The Importance of Key Person Profiles in a Business Plan

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  • 0:04 Why a Business Plan?
  • 0:29 Business Profile Section
  • 1:23 Sample Profile
  • 2:17 Lesson Summary
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Lesson Transcript
Instructor: Amber Dixon

Amber works with graduate students enrolled in a virtual program and has a Master's of Social Work degree.

This lesson explains the importance of thorough and detailed profiles of key persons in a business plan. It also gives examples of strong profiles to move toward writing a more successful business plan.

Why a Business Plan?

A business plan is a document that lets entrepreneurs identify business goals, identify steps to meet those goals, review potential challenges that the business might encounter, and determine the operational format of the business. Once the business is operating, the plan will be useful when managing the progress of the business, recruiting possible investors and donors, and recruiting new employees.

Business Profile Section

The business profile section of a business plan lists names of individual employees or job titles for those who will be working and involved in the business. This is an important aspect of a business plan, regardless of the size of a company. Those reading the business plan want to know who is running your company. This is the place to document that your employees are invested, qualified, and passionate about the business.

Let's take a look at what a profile should include. A key person profile might include the following:

  • A description of each department and its responsibilities
  • Names of those on the board or advisory committee
  • Description of the business retention plan for keeping employees
  • Description of the salary and benefits package that's offered to employees
  • Incentives you are offering employees
  • Future opportunities for promotions
  • List of key persons, such as the creator of a product or lead researcher

Sample Profile

Now that we know the key parts of a key person profile, let's take a look at a strong profile:

Job Title: Chief Project Fiscal Officer

Education: University of Idaho - Idaho City, Bachelor's Degree in Business Administration

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