How Do You Draft the Personnel Section of the Business Plan? The Personnel Section of a Business Plan Explained.
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Management and Human Resources Business Plans
The management portion of your business plan, the hr portion of your business plan, frequently asked questions (faqs).
As a startup, it’s never easy to come up with a business plan, let alone the management and human resources sections of a business plan. Despite that, it’s important that you start your business plan for human resources as soon as possible. Doing so gives your management goals a plan that will guide you and keep your business on track as it grows.
The key components of your human resources business plan should include your organizational structure, the philosophy and needs of your HR department, the number of employees you want to hire, how you plan to manage them, and all the estimated costs related with personnel.
You’ll want to start your HR business plan by outlining your own managerial experience and skills as well as those of your team. Highlight the roles of each member of your team, and any particular areas of strength or deficiency in your personnel lineup. For example, your HR team may be strong in compliance and conflict resolution but weak in hiring.
Don't worry if you don’t have a complete team in place when you write your HR business plan. Simply use this section to outline the organizational structure along with job descriptions, how you plan to recruit key team members, and what their responsibilities will be.
This section should look like a pyramid with you at the top and will likely have lateral positions. Be as specific as possible when defining an employee's responsibilities because this is what will drive your business.
Do You Need an HR Manager?
If you’re a solo practitioner, you may not think of including an HR manager in your management business plan. However, if you expect to hire non-managerial employees (such as salespeople or clerical workers), you should consider recruiting a human resources manager.
If hiring a human resources manager can’t be done, consider a human resources consultant. Human resource management requires an immense amount of time and paperwork, and an experienced HR consultant will be able to quickly get your payroll and benefits program up and running, affording you more time to concentrate on growing the business. Human resource responsibilities should include:
- Handling FICA and unemployment taxes and paperwork
- Ensuring compliance with the Family and Medical Leave Act
- Staying on top of IRS filings
There are plenty of companies that offer HR management platforms tailored to each business's needs. Research these companies and be sure to include their estimated cost in your HR business plan.
When you develop the HR portion of your business plan, begin by including a brief overview of your HR strategy. Investors may be curious about how your payroll will be handled and the associated costs of administering it, as well as the type of corporate culture you plan to create. Specific items to highlight in the HR section include:
- Payscale: Show the salaries for managers and non-managers based on the market for those jobs.
- Vacation time: Describe your vacation-time policy. How much time do employees get? How quickly does it accrue? Vacation time is not required by law, but most firms offer vacation time to stay competitive and keep employees refreshed.
- Insurance: Health insurance is a common staple benefit, although skyrocketing prices have forced many firms to cut back on this benefit. If you can’t afford a health plan, look into subsidizing one with employees paying the rest. Alternatively, inquire if a professional insurance representative can help you get a bulk rate.
- Additional benefits: Other things to consider include life insurance, a 401(k) and matching funds, bereavement leave, religious and floating holidays, and a bonus structure, if applicable.
In addition to the key elements above, it helps to have a framework from which to build your HR business plan. Here’s a basic outline that can help you get started:
- Figure out what your human resources department would need.
- Determine a strategy for recruiting talent.
- Formulate your hiring process.
- Develop a training program for new employees.
- Determine how much you want to pay your team (this is a good spot for payscale info)
- Create performance standards
It may be overwhelming to contemplate these benefits and their costs in the early stages of setting up your business, but in a competitive labor market, your firm needs to offer enough to entice qualified people and, more importantly, to keep them happy.
Consider revisiting your management and HR business plans every couple of years to see if you need to create action steps to refine your processes.
What should be in an HR business plan?
An HR business plan should include a mix of the steps you plan to take to launch an effective HR department, as well as specifics about how you plan to handle time off, insurance, and other benefits you plan to offer.
How do I write a human resources plan?
It helps to start with a simple framework. Try to break the plan down into sections: HR needs, recruitment, hiring, training, pay, and performance reviews. From there, incorporate other aspects of HR, like benefits and promotions.
U.S. Chamber of Commerce. " Does Your Small Business Need an HR Department? "
University of Minnesota. “ Human Resources Management: 2.2 Writing the HRM Plan .”
Mecklenburg County, North Carolina. “ FY 2020-2022 Strategic Business Plan: Human Resources .”
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How to Create a Personnel Plan for Investors
What is a personnel plan?
A personnel plan is a document that outlines an organization’s staffing needs, goals, and strategies for managing its workforce.
It is a key component of human resource management and provides a roadmap for the recruitment, selection, training, development, retention, and management of employees.
A personnel plan is critical within the business plan you would have created as a start-up or entrepreneur. It will help you in your financial forecasting, anticipating the right times to hire and expand.
What to include in the personnel section of your business plan
The personnel section of a business plan should include information about the management team and staff that will be involved in operating the business. The people who do the work are the most important asset, which of course comes with a cost. Understanding when to hire, when to think about human resources, and when to grow your business at the right time can be enormously important in meeting business objectives, setting yourself up for success with great personal benchmarks.
Building out a personnel plan within your business plan is going to be essential in planning for the long term success of your business. Forecasting this data can be the best way to ensure longevity.
Who is your management team?
This should include a brief introduction to the key members of the management team, including their backgrounds, experience, and relevant skills. It’s important to highlight their qualifications and how they will contribute to the success of the business.
This can be brief and doesn’t require a full resume for each member of the team. A simple explanation detailing qualifications and relevant experience applicable within the company is all that’s required.
What is the organizational structure?
This section should provide an overview of the organizational structure of the company, including who will be in charge of each department or functional area, as well as any outside consultants or advisors who will be involved.
In line with forecasting, you will want to illustrate the future of your company and who will be included. As you develop, you can anticipate your team growing from a just few employees into staff across multiple sectors, such as customer service, marketing, and support.
What are your staffing needs?
Outline the staffing needs of the business, including the number and types of employees needed to run the business successfully. This should also include the qualifications and skills required for each position.
Here you can identify the weaknesses and risks across your team, ensuring that you have a capable understanding of the roles and responsibilities that are important to the business in the future – though they may not be in place right now. Investors are quick to highlight “perfect” personnel plans, so you will want to embrace that you have identified risks in staffing.
As an example, your head of customer support may also be your head of sales, but in time these two roles will need to be separated.
What will recruitment and training look like?
This section should detail how the company plans to recruit and train employees, including any training programs or on-the-job training that will be provided.
What will the compensations and benefits be?
Outline the compensation and benefits packages that will be offered to employees, including salaries, bonuses, health benefits, retirement plans, and any other perks or incentives.
Outline the Human Resources policies
Detail the company’s policies on issues such as employee performance reviews, disciplinary procedures, and termination policies.
Does a business plan need personnel planning if I have no staff?
Even if you don’t have any employees right now, having a personnel plan is beneficial for your business in the long term.
Without a personnel plan, you may find it challenging to scale your business or adapt to changes in your industry or market. For example, if you suddenly need to hire someone to fill a critical role, you may not know where to start or what qualifications you should look for.
Creating a personnel plan can also help you to clarify your business goals and objectives. By determining the roles and responsibilities required to meet those goals, you can better prioritize and focus on the essential tasks that need to be done.
Therefore, even if you don’t have any employees currently, it’s still a good idea to develop a personnel plan to help you prepare for future growth and ensure that you have the right team in place to support your business objectives.
Is there an easy way to forecast a personnel plan?
Personnel planning is a long process as it requires dedicated thought as to what needs to happen in your business and where you want to take it. Typically, this require a lengthy process of spreadsheets and equations to figure out exactly who needs to be working with you, and at what cost.
Business planning software can ensure that this part of your business plan, alongside other key components, is created with ease – simply needing a few data entries to be entered throughout the software.
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How to Write a Business Plan, Step by Step
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1. Write an executive summary
2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. add additional information to an appendix, business plan tips and resources.
A business plan is a document that outlines your business’s financial goals and explains how you’ll achieve them. A strong, detailed plan will provide a road map for the business’s next three to five years, and you can share it with potential investors, lenders or other important partners.
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Here’s a step-by-step guide to writing your business plan.
» Need help writing? Learn about the best business plan software .
This is the first page of your business plan. Think of it as your elevator pitch. It should include a mission statement, a brief description of the products or services offered, and a broad summary of your financial growth plans.
Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.
» MORE: How to write an executive summary in 6 steps
Next up is your company description, which should contain information like:
Your business’s registered name.
Address of your business location .
Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.
Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.
Lastly, it should cover the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.
» MORE: How to write a company overview for a business plan
The third part of a business plan is an objective statement. This section spells out exactly what you’d like to accomplish, both in the near term and over the long term.
If you’re looking for a business loan or outside investment, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.
For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and how much you think sales will increase over the next three years as a result.
In this section, go into detail about the products or services you offer or plan to offer.
You should include the following:
An explanation of how your product or service works.
The pricing model for your product or service.
The typical customers you serve.
Your supply chain and order fulfillment strategy.
Your sales strategy.
Your distribution strategy.
You can also discuss current or pending trademarks and patents associated with your product or service.
Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.
Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.
» MORE: R e a d our complete guide to small business marketing
If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.
You may also include metrics such as:
Net profit margin: the percentage of revenue you keep as net income.
Current ratio: the measurement of your liquidity and ability to repay debts.
Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.
This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.
» NerdWallet’s picks for setting up your business finances:
The best business checking accounts .
The best business credit cards .
The best accounting software .
This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.
Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.
Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.
List any supporting information or additional materials that you couldn’t fit in elsewhere, such as resumes of key employees, licenses, equipment leases, permits, patents, receipts, bank statements, contracts and personal and business credit history. If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.
Here are some tips to help your business plan stand out:
Avoid over-optimism: If you’re applying for a business loan at a local bank, the loan officer likely knows your market pretty well. Providing unreasonable sales estimates can hurt your chances of loan approval.
Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors, taking their mind off your business and putting it on the mistakes you made. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.
Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. You can search for a mentor or find a local SCORE chapter for more guidance.
The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.
On a similar note...
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What Is a Business Plan?
Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.
- A business plan is a document describing a company's business activities and how it plans to achieve its goals.
- Startup companies use business plans to get off the ground and attract outside investors.
- For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
- There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.
Investopedia / Ryan Oakley
Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.
Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."
Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.
There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.
Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.
While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.
While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.
Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.
The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.
These are some of the most common elements in many business plans:
- Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
- Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
- Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
- Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
- Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.
The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.
2 Types of Business Plans
Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.
- Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
- Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.
Why Do Business Plans Fail?
A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.
How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.
What Does a Lean Startup Business Plan Include?
The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.
Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.
A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.
Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."
U.S. Small Business Administration. " Write Your Business Plan ."
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The Secrets of a Great Personnel Plan
Investing in human resources (HR) is a key element of healthy personnel planning and strategy. A hallmark of effective leadership is efficient HR which means hiring employees in a cost-effective manner and mostly when needed. Your business plan should always include an informative and up-to-date personnel plan section to provide direction for the company and help entrepreneurs stay focused.
At the heart of every business owner is the desire to excel. The best way to excel is to define your plans and proceed with purpose. Your business plan comprises a business description , a competition analysis, a marketing plan, a personnel section, the HR section and key financial information.
The personnel plan is designed to help company owners put their plans into action. It helps to clarify objectives for the current and forthcoming year. Thus, a good understanding of personnel plan and how to implement it in your business is vital.
What is a personnel plan?
A personnel plan is a vital part of every company plan and financial forecast, which aids future and current budgeting and defines the type of employee to hire and when to hire such employees.
When you are seeking funding, venture capitalists and angel investors will want a breakdown of your team. Who are they? What talents and skills do they bring to the table? What is your hiring plan for the first year, second year, and so on? How will your team drive business growth and success?
All this information will include the positions you will need employees for, the period in which the management intends to fill the plan, and the financial implications of the implementation of the plan. Just as you would assess if your business is financially feasible , you’ll need to apply this same sentiment when hiring employees.
The personnel plan represents a consolidated strategy for hiring the best people for all company positions, while keeping an eye on future expansion.
Michael E. Gerber, the author of The E-Myth Revisited, posited that an effective personnel plan designed as an efficient workplace game will help employers prime employees for organizational goals while creating job satisfaction. This means that an effective hiring process is vital to an efficient process of personnel planning.
The majority of employers find personnel planning difficult especially those whose staff work in shifts. Organizational challenges like these can easily be taken care of with TimeTrack Duty Roster which helps employers create a suitable overview of their workforce and personalize shifts according to any number of criteria, including their location and skills.
Features of the TimeTrack Duty Roster
Key elements of a personnel plan
Each company’s needs may differ, but in general, these are common elements that should form part of every personnel plan.
- Clearly explained requirements of the various job functions. Use easy-to-understand language and phrases.
Organizational chart and type of hiring
- The chart of the organization should show who works for whom and provide a good overview of the overall management and employee structure of the company.
- The plan should be clear on whether employees are independent contractors or receive salaries. This is essential for labor compliance issues and the workers’ tax.
Remuneration (salary amount and assumptions)
- Details of hourly or yearly payments are defined, including relevant assumptions that comprise estimates of salary increases over time. You also need to account for company benefits, including health insurance. This may be a percentage of salary costs employers pay to staff.
Time of recruitment
- The hiring of employees is often done over time and staggered. Thus, your plan must include details about when an employee will start and the end date for temporary staff.
Incorporate key personnel into the business plan
Employees are the most valuable assets any company can have. This means that hiring the right person should always be a key priority for every company. Your staff will have a significant impact on revenue, customer experience/satisfaction and the success of the company.
Incorporating the personnel section into your business plan is an important part of strategic planning for long-term viability. The information below serves as guide on how to implement a personnel plan in your business.
This presents an overview of all the key positions in your business and the backgrounds of staff in their critical roles and departments. Add the total number of staff and their experiences. Emphasize the strengths of individuals and how to upskill where necessary. A great team is typically the fulcrum of business success because they have the responsibility of and possess the ability to translate policies into business success.
The structure of your company is represented in the company’s organizational chart, which shows the hierarchy of duties and management. Is authority finely distributed and are the various company teams properly mentioned? This includes customer service, product development, marketing, manufacturing and sales.
When planning the company’s organizational details, you will need a strategy to manage absences and leave. TimeTrack Leave Management feature helps you to finetune these details so you can easily (and quickly!) oversee employee absences, vacation time and keep track of working hours for compliance management.
TimeTrack Leave Management
Gaps and stumbling blocks
While it may be difficult to identify gaps in your team, chances are that if you look closely, you will observe a section of your company in need of quality talent. You need to figure out how to fill this gap. Don’t hide the weakness of your team from potential investors. Always remember that specialization will evolve as the company grows.
Where advisors, board members and consultants are applicable to your company, list them. Where they will fill key positions as the business grows, you need to list them and provide background on the value they provide.
The fine print
Every personnel plan needs to include a section addressing employment benefits , rights and conditions, especially for managers. Design your company’s management personnel plan and include a table of staff expenses, including both direct and indirect labor expenses, a burden rate and employee-related expenses, while adding payroll tax, workers’ compensation, salaries and health insurance.
Checklist for personnel planning
Improving conditions for personnel involve the identification of gaps, developing and implementing action plans and taking follow-up actions. Managers should develop a performance improvement plan before taking disciplinary action against employees.
Identify skills or performance gaps
A gap analysis is designed to help you identify potential and current issues and is an essential part of the personnel process. Incorporate characteristics of human resource planning into your business planning.
Provide proof of a skills gap or underperformance of the workforce using a consistent format across all employment cadres. Design your format, including employee information and a description of performance discrepancies using expected and actual performance criteria.
Have a face-to-face meeting with your employees to share observed issues or concerns and gain insights into causal factors of underperformance. Use your documentation to share insights on performance challenges. Let the affected employees know they have committed specific policy infractions. Focus only on the outcomes of behaviors to help affected staff understand how their behaviors affect company success.
Develop action plans
Establish specific and measurable improvement goals for your workforce. Avoid generalizations and focus on key goals. Setting bit-sized goals is an effective way of working while monitoring task on time .
Provide detailed resources, including advanced tools that can help employees improve. This also means providing the management with essential tools that will help with the efficient oversight of the workforce.
Create a timeline for achieving performance improvement goals. This will help keep the staff on track towards achieving expectations. Don’t forget to identify metrics for measuring progress. Be specific about what you want employees to achieve and define the intended consequences in the event of failure to complete performance improvement plan. Be specific about actions you will take whether or not targets are met.
Schedule regular appointments to review the performance improvement plan with your employees and implement their feedback.
Incorporating a personnel plan into your business strategy is a key factor for efficient planning. To maximize the opportunity presented by personnel planning, use any of the effective and reliable TimeTrack planning and absence management software tools.
I am a researcher, writer, and self-published author. Over the last 9 years, I have dedicated my time to delivering unique content to startups and non-governmental organizations and have covered several topics, including wellness, technology, and entrepreneurship. I am now passionate about how time efficiency affects productivity, business performance, and profitability.
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Details of a Business Plan: Everything You Need to Know
Details of a business plan can be time consuming, as the owners will want to meet several times to discuss the plan for the business to ensure financial stability, expansion, and overall growth in reputation and numbers. 3 min read
Details of a business plan can be time consuming, as the owners will want to meet several times to discuss the plan for the business to ensure financial stability, expansion, and overall growth in reputation and numbers. It’s not easy to draft a business plan, and it’s certainly not quick. Business plans can take years in the making, and might even get axed before the business is able to form.
Raising capital is one of the most important items of consideration when creating a business plan. A lot of companies have great ideas and draft stellar business plans, but have no financial help from outside investors. Without money, a business can’t get started.
Overall, a business plan is a guide for those wanting to either form a new business or create a business plan for an already established business. It will identify the objectives and goals for the owners, while also identifying the steps needed to achieve those goals.
Note that the plan itself isn’t usually drafted into an actual agreement or contract. Rather, it is an outline to identify what needs to be done and how you want it to be done. It will include short-term and long-term goals, objectives, and where you want to go with your business in the coming years. It might also include whether or not you want to issue shares to the public, hire employees, etc.
Crucial Components of a Business Plan
There are several components that should be identified in a business plan. This will provide a clear overview of the goals and objectives of all business owners involved in the business development end. The size of your business will have an effect on how complex and detailed the business plan will be.
For example, if you already own a large corporation with thousands of shareholders, a board of directors, and officers, then the business plan will be more complex. This could be because the corporation is ready to go in a different direction, or perhaps you want to engage in a new area that is new for the business. Regardless, the larger the firm the more detailed the business plan will be.
Furthermore, depending on how many stakeholders there are, the plan should clearly identify such stakeholders, and the effect of the business plan on the company as a whole, while also thinking about the stakeholders, employees, and others who might be affected by the implementation of the plan.
Included in the business plan are the following :
- Mission statement
- Description of the company and what it offers, i.e. goods, services, etc.
- How your business is different
- Market analysis
- Description of the management team
- How you want to market the business
- The company’s strengths and weaknesses
- The cash flow of the company over the past several years
- The projected revenues
The market analysis section will identify how your company compares with other markets; but it will also identify how it compares to other companies operating in the same industry, i.e. competitors.
You will need to identify the managers of the business, their roles and responsibilities, and more.
Regarding the business plan , you will want to identify how you will market the new product or service that you want to offer to the public. Identify your company’s overall strengths, weaknesses, and other areas of improvement.
You should include cash flow statements from recent years to fully understand where your company stands financially and where you expect it to go in the future with the new product or service that you want to offer. Such revenue projections will help analyze your company as a whole so that you can understand how much more profit you can earn with the new product or service .
Lastly, you will include a summary or conclusion paragraph identifying the plan, how it will benefit the company and its shareholders, and how it will be marketed to the public. Explain how your company will differ in terms of offering the new product or service. Include a list of steps that must be taken in order to reach certain goals, and when you expect to reach those goals.
If you need help learning more about the details of a business plan, you can post your legal need on UpCounsel’s marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
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Personnel Management Business Plan
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Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
OutReSources, Inc. will be a consulting company specializing in the design and delivery of training products and services in statewide and regional markets. The company offers health care providers a reliable, high-quality alternative to in-house resources for business development, market development, training, and quality assurance.
OutReSources will initially be created as a Greenstate DBA company under the umbrella of Flowstone, Inc., based in the Central County area of Greenstate, the heart of Greenstate’s population and growth.
Within the state, OutReSources plans to target health care service providers, tailoring our services to their needs. One of OutReSources’ challenges will be establishing itself as a real consulting and training company, positioned as a relatively risk-free purchase.
Industry competition comes in several forms, the most significant being companies and agencies that choose to do business development and training in-house rather than outsourcing. There are also State and independent organizations providing training and development resources. Many of these companies are generalist in nature and do not focus on a niche market. Furthermore, they are often hampered by a flawed organizational structure that does not provide the most experienced people for the client’s projects. OutReSources’ advantage over such companies is that it provides high-level consulting to help integrate practice with theory and in concert with the client companies’ goals.
OutReSources will be priced at the upper edge of what the market will bear. The pricing will fit with the general positioning of OutReSources as providing high-level expertise. Sales are estimated to be substantial and an excellent cash balance in the first year.
The company’s founders are former and current health care service providers, all in the “fee-for-service” provider markets we will target. They are founding OutReSources to formalize the consulting services they already offer. OutReSources will be managed by working partners, in a structure taken mainly from Flowstone, Inc. In the beginning we assume three partners, Khallie Locharnold and Soren Aboukir (from Flowstone Inc.) and Yuriatin Guadalquivir.
The firm estimates healthy profits by the first year with a commensurate net profit margin. The company does not anticipate any cash flow problems arising.
OutReSources has set several objectives for the first year.
- Develop and implement a training service that targets both for-profit and non-profit health care providers that provide fee-for-services and which are required to meet standards set by state and federal regulations, and/or private associations.
- Raise the standards for quality of care while breaking free of the confines of the “fee-for-service that is Medicaid” by developing a service to support those health care providers who still operate within those confines.
- Develop a company with low overhead and liability to optimize net profit margins.
Our mission is to raise the standards of health care services by improving the skills, abilities, and efficiencies of those who provide such services. We wish to educate and train those who provide health care services and are reimbursed and regulated by the state governing agencies. We aim to be transitional educators and trainers to those with the education but without the experience.
1.3 Keys to Success
Quality and Credibility
Employing trainers within the appropriate disciplines who have
- Credentials: Education, Licenses, Certifications
- Proven successful track record
- Continuing Education Units
Strong Formal Methodology
Developing strong formalized training methodologies for all services
- Policy and Procedures
- Hierarchy roles in the Organizational Structure: Qualifications and Duties
- Confidentiality control
- Feedback Reporting: Finished Product
Promotion and Marketing
- Starting with what we know: Our first offerings are based on our expertise
- Reaching a large targeted population: Expanding our offerings
- Spring boarding off current credentials
Operations and Liability
Maintaining low overhead and liability by:
- Maximizing abilities and simplifying roles
- Assessing the market and initiating with “High End” targets (large providers, high fee-for-service rate services)
- Strong investments in quality equipment vs cost by including
- Mobility vs Center or combinations
- Space and supplies
- Finished products (manuals, pamphlets, protocols)
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401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
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IR-2023-203, Nov. 1, 2023
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.
The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024 in Notice 2023-75 PDF .
Highlights of changes for 2024
The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500.
The limit on annual contributions to an IRA increased to $7,000, up from $6,500. The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost‑of‑living adjustment but remains $1,000 for 2024.
The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan remains $7,500 for 2024. Therefore, participants in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan who are 50 and older can contribute up to $30,500, starting in 2024. The catch-up contribution limit for employees 50 and over who participate in SIMPLE plans remains $3,500 for 2024.
The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver's Credit all increased for 2024.
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer's spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase‑out ranges for 2024:
- For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to between $77,000 and $87,000, up from between $73,000 and $83,000.
- For married couples filing jointly, if the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is increased to between $123,000 and $143,000, up from between $116,000 and $136,000.
- For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the phase-out range is increased to between $230,000 and $240,000, up from between $218,000 and $228,000.
- For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.
The income phase-out range for taxpayers making contributions to a Roth IRA is increased to between $146,000 and $161,000 for singles and heads of household, up from between $138,000 and $153,000. For married couples filing jointly, the income phase-out range is increased to between $230,000 and $240,000, up from between $218,000 and $228,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains between $0 and $10,000.
The income limit for the Saver's Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $76,500 for married couples filing jointly, up from $73,000; $57,375 for heads of household, up from $54,750; and $38,250 for singles and married individuals filing separately, up from $36,500.
The amount individuals can contribute to their SIMPLE retirement accounts is increased to $16,000, up from $15,500.
Additional changes made under SECURE 2.0 are as follows:
- The limitation on premiums paid with respect to a qualifying longevity annuity contract to $200,000. For 2024, this limitation remains $200,000.
- Added an adjustment to the deductible limit on charitable distributions. For 2024, this limitation is increased to $105,000, up from $100,000.
- Added a deductible limit for a one-time election to treat a distribution from an individual retirement account made directly by the trustee to a split-interest entity. For 2024, this limitation is increased to $53,000, up from $50,000.
Details on these and other retirement-related cost-of-living adjustments for 2024 are in Notice 2023-75 PDF , available on IRS.gov.
Pharmacy staff from CVS, Walgreens stores in US start three-day walkout
[1/2] A person walks by a CVS pharmacy store in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing Rights
Oct 30 (Reuters) - Some employees at CVS Health Corp (CVS.N) and Walgreens Boots Alliance's (WBA.O) U.S. pharmacies launched a three-day walkout starting Monday to push the companies to improve working conditions and add more staff to their stores.
The walkout, which has been dubbed "Pharmageddon" on social media platforms such as Meta's Facebook where it was largely planned, started on Monday and led to the closing of some stores in New York City, two organizers told Reuters.
Shane Jerominski, a former Walgreens pharmacist and one of the organizers of the walkout, told Reuters that as many as 5,000 pharmacy workers would walk out across the three days, but said that the exact number of affected stores and participating staff was not clear due to the lack of a union.
He pointed to "grossly understaffed" stores where employees have to fill not only prescriptions but also look at appointments and walk-ins for immunization as one of the triggers for the action.
In September, some staff from CVS stores in Kansas City went on a two-day strike, while there was another by Walgreens store employees earlier this month.
Pharmacy staff in New York and Pennsylvania were planning to participate, including workers at some of Walgreens' Duane Reade stores in New York, he said.
Some pharmacists were also planning to conduct rallies outside CVS' headquarters at Woonsocket, Rhode Island and at Walgreens at Deerfield, Illinois, according to social media posts.
Jerominski said the organizers were also seeking better pay and more consistent hours for technicians, who locate, dispense, pack, and label prescribed medication for patients under the supervision of pharmacists.
In a bid to cut costs post a consolidation in the pharmacy industry, large companies have not employed enough pharmacists and technicians at the stores, leaving the staff overburdened, said John August, director of healthcare labor relations at Cornell University.
"The pandemic just caused so much additional work and stress that the turnover rates (of staff), which were already very high, just became extremely epidemic," he said.
The walkout is a sign of a new labor movement where people are organizing on their own without a union, August said, adding that such walkouts, even though legal, are risky because the staff "don't really have a traditional union to back them up in their strike."
A spokesperson for CVS said its leaders were connected with their pharmacists to directly address concerns and engaged in a "continuous two-way dialogue," while Walgreens said it has taken steps to help its pharmacy teams "concentrate on providing optimal patient care".
"Our ongoing efforts are focused on how we recruit, retain, and reward our pharmacy staff," a spokesperson for Walgreens told Reuters, adding that they have also centralized some operations to reduce pharmacists' workload.
The company earlier this month said it opened its 11th micro fulfillment center, which are centralized units that fill prescriptions, allowing its "staff to spend more time with customers" to offer other health-related products and services.
The walkouts are part of the larger trend of labor unrest in several industries, including strikes by autoworkers, writers and actors, as well as the largest recorded medical worker walkout by employees of Kaiser Permanente earlier this month .
Reporting by Leroy Leo in Bengaluru; Editing by Shinjini Ganguli and Anil D'Silva
Our Standards: The Thomson Reuters Trust Principles.
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