As artificial intelligence continues to revolutionize industries and reshape the way we interact with technology, the need for robust governance frameworks has never been more critical. Organizations are increasingly recognizing the importance of ethical and responsible AI practices, prompting a surge in demand for specialized services that can guide them through the complexities of AI governance. Entrepreneurs looking to capitalize on this burgeoning field have a unique opportunity to create businesses that not only help organizations navigate regulatory landscapes but also foster transparency, accountability, and ethical considerations in AI development and deployment. This article explores the essential steps to launching a successful AI governance business, from understanding the regulatory environment to building a strong value proposition and establishing credibility in a rapidly evolving marketplace. Whether you're an industry veteran or a newcomer passionate about technology and ethics, this guide will provide you with the insights needed to embark on this promising venture.

The global market for AI governance is rapidly expanding, driven by the increasing adoption of artificial intelligence across various sectors and the growing recognition of the need for ethical and responsible AI practices. As organizations integrate AI technologies into their operations, they face mounting pressure to ensure that these systems are transparent, fair, and compliant with regulatory standards. This has led to a heightened demand for governance frameworks, risk management solutions, and compliance services tailored specifically for AI. As of 2023, estimates suggest that the AI governance market is valued at several billion dollars, with projections indicating robust growth over the next five to ten years. Key factors contributing to this growth include heightened regulatory scrutiny, the emergence of AI ethics as a critical component of corporate responsibility, and the need for organizations to mitigate risks associated with AI deployment, such as biases and data privacy concerns. Furthermore, industries such as finance, healthcare, and technology are particularly focused on establishing strong AI governance frameworks, given the sensitive nature of the data they handle and the potential impact of AI decisions on individuals and society. This presents a significant opportunity for entrepreneurs and businesses looking to enter the AI governance space, as there is a demand for consulting services, compliance software, and training programs aimed at educating organizations on best practices. In addition to traditional sectors, new AI applications in emerging fields such as autonomous vehicles, smart cities, and personalized medicine are creating new governance challenges and opportunities. As these technologies evolve, the market for AI governance solutions is expected to diversify, encompassing a wide range of services from policy development to auditing and monitoring solutions. Overall, the growing recognition of the importance of AI governance, coupled with the increasing complexity of AI systems, positions this market for substantial growth. Entrepreneurs looking to establish a business in this area should focus on understanding the specific needs of various industries, developing innovative solutions, and staying ahead of regulatory trends to capitalize on this burgeoning market.

When considering the target market for an AI governance business, it's essential to identify the sectors and organizations that are most likely to require governance solutions. The demand for AI governance spans various industries where AI technologies are being implemented, and where ethical considerations, compliance, and risk management are crucial.
1. Corporations and Enterprises: Large organizations that utilize AI for operations, customer service, or data analytics are prime candidates. These businesses often face regulatory scrutiny and must ensure that their AI systems are transparent, fair, and accountable.

2. Healthcare Providers: The healthcare sector increasingly employs AI for diagnostics, treatment recommendations, and patient management. Governance frameworks are essential here to ensure compliance with regulations like HIPAA and to guarantee patient safety and data privacy.
3. Financial Services: Banks and financial institutions leverage AI for fraud detection, credit scoring, and algorithmic trading. Given the high stakes involved, these entities require robust governance frameworks to mitigate risks and ensure adherence to financial regulations.
4. Government Agencies: Public sector organizations are responsible for implementing AI in ways that serve the public good. They need governance policies to address ethical considerations and transparency, especially in areas such as law enforcement and public services.
5. Tech Companies and Startups: Companies developing AI technologies often seek governance solutions to build trust with users and avoid potential pitfalls. Startups, in particular, may need assistance in establishing ethical guidelines from the outset.
6. Educational Institutions: Universities and research organizations that focus on AI research and development require governance frameworks to address ethical issues and manage data responsibly.
7. Nonprofit Organizations and NGOs: These entities often advocate for ethical AI usage and may require governance structures to ensure their projects align with their mission and values.
8. Regulatory Bodies: Organizations responsible for creating and enforcing AI regulations will need partnerships to develop effective governance frameworks that can be implemented across various sectors. By targeting these diverse markets, an AI governance business can position itself as a vital partner in ensuring that AI technologies are developed and deployed responsibly, ethically, and in compliance with relevant laws and guidelines. Understanding the unique needs and challenges of each sector will enable the business to tailor its offerings and create effective governance solutions that resonate with potential clients.

When considering the establishment of an AI governance business, it is crucial to understand the various business models that can be adopted. Each model offers unique advantages and challenges, and the choice will largely depend on your target market, resources, and long-term vision. Here are several viable business models to consider:
1. Consulting Services: This model involves providing expert advice and guidance to organizations looking to develop and implement AI governance frameworks. Services can include risk assessments, compliance audits, and the formulation of ethical AI policies. Consulting can be charged on a project basis or through retainer agreements, allowing for a steady revenue stream.

2. Training and Workshops: Offering training programs and workshops on AI governance can be an effective way to educate organizations and their employees about best practices, regulatory requirements, and ethical considerations. These programs can be conducted in-person or online, catering to different audience needs and preferences. Revenue can be generated through registration fees and corporate partnerships.
3. Software Solutions: Developing proprietary software tools that assist organizations in managing AI governance can provide a scalable business model. This could include platforms for risk management, compliance tracking, and ethical AI development. A subscription-based model can be implemented, allowing for recurring revenue while providing clients with continuous updates and support.
4. Compliance and Auditing Services: As regulations around AI continue to evolve, businesses will require assistance ensuring compliance with these laws. Offering specialized compliance and auditing services can attract clients who need help navigating the complexities of AI regulations. This model can be combined with consulting services for a comprehensive offering.
5. Partnerships with Technology Providers: Collaborating with AI technology providers can create synergies that enhance the governance solutions offered. By partnering with established companies, you can integrate governance features into existing AI products, thereby reaching a broader audience. Revenue can be generated through joint ventures, licensing agreements, or revenue-sharing models.
6. Research and Development: Engaging in R&D to advance the understanding and methodologies of AI governance can position your business as a thought leader in the field. This model can involve publishing white papers, conducting studies, and speaking at conferences. Funding can come from grants, sponsorships, or partnerships with academic institutions.
7. Membership and Subscription Models: Creating a community around AI governance where members can access exclusive content, resources, and networking opportunities can be an effective way to generate income. This model allows for a continuous flow of revenue while fostering a community of practice among professionals interested in AI governance.
8. Advisory Boards and Think Tanks: Establishing an advisory board or think tank that focuses on AI governance can attract organizations looking for insights and strategic direction. This model can involve consulting fees, membership dues, and sponsorship from organizations interested in supporting governance initiatives. In conclusion, the choice of business model for an AI governance business should align with the organization's strengths, market needs, and growth aspirations. A combination of these models may also be effective, allowing for diversified revenue streams and enhanced service offerings. As the landscape of AI governance continues to evolve, staying adaptable and responsive to market needs will be key to long-term success.

The competitive landscape for an AI governance business is increasingly dynamic and multifaceted, reflecting the rapid evolution of artificial intelligence technologies and their applications across industries. As organizations grapple with the ethical, legal, and operational implications of AI, the demand for governance frameworks that ensure responsible use is on the rise. This burgeoning market has attracted a diverse array of players, ranging from established consulting firms to specialized startups and technology companies.
1. Established Consulting Firms: Major consulting firms such as McKinsey, Deloitte, and PwC have recognized the importance of AI governance and have developed dedicated practices to offer strategic guidance to clients. These firms often leverage their extensive networks and deep industry insights, providing comprehensive solutions that encompass risk management, compliance, and policy development. Their established reputations and resources give them a competitive edge, particularly with large enterprises seeking comprehensive governance frameworks.

2. Specialized Startups: A wave of startups focusing specifically on AI ethics, compliance, and governance has emerged in response to the growing need for tailored solutions. These companies often bring innovative approaches and agile methodologies to the table, enabling them to adapt quickly to changing regulatory landscapes. They may offer software tools for monitoring AI systems, consulting services for ethical AI practices, or platforms for stakeholder engagement. Their niche focus allows them to differentiate themselves in the market, although they may face challenges related to scalability and brand recognition compared to larger firms.
3. Technology Providers: Major technology companies like IBM, Microsoft, and Google are also entering the AI governance space, offering tools and frameworks designed to help organizations implement responsible AI practices. These companies often integrate governance features into their AI platforms, providing clients with built-in compliance and ethical guidelines. Their vast resources and existing customer bases position them well, but they must navigate potential conflicts of interest, as their primary business is often tied to the deployment of AI technologies.
4. Regulatory Bodies and Standards Organizations: The role of regulatory bodies and standards organizations cannot be overlooked in the competitive landscape. As governments and international bodies develop regulations and standards for AI usage, they influence the market by establishing compliance requirements that organizations must meet. Businesses that align their offerings with these regulations can gain a competitive advantage, positioning themselves as trusted partners in ensuring compliance.
5. Market Trends: The competitive environment is also shaped by emerging trends such as increased public scrutiny of AI technologies, the rise of data privacy concerns, and the push for greater transparency in AI decision-making processes. Companies that proactively address these trends by incorporating ethical considerations into their governance frameworks may find themselves better positioned to attract clients seeking to enhance their reputations and mitigate risks. In summary, the competitive landscape for an AI governance business is characterized by a mix of established players, innovative startups, and technology giants, all vying for a share of a rapidly expanding market. Understanding the strengths and weaknesses of competitors, as well as the evolving regulatory environment, will be crucial for any new entrant looking to establish a foothold in this vital area of business.

When starting an AI governance business, it is crucial to navigate the complex landscape of legal and regulatory requirements that apply to the development and deployment of artificial intelligence technologies. These requirements can vary significantly by jurisdiction, so understanding the specific laws that pertain to your location and the markets you wish to serve is essential.
1. Data Protection and Privacy Laws: One of the foremost considerations in AI governance is compliance with data protection regulations. In regions such as the European Union, the General Data Protection Regulation (GDPR) imposes stringent requirements on how personal data is collected, processed, and stored. Businesses must ensure that their AI systems respect individuals' privacy rights and that data handling practices are transparent and consent-based. Similarly, in the United States, various state laws, such as the California Consumer Privacy Act (CCPA), impose additional obligations regarding consumer data.

2. Intellectual Property Rights: As you develop AI governance solutions, you will need to consider the intellectual property (IP) implications of your products and services. This includes ensuring that your AI models, algorithms, and any accompanying software are protected through patents, copyrights, or trade secrets where applicable. Additionally, be aware of potential IP conflicts, especially if your solutions build upon existing technologies or datasets.
3. Ethical Guidelines and Standards: Many countries and organizations are developing ethical guidelines for AI use, which can influence regulatory frameworks. Familiarize yourself with these guidelines, such as the OECD Principles on AI or the EU's Ethics Guidelines for Trustworthy AI. Adhering to these standards not only helps in regulatory compliance but also positions your business as a responsible player in the AI ecosystem.
4. Sector-Specific Regulations: Depending on the industry you are targeting with your AI governance solutions, you may face additional regulatory requirements. For example, sectors like healthcare, finance, and transportation have unique regulations governing the use of AI technologies. Understanding these sector-specific regulations is vital to ensure compliance and to tailor your governance frameworks accordingly.
5. Risk Management and Liability: Establishing a framework for risk management in AI systems is essential. This includes understanding liability issues that may arise from the deployment of AI technologies. Develop governance policies that outline the responsibilities of your organization, potential risks associated with AI use, and strategies for mitigating those risks. This may also involve consulting with legal experts to draft terms of service and liability waivers that protect your business.
6. Monitoring and Reporting Obligations: As regulations evolve, businesses may be subject to ongoing monitoring and reporting requirements. This includes keeping abreast of changes in legislation, engaging with regulatory bodies, and ensuring that your governance practices remain compliant over time. Implementing a robust compliance program can help you stay informed and prepared for any regulatory shifts. By understanding and addressing these legal and regulatory requirements early in the process of establishing your AI governance business, you can build a solid foundation for your operations, foster trust with clients, and ultimately contribute to the responsible development and use of artificial intelligence technologies.

When embarking on the journey of establishing an AI governance business, securing adequate financing is a crucial step. Entrepreneurs have a variety of options to consider, each with its own benefits and considerations. Bootstrapping is a common approach, particularly for those who prefer to maintain full control over their business. By using personal savings or reinvesting profits, founders can keep their operations lean and make decisions without external pressures. This option, however, may limit the speed at which the business can scale. Angel investors are individuals who provide capital for startups in exchange for ownership equity or convertible debt. They often bring not only funding but also valuable industry experience, mentorship, and networking opportunities. Engaging with angel investors can be advantageous for gaining strategic insights into the AI governance landscape. Venture capital (VC) is another route worth exploring, especially for businesses with high growth potential. VC firms typically invest larger sums of money in exchange for equity and may also offer guidance and connections within the industry. However, securing VC funding often requires a solid business plan, a clear path to profitability, and a willingness to share control of the company. Crowdfunding has gained popularity as a method for raising capital. Platforms such as Kickstarter or Indiegogo allow entrepreneurs to present their ideas to a broad audience, enabling them to raise funds from individual backers. This approach not only generates capital but also serves as a market validation tool, gauging interest in the proposed solutions. Grants and public funding can also play a role in financing an AI governance business. Many governments and organizations offer grants to support innovation and ethical AI development. These funds typically do not require repayment, making them an attractive option for startups focused on social impact and compliance with regulatory standards. Additionally, strategic partnerships with established companies in the tech sector can provide financial backing as well as resources and expertise. Collaborating with larger firms can open doors to funding opportunities and facilitate access to a wider customer base. Finally, bank loans and lines of credit are traditional financing methods that can be useful for funding initial operations and managing cash flow. However, securing a loan requires a solid credit history and a well-structured business plan to reassure lenders of the business’s viability. By carefully evaluating these financing options, entrepreneurs can choose the path that best aligns with their vision for an AI governance business, ensuring they have the necessary resources to navigate the complexities of the AI landscape successfully.

In launching an AI governance business, developing effective marketing and sales strategies is essential for establishing your brand, attracting clients, and driving revenue. Here are several approaches to consider:
1. Identify Your Target Market: Start by defining your ideal clients. These could range from large enterprises and tech companies to startups and government agencies. Understanding their specific needs related to AI governance will help tailor your offerings and messaging.

2. Build Thought Leadership: Establish your company as a thought leader in AI governance by producing high-quality content that addresses current trends, challenges, and solutions. This can include whitepapers, blog posts, webinars, and speaking engagements at industry conferences. Sharing insights on ethical AI, compliance, and risk management can position your business as an authority in the field.
3. Leverage Social Media: Utilize platforms like LinkedIn, Twitter, and specialized forums to engage with potential clients and industry professionals. Sharing valuable content, participating in discussions, and connecting with other thought leaders can enhance your visibility and credibility.
4. Network and Collaborate: Attend industry events, workshops, and seminars to network with potential clients and partners. Collaborating with other organizations, such as academic institutions or tech companies, can also expand your reach and create opportunities for joint ventures or referrals.
5. Offer Free Resources: Create free resources such as guides, templates, or assessment tools related to AI governance. These can serve as lead magnets to capture contact information from potential clients. By providing value upfront, you can establish trust and encourage prospects to consider your paid services.
6. Develop a Service Portfolio: Clearly define and package your services, whether they include consulting, compliance assessments, training programs, or ongoing support. Offering tiered service levels can cater to different budgets and needs, making it easier for clients to choose the right solution.
7. Utilize Case Studies and Testimonials: Showcase successful projects and satisfied clients through case studies and testimonials. These serve as social proof and can significantly influence prospects in their decision-making process.
8. Implement a CRM System: Invest in a customer relationship management (CRM) system to track leads, manage customer interactions, and streamline your sales process. This will help you nurture relationships and maintain communication with potential clients.
9. Focus on SEO and Online Marketing: Optimize your website and content for search engines to drive organic traffic. Implementing pay-per-click advertising and targeted online campaigns can also help you reach a broader audience and generate leads.
10. Measure and Adapt: Continuously measure the effectiveness of your marketing and sales strategies through analytics and feedback. Be prepared to adapt your approach based on what resonates with your audience and the evolving landscape of AI governance. By combining these strategies, you can create a robust marketing and sales framework that not only attracts clients but also positions your AI governance business for long-term success.

When establishing an AI governance business, effective operations and logistics are crucial to ensure smooth functioning and scalability. Here are key considerations:
1. Organizational Structure: Begin by defining a clear organizational structure that delineates roles and responsibilities. This includes governance experts, data scientists, compliance officers, and client relationship managers. A well-defined hierarchy fosters efficient decision-making and accountability.

2. Technology Infrastructure: Invest in robust technology infrastructure to support your operations. This includes cloud computing resources for data storage and processing, tools for AI model development, and platforms for collaboration and communication. Ensure that your technology stack supports scalability and can handle the data and processing needs of your clients.
3. Compliance and Legal Framework: Establish a comprehensive compliance framework that adheres to local and international regulations regarding AI usage and data privacy. This involves understanding laws such as GDPR, CCPA, and sector-specific regulations. Consider engaging legal experts to navigate these complexities and ensure that your governance practices meet industry standards.
4. Client Onboarding Process: Design a streamlined onboarding process for new clients. This could include initial assessments to understand their specific AI systems, risk profiles, and governance needs. Develop a standardized set of questionnaires or diagnostic tools to efficiently gather relevant information.
5. Training and Education: Develop training programs for your team and your clients. This includes educating staff on the latest AI technologies, ethical considerations, and governance best practices. Offering workshops and seminars can also position your business as a thought leader in the AI governance space.
6. Monitoring and Evaluation: Implement systems for continuous monitoring of AI systems and governance practices. This involves setting up metrics and key performance indicators (KPIs) to evaluate the effectiveness of your governance strategies. Regular audits and assessments will help identify gaps and areas for improvement.
7. Client Communication and Support: Establish clear communication channels for ongoing client support. This could involve dedicated account managers, regular check-ins, and feedback mechanisms to ensure that clients feel valued and heard. A responsive support system is crucial for building long-term relationships.
8. Supply Chain Management: If your governance solutions involve third-party technologies or partnerships, ensure that you have a reliable supply chain in place. This includes vetting vendors, negotiating contracts, and establishing service level agreements (SLAs) that align with your governance standards.
9. Scalability Planning: Plan for scalability from the outset. Consider how your operations will scale as your client base grows. This includes evaluating staffing needs, technology upgrades, and potential geographic expansion. A scalable model allows for rapid adaptation to market demands.
10. Feedback and Iteration: Finally, create a culture of feedback and continuous improvement within your organization. Regularly solicit input from clients and team members to refine your services and operations. Being adaptable and responsive to changing needs will enhance your business's resilience and reputation in the field of AI governance. By carefully considering these operational and logistical aspects, you can lay a strong foundation for your AI governance business, ensuring it meets the demands of the evolving landscape while delivering value to your clients.

When starting an AI governance business, effective human resources and management strategies are crucial for fostering a strong organizational culture and ensuring the alignment of your team with the company’s goals. Here are several key considerations:
1. Talent Acquisition: Building a team with diverse skill sets is fundamental. Look for professionals with expertise in AI ethics, data privacy, compliance, law, and technical AI knowledge. This diversity will enable your team to address the multifaceted challenges of AI governance effectively. Utilize targeted recruitment strategies, such as partnerships with universities and professional organizations in AI and ethics, to attract top talent.

2. Training and Development: Given the rapid evolution of AI technologies and regulatory frameworks, continuous learning is essential. Implement training programs that focus on the latest AI developments, ethical considerations, and compliance requirements. Encourage employees to pursue relevant certifications and attend industry conferences to stay abreast of changes and advancements.
3. Organizational Structure: Define a clear organizational structure that outlines roles and responsibilities. This clarity will facilitate efficient decision-making and accountability. Consider creating specialized teams that focus on different aspects of AI governance, such as risk assessment, policy development, and stakeholder engagement.
4. Culture of Compliance and Ethics: Foster a culture that prioritizes ethical considerations and compliance with emerging regulations. Encourage open discussions about ethical dilemmas and promote transparency in decision-making processes. This will not only enhance team morale but also position your business as a trusted authority in AI governance.
5. Performance Management: Establish a performance management system that aligns individual goals with the overall mission of the organization. Regular feedback and performance reviews can help identify areas for improvement and recognize outstanding contributions. Consider implementing key performance indicators (KPIs) relevant to AI governance to measure success.
6. Stakeholder Engagement: As an AI governance business, you will need to engage with various stakeholders, including clients, regulatory bodies, and industry groups. Develop a robust stakeholder engagement strategy to build relationships and gather insights that can inform your governance frameworks. This will also enhance your credibility and visibility in the industry.
7. Flexible Work Environment: The nature of AI governance often requires collaboration across different domains and may involve remote work arrangements. Implement flexible work policies that allow for a productive balance between collaboration and individual focus time. This adaptability can lead to increased employee satisfaction and retention.
8. Diversity, Equity, and Inclusion (DEI): Commit to DEI principles in your hiring and management practices. Diverse teams bring a wider range of perspectives, which is essential in addressing the complex ethical implications of AI technologies. Create an inclusive environment where all voices are heard and valued. By focusing on these human resources and management strategies, your AI governance business can cultivate a capable and motivated workforce that is equipped to navigate the challenges of the evolving AI landscape. The right team will not only drive your business forward but also contribute to the responsible development and deployment of AI technologies.

In conclusion, embarking on the journey of establishing an AI governance business presents a unique opportunity to navigate the complexities of a rapidly evolving technological landscape. By understanding the regulatory frameworks, fostering ethical practices, and developing robust oversight mechanisms, entrepreneurs can position themselves as vital contributors to responsible AI deployment. It is essential to stay informed about industry trends, engage with stakeholders, and prioritize transparency and accountability in all operations. As organizations increasingly seek guidance in managing AI risks and ensuring compliance, a well-structured governance business can not only drive innovation but also promote trust and safety in AI technologies. With the right strategy and a commitment to ethical standards, your venture can play a crucial role in shaping the future of artificial intelligence.

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