Creating Business Plans (HBR 20-Minute Manager Series)

Conclusion

Writing a business plan is part of the process of preparing your business for success. But the document you create is not meant to be static. Once you’ve left the planning stages, regularly updating your business plan enables you to track your progress. Referring back to your business plan later in the process also helps you determine whether your original assumptions about the keys to your success are becoming realities. This provides valuable information—you’ll be able to anticipate and respond to challenges before it’s too late; you’ll be able to update investors on progress; and, by verifying your original assumptions, you can continue to build your business.