Business Plan Part X

Personnel

Often a start-up business only has one employee – you, the owner.  Your business plan should discuss not only your current needs for employees, but what you expect down the road as the business grows.  Think about the number of both full-time and part-time employees necessary.  When it comes times for employees, it is very important who you hire.  The skills and talents of employees are a key aspect to the success of a company.  These talents, skills and even personality need to compliment managements’.  Management needs to define the skills, training, and qualifications that will be required for the various positions.  It is also important to note if such people are available in the general area of the business.  What wages will the employees earn and will it be hourly or salary?  Will the company offer any fringe benefits to the employees?  How many hours will the employees work and will there be overtime?  Be sure to discuss what training will be given to the employees and the associated costs.  Will employees learn just their position, or will they be cross-trained to cover for illness, vacations, etc.?

Often, employees are the face of the business to the customer.  Past studies have shown that over 70% of people who have stopped patronizing a store have done so because of poor customer service including a lack of prompt, courteous attention.  This is important to keep in mind when thinking about and hiring employees.  While a good employee can help a marginal business, a poor employ can literally destroy a good business.

Our next topic will be the applications an expected effect of the loan section.  Until then……..

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