The Management Plan

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. If you ask any business owner they will immediately tell you that their business requires them to work more hours than the typical 40 hour work week.  Many owners offer more “sweat equity” than dollars when trying to manage their business expenses.

Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business. Envision Tax & Accounting has significant years experience in business consultaion. We like to keep our clients informed, in the loop of insider information we receive as their Accountant.

As a business owner you musch consider the fact that like inventory and equipment, people are resources—they are by far 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.

Personnel and Employee Considerations

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 and their duties?
• If a franchise, what type of assistance can you expect from the franchiser?
• Are these issues covered in the management package the franchiser will provide?
• Will this assistance be ongoing?
• What are your current personnel needs?
• What are your plans for hiring and training personnel?
• What salaries/wages an benefits packages are you will to offer your staff?
• What benefits can you afford, if any, at this point?

Let us help you put these things in prospective "if you fail to plan, pan to fail"...we want you to succeed!