Start-ups often look at a “Business Plan” as a necessary evil or a writing exercise. Indeed, if you plan to approach a financial institution for a loan, apply for a small business or SBIR/STTR grant, pitch your idea to investors, or enlist the support of a partner, a business plan is required. However, writing a business plan can and should be more than that. It is a research endeavor.
A business plan can be an action plan. When you use your business plan as a tool to help you outline action items, next steps, and future activities, you are creating a living, breathing document. That kind of plan not only outlines where you are and where you want to be, but also gives you the directions you need to get there. Lastly, if the plan is periodically reviewed and updated, it becomes increasingly valuable over time. It provides valuable historical information to help a business make decisions on the future direction of the company.
Dr. Bilello is a Ph.D. in Molecular Biology and was the former Director of Technology Development at GlaxoSmithKline. In addition to an established track record of innovative basic and clinical research, Dr. Bilello has experience in both project and organizational management. As an entrepreneur, Dr. Bilello was a founder of Ridge Diagnostics and a co-founder and Managing Partner of Innovalyst LLC. At Innovalyst, he worked with companies from small businesses to Fortune 500 companies as well as “Invest NI” Northern Ireland’s regional economic development agency.
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