Which element of a business plan focuses on defining the ownership and management?

The element of a business plan that focuses on defining the ownership and management is the section concerning organization and management. This part outlines the structure of the business, including ownership stakes, the management team, and their respective roles and responsibilities within the organization. It also may detail the legal structure of the business, such as whether it’s a sole proprietorship, partnership, or corporation, providing clarity on how decisions are made and who is accountable for various aspects of the business operations.

Understanding the organization and management aspect is crucial for potential investors and stakeholders as it illustrates the expertise and capacity of the leadership to steer the business towards its goals effectively. In this section, one might also find an organizational chart that visually represents the hierarchy and reporting relationships among team members, which further aids in conveying how the management is structured.

The other options do not directly address ownership and management. Strategic priorities refer to the long-term goals and objectives of the business. Service or product line focuses on what the business intends to sell or provide. Chain of command can refer to the flow of authority and responsibility but does not encompass the broader ownership and management structure that defines how the business operates overall.