In today's rapidly evolving technological landscape, advanced functional materials are at the forefront of innovation, offering solutions that enhance performance across various industries, including electronics, healthcare, and renewable energy. Entrepreneurs and scientists alike are recognizing the immense potential of these materials, which possess unique properties that can be tailored for specific applications. As the demand for high-performance materials continues to rise, starting a business in this dynamic field presents a lucrative opportunity for those equipped with the right knowledge and resources. This article aims to guide aspiring entrepreneurs through the essential steps of launching a successful advanced functional materials business, from understanding market trends to navigating the complexities of research and development, manufacturing, and marketing. Whether you are a seasoned professional or a newcomer eager to make your mark, the insights provided here will help you transform your ideas into a thriving venture.

The global market for advanced functional materials has been experiencing significant growth, driven by increasing demand across various sectors including electronics, automotive, aerospace, healthcare, and renewable energy. As of 2023, the market is estimated to be valued at several hundred billion dollars, with projections indicating a compound annual growth rate (CAGR) of around 5-10% over the next five years. This growth is fueled by advancements in material science and a rising emphasis on innovative solutions that enhance product performance, sustainability, and energy efficiency. Key segments within the advanced functional materials market include composites, nanomaterials, smart materials, and biomaterials. The electronics sector, particularly, has been a major contributor to market expansion, with advanced materials being utilized in the production of semiconductors, displays, and sensors. Similarly, the automotive industry is increasingly adopting lightweight and high-strength materials to improve fuel efficiency and reduce emissions, further propelling market growth. Geographically, North America and Asia-Pacific are leading regions in terms of market share, with countries like the United States, China, and Japan at the forefront of research and development in advanced materials. The European market is also significant, particularly in the context of sustainability and regulatory measures that encourage the use of eco-friendly materials. Investors and entrepreneurs looking to enter this market should be aware of the competitive landscape, which includes established players as well as numerous startups focused on niche applications. Collaborations with research institutions and a focus on innovation will be critical for success in this dynamic and rapidly evolving field.

When considering the target market for advanced functional material businesses, it's essential to identify the specific industries and applications that can benefit most from these innovative materials. Advanced functional materials, which include smart materials, nanomaterials, and biomaterials, have a wide range of applications across various sectors.
1. Aerospace and Defense: This sector demands high-performance materials that can withstand extreme conditions. Advanced composites, lightweight materials, and thermal protection systems are critical for aircraft and spacecraft, making this a lucrative market for innovative material solutions.

2. Automotive Industry: With the shift towards electric vehicles and enhanced fuel efficiency, the automotive sector is increasingly seeking materials that reduce weight while maintaining strength and safety. Advanced functional materials such as lightweight composites, conductive polymers, and energy-absorbing materials are in high demand.
3. Healthcare and Medical Devices: The healthcare industry is a significant consumer of advanced functional materials, particularly in the development of medical devices, prosthetics, and drug delivery systems. Biocompatible materials and smart polymers that respond to physiological changes are particularly sought after.
4. Electronics and Semiconductors: The rapid advancement in technology drives the need for materials that can enhance performance and efficiency in electronic devices. This includes conductive materials, flexible substrates, and materials with specific optical properties for screens and displays.
5. Energy Sector: As the world shifts towards sustainable energy solutions, advanced functional materials play a crucial role in developing efficient solar panels, batteries, and fuel cells. Companies focusing on energy storage and conversion technologies are increasingly seeking innovative materials to improve performance and reduce costs.
6. Construction and Civil Engineering: The construction industry benefits from advanced materials that offer enhanced durability, energy efficiency, and sustainability. Smart building materials, self-healing concrete, and insulating materials are gaining traction in this sector.
7. Consumer Goods: The market for consumer products is also evolving, with a growing demand for items that incorporate advanced materials for better performance or sustainability. This includes everything from sports gear to household items that utilize smart materials for enhanced functionality. By understanding the specific needs and challenges of these target markets, businesses can tailor their product offerings and marketing strategies effectively. Engaging with industry stakeholders, conducting market research, and staying abreast of technological advancements will be crucial for successfully entering and competing in these dynamic markets.

When starting an advanced functional material business, selecting a robust business model is crucial for success. The choice of business model will influence how you generate revenue, deliver value to customers, and position your company within the market. Here are several popular business models commonly used in this sector:
1. Product-Based Model: This traditional model focuses on the production and sale of advanced functional materials. Companies can develop proprietary materials with unique properties, such as lightweight composites, conductive polymers, or biodegradable plastics. The revenue comes primarily from direct sales to manufacturers in industries such as aerospace, automotive, electronics, or healthcare. Emphasizing quality, performance, and compliance with industry standards can differentiate products in a competitive market.

2. Custom Development Services: Many businesses in the advanced materials sector offer custom development solutions tailored to specific client needs. By working closely with clients to develop materials that meet unique specifications, companies can command premium pricing. This model often involves a collaborative approach, where the business partners with clients to innovate and iterate on material properties, leading to long-term contracts and customer loyalty.
3. Licensing and Intellectual Property: If a company has developed novel materials or processes, it can pursue a licensing model. This involves granting other businesses the rights to use patented technology in exchange for royalties. This strategy can create a steady revenue stream with lower operational costs, as the company does not need to manufacture the materials itself. It can also expand market reach through partnerships with established companies in various industries.
4. Subscription Model: In this model, businesses can offer advanced materials as a service. For instance, companies can provide clients with regular shipments of materials based on their consumption patterns, possibly bundled with technical support and ongoing research. This approach can stabilize revenue through predictable monthly payments and foster long-term relationships with clients who rely on consistent supply and innovation.
5. Vertical Integration: Some companies choose to control the entire supply chain by vertically integrating their operations. This may involve sourcing raw materials, manufacturing advanced functional materials, and distributing them directly to customers. While this model requires significant investment, it can provide greater control over quality, costs, and delivery times.
6. Research and Development Partnerships: Collaborating with universities, research institutions, or other companies can be an effective way to innovate and share costs. By engaging in joint ventures or grants focused on specific projects, businesses can leverage external expertise and resources while mitigating financial risks associated with R&D.
7. Market Segmentation: Focusing on niche markets can also be an effective strategy. By catering to specific industries or applications—such as electronics, renewable energy, or biomedical devices—companies can develop specialized materials that meet the unique challenges faced by those sectors. This targeted approach can reduce competition and allow for premium pricing due to specialized knowledge and capabilities. Choosing the right business model will depend on market demands, the company’s expertise, and its strategic goals. A well-defined model not only guides operational strategies but also helps in attracting investors and partners, ultimately contributing to the overall sustainability and growth of the business in the competitive landscape of advanced functional materials.

The competitive landscape for advanced functional materials is characterized by a diverse array of players, ranging from established multinational corporations to innovative startups and research institutions. This industry encompasses various sectors, including electronics, energy storage, biotechnology, and construction, each with its unique set of challenges and opportunities. Key Players: Major corporations such as BASF, DuPont, and 3M dominate the market, leveraging their extensive resources, established supply chains, and significant R&D capabilities. These companies often invest heavily in advanced materials research, allowing them to stay at the forefront of innovation. However, their size can also make them less agile in responding to niche market needs compared to smaller, specialized firms. Emerging Startups: A vibrant ecosystem of startups is also present, focusing on specific applications of advanced functional materials. These companies often emerge from academic research and are driven by cutting-edge innovations. They tend to be more adaptable and can pivot quickly to meet changing market demands. Collaborations with universities and research institutions are common, enabling them to access the latest scientific advancements and technical expertise. Regional Dynamics: Geographically, the competitive landscape varies significantly. Regions like North America, Europe, and Asia-Pacific are hotspots for advanced material development, with each area showcasing unique strengths. North America leads in research and development, while Asia-Pacific is known for its manufacturing capabilities and growing demand in electronics and renewable energy sectors. Understanding regional trends and regulatory frameworks is crucial for any business looking to enter the market. Market Trends: Sustainability and environmental concerns are becoming increasingly central to the competitive landscape. Companies that can develop eco-friendly materials or processes that reduce environmental impact are likely to gain a competitive edge. Additionally, advancements in nanotechnology and biotechnology are creating new opportunities and driving competition as firms seek to innovate and differentiate their products. Intellectual Property: The protection of intellectual property (IP) is a critical factor in this industry. Companies invest considerable resources in patenting their innovations to safeguard their competitive advantage. As a result, navigating the patent landscape and ensuring that a new business has a robust IP strategy is essential for long-term success. Collaborations and Partnerships: Strategic partnerships and collaborations are prevalent in the advanced functional materials sector. Companies often engage in joint ventures or partnerships to share resources, leverage complementary strengths, and accelerate product development. This collaborative approach can be particularly beneficial for startups seeking to scale their innovations quickly. In summary, the competitive landscape for an advanced functional materials business is dynamic and multifaceted. Understanding the roles of established players, emerging startups, regional dynamics, and market trends is vital for new entrants aiming to carve out a niche in this rapidly evolving industry.

When starting an advanced functional materials business, navigating the legal and regulatory landscape is crucial for ensuring compliance and minimizing risks. Here are some key considerations:
1. Business Structure and Registration: Choose a suitable business structure, such as a sole proprietorship, partnership, corporation, or limited liability company (LLC). Each structure has different implications for liability, taxation, and regulatory requirements. After selecting your structure, register your business with the appropriate state and local authorities. Obtain any necessary business licenses and permits required for operation.

2. Intellectual Property (IP) Protection: Advanced functional materials often involve innovative technologies and processes. Securing patents, trademarks, and copyrights is essential to protect your intellectual property. This may involve filing patents for new materials or processes with the United States Patent and Trademark Office (USPTO) or relevant international bodies. Consulting with an IP attorney can help navigate this complex area.
3. Environmental Regulations: The production and use of advanced materials can have significant environmental impacts. Compliance with local, state, and federal environmental regulations is necessary. This may include obtaining permits related to emissions, waste disposal, and chemical handling under laws such as the Clean Air Act and the Resource Conservation and Recovery Act. Conducting an environmental impact assessment might also be required, depending on the scale of operations.
4. Safety Regulations: The Occupational Safety and Health Administration (OSHA) sets forth regulations to ensure safe working environments. Businesses must comply with workplace safety standards, including proper handling and storage of hazardous materials, employee training programs, and maintaining safety data sheets (SDS) for materials used in production.
5. Product Regulations: Depending on the intended use of your advanced functional materials, specific product regulations may apply. For instance, materials intended for use in consumer goods, electronics, or medical devices must meet industry-specific standards and regulations, such as those enforced by the Food and Drug Administration (FDA) or the Consumer Product Safety Commission (CPSC).
6. Import and Export Regulations: If your business involves the import or export of materials, it is vital to understand the legal requirements governing international trade. This may include tariffs, trade agreements, and compliance with the Export Administration Regulations (EAR) and the International Traffic in Arms Regulations (ITAR) if applicable.
7. Research and Development Compliance: If your business involves collaborative research or development partnerships, especially with universities or government entities, you may need to adhere to specific regulations governing research funding, ethics, and compliance with federal guidelines such as the National Institutes of Health (NIH) or the National Science Foundation (NSF).
8. Insurance Requirements: Obtaining the appropriate insurance coverage is essential to protect your business from potential liabilities. This may include general liability insurance, product liability insurance, and workers' compensation insurance, among others.
9. Labor Laws: Compliance with labor laws, including wage and hour laws, employee rights, and benefits, is crucial for maintaining a fair and legally compliant workplace. This may also involve adherence to regulations concerning employee classifications, such as full-time, part-time, or independent contractors. By understanding and addressing these legal and regulatory requirements, you can lay a solid foundation for your advanced functional materials business, thereby minimizing legal risks and fostering a sustainable operational framework.

When embarking on the journey of establishing an advanced functional material business, securing adequate financing is crucial for translating innovative ideas into reality. Entrepreneurs can explore several financing options, each with its advantages and considerations.
1. Self-Funding: Many entrepreneurs start by using personal savings or assets to fund their business. This approach allows for complete control over the business and avoids debt or equity dilution. However, it carries personal financial risk and may limit the initial capital available.

2. Bank Loans: Traditional bank loans can provide substantial funding for purchasing equipment, materials, and covering operational costs. To secure a bank loan, a solid business plan demonstrating market potential, financial projections, and repayment strategies is essential. Interest rates and repayment terms must be carefully evaluated to ensure they align with the business's cash flow.
3. Venture Capital: For businesses that show high growth potential, attracting venture capital can be an effective way to obtain significant funding. Venture capitalists not only provide capital in exchange for equity but also bring valuable industry expertise and networks. However, they often expect a say in business decisions and a clear exit strategy.
4. Angel Investors: Similar to venture capitalists, angel investors provide funding in exchange for equity, but they typically invest smaller amounts at earlier stages. They can be a great source of mentorship and guidance, helping entrepreneurs navigate the challenges of starting a new business.
5. Government Grants and Subsidies: Various government programs offer grants and subsidies to support innovation, research, and development in advanced materials. These funds do not require repayment and can significantly reduce the financial burden. However, applying for grants often involves a competitive process with stringent requirements.
6. Crowdfunding: Online crowdfunding platforms allow businesses to raise small amounts of money from a large number of people. This approach not only helps to secure funding but also validates the business idea by gauging public interest. Successful campaigns require compelling presentations and marketing strategies to attract backers.
7. Strategic Partnerships: Forming partnerships with established companies in the materials sector can provide access to funding, resources, and market channels. In exchange, partners may seek shared profits, technology licensing, or co-development opportunities.
8. Accelerator Programs: Joining an accelerator can offer funding, mentorship, and resources in exchange for equity. These programs often provide intensive support over a fixed period, helping entrepreneurs refine their business models and accelerate growth. Each financing option has its own set of implications for ownership, control, and growth potential. It’s essential for entrepreneurs to assess their specific needs, business model, and long-term goals when choosing the most suitable financing strategy. Creating a comprehensive financial plan that outlines startup costs, projected revenues, and funding requirements will enhance the chances of securing the necessary capital to launch a successful advanced functional material business.

When venturing into the advanced functional materials sector, an effective marketing and sales strategy is crucial for establishing a foothold in the market. The following approaches can help ensure success:
1. Identify Target Markets: Begin by conducting thorough market research to identify potential industries and applications for your materials. Key sectors may include electronics, automotive, aerospace, healthcare, and renewable energy. Understanding the specific needs and challenges faced by these industries will allow you to tailor your offerings effectively.

2. Develop a Unique Value Proposition: Clearly articulate what sets your advanced functional materials apart from competitors. Highlight unique features, such as enhanced performance, sustainability, or cost-effectiveness. This value proposition should resonate with the target audience and address their pain points.
3. Leverage Digital Marketing: Establish a strong online presence through a professional website that showcases your products, research, and case studies. Utilize SEO strategies to improve visibility in search engine results. Additionally, engage in content marketing by creating informative articles, white papers, and webinars that position your brand as a thought leader in the field.
4. Network and Build Partnerships: Establish connections with key stakeholders in your target industries. Attend trade shows, conferences, and industry events to network with potential clients and collaborators. Building relationships with research institutions, universities, and industry associations can also open doors to partnerships and joint ventures.
5. Utilize Social Media: Use platforms like LinkedIn, Twitter, and industry-specific forums to engage with your audience and share insights about your products and innovations. Social media can also serve as a platform for customer feedback and community building.
6. Implement Direct Sales and Distribution Channels: Depending on your business model, consider a direct sales approach or establish distribution partnerships. Direct sales may allow for more personalized customer interactions, while distributors can help penetrate markets that may be challenging to reach independently.
7. Focus on Customer Education: Given the complexity of advanced functional materials, educating potential customers about the benefits and applications of your products is vital. Offer training sessions, workshops, and detailed product documentation to facilitate understanding and drive adoption.
8. Gather and Leverage Customer Feedback: Implement systems to collect feedback from customers and end-users. This data can inform product development, help refine marketing strategies, and enhance customer satisfaction. Demonstrating responsiveness to customer needs can strengthen loyalty and lead to repeat business.
9. Monitor Industry Trends: Stay informed about advancements in technology and shifts in market demand. By keeping an eye on emerging trends, you can adapt your strategies accordingly and position your business to capitalize on new opportunities.
10. Invest in Sales Training: Equip your sales team with the knowledge and tools necessary to effectively communicate the benefits of your advanced functional materials. Regular training can help them stay updated on product developments and enhance their selling techniques. By implementing these marketing and sales strategies, your advanced functional materials business can effectively reach and engage customers, build a strong brand presence, and ultimately drive growth and success in a competitive landscape.

Starting an advanced functional material business involves meticulous planning in operations and logistics to ensure efficiency, quality, and scalability. Here’s a breakdown of the essential aspects to consider: Supply Chain Management Establishing a robust supply chain is critical. Identify reliable suppliers for raw materials, which may include polymers, metals, ceramics, or nanomaterials, depending on the type of functional materials being produced. Evaluate suppliers based on quality, cost, delivery times, and their ability to scale with your business. Building strong relationships with suppliers can lead to better pricing and priority during shortages. Manufacturing Process Design a manufacturing process that aligns with your product specifications and market demands. This may involve selecting appropriate production methods such as additive manufacturing, chemical vapor deposition, or traditional molding techniques. Invest in high-quality machinery and technology to ensure precision and efficiency. Additionally, consider implementing lean manufacturing principles to minimize waste and improve productivity. Quality Control Implement a stringent quality control system to maintain product standards. This should include regular testing of raw materials and finished products, adherence to industry standards, and compliance with safety regulations. Employing techniques such as Six Sigma can help in identifying defects and reducing variability in your processes. Inventory Management Effective inventory management is essential for balancing supply and demand. Utilize inventory management software to track raw materials, work-in-progress, and finished goods. This will help in forecasting needs, minimizing carrying costs, and avoiding stockouts or overproduction. Adopting a just-in-time (JIT) inventory system can be beneficial in reducing excess inventory while ensuring material availability. Logistics and Distribution Develop a logistics strategy that encompasses warehousing, transportation, and distribution. Choose a location for your manufacturing facility that optimizes transportation costs and access to key markets. Evaluate different distribution channels, such as direct sales, partnerships, or third-party logistics providers, to effectively reach your customers. Consider the use of technology in logistics, such as route optimization software, to enhance delivery efficiency. Regulatory Compliance Ensure that your operations comply with relevant regulations and standards, which can vary by region and market. This includes environmental regulations, safety standards, and industry-specific certifications. Staying ahead of compliance requirements not only mitigates risks but can also serve as a competitive advantage in the marketplace. Sustainability Practices Incorporating sustainability into your operations can enhance your brand image and appeal to environmentally conscious consumers. Explore eco-friendly materials, energy-efficient manufacturing processes, and waste reduction strategies. Consider implementing a circular economy model by designing products that can be recycled or reused. Human Resources and Training Lastly, invest in a skilled workforce by hiring individuals with expertise in materials science, engineering, and production. Training programs focused on operational excellence and safety procedures are crucial for maintaining high standards in manufacturing. Fostering a culture of continuous improvement and innovation within your team can drive long-term success. By carefully planning and executing these operational and logistical elements, you can lay a solid foundation for your advanced functional material business, positioning it for growth and sustainability in a competitive market.

When embarking on the journey to establish an advanced functional material business, the importance of a robust human resources and management strategy cannot be overstated. The success of any business hinges on its people, and in a field as specialized as advanced materials, having the right talent in place is crucial. Talent Acquisition and Development Identifying and attracting skilled professionals should be your first priority. Look for individuals with expertise in materials science, engineering, and related fields. Collaborating with universities and research institutions can help you tap into fresh talent. Offering internships and co-op programs can also serve as a pipeline for recruiting promising graduates. Once you have assembled a team, invest in continuous professional development. This can include workshops, certifications, and opportunities for further education to keep your team updated on the latest advancements in materials technology. Building a Collaborative Culture Fostering a culture of collaboration and innovation is essential in the advanced materials sector. Encourage cross-functional teams to work together on projects, blending expertise from various disciplines to drive innovation. Regular brainstorming sessions and open forums can help cultivate a creative environment where employees feel empowered to share ideas and challenge the status quo. Performance Management Implementing a transparent performance management system will help align individual goals with the company's strategic objectives. Set clear metrics for success and provide regular feedback to employees. Recognizing and rewarding outstanding performance not only motivates employees but also promotes a sense of ownership and accountability within the team. Leadership and Vision Strong leadership is vital for guiding your business through the complexities of the advanced materials market. Leaders should not only possess technical expertise but also have the vision to foresee industry trends and the agility to pivot when necessary. Building a leadership team with diverse backgrounds can provide a broader perspective on challenges and opportunities. Workplace Environment and Employee Well-being Creating a supportive workplace environment is essential for attracting and retaining talent. This includes not only competitive compensation and benefits but also work-life balance, flexible working arrangements, and a focus on mental health and wellness. An inclusive workplace that values diversity will foster innovation and improve problem-solving by incorporating a range of perspectives. Compliance and Ethical Standards As the advanced materials industry often intersects with regulatory frameworks, it is imperative to maintain compliance with local and international laws. Establishing clear ethical standards and ensuring that all employees understand the importance of compliance will protect your business and enhance its reputation. By focusing on these key areas within human resources and management, you can build a strong foundation for your advanced functional material business. Attracting the right talent, fostering a culture of innovation, and maintaining a commitment to ethical practices will position your company for long-term success in this dynamic field.

In conclusion, embarking on a venture in advanced functional materials requires a strategic blend of innovation, market insight, and technical expertise. By thoroughly researching the industry and understanding the specific needs of your target market, you can identify opportunities that set your business apart. Building a solid network of collaborators, securing adequate funding, and staying abreast of technological advancements will be crucial to your success. Furthermore, focusing on sustainability and ethical practices can enhance your brand's reputation and appeal to a growing customer base that values corporate responsibility. With careful planning and execution, your business can thrive in this dynamic and rapidly evolving sector. Embrace the challenges and opportunities ahead, and you'll be well on your way to making a significant impact in the world of advanced functional materials.

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 advanced functional material business plan, fill out the form below and download our advanced functional material business plan template. The template is a word document that can be edited to include information about your advanced functional material 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.