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How to create a management plan
Management plans are all structured differently.Most plans are organized into sections that address the following types of management needs: ownership, internal management, external management resources, and human resources.Here are some simple descriptions of each of the categories that you may choose to include in the business plan that you create.
The ownership structure outlines the legal structure of the business.This portion could be quite simple to draft if you business is run solely by you (a sole proprietorship).Or, the ownership portion of the management plan could become more lengthy if you are taking on partners or if you want to become a corporation.Details of liability, ownership rights, delegation of authority, etc. all need to be clearly stated in writing on your management plan. Internal management The internal management section generally explains all of the categories or divisions of management that are relevant to your business.Specific people should be named and their responsibilities should be clearly listed.Along with their professional duties should be a profile of that manager's relevant skills and the contributions that they will make to that division of the company. External management resources If in your business plan feel like you need to use the services of other entities and individuals, you should list such entities in this portion of the external management resources.Many companies hire out there research and development.Other companies have business/individuals that would not be considered partnerships, but that they work closely enough with to mention.These are just a few of the possible uses of external resources. Human resources Most companies have some form of a human resources department.Having such a department is vital to the workings of a business especially if you plan on hiring and firing employees.In a small or at-home business the responsibilities of human relations may belong to just one person.Explain in detail which departments you will include in your management plan and who will be responsible for the running of those departments.Examples of human resource departments include: compensation, benefits, risk management, employee relations, employment, and information technology (I.T.). |
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