Seat of your pants is one way to start and run a business. However, if you are looking to succeed and grow your business, this method will not suffice. You need to document your business strategy and details..
A business plan is a foundation for business in any stage – start -up through mature. It provides a disciplined process to develop a physical document which demonstrates the assessment, organizational vision, quantifies the resources required, and provides the implementation plan. It is the means to articulate the venture to potential investors, partners and employees.
HBR provides two levels of support – one for first time entrepreneurs/owners; the second, for existing business owners.
Level 1 – Review – It is critical that first time business start-ups complete all aspects of their own plan. However, having an impartial review by experienced and knowledgeable professionals helps to identify areas that may need further clarification or development before presenting to others – financial organizations, partners, potential stakeholders.
Level 2 – Creation – Existing businesses wishing to expand or perhaps those that never completed an initial plan, HBR will create the business plan or presentation based on interviews with the owner(s) and secondary research.