The automotive industry is undergoing a transformative shift, driven by advancements in technology and the increasing integration of the Internet of Things (IoT). As vehicles become smarter and more connected, the demand for innovative solutions that enhance safety, efficiency, and user experience continues to grow. Entrepreneurs looking to make their mark in this dynamic landscape have a unique opportunity to tap into the vast potential of automotive IoT. From developing smart vehicle systems to creating applications that leverage real-time data, the possibilities are endless. However, entering this market requires a strategic approach, a solid understanding of the technology, and a keen awareness of consumer needs. In this article, we will explore the essential steps to launching a successful business in the burgeoning field of automotive IoT, providing insights and guidance for aspiring innovators ready to drive change in the industry.

The global market for automotive Internet of Things (IoT) is experiencing rapid growth, driven by the increasing demand for connected vehicles, advancements in technology, and the rising emphasis on safety and efficiency in transportation. As of 2023, the market size is estimated to be valued at approximately $60 billion and is projected to reach over $150 billion by 2028, growing at a compound annual growth rate (CAGR) of around 20%. Several factors are contributing to this expansion. Firstly, the proliferation of smart devices and the integration of advanced telematics systems in vehicles are enhancing connectivity and data collection capabilities. Additionally, the push towards electric vehicles (EVs) and autonomous driving technologies necessitates sophisticated IoT solutions to manage vehicle performance, battery health, and navigation systems. Regions such as North America and Europe are leading the market due to the presence of major automotive manufacturers and technology firms. However, the Asia-Pacific region is expected to witness the highest growth rate, fueled by increasing vehicle production, rising urbanization, and a growing middle class that demands smarter transportation solutions. Furthermore, the convergence of IoT with other technologies, such as artificial intelligence (AI) and 5G connectivity, is enabling more efficient data processing and real-time analytics, which are crucial for developing innovative automotive applications. As businesses look to harness these advancements, the opportunities for startups and established players in the automotive IoT space are vast, ranging from fleet management and predictive maintenance to in-vehicle infotainment systems and enhanced safety features. In summary, the automotive IoT market presents significant opportunities for entrepreneurs and businesses looking to innovate and capitalize on the digital transformation of the automotive industry. With the right strategies and technological partnerships, entering this burgeoning market could lead to substantial growth and success.

Understanding the target market is crucial for the success of an automotive IoT business. The automotive industry is experiencing a significant transformation driven by technological advancements, and identifying the right customer segments can make a substantial difference in positioning your offerings effectively.
1. Automotive Manufacturers: Major automotive OEMs (Original Equipment Manufacturers) are increasingly integrating IoT solutions into their vehicles to enhance connectivity, safety, and performance. Targeting these manufacturers can involve providing IoT platforms for vehicle telemetry, predictive maintenance, and over-the-air updates.

2. Fleet Operators: Companies managing fleets of vehicles, such as logistics, delivery services, and ride-sharing companies, are prime candidates for IoT solutions. They seek tools that can help monitor vehicle health, optimize routes, and manage fuel consumption. Offering solutions that improve efficiency and reduce operational costs can attract this segment.
3. Insurance Companies: The insurance industry is leveraging IoT data to refine underwriting processes and offer usage-based insurance policies. Targeting insurers can involve providing telematics solutions that capture driving behavior, enabling them to assess risk more accurately and tailor policies accordingly.
4. Aftermarket Service Providers: Businesses in the aftermarket sector, including repair shops and parts suppliers, can benefit from IoT solutions that offer insights into vehicle performance and maintenance needs. Targeting these providers with predictive maintenance tools can help them enhance their service offerings and improve customer satisfaction.
5. Consumers: Individual car owners are becoming more interested in connected services that enhance their driving experience. Features like remote diagnostics, vehicle tracking, and smart maintenance reminders appeal to tech-savvy consumers who value convenience and safety. Developing user-friendly mobile applications can help reach this demographic.
6. Smart City Initiatives: As urban areas increasingly adopt smart technologies, there is a growing market for IoT solutions that integrate with city infrastructure. Targeting municipal governments and urban planners with solutions for traffic management, parking optimization, and environmental monitoring can align your business with broader smart city goals.
7. Tech Companies and Startups: Collaborating with technology firms and startups that focus on innovation in the automotive space can create synergistic opportunities. These partnerships can lead to the development of cutting-edge IoT solutions that cater to emerging trends in autonomous driving, vehicle-to-everything (V2X) communication, and more. By clearly defining and understanding these target markets, an automotive IoT business can tailor its products and marketing strategies effectively, ensuring they meet the specific needs and preferences of each segment. This targeted approach not only enhances customer satisfaction but also drives growth and establishes a strong foothold in the competitive automotive landscape.

When considering the establishment of an automotive IoT business, it is crucial to explore various business models that can effectively cater to the market's needs while ensuring sustainable revenue generation. The automotive IoT sector is rapidly evolving, driven by advancements in connectivity, data analytics, and consumer demand for smarter vehicles. Here are some prominent business models to consider:
1. Subscription Model: This model involves offering IoT services on a subscription basis. Automotive companies can provide ongoing services such as vehicle tracking, diagnostics, and maintenance alerts for a monthly or yearly fee. This approach not only generates recurring revenue but also fosters customer loyalty as users become accustomed to the value provided by continuous updates and services.

2. Data Monetization: With the vast amount of data generated by connected vehicles, businesses can explore ways to monetize this data. By aggregating and anonymizing data, companies can sell insights to third parties, such as insurance companies, urban planners, and automotive manufacturers. This model requires a strong emphasis on data privacy and compliance with regulations.
3. Freemium Model: In this approach, basic IoT services are offered for free, with the option to upgrade to premium features for a fee. This can attract a larger user base quickly, as customers might be hesitant to commit financially without experiencing the service. Once users see the value in the basic offerings, they may be more inclined to pay for additional functionalities, such as advanced analytics or enhanced security features.
4. Partnerships and Collaborations: Forming strategic partnerships with automotive manufacturers, software developers, and telecommunication companies can help leverage existing technologies and customer bases. Joint ventures can lead to innovative solutions and shared revenue streams. For instance, partnering with a telematics provider can enhance the service offering while minimizing upfront development costs.
5. Hardware Sales and Leasing: Another viable model is selling or leasing the necessary hardware (e.g., sensors, onboard units) that enables IoT capabilities in vehicles. This can be bundled with software solutions to create a comprehensive package. Leasing can also provide a lower entry barrier for customers, encouraging them to adopt IoT technologies without significant upfront investment.
6. Consultancy and Custom Solutions: As the automotive industry increasingly embraces IoT, there is a growing demand for tailored solutions. Offering consultancy services to help businesses implement IoT strategies or develop custom applications can be a lucrative model. This approach not only establishes the business as an expert in the field but also creates opportunities for long-term contracts and collaborations.
7. Ecosystem Development: Creating an ecosystem that includes multiple stakeholders—such as automotive manufacturers, aftermarket service providers, and technology developers—can facilitate a broader range of services and applications. By developing a platform that connects various players in the automotive IoT space, businesses can capitalize on network effects and enhance their service offerings. Choosing the right business model will depend on factors such as target market, technological capabilities, and competitive landscape. It is essential to remain adaptable and responsive to market trends, as the automotive IoT sector continues to innovate and expand.

The competitive landscape for an automotive IoT business is characterized by a mix of established players and emerging startups, each vying for a share of the rapidly expanding market. The automotive industry is increasingly integrating IoT technologies to enhance vehicle performance, improve safety, and offer innovative services to consumers. This trend has attracted a diverse range of competitors, including traditional automotive manufacturers, tech giants, and specialized IoT firms. Established automotive manufacturers are leveraging their extensive industry experience and existing customer relationships to develop proprietary IoT solutions. Companies like Ford, General Motors, and Toyota are investing heavily in connected vehicle technologies, often forming partnerships with technology firms to accelerate innovation. These collaborations can provide a competitive edge, allowing auto manufacturers to integrate advanced features such as real-time diagnostics, remote monitoring, and over-the-air updates into their vehicles. On the other hand, technology giants such as Google, Amazon, and Apple are also entering the automotive IoT space. Their expertise in cloud computing, machine learning, and data analytics positions them well to develop platforms and applications that enhance the connected car experience. These companies are focusing on creating ecosystems that facilitate seamless connectivity between vehicles, mobile devices, and smart home technologies. Emerging startups play a crucial role in this competitive landscape by introducing innovative solutions that address specific pain points within the automotive sector. Many of these startups focus on niche markets, such as fleet management, vehicle-to-everything (V2X) communication, and advanced driver-assistance systems (ADAS). Their agility and ability to adapt quickly to market changes allow them to innovate rapidly and bring new offerings to consumers. The competition is further intensified by the increasing importance of data security and privacy in the automotive IoT space. As vehicles become more connected, the amount of data generated grows exponentially, raising concerns about cybersecurity threats. Companies that prioritize robust security measures and transparent data practices will likely gain a competitive advantage in this evolving market. Overall, the competitive landscape for an automotive IoT business is dynamic and multifaceted, requiring new entrants to differentiate themselves through innovation, strategic partnerships, and a strong focus on consumer needs. As the industry continues to evolve, staying ahead of technological advancements and regulatory changes will be crucial for success.

When venturing into the automotive IoT business, it is essential to navigate the complex landscape of legal and regulatory requirements that govern the industry. Compliance is crucial not only to ensure the legitimacy of your enterprise but also to protect user data and maintain safety standards. Here are key areas to consider:
1. Data Protection and Privacy Laws: The collection and processing of data generated by vehicles and users are subject to stringent privacy regulations. In many jurisdictions, you must comply with laws like the General Data Protection Regulation (GDPR) in Europe or the California Consumer Privacy Act (CCPA) in the United States. These laws require clear user consent for data collection, transparency about how data is used, and the implementation of robust security measures to protect personal information.

2. Automotive Standards and Compliance: The automotive industry is governed by various standards that ensure vehicle safety and performance. Familiarize yourself with regulations from bodies like the National Highway Traffic Safety Administration (NHTSA) in the U.S. or the European Union's vehicle regulations. Compliance with standards such as ISO 26262, which pertains to the functional safety of electrical and electronic systems in vehicles, is also crucial.
3. Telecommunications Regulations: Since automotive IoT solutions often involve wireless communication, businesses must adhere to telecommunications regulations. This includes obtaining the necessary licenses for operating on specific frequency bands and ensuring compliance with standards set by organizations like the Federal Communications Commission (FCC) in the U.S. or similar entities in other countries.
4. Intellectual Property (IP) Considerations: Protecting your innovations through patents, trademarks, and copyrights is vital in the competitive automotive IoT landscape. Familiarize yourself with IP laws relevant to your technology and consider conducting a thorough patent search to avoid infringing on existing patents.
5. Consumer Protection Laws: Ensure that your products and services comply with consumer protection laws that govern advertising, product safety, and warranty obligations. This will help you avoid legal disputes and maintain customer trust.
6. Liability and Insurance: Given the connected nature of automotive IoT devices, liability can become a significant concern. It is advisable to assess potential risks and secure appropriate insurance coverage to protect your business against claims related to product failures, data breaches, or accidents involving your technology. By understanding and addressing these legal and regulatory requirements, you can lay a solid foundation for your automotive IoT business, ensuring compliance and fostering trust among consumers and stakeholders. Engaging with legal professionals who specialize in technology and automotive law can also provide invaluable guidance in navigating these complexities.

Starting an automotive IoT business requires not only a solid business plan and innovative ideas but also adequate financing to turn those ideas into reality. Entrepreneurs can explore various financing options to fund their ventures:
1. Self-Funding: Many entrepreneurs begin by using their own savings or personal assets to finance the startup. This approach allows for complete control over the business and its direction. However, it comes with the risk of personal financial loss if the business does not succeed.

2. Friends and Family: Another common source of initial funding is borrowing from friends or family. This can provide a quick influx of cash, but it's important to approach this option professionally to avoid straining personal relationships. Clear agreements should be made regarding repayment terms to maintain transparency.
3. Angel Investors: Angel investors are individuals who provide capital for startups in exchange for convertible debt or ownership equity. They often bring valuable experience and networks that can be beneficial for a new business. Entrepreneurs should prepare a compelling pitch to attract these investors.
4. Venture Capital: For businesses with high growth potential, venture capital (VC) firms can be a significant source of funding. These firms typically invest larger sums in exchange for equity and often seek to influence the management of the business. A strong business model and scalability are essential to attract VC interest.
5. Crowdfunding: Platforms like Kickstarter, Indiegogo, or specialized equity crowdfunding sites allow entrepreneurs to raise small amounts of money from a large number of people. This method not only provides funds but also helps gauge market interest and build a community around the product.
6. Government Grants and Loans: Depending on the region, various government programs may offer grants, low-interest loans, or incentives for innovative tech startups, particularly those focusing on sustainability or smart technologies. Researching these opportunities can provide non-dilutive funding options.
7. Bank Loans: Traditional bank loans can be a viable option for those who have a solid business plan and credit history. While they require repayment with interest, they do not dilute ownership. Entrepreneurs should prepare detailed financial projections to improve their chances of approval.
8. Incubators and Accelerators: Joining an incubator or accelerator program can provide not only initial funding but also mentorship, resources, and networking opportunities. These programs often culminate in a demo day where startups can pitch to a larger audience of potential investors.
9. Strategic Partnerships: Collaborating with established companies in the automotive or technology sectors can provide access to funding as well as valuable industry expertise and infrastructure. These partnerships can be structured in various ways, including revenue sharing, joint ventures, or equity stakes.
10. Bootstrapping: Some entrepreneurs choose to grow their business through reinvesting profits rather than seeking outside funding. This approach encourages frugality and innovation, allowing for organic growth and maintaining full control over the business. Each financing option has its advantages and disadvantages, and the right choice often depends on the specific needs and circumstances of the business. A combination of these methods may provide the best overall strategy for securing the necessary funds to launch and grow an automotive IoT venture.

When launching an automotive IoT business, effective marketing and sales strategies are crucial for gaining traction in a competitive landscape. Here are several key approaches to consider:
1. Identify Target Market Segments: Understanding your ideal customers is the first step in any marketing strategy. For an automotive IoT business, you might target automotive manufacturers, fleet operators, insurance companies, or even individual consumers interested in connected car technologies. Conduct market research to define customer personas, assess their needs, and tailor your messaging accordingly.

2. Leverage Content Marketing: Establish your business as a thought leader in the automotive IoT space by creating valuable content. This can include blog posts, whitepapers, case studies, and webinars that focus on industry trends, use cases, and the benefits of IoT technologies in automotive applications. Quality content not only educates your audience but also improves your website's search engine optimization (SEO), driving organic traffic.
3. Utilize Social Media and Online Communities: Engage with your audience on platforms like LinkedIn, Twitter, and industry-specific forums. Share insights, participate in discussions, and promote your content to build a following. Social media can also be an effective channel for showcasing product demonstrations, customer testimonials, and success stories, which can enhance credibility and attract potential leads.
4. Partnerships and Collaborations: Form strategic partnerships with other companies in the automotive ecosystem, such as OEMs (original equipment manufacturers), telematics providers, and software developers. Collaborating on projects or co-hosting events can expand your reach and provide access to new customer bases. Additionally, consider partnerships with industry associations to increase visibility and credibility.
5. Attend Industry Events and Trade Shows: Participating in automotive trade shows, conferences, and expos can provide significant networking opportunities. These events allow you to showcase your products, meet potential clients, and stay informed about industry trends and competitors. Consider hosting a booth or giving presentations to increase your visibility.
6. Offer Free Trials or Demonstrations: To entice potential customers, offer free trials or live demonstrations of your IoT solutions. This hands-on approach allows prospects to experience the value of your technology firsthand, reducing perceived risk and increasing the likelihood of conversion.
7. Implement a Multi-Channel Sales Approach: Diversify your sales channels by exploring direct sales, online sales, and distribution partnerships. A multi-channel approach ensures that you can reach customers through different touchpoints, catering to their preferences. Invest in a CRM (Customer Relationship Management) system to manage leads and streamline your sales process effectively.
8. Focus on Customer Education and Support: Providing exceptional customer service and educational resources can help build long-term relationships with clients. Create user guides, tutorials, and FAQ sections to assist customers in understanding and using your IoT solutions effectively. An informed customer is more likely to appreciate the value of your product and recommend it to others.
9. Gather and Utilize Customer Feedback: Regularly solicit feedback from your customers to understand their experiences and identify areas for improvement. Use this feedback to refine your offerings and address any pain points. Showcasing improvements based on customer suggestions can enhance loyalty and demonstrate your commitment to meeting their needs. By implementing these marketing and sales strategies, your automotive IoT business can effectively attract and retain customers, ultimately driving growth and success in this rapidly evolving industry.

In launching an automotive IoT business, effective operations and logistics are pivotal to ensuring seamless integration of technology, product development, and customer satisfaction. The following key components should be considered: Supply Chain Management: Establish a robust supply chain that encompasses sourcing components such as sensors, microcontrollers, and communication modules. Partnering with reliable suppliers is essential to maintain quality and minimize delays. Consider just-in-time inventory systems to reduce holding costs while ensuring that you have the necessary parts on hand for production. Product Development Lifecycle: Develop a structured approach to product development that includes ideation, prototyping, testing, and iteration. Employ agile methodologies to facilitate rapid development cycles and incorporate feedback from early adopters. Collaborating with automotive manufacturers and industry stakeholders can provide insights into market needs and technological advancements. Quality Assurance: Implement stringent quality control measures throughout the production process. This includes rigorous testing of hardware and software components to ensure reliability and safety in automotive applications. Certifications such as ISO 26262 for functional safety in automotive systems may be necessary, depending on the nature of your IoT solutions. Logistics and Distribution: Establish a logistics framework that supports the distribution of your products to customers and installers. This may involve setting up warehouses and distribution centers strategically located to reduce shipping times and costs. Consider partnerships with third-party logistics providers to enhance your distribution capabilities. Data Management: As an IoT business, managing data effectively is crucial. Implement cloud-based solutions for data storage and analytics to handle the vast amounts of information generated by connected vehicles. Ensure compliance with data protection regulations and prioritize data security to build trust with your customers. Customer Support and Maintenance: Develop a comprehensive customer support strategy that includes installation assistance, troubleshooting, and ongoing maintenance of IoT devices. Offering remote monitoring and management services can enhance customer satisfaction and provide additional revenue streams through subscription models. Scalability and Flexibility: Design operations with scalability in mind, allowing for rapid growth as demand for IoT solutions increases. This may involve investing in automation technologies to streamline production and logistics processes. Being flexible in operations will enable the business to adapt to evolving market conditions and technological innovations. By focusing on these operational and logistical components, an automotive IoT business can position itself for success in a competitive landscape, ensuring that it delivers innovative solutions while maintaining efficiency and a high level of customer satisfaction.

When venturing into the automotive IoT sector, establishing a robust human resources and management strategy is crucial for the success of your business. The intersection of technology and automotive expertise requires a diverse team equipped with the skills necessary to innovate and adapt in a rapidly evolving industry. Here are key considerations to ensure effective human resources management in your automotive IoT startup:
1. Define Roles and Responsibilities: Start by clearly outlining the roles needed in your organization. This might include positions in software development, hardware engineering, data analysis, project management, marketing, and customer support. Creating detailed job descriptions will help attract candidates with the right skills and experience.

2. Recruit Talent with Specialized Skills: The automotive IoT landscape demands a unique blend of skills, including knowledge of IoT protocols, machine learning, data analytics, and automotive systems. Focus on recruiting individuals with experience in both automotive engineering and IoT technologies. Collaborate with universities and technical institutions to tap into emerging talent and consider leveraging remote work to access a global talent pool.
3. Foster a Collaborative Culture: Encourage a culture of collaboration and innovation within your team. Automotive IoT projects often require cross-functional teamwork, so promoting open communication and collaboration among departments will enhance problem-solving and creativity. Regular team meetings and brainstorming sessions can help generate innovative ideas and keep everyone aligned with the company’s goals.
4. Invest in Continuous Learning: The IoT field is constantly evolving, so it’s essential to invest in your team's professional development. Offer training programs, workshops, and access to online courses to keep your staff updated on the latest technologies and industry trends. This not only enhances their skills but also boosts employee morale and retention.
5. Implement Agile Management Practices: Adopting agile management methodologies can help your team respond more effectively to the fast-paced nature of the automotive IoT industry. Use iterative development processes and regular feedback loops to refine your products and services. This approach allows for flexibility and adaptability, essential traits in a sector characterized by rapid technological advancements.
6. Establish Strong Leadership: Effective leadership is vital in guiding your team and fostering a positive work environment. Leaders should be visionary, capable of inspiring and motivating their teams while also being approachable and supportive. A strong leadership team can drive strategic initiatives and ensure that everyone is aligned with the company’s mission.
7. Emphasize Employee Well-being: Prioritize the well-being of your employees by promoting a healthy work-life balance. Implement policies that support mental health, flexible working arrangements, and a positive workplace culture. A satisfied and motivated workforce is more productive and can contribute significantly to the company’s success.
8. Focus on Performance Management: Develop a performance management system that aligns individual goals with the overall objectives of the company. Regular performance reviews, feedback sessions, and recognition of achievements can help maintain high standards and encourage continuous improvement. By carefully considering these aspects of human resources and management, you can build a strong foundation for your automotive IoT business. A well-rounded team, supported by effective leadership and a collaborative culture, will be instrumental in navigating the challenges and opportunities of this dynamic industry.

In conclusion, embarking on a venture in the automotive IoT sector presents a wealth of opportunities for innovation and growth. By understanding the market landscape, leveraging advanced technologies, and prioritizing customer needs, entrepreneurs can position themselves for success. Building strong partnerships with automotive manufacturers and technology providers will be crucial in navigating the complexities of this industry. Furthermore, staying informed about emerging trends and regulatory changes will enable businesses to adapt and thrive in a fast-evolving environment. With careful planning and a focus on delivering value, those entering this dynamic field can contribute significantly to the future of transportation and mobility. Embrace the challenges, harness the potential of connectivity, and drive your automotive IoT business toward a promising future.

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