Everyone has competitors, even for a one-person home based company. Even if you are in the rare position of addressing a brand new market where no competition exists, your readers will still have questions about companies they suspect may be competitors. To run a company effectively, you have to know your competition and respect them. Develop a list of competitors by talking to customers and suppliers, checking with industry groups and reading trade journals. A strong management team Organization and management is an extremely important section of every business plan.
People are, after all, a company's most important asset in many cases.
Be sure that you have identified the key skills that are needed, and that you have first-rate players covering these fields. If you have holes in your ability in your management team, start lining up people ready to come on when financing comes in, and include them in your plan. Include a short description of their background, with the more detailed resumes in the appendix. Proof of forethought in every category You must show that this really is a plan for running your business. Demonstrate that you know how to sell and distribute your product, demonstrate that you have thought through the hiring needs that come with growth, and demonstrate that you have thought about the kind of company you want to grow, and how the investor fits in.