plan thoroughly details your management and financial needs.
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