A vision propelled by like-minded visionaries will inspire greatness from the best of us. Many entrepreneurs have a great idea and with focus, dedication and diligence it will grow into a successful enterprise.
So let’s address key topics regarding Developing a Business Plan. Along the way, many startups realize that ‘no man is an island’ and it will be tremendously beneficial to start forming a dream team. For some businesses this happens quite organically – and for others it takes time. Nonetheless, building an advisory team – whether they are consultants (External) or deeply entrenched in daily business operations (Internal) will take your business to the next level. As an entrepreneur you wear many hats and it is likely that key functional areas are missing and/or could be improved.
Your Internal Management team should embody the skill sets and experience needed to move your business to the next level. This can be accomplished by hiring employees or outsourcing key departments to specialty companies (i.e. Marketing, Human Resources, etc). The vital ingredient to a successful management structure is knowledge and acceptance of your company’s vision and mission.
The External Management team also plays an important role. Many entrepreneurs, including myself, think of this group as the back-up and reinforcement for your internal team. This pool of expertise includes key personnel in legal, accounting, business coaches and other practice areas that are vital to long-term performance.
Lastly, a skilled Advisory Board consists of key advisory members that will strategically become a think tank for your business. Ideally, they bring new and strategic ideas to the table, push the status quo and move you out of your comfort level and help you realize your company’s full potential. Once you have systems and processes in order – this is probably the most invaluable asset to your brand’s growth. Think of your board as a group of mentors that are dedicated and proven – with a main goal of helping you succeed because they have reached some level of measured success. These are the power players – and their task is simple – to shorten the learning curve for your business and eliminate mistakes that many businesses are prone to in their formative years.
When you are ready to form the Management Section of your business plan, ensure to include professional bio’s for each member or prospective member of your team. The goal is to illustrate each member’s core competency and why they are a considerable asset. Resumes aren’t as important as vetted experience in the trenches growing successful companies.
While many businesses start as a solo act, they fail due to lack of skilled management. Collaboration drives performance, therefore, set yourself up for success and preclude the pitfalls that come with poorly planned development. People are a critical asset to your business and will assist in championing your ideas. Collaboration becomes necessary at every point in a startup life-cycle. Start now and work smarter.
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