Even if you have a fantastic concept for a business, it will mostly likely fail if it is executed badly. From here, it is the 'Management Team' portion of the business plan where you must prove to investors why key personnel are highly qualified to carry on the business model.
The management team section should contain biographies of key members and detail their jobs. These are not just resumes with educational backgrounds and previous job titles and responsibilities - these biographies should highlight their most important jobs from the past and the successes they found with each. Hopefully, these include launching and growing new businesses and managing divisions of traditional companies.
Team biographies should be customized to the companyís growth. A start-up company should highlight its managementís success in launching and growing companies. A mature company should highlight how the team members have successfully operated within the structure of larger enterprises.
Depending on the stage of the company, key functioning areas could be missing. This is fine, as long as the plan is clearly set out and includes the roles and characteristics of the hired individuals. It is not favourable if there are employees 'missing' for critical roles. In other words, a plan used for 'marketing' purposes shouldn't be used to secure financing without having a marketing team already in place.
The Management Team section should include biographies of the company's Advisory Board or Board of Directors. This will add credibility to the business plan and is effective in explaining how advisors impact the company through critical advice and by providing resources to key clients, partners, suppliers and more.
In summary, the Management Team section of the business plan is a chance to prove to investors that your company has the talent to succeed. It should not be wasted with employee resumes (which can be included in the Appendix), but rather should explain how the team is presently qualified to carry out the venture.