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Executives and Key Employees
Of course, business plans vary from companies with a single principal as the only employee to those that have eight senior executives, like a recent plan we completed for a China-based firm. For small to mid-sized plans, one to three key employees, often the principals, are sufficient for inclusion in a business plan that has a high likelihood of success. For larger plans, including those that have substantial forecasted revenues based on sales of products and services and or a depth of employees to deliver hands-on services to consumers as just two examples, an additional depth of key employees is required, and we can help in that regard with senior level recruiting. ome examples for consideration of executive and key employee teams required are as follows:
* Do the principal(s) have direct experience in the planned services or products that are the topic of the business plan? If not, they need to have a track record as an entrepreneur and or additional experienced team members.
* So many draft plans we receive, including many forecasting tens of millions of dollars a year in revenues, do not include an experienced sales and marketing team. To a degree, there is a sliding scale for the appropriate key personnel to effectuate a bona fide marketing plan, relative to forecasted revenues. Plans of substance may require a Chief Marketing Officer (CMO), a Senior VP of Marketing and Advertising, and sometimes a regional VP of Marketing and Advertising.
* Major plans that want to establish new products or services or have created a “better light bulb” must include upfront and ongoing expertise from branding experts.
* Operational and Fiscal Support – In small to mid-sized ventures, depending on products or services offered, the principal of a company could also be the COO or have an Office Manager report to him that does have responsibilities like a CFO and VP of Human Resources. For larger plans, you may need a CFO, Controller, a VP of HR, and VP of Staffing and Recruitment.
In conclusion, do not present a plan of substance to potential investors that does not have both the requisite depth and experience for the executive and management team, in order to accomplish the mission, goals and objectives of your organization. We can help you develop your team or provide advice on investor expectations in that regard.
Ask us for a free consultation on these important business plan questions.
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