The medical device industry is witnessing a transformative shift, driven by advancements in technology and an increasing demand for innovative healthcare solutions. Among these advancements, additive manufacturing—commonly known as 3D printing—stands out as a game-changer. This technology not only enhances the design and production of medical devices but also allows for greater customization, faster prototyping, and reduced production costs. As healthcare continues to evolve, the potential for entrepreneurs to enter this dynamic field is substantial. However, starting a business in additive manufacturing for medical devices requires a comprehensive understanding of both the technology and regulatory landscape. In this article, we will explore the essential steps to launch a successful additive manufacturing venture, from concept development to navigating compliance challenges, ensuring that you are well-equipped to make your mark in this innovative industry. Whether you are a seasoned entrepreneur or a newcomer to the medical field, the insights provided here will help you turn your vision into reality.

The global market for additive manufacturing in the medical devices sector has seen remarkable growth in recent years, driven by advancements in technology, increasing demand for personalized medical solutions, and a growing emphasis on cost-effective manufacturing processes. According to various industry reports, the additive manufacturing market for medical devices was valued at approximately $1.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of around 18-20% through the next several years, potentially reaching nearly $5 billion by 2030. One of the key factors propelling this growth is the rising adoption of 3D printing technologies in the production of customized implants, prosthetics, and surgical instruments. As healthcare providers increasingly recognize the benefits of tailored solutions that enhance patient outcomes, the demand for additive manufacturing continues to rise. Additionally, the COVID-19 pandemic highlighted the importance of rapid prototyping and the ability to respond quickly to medical needs, further legitimizing the role of additive manufacturing in the healthcare supply chain. Geographically, North America leads the market, particularly due to significant investments in research and development, a robust healthcare infrastructure, and the presence of several key players in the additive manufacturing field. However, Europe and Asia-Pacific are also emerging as important markets, with countries like Germany, the United Kingdom, China, and Japan actively investing in additive manufacturing technologies for medical applications. As the technology evolves, regulatory frameworks are adapting to accommodate the unique challenges posed by 3D-printed medical devices. Companies that successfully navigate these regulations and demonstrate the safety and efficacy of their products position themselves favorably in this burgeoning market. In summary, the additive manufacturing sector for medical devices offers substantial opportunities for entrepreneurs and established businesses alike. Understanding the current market dynamics, including growth trajectories and regional trends, will be crucial for anyone looking to enter this innovative and rapidly evolving field.

Identifying the target market is a crucial step for any business, especially in the specialized field of additive manufacturing for medical devices. The target market for companies in this sector can be segmented into several key categories:
1. Healthcare Providers: Hospitals, clinics, and surgical centers are primary customers for additive manufactured medical devices. These institutions seek innovative solutions for patient-specific needs, such as custom implants, prosthetics, and surgical tools that can enhance patient outcomes and streamline surgical procedures.

2. Medical Device Manufacturers: Established companies in the medical device industry may look to partner with additive manufacturing businesses to enhance their product offerings. By integrating additive manufacturing capabilities, these manufacturers can improve their design processes, reduce time to market, and create more complex geometries that are difficult to achieve with traditional manufacturing methods.
3. Research Institutions and Universities: Academic institutions involved in biomedical engineering and materials science are significant players in the additive manufacturing space. They often require prototypes for research purposes or are looking to collaborate on projects that push the boundaries of current technologies and applications.
4. Regulatory Bodies: Understanding the needs of regulatory agencies can also be crucial. Companies specializing in additive manufacturing medical devices must create products that meet stringent regulatory standards. Engaging with these bodies early in the development process can help ensure compliance and facilitate smoother product approvals.
5. Patients and End-Users: Ultimately, the end-users of medical devices—patients—represent a vital market segment. The growing demand for personalized healthcare solutions means that patients increasingly seek custom-tailored devices, such as orthopedic implants or dental applications, that fit their unique anatomies.
6. Innovative Startups: Other startups in the healthcare and technology sectors that are exploring new applications for additive manufacturing can also be a target market. These companies may require collaboration or specialized services to bring their concepts to fruition.
7. Veterinary Medicine: The use of additive manufacturing is also expanding in veterinary medicine, where custom devices and implants can be created for animals. Targeting veterinary clinics and animal hospitals can open additional avenues for revenue. In conclusion, a successful additive manufacturing medical devices business should carefully analyze these segments to tailor its marketing strategies, product development, and partnerships. Understanding the specific needs and pain points of each group will enable businesses to create compelling value propositions that resonate within the medical community.

When venturing into the additive manufacturing sector for medical devices, choosing the right business model is crucial for success. The evolving landscape of healthcare and emerging technologies provide several avenues for entrepreneurs. Here are some prevalent business models to consider:
1. Direct Manufacturing: This model involves producing medical devices in-house using additive manufacturing technologies. Companies can focus on custom devices tailored to specific patient needs, such as prosthetics, implants, or surgical instruments. By leveraging 3D printing, businesses can reduce lead times, minimize inventory costs, and offer personalized solutions that traditional manufacturing methods may not accommodate.

2. Design and Prototyping Services: Entrepreneurs can offer specialized design services to healthcare providers or device manufacturers looking to innovate. This model emphasizes creating high-fidelity prototypes using additive manufacturing to test and iterate on designs before full-scale production. Collaboration with hospitals and clinics can also lead to tailored solutions that meet specific clinical needs.
3. On-Demand Manufacturing: This model capitalizes on the ability of additive manufacturing to produce items as needed, reducing waste and storage costs. Businesses can partner with hospitals or clinics to print devices on demand, ensuring timely delivery and reducing the need for large inventories. This approach is particularly beneficial for low-volume, high-variability products.
4. Licensing and Intellectual Property: If a business develops innovative designs or technologies, licensing these to other manufacturers can be a lucrative model. This approach allows companies to generate revenue without the overhead of manufacturing, while also expanding their reach through partnerships with established firms in the medical device industry.
5. Subscription Services: Offering a subscription model where healthcare providers pay a recurring fee for access to printing services, design support, or a library of pre-approved designs can create a steady revenue stream. This model encourages long-term relationships with clients and provides them with the flexibility to access the latest technology without the burden of significant upfront costs.
6. Collaborative Ventures: Forming partnerships with hospitals, universities, and research institutions can foster innovation and provide access to new markets. Collaborations can lead to joint research initiatives, shared resources, and co-development of new products that leverage both parties’ strengths in manufacturing and clinical expertise.
7. Consultancy and Training: As additive manufacturing in healthcare becomes more prevalent, there is a growing demand for expertise in this area. Offering consultancy services to healthcare organizations on how to integrate additive manufacturing into their practices or training programs for staff can establish a business as a thought leader in the industry. Each of these models has its own set of challenges and opportunities. Entrepreneurs should consider their strengths, the market demand, and the regulatory landscape when deciding which model—or combination of models—best fits their vision for a medical device business in the additive manufacturing space.

The competitive landscape for an additive manufacturing medical devices business is characterized by a diverse array of players, ranging from established medical device manufacturers to innovative startups that leverage cutting-edge 3D printing technologies. The market is witnessing rapid growth due to advancements in materials science, regulatory acceptance, and increasing demand for personalized and complex medical solutions. Key competitors in this space include traditional medical device companies that are integrating additive manufacturing into their production processes to enhance product customization and reduce lead times. These established firms often have significant resources, existing distribution channels, and strong relationships with healthcare providers, which can pose challenges for new entrants. In addition to traditional players, a number of startups are emerging, focusing specifically on niche applications within the medical sector, such as custom prosthetics, implants, and surgical instruments. These companies typically emphasize innovation and agility, allowing them to respond quickly to market needs and offer tailored solutions that larger corporations may find difficult to match. The competitive environment is also influenced by technological advancements. Companies that invest in state-of-the-art 3D printing techniques, such as bioprinting and multi-material printing, can differentiate themselves by offering superior product performance and functionality. Additionally, the development of new biocompatible materials expands the possibilities for additive manufacturing applications in medicine, allowing firms to create devices that are not only effective but also safe for human use. Regulatory considerations play a crucial role in the competitive landscape. Navigating the complex approval processes set by health authorities such as the FDA in the United States or the EMA in Europe can be a significant barrier to entry. Companies that can demonstrate compliance with regulatory standards while maintaining innovation will have a competitive edge. Moreover, collaborations and partnerships are becoming increasingly important. Companies that engage with research institutions, hospitals, and other stakeholders can enhance their offerings and accelerate product development. This collaborative approach can result in shared knowledge and resources, ultimately leading to better market positioning. Overall, the additive manufacturing medical devices sector is dynamic and competitive, with opportunities for innovative companies to carve out their niches. Success in this field will depend on a combination of technological prowess, regulatory navigation, strategic partnerships, and a deep understanding of market needs.

When starting an additive manufacturing business focused on medical devices, it is essential to navigate a complex landscape of legal and regulatory requirements. Compliance with these regulations ensures the safety and efficacy of medical devices while protecting the business from potential legal liabilities. First and foremost, businesses must adhere to the regulations set forth by the Food and Drug Administration (FDA) in the United States. The FDA classifies medical devices into three categories based on risk: Class I (low risk), Class II (moderate risk), and Class III (high risk). Each class has different requirements for premarket approval. For instance, Class I devices may only need to comply with general controls, while Class II devices often require a 510(k) premarket notification demonstrating that the device is substantially equivalent to an already marketed device. Class III devices typically require a more rigorous Premarket Approval (PMA) process, including clinical trials. Beyond the FDA, businesses must consider international regulations if they plan to market their devices globally. For example, in the European Union, medical devices are regulated under the Medical Device Regulation (MDR) and In Vitro Diagnostic Regulation (IVDR). Companies must obtain CE marking, which indicates compliance with European safety and performance standards. Quality management systems (QMS) are another critical component of regulatory compliance. The FDA requires manufacturers to establish a QMS in accordance with the Quality System Regulation (QSR) outlined in 21 CFR Part 820. This includes maintaining proper documentation, ensuring device traceability, conducting regular audits, and implementing corrective and preventative actions (CAPA). Additionally, businesses should be knowledgeable about intellectual property rights, particularly as they relate to patents and trademarks. Protecting proprietary designs and technologies is crucial, especially in the competitive field of medical devices. Conducting thorough patent searches and securing relevant patents can safeguard innovations and provide a competitive edge. Furthermore, businesses must comply with other applicable regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) for data privacy, especially if they handle patient information. Understanding and implementing data protection measures is vital in maintaining compliance and building trust with customers and partners. Finally, engaging with legal experts who specialize in medical device regulations can provide invaluable guidance. They can help navigate the intricacies of regulatory submissions, intellectual property issues, and compliance with local laws, ensuring that the business is well-prepared to meet both legal and market demands. In summary, successfully launching an additive manufacturing medical devices business involves a comprehensive understanding of regulatory frameworks, quality management, intellectual property rights, and data privacy laws. Adhering to these legal requirements not only fosters business sustainability but also contributes to the safety and well-being of patients.

When embarking on a venture in the additive manufacturing medical devices sector, securing adequate financing is crucial for turning your innovative ideas into reality. Various financing options are available, each with its advantages and considerations that entrepreneurs should evaluate based on their specific needs and business model.
1. Personal Savings and Bootstrapping: Many entrepreneurs begin by using personal savings or bootstrapping their business. This approach allows for greater control and ownership without incurring debt or relinquishing equity. However, it also poses a risk to personal finances and may limit the scale of initial operations.

2. Friends and Family: Turning to friends and family for initial funding can be a quick way to raise capital. While this option often comes with flexible repayment terms, it’s essential to approach these discussions professionally to avoid straining personal relationships.
3. Angel Investors: Angel investors are individuals who provide capital for startups in exchange for equity ownership or convertible debt. They often bring valuable industry experience and networks, which can be advantageous for a budding medical device company. However, finding the right angel investor who understands the intricacies of both additive manufacturing and the medical device landscape is vital.
4. Venture Capital: For those with high growth potential, venture capital (VC) funding may be an option. VC firms invest in companies in exchange for equity, typically looking for a substantial return on investment. This route often involves presenting a solid business plan, demonstrating market potential, and showing a clear path to profitability. However, securing VC funding can be competitive and may require giving up a significant portion of ownership.
5. Government Grants and Loans: Many governments offer grants and low-interest loans for innovative startups, particularly in the medical and technological fields. These funds can be invaluable, as they often do not require repayment. Researching available programs, such as the Small Business Innovation Research (SBIR) program in the U.S., can uncover opportunities tailored to medical technology.
6. Crowdfunding: Platforms like Kickstarter or Indiegogo have gained popularity for raising funds through small contributions from a large number of people. This option not only provides financing but can also serve as a marketing tool to gauge interest in a product. However, successful crowdfunding campaigns require careful planning and a compelling pitch.
7. Bank Loans: Traditional bank loans can provide the necessary capital for purchasing equipment or funding operational costs. While they often come with lower interest rates compared to alternative financing options, securing a loan usually requires a solid business plan and collateral.
8. Strategic Partnerships: Forming alliances with established companies in the medical device space can provide both financial backing and valuable industry insights. These partnerships may involve co-development agreements or joint ventures, allowing startups to leverage existing resources and networks. In conclusion, aspiring entrepreneurs in additive manufacturing for medical devices should explore a combination of these financing options based on their specific circumstances, business goals, and growth strategies. A well-rounded approach can significantly enhance the chances of securing the necessary funding to launch and sustain a successful venture in this innovative sector.

To successfully launch and grow an additive manufacturing medical devices business, effective marketing and sales strategies are essential. Here are key approaches to consider:
1. Identify Target Markets: Begin by pinpointing specific segments within the medical industry that would benefit from additive manufacturing. This could include orthopedic implants, dental devices, surgical instruments, or custom prosthetics. Understanding the needs and pain points of these segments will allow for tailored marketing strategies.

2. Educate the Market: Given that additive manufacturing is still an evolving technology in the medical field, educating potential customers about its advantages is crucial. Develop informative content such as white papers, webinars, and case studies that highlight the benefits of using 3D printing for medical devices, such as customization, reduced lead times, and cost-effectiveness.
3. Build Relationships with Healthcare Professionals: Networking with surgeons, hospital administrators, and other healthcare professionals can open doors for collaboration and feedback. Attend industry conferences, workshops, and trade shows to connect with key stakeholders. Consider hosting educational seminars or lunch-and-learn sessions to demonstrate your products and their applications.
4. Leverage Digital Marketing: Establish a strong online presence through a professional website, search engine optimization (SEO), and social media channels. Use targeted online advertising to reach specific audiences in the medical device sector. Content marketing, including blogs and videos that showcase success stories and innovations, can also enhance visibility and credibility.
5. Develop Strategic Partnerships: Collaborate with hospitals, research institutions, and other businesses in the medical field. Partnerships can provide valuable insights, access to new customers, and opportunities for joint ventures. Consider aligning with regulatory consultants to navigate the complex approval processes for medical devices.
6. Focus on Compliance and Quality Assurance: In the medical device industry, regulatory compliance is paramount. Highlight your commitment to quality assurance and adherence to standards like ISO 13485 and FDA regulations in your marketing materials. This builds trust with potential clients who prioritize safety and efficacy.
7. Utilize Direct Sales and Distribution Channels: Develop a direct sales team knowledgeable about both additive manufacturing and medical devices. In addition to direct sales, explore distribution agreements with established medical device distributors who already have connections in hospitals and clinics.
8. Customer Feedback and Continuous Improvement: Once your products are in the market, actively seek customer feedback to refine and improve your offerings. Implementing a customer relationship management (CRM) system can help track interactions and preferences, allowing for personalized marketing efforts.
9. Offer Prototyping Services: Many medical device companies may be interested in prototyping before committing to full-scale production. Offering prototyping services can attract customers who want to test designs or refine their concepts using additive manufacturing. By combining these strategies, an additive manufacturing medical devices business can create a strong market presence, build lasting relationships, and ultimately drive sales growth in a competitive landscape.

Successful operations and logistics are critical to the establishment and growth of an additive manufacturing medical devices business. This sector requires a careful balance of regulatory compliance, supply chain management, and production efficiency. Here are key considerations to keep in mind: Supply Chain Management: The first step is to develop a robust supply chain that ensures the availability of high-quality materials necessary for additive manufacturing. This includes sourcing biocompatible polymers and metals that meet medical device standards. Establish relationships with reliable suppliers to guarantee consistent quality and timely delivery. Consider diversifying suppliers to mitigate risks associated with supply chain disruptions. Production Processes: Implementing efficient production processes is essential. This involves selecting the right additive manufacturing technology—such as Fused Deposition Modeling (FDM), Stereolithography (SLA), or Selective Laser Sintering (SLS)—based on the specific needs of the medical devices being produced. Establish clear protocols for machine operation, maintenance, and quality control to ensure that every product meets stringent regulatory requirements. Quality Assurance: The medical device industry is heavily regulated, so developing a comprehensive quality management system (QMS) is vital. This system should encompass all aspects of production, from material inspection to final product testing. Regular audits and adherence to standards such as ISO 13485 can help maintain compliance and build trust with healthcare providers and regulatory bodies. Regulatory Compliance: Navigating the regulatory landscape is a must for any medical device business. Familiarize yourself with the requirements set forth by agencies like the FDA in the United States or CE marking in Europe. This includes proper documentation, risk management processes, and pre-market submissions. Staying ahead of regulatory changes and maintaining open communication with regulatory bodies will facilitate smoother approval processes. Inventory Management: Efficient inventory management is crucial for balancing production demands with storage costs. Implement just-in-time (JIT) inventory systems to reduce excess stock while ensuring that materials are available when needed. This approach not only lowers costs but also minimizes waste, which is particularly important in the medical sector. Logistics and Distribution: Once products are manufactured, an effective logistics strategy is necessary for distribution. Collaborate with experienced logistics partners who understand the complexities of shipping medical devices, including temperature control and tracking. Ensure compliance with shipping regulations and provide customers with transparent tracking systems. Technology Integration: Utilize advanced software solutions for operations management, such as ERP (Enterprise Resource Planning) systems, to streamline processes. These tools can help manage everything from order processing to production scheduling and inventory control, providing real-time insights that enhance decision-making. By focusing on these operational and logistical aspects, an additive manufacturing medical devices business can position itself for success in a competitive and highly regulated market.

When embarking on the journey to establish an additive manufacturing medical devices business, effective human resources and management practices are pivotal to the success and sustainability of the venture. The unique challenges of the medical device industry, coupled with the technological intricacies of additive manufacturing, necessitate a well-structured approach to building and managing a competent workforce. Talent Acquisition and Development The first step in creating a strong human resources foundation is to recruit individuals with the right skills and experience. This includes engineers proficient in additive manufacturing technologies, regulatory affairs specialists familiar with medical device compliance, and quality assurance professionals capable of ensuring product integrity. Given the specialized nature of the field, consider sourcing talent from universities, industry conferences, and professional networks focused on biomedical engineering and manufacturing. Once the team is assembled, ongoing training and professional development are essential. This could involve workshops on the latest additive manufacturing techniques, compliance with FDA regulations, or advancements in biocompatible materials. Investing in continuous education not only enhances employee skills but also fosters a culture of innovation and adaptability, crucial in the ever-evolving medical device landscape. Organizational Structure and Culture An effective organizational structure should promote collaboration and communication across departments. Given the interdisciplinary nature of additive manufacturing in healthcare, it is beneficial to create cross-functional teams that include design, engineering, quality assurance, and regulatory affairs. This structure ensures that all perspectives are considered during the product development process, leading to more innovative solutions. Moreover, cultivating a positive organizational culture is vital. Encourage an environment where employees feel valued and empowered to share their ideas. Implementing regular feedback loops, team-building activities, and recognition programs can enhance employee engagement, ultimately driving productivity and innovation. Compliance and Ethical Standards Human resources in the medical device sector must prioritize compliance with stringent regulations set forth by authorities such as the FDA and ISO standards. Establishing clear policies and procedures related to ethical practices, quality control, and documentation is essential. Regular training sessions to keep staff updated on compliance issues will mitigate risks and ensure adherence to industry standards. Performance Management and Retention Implementing a robust performance management system is crucial for tracking employee contributions and identifying areas for improvement. Regular performance reviews and goal-setting sessions can help align individual objectives with the company’s strategic goals. This alignment is particularly important in a high-stakes field like medical devices, where innovation and precision are paramount. Retention strategies should also be a focal point. Creating a competitive benefits package, offering career advancement opportunities, and promoting work-life balance can significantly reduce turnover rates. High employee retention not only saves costs associated with recruitment and training but also helps maintain continuity and expertise within the organization. Networking and Collaboration Finally, fostering relationships with industry stakeholders—including healthcare professionals, research institutions, and regulatory bodies—can enhance the credibility and visibility of your business. Networking can lead to valuable partnerships for research and development, as well as insights into market needs and trends. Participation in industry events, webinars, and forums can position your company as a thought leader in the additive manufacturing medical device space. In summary, a strategic approach to human resources and management is essential for launching and sustaining an additive manufacturing medical devices business. By focusing on talent acquisition, organizational culture, compliance, performance management, and networking, entrepreneurs can build a resilient and innovative workforce poised to meet the challenges of this dynamic industry.

In conclusion, embarking on a journey in the additive manufacturing of medical devices presents both exciting opportunities and unique challenges. By understanding the regulatory landscape, investing in the right technology, and prioritizing quality and compliance, entrepreneurs can carve out a successful niche in this rapidly evolving field. Building strong partnerships with healthcare professionals and staying attuned to industry trends will further enhance your business's ability to innovate and meet the needs of medical practitioners and patients alike. As the demand for personalized and efficient medical solutions continues to grow, those who are committed to advancing additive manufacturing in healthcare will not only thrive but also contribute significantly to improving patient outcomes and revolutionizing the medical device landscape. With careful planning, strategic execution, and a dedication to excellence, your venture can play a pivotal role in shaping the future of medical technology.

A business plan is a critical tool for businesses and startups for a number of reasons
Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the mark
et.Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
Business plans allow you to position your brand by understanding your company’s role in the marketplace.
Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.

Many people struggle with drafting a business plan and it is necessary to ensure all important sections are present in a business plan:Executive Summary
Company Overview
Industry Analysis
Consumer Analysis
Competitor Analysis & Advantages
Marketing Strategies & Plan
Plan of Action
Management Team
The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.

The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at info@avvale.co.uk . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.

To complete your perfect additive manufacturing medical devices business plan, fill out the form below and download our additive manufacturing medical devices business plan template. The template is a word document that can be edited to include information about your additive manufacturing medical devices business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.

With the growth of your business, your initial goals and plan is bound to change. To ensure the continued growth and success of your business, it is necessary to periodically update your business plan. Your business plan will convert to a business growth plan with versions that are updated every quarter/year. Avvale Consulting recommends that you update your business plan every few months and practice this as a process. Your business is also more likely to grow if you access your performance regularly against your business plans and reassess targets for business growth plans.