The aerospace industry has long been a cornerstone of innovation, pushing the boundaries of technology and materials to achieve greater efficiency, safety, and performance. As the demand for lightweight, durable materials continues to grow, plastics have emerged as a vital component in the design and manufacturing of aircraft and spacecraft. Starting a business that specializes in aerospace plastics not only presents a lucrative opportunity but also allows entrepreneurs to contribute to advancements in an industry that shapes the future of transportation. In this article, we will explore the essential steps and considerations for launching a successful aerospace plastics venture, from understanding industry regulations and market dynamics to sourcing materials and establishing partnerships. Whether you are an experienced entrepreneur or a newcomer to the field, this guide will provide you with the insights needed to navigate this complex and rewarding sector.

The global aerospace plastics market has exhibited substantial growth over the past few years, driven by the increasing demand for lightweight materials that enhance fuel efficiency and reduce emissions in aircraft. As of 2023, the market is estimated to be valued at approximately USD 18 billion, with projections indicating a compound annual growth rate (CAGR) of around 6% over the next five years. This growth can be attributed to the ongoing advancements in aerospace technology and the rising emphasis on sustainability within the industry. Key drivers of this market include the expansion of commercial aviation, the rise in air travel demand, and the need for more efficient aircraft designs. As airlines and manufacturers seek to lower operational costs and improve performance, the integration of advanced plastics, such as thermoplastics and composite materials, has become increasingly prevalent. These materials offer advantages such as reduced weight, corrosion resistance, and enhanced durability, making them ideal for various aerospace applications, including interior components, structural elements, and insulation. Furthermore, the defense sector is also contributing to market growth, as military aircraft manufacturers invest in innovative materials to improve the performance and longevity of their fleets. The ongoing development of unmanned aerial vehicles (UAVs) and space exploration technologies also presents new opportunities for aerospace plastics, with a focus on high-performance materials that can withstand extreme conditions. Geographically, North America holds a significant share of the aerospace plastics market, driven by the presence of major aircraft manufacturers and a strong defense sector. However, regions such as Asia-Pacific are anticipated to witness rapid growth due to increasing investments in aerospace infrastructure and rising air passenger traffic. In summary, the aerospace plastics market is poised for continued expansion, offering numerous opportunities for new entrants and existing businesses looking to innovate and capitalize on the growing demand for lightweight, durable materials in the aerospace sector. Entrepreneurs interested in starting an aerospace plastics business will find a dynamic and evolving landscape, supported by technological advancements and a global push towards more sustainable aviation solutions.

Identifying the target market is a crucial step for any aerospace plastics business aiming to establish a foothold in this specialized sector. The aerospace industry is characterized by stringent quality requirements, regulatory standards, and a demand for innovative materials that can withstand extreme conditions. Therefore, the target market for aerospace plastics encompasses a variety of stakeholders. Primarily, the target market includes aerospace manufacturers, such as aircraft manufacturers, satellite producers, and companies involved in defense contracting. These organizations require high-performance plastics for components used in airframes, interiors, fuel systems, and avionics. Understanding the specific needs of these manufacturers—such as weight reduction, durability, and resistance to environmental factors—is essential for tailoring products to meet their demands. Another significant segment of the target market consists of aerospace engineers and designers who are responsible for developing new aircraft and spacecraft. These professionals seek advanced materials that can enhance performance and efficiency. Building relationships with engineering firms and offering tailored solutions can help establish credibility and foster long-term partnerships. Additionally, suppliers and distributors in the aerospace supply chain represent a vital aspect of the target market. Collaborating with these entities can facilitate access to a broader customer base and streamline the supply of aerospace plastics. Understanding their requirements and establishing a reputation for reliability and quality can lead to fruitful business relationships. Finally, regulatory bodies and certification organizations should not be overlooked as part of the target market. Ensuring compliance with industry standards and obtaining necessary certifications, such as AS9100 for quality management in aerospace, will be critical for gaining trust and securing contracts within the aerospace sector. In summary, a successful aerospace plastics business should focus on establishing connections with manufacturers, engineers, suppliers, and regulatory bodies, while also addressing their unique material needs and compliance requirements. This multifaceted approach will help create a solid foundation for growth in the competitive aerospace industry.

When venturing into the aerospace plastics industry, it is crucial to choose a business model that aligns with your goals, resources, and market demand. Various business models can be employed, each with its unique advantages and challenges. Here are some key models to consider:
1. Manufacturing and Supply: This model involves the production of aerospace-grade plastic components and materials, such as thermoplastics, thermosets, and composites. Businesses can focus on custom manufacturing for specific aerospace applications, catering to manufacturers of aircraft, drones, and satellites. This approach requires investment in advanced machinery, quality control systems, and compliance with stringent aerospace regulations.

2. Design and Engineering Services: Companies can offer specialized design and engineering services to aerospace firms, helping them develop innovative plastic solutions tailored to their specific needs. This model emphasizes collaboration and expertise, allowing businesses to charge premium fees for their technical knowledge and design capabilities. Establishing partnerships with aerospace manufacturers can enhance credibility and lead to long-term contracts.
3. Distribution and Wholesale: A distribution model focuses on sourcing aerospace plastics from manufacturers and supplying them to various clients in the aerospace sector. This model requires strong relationships with suppliers and customers, as well as effective logistics management to ensure timely delivery. Businesses can differentiate themselves by offering value-added services, such as inventory management and just-in-time delivery.
4. Research and Development (R&D): For those with a strong background in materials science, an R&D-focused model can be highly lucrative. This involves developing new plastic materials and composites that meet the demanding specifications of the aerospace industry. Potential revenue streams can include licensing technologies to manufacturers or collaborating on funded projects with aerospace companies, research institutions, or government agencies.
5. Consultancy: As an expert in aerospace plastics, offering consultancy services can be another viable business model. This could include advising on material selection, regulatory compliance, sustainability practices, or process optimization. By positioning yourself as a thought leader in the industry, you can attract clients looking for specialized knowledge and strategic insights.
6. Sustainability and Recycling: With increasing focus on environmental impact, a business model centered on sustainable practices can appeal to aerospace companies looking to reduce their carbon footprint. This could involve the development of bio-based plastics or establishing a recycling program for aerospace plastics, thus providing a circular economy solution within the industry.
7. E-commerce Platform: An online marketplace dedicated to aerospace plastics can serve as a platform where manufacturers can connect with clients directly. This model capitalizes on the growing trend of digital commerce, allowing for broader reach and reduced overhead costs. It can also include features such as product customization, bulk ordering, and comprehensive product information. In selecting a business model, it is essential to conduct thorough market research to understand customer needs, industry trends, and competitive landscape. Combining elements from different models may also lead to innovative approaches that enhance market positioning and profitability.

The competitive landscape for an aerospace plastics business is shaped by various factors, including market demand, technological advancements, regulatory requirements, and the presence of established players. In recent years, the aerospace industry has seen a significant shift towards lightweight materials to improve fuel efficiency and reduce emissions. This trend has driven demand for advanced plastics, such as thermoplastics and composites, which are increasingly used in aircraft components. As a result, new entrants into the aerospace plastics market face competition from established manufacturers who have already secured relationships with major aerospace companies and have a proven track record of quality and reliability. Major players in the aerospace plastics sector often benefit from economies of scale, extensive research and development capabilities, and established supply chains. Companies like DuPont, SABIC, and Solvay are prominent in the field, offering a wide range of engineered plastics specifically designed for aerospace applications. These companies invest heavily in innovation to develop materials that meet stringent aerospace standards, which can create a barrier to entry for new businesses looking to compete. Additionally, the competitive landscape is impacted by the rapid advancement of additive manufacturing technologies, which allow for the production of complex plastic parts with reduced waste and faster turnaround times. New businesses that can leverage these technologies effectively may find opportunities to differentiate themselves in the market. Regulatory compliance is another critical aspect of competition in the aerospace plastics industry. New entrants must navigate complex certification processes to meet the standards set by aviation authorities like the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA). Established companies often have the necessary certifications and experience, making it challenging for newcomers to gain a foothold. Furthermore, the aerospace supply chain is highly interconnected, with collaborations and partnerships playing a significant role in success. New businesses may need to establish relationships with aerospace manufacturers and subcontractors to gain access to projects, which can take time and effort. In summary, while there are opportunities for new entrants in the aerospace plastics market driven by increasing demand for lightweight materials, they must contend with established competitors, regulatory hurdles, and the need for innovation and partnerships to carve out a successful niche in this dynamic industry.

When venturing into the aerospace plastics industry, it is crucial to understand and comply with various legal and regulatory requirements that govern the sector. The aerospace industry is highly regulated due to its critical implications for safety, performance, and environmental impact. Here are some key areas to consider:
1. Industry Standards and Certifications: - Aerospace manufacturers must adhere to specific standards set by organizations such as the Federal Aviation Administration (FAA) in the United States or the European Union Aviation Safety Agency (EASA) in Europe. Compliance with standards like AS9100, which focuses on quality management systems in aerospace manufacturing, is essential for gaining credibility and ensuring safety. - Additionally, materials used in aerospace applications must often meet stringent specifications outlined by the aerospace industry, such as those from the Society of Automotive Engineers (SAE) and ASTM International.

2. Environmental Regulations: - The production of aerospace plastics may involve the use of chemicals and processes that have environmental implications. Compliance with the Environmental Protection Agency (EPA) regulations, such as the Clean Air Act and the Resource Conservation and Recovery Act (RCRA), is necessary to manage waste and emissions responsibly. - If your business involves international transactions, you'll also need to be aware of regulations governing the import and export of materials, including the Toxic Substances Control Act (TSCA) in the U.S. and REACH (Registration, Evaluation, Authorisation, and Restriction of Chemicals) in the EU.
3. Intellectual Property Protection: - As you develop new materials or manufacturing processes, protecting your intellectual property (IP) becomes crucial. Consider filing for patents to safeguard your innovations and trademarks to protect your brand identity. Understanding the intricacies of IP law can help you secure a competitive advantage in the aerospace market.
4. Licensing and Permits: - Depending on your location and the specifics of your business operations, you may need various licenses and permits to operate legally. This can include business licenses, manufacturing permits, and possibly special certifications for handling certain materials or chemicals. - It is advisable to consult with local regulatory bodies to ensure that all necessary permits are acquired before commencing operations.
5. Safety Regulations: - The aerospace industry places a strong emphasis on safety due to the potential risks associated with failures. Familiarize yourself with occupational safety regulations, such as those enforced by the Occupational Safety and Health Administration (OSHA) in the U.S., to ensure a safe working environment for your employees. Implementing safety training and protocols is vital for compliance and the protection of your workforce.
6. Supplier Compliance: - If you plan to source materials or components from suppliers, it is essential to ensure that they comply with aerospace industry standards and regulations as well. Establishing a robust supplier compliance program can help mitigate risks associated with non-compliance and ensure that your products meet the required specifications.
7. Contractual Obligations: - Engaging with clients or partners in the aerospace sector often involves contracts that stipulate quality, delivery, and compliance requirements. It is vital to understand the legal implications of these contracts and ensure that your business can meet the obligations outlined therein. Navigating the legal and regulatory landscape of the aerospace plastics industry can be complex but is essential for establishing a successful and compliant business. Consulting with legal experts and industry professionals can further assist in understanding the specific requirements applicable to your venture.

Starting an aerospace plastics business requires careful financial planning and consideration of various funding options. Entrepreneurs can explore several avenues to secure the necessary capital to launch and grow their venture.
1. Personal Savings: Many entrepreneurs begin by using their personal savings to fund their startup costs. This approach allows for maximum control over the business and avoids incurring debt. However, it’s crucial to assess the risk involved in using personal finances, as it may impact personal wealth if the business does not succeed.

2. Bank Loans: Traditional bank loans are a common financing option for small businesses. Entrepreneurs can apply for loans specifically designed for startups or small businesses, often requiring a solid business plan and financial projections. Interest rates and repayment terms will vary, so it’s essential to shop around for the best deal.
3. Small Business Administration (SBA) Loans: The SBA offers various loan programs that help small businesses secure funding. These loans typically come with lower interest rates and longer repayment terms than conventional bank loans. The SBA guarantees a portion of the loan, which reduces the risk for lenders, making it easier for startups to qualify.
4. Angel Investors: Securing funding from angel investors can provide not only capital but also valuable industry expertise and connections. Angel investors are individuals who invest their personal funds into startups in exchange for equity or convertible debt. Entrepreneurs should be prepared to pitch their business idea convincingly to attract these investors.
5. Venture Capital: For businesses with high growth potential, venture capital firms might be an option. These firms provide substantial funding in exchange for equity stakes in the company. This type of financing is often best suited for businesses that are already generating revenue and have a clear path to scalability.
6. Crowdfunding: Online crowdfunding platforms allow entrepreneurs to raise small amounts of money from a large number of people. This method can be particularly effective for innovative aerospace plastics products that capture public interest. Platforms like Kickstarter and Indiegogo are popular choices, but it’s important to have a compelling campaign to attract backers.
7. Grants and Competitions: Various government programs and private organizations offer grants to support innovation in the aerospace and manufacturing sectors. Researching and applying for these grants can provide non-dilutive funding that does not require repayment. Additionally, entering business competitions can yield cash prizes and recognition that can enhance credibility.
8. Strategic Partnerships: Forming strategic partnerships with established aerospace companies can provide access to funding as well as resources, technology, and market entry. These partnerships can be mutually beneficial, allowing established companies to innovate while providing startups with the support they need. Each financing option has its benefits and drawbacks, and often a combination of these methods will be necessary to secure adequate funding. Entrepreneurs should carefully evaluate their business needs, growth potential, and the trade-offs associated with each funding source to make informed decisions that will set their aerospace plastics business on a path to success.

To successfully launch an aerospace plastics business, a comprehensive marketing and sales strategy is essential. The aerospace industry is highly specialized and competitive, so understanding your target market and effectively communicating your value proposition will be crucial for gaining traction.
1. Identify Your Target Market: Start by defining your ideal customer segments within the aerospace sector. This could include manufacturers of aircraft, spacecraft, and drones, as well as suppliers and contractors involved in aerospace projects. Conduct market research to identify their specific needs, purchasing behaviors, and pain points related to plastics. Understanding these factors will allow you to tailor your offerings and marketing messages effectively.

2. Build a Strong Brand Presence: Develop a brand that resonates with aerospace professionals. Your branding should convey quality, reliability, and innovation—key attributes that are vital in this industry. Create a professional website showcasing your products, capabilities, and certifications (such as AS9100 for aerospace quality management systems). Utilize high-quality visuals and case studies to illustrate your expertise and successful applications of your materials.
3. Leverage Industry Networking: Networking is vital in the aerospace industry. Attend industry conferences, trade shows, and seminars to connect with potential clients and partners. Organizations like the Aerospace Industries Association (AIA) and the National Aerospace Defense Contractors Accreditation Program (NADCAP) offer excellent networking opportunities. Establishing relationships with industry stakeholders can lead to valuable referrals and collaborations.
4. Content Marketing and Thought Leadership: Position your business as an authority in aerospace plastics by creating informative content. Develop whitepapers, articles, and blog posts that address industry challenges, innovations in materials, and case studies of successful applications of your products. Sharing this content on platforms like LinkedIn and industry forums can enhance your visibility and credibility, drawing potential customers to your business.
5. Utilize Digital Marketing: Incorporate digital marketing strategies to reach a broader audience. Search engine optimization (SEO) will help your website rank higher in search results, making it easier for potential clients to find you. Pay-per-click (PPC) advertising can also target specific aerospace sectors. Social media platforms like LinkedIn are particularly effective for B2B marketing, allowing you to engage with industry professionals and showcase your products.
6. Build Strategic Partnerships: Collaborate with other companies in the aerospace supply chain, such as component manufacturers or engineering firms. Strategic partnerships can lead to joint marketing efforts, shared resources, and increased credibility. Consider forming alliances with research institutions or universities to stay at the forefront of material innovations and trends.
7. Develop a Robust Sales Strategy: Create a dedicated sales team knowledgeable about the aerospace sector. Equip them with the tools and training needed to effectively communicate the benefits of your products. Focus on relationship-building, as trust is paramount in aerospace procurement. Implement a customer relationship management (CRM) system to track leads, manage customer interactions, and analyze sales data for continuous improvement.
8. Offer Exceptional Customer Service: In the aerospace industry, the stakes are high, and clients expect top-notch service. Ensure that your business is responsive, reliable, and attentive to customer needs. Providing excellent after-sales support can lead to repeat business and referrals, which are crucial for growth in this industry. By implementing these marketing and sales strategies, you can effectively position your aerospace plastics business for success in a competitive landscape. Building strong relationships, establishing a solid brand, and leveraging innovative marketing techniques will help you capture market share and achieve long-term growth.

When launching an aerospace plastics business, effective operations and logistics are crucial to ensuring efficiency, compliance, and competitiveness in the market. Here are key considerations to establish a strong operational framework: Supply Chain Management Establishing a robust supply chain is vital for sourcing high-quality raw materials, such as thermoplastics and thermosetting plastics, which meet aerospace specifications. Develop relationships with reliable suppliers who understand the stringent requirements of the aerospace industry, including certifications like AS9100. Implement just-in-time inventory practices to minimize holding costs while ensuring that materials are available when needed. Production Process Invest in advanced manufacturing technologies, such as CNC machining, 3D printing, and injection molding, tailored to aerospace applications. Each method should be chosen based on the specific plastic components you plan to produce, balancing factors like cost, scalability, and precision. Create a well-defined production workflow that emphasizes quality control at every stage, from material inspection to final product testing, ensuring that all parts meet regulatory standards. Quality Assurance and Compliance Aerospace components are subject to rigorous quality assurance protocols. Establish a Quality Management System (QMS) that adheres to industry standards and regulations, including FAA and EASA guidelines. Continuous monitoring and testing of products should be integrated into the production process, with documented procedures for handling non-conformities. Logistics and Distribution Efficient logistics are essential for timely delivery to customers, often involving complex routing and scheduling due to the global nature of the aerospace industry. Develop a logistics strategy that includes warehousing, inventory management, and transportation. Partner with logistics providers experienced in handling aerospace products to ensure that shipments comply with industry regulations and reach their destinations safely and on time. Technology and Automation Leverage technology to streamline operations. Implement Enterprise Resource Planning (ERP) software to manage resources, track production, and analyze data. Automation in both manufacturing and logistics can enhance efficiency, reduce labor costs, and minimize errors, allowing your business to scale effectively. Staffing and Training Hire skilled personnel with expertise in aerospace manufacturing and materials science. Continuous training programs should be established to keep staff updated on industry standards and emerging technologies, fostering a culture of safety and excellence within the organization. Sustainability and Environmental Considerations Given the increasing emphasis on sustainability in aerospace, consider incorporating eco-friendly practices into your operations. This could include sourcing recycled materials, optimizing energy usage in production, and implementing waste reduction strategies. Aligning your business with sustainable practices not only meets regulatory expectations but can also be a strong selling point to environmentally conscious customers. By meticulously planning and executing these operational and logistical elements, you can position your aerospace plastics business for success in a competitive and highly regulated industry.

When embarking on the journey of starting an aerospace plastics business, effective human resources and management practices are crucial to establishing a strong foundation. The uniqueness of the aerospace sector, combined with the specialized nature of plastic manufacturing, necessitates a strategic approach to hiring, training, and managing personnel. First and foremost, identifying the right talent is essential. This industry requires a diverse range of skills, from engineers and designers with expertise in materials science to production staff knowledgeable in advanced manufacturing techniques. It’s important to develop job descriptions that clearly outline the skills and qualifications needed for each role, focusing on experience in aerospace applications, knowledge of regulatory standards, and familiarity with quality assurance processes. Once the right team is in place, investing in training and development is vital. The aerospace industry is subject to stringent regulations and quality standards, such as AS9100, which governs quality management systems in aviation, space, and defense organizations. Regular training sessions should be scheduled to ensure all employees understand these standards, as well as emerging technologies and best practices in both plastics manufacturing and aerospace applications. This investment not only enhances employee capabilities but also fosters a culture of continuous improvement and innovation. Effective communication is another critical component of management in this sector. Establishing clear lines of communication within teams and across departments can help streamline operations and enhance collaboration. Regular meetings, updates, and feedback loops can aid in aligning goals and ensuring everyone is on the same page regarding project timelines, quality expectations, and safety protocols. Moreover, building a strong organizational culture that emphasizes safety, quality, and teamwork is essential. In an industry where precision and reliability are paramount, fostering an environment where employees feel empowered to speak up about safety concerns or suggest improvements can significantly reduce risks and enhance product quality. Performance management is also key to ensuring the success of your aerospace plastics business. Implementing a robust performance evaluation system that includes regular reviews and feedback can help identify high performers and areas for improvement. Setting measurable goals and recognizing achievements can motivate employees and align their efforts with the overall business objectives. Lastly, consider the importance of compliance and regulatory knowledge within your human resources strategy. The aerospace industry is heavily regulated, and having staff who understand these regulations is crucial not only for compliance but also for building credibility with clients and partners. Regularly updating your team's knowledge through workshops or seminars on industry standards can be beneficial. In summary, establishing a successful aerospace plastics business hinges on a well-thought-out human resources and management strategy. By focusing on recruitment, training, communication, culture, performance management, and regulatory compliance, you can create a strong team capable of driving innovation and quality in this specialized field.

In conclusion, embarking on a journey to establish an aerospace plastics business requires a combination of strategic planning, industry knowledge, and a commitment to quality and innovation. Understanding the specific needs of the aerospace sector, from regulatory compliance to material performance, is crucial for success. Building strong relationships with suppliers and customers, investing in research and development, and staying abreast of technological advancements will position your venture favorably in a competitive market. Additionally, fostering a culture of safety and sustainability will not only enhance your reputation but also align your business with the evolving priorities of the aerospace industry. With careful preparation and a clear vision, you can carve out a significant niche in this dynamic field, contributing to the advancement of aerospace technology while achieving your entrepreneurial goals.

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