Updated: 17 May 2015 06:29. By, Melkisedeck Shine.

Managing a business requires more than just the desire to be your own boss. It demands dedication, persistence, the ability to make decisions and the ability to manage both employees and finances. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business.

Like plants and equipment, people are resources-they are the most valuable asset a business has. You will soon discover that employees and staff will play an important role in the total operation of your business. Consequently, it's imperative that you know what skills you possess and those you lack since you will have to hire personnel to supply the skills that you lack. Additionally, it is imperative that you know how to manage and treat your employees. Make them a part of the team. Keep them informed of, and get their feedback regarding, changes. Employees oftentimes have excellent ideas that can lead to new market areas, innovations to existing products or services or new product lines or services, which can improve your overall competitiveness.

Your management plan should answer questions such as:
• How does your background/business experience help you in this business?
• What are your weaknesses and how can you compensate for them?
• Who will be on the management team?
• What are their strengths/weaknesses?
• What are their duties?
• Are these duties clearly defined?
• If a franchise, what type of assistance can you expect from the franchiser?
• Will this assistance be ongoing?
• What are your current personnel needs?
• What are your plans for hiring and training personnel?
• What salaries, benefits, vacation, and holidays will you offer? If a franchise, are these issues covered in the management package the franchiser will provide?
• What benefits, if any, can you afford at this point?
If a franchise, the operating procedures, manuals and materials devised by the franchiser should be included in this section of the business plan. Study these documents carefully when writing your business plan, and be sure to incorporate this material. The franchiser should assist you with managing your franchise. Take advantage of their expertise and develop a management plan that will ensure the success for your franchise and satisfy the needs and expectations of employees, as well as the franchiser.

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