In recent years, the demand for sustainable and eco-friendly alternatives in the chemical industry has surged, paving the way for innovative solutions like bio acrylic acid. This renewable version of acrylic acid, derived from biomass rather than petroleum, offers a promising avenue for entrepreneurs looking to make their mark in a rapidly evolving market. As environmental concerns continue to influence consumer choices and regulatory frameworks, establishing a business in bio acrylic acid not only aligns with global sustainability goals but also presents a lucrative opportunity. This article will guide aspiring entrepreneurs through the essential steps to launch a successful bio acrylic acid venture, from understanding the market landscape to navigating production processes and securing funding. Whether you are an experienced business owner or a newcomer to the industry, the insights provided here will equip you with the knowledge needed to embark on this exciting journey.

The global market for acrylic acid, a key raw material in the production of superabsorbent polymers, coatings, and adhesives, has been experiencing significant growth. As of 2023, the global acrylic acid market is valued at approximately USD 15 billion and is projected to reach around USD 25 billion by 2030, growing at a compound annual growth rate (CAGR) of about 7% during the forecast period. This growth is driven by increasing demand from various end-use industries, particularly in the production of diapers and personal care products, construction materials, and coatings. Bio-based acrylic acid, which is derived from renewable resources, is gaining traction as sustainability becomes a more pressing concern for manufacturers and consumers alike. The shift towards bio-based alternatives is influenced by stringent environmental regulations and a growing consumer preference for eco-friendly products. The bio acrylic acid segment, although currently a smaller share of the overall acrylic acid market, is expected to see rapid growth, with projections indicating a CAGR of over 10% from 2023 to 2030. Key regions contributing to this market include North America, Europe, and Asia-Pacific, with Asia-Pacific being the largest market due to its robust industrial base and increasing production capacities. The region is particularly focused on expanding its bio-based chemical sector, which presents numerous opportunities for new entrants looking to establish a bio acrylic acid business. Investors and entrepreneurs should consider the competitive landscape, technological advancements in bio-based production methods, and the potential for partnerships with established players to capture a share of this expanding market. As the demand for sustainable products rises, the bio acrylic acid market represents a promising opportunity for those looking to enter the chemical industry with a focus on sustainability and innovation.

When considering the target market for a bio acrylic acid business, it’s essential to identify the various industries and applications that utilize acrylic acid and its derivatives. Bio acrylic acid, derived from renewable resources, appeals to a growing segment of environmentally conscious companies and consumers. The primary industries that would benefit from bio acrylic acid include:
1. Adhesives and Sealants: Many manufacturers in this sector are looking to adopt sustainable materials. Bio acrylic acid can be used to create eco-friendly adhesives that appeal to both consumers and regulatory bodies focused on reducing chemical footprint.

2. Coatings: The demand for environmentally friendly coatings is on the rise. Bio acrylic acid can be utilized in water-based coatings, which are less harmful than traditional solvent-based options. Targeting paint manufacturers who are transitioning to greener products can be a significant market opportunity.
3. Textiles: The textile industry is increasingly focusing on sustainable practices. Bio acrylic acid can be used in the production of fibers and fabrics, appealing to brands that prioritize sustainability in their supply chains.
4. Personal Care Products: With a shift towards natural ingredients, personal care companies are seeking bio-based alternatives for products like gels, creams, and lotions. Bio acrylic acid can offer a plant-based solution that aligns with consumer preferences for green products.
5. Construction: As the construction industry moves towards sustainable building materials, bio acrylic acid can serve as a component in various construction applications, including sealants and insulation materials.
6. Consumer Goods: Many consumer product manufacturers are looking to reduce their environmental impact. Bio acrylic acid can be marketed to companies producing packaging materials, household goods, and other consumer products that benefit from eco-friendly components. To effectively reach these markets, businesses should consider establishing partnerships with manufacturers and brands that are already committed to sustainability. Marketing efforts can focus on the environmental benefits of bio acrylic acid, including its renewable sourcing and lower carbon footprint compared to traditional acrylic acid. Additionally, attending industry trade shows and conferences can help build connections and increase visibility within these target sectors. Understanding customer needs and regulatory trends will be fundamental in positioning the bio acrylic acid business for success.

When considering the establishment of a bio acrylic acid business, it is crucial to explore various business models that can effectively capitalize on this environmentally friendly product. Bio acrylic acid, derived from renewable resources, presents a sustainable alternative to traditional acrylic acid, making it increasingly attractive in various industries, including textiles, coatings, adhesives, and personal care products. Here are some business models that can be adopted:
1. Manufacturing and Supply: This model focuses on the production of bio acrylic acid at scale. Companies can invest in bioprocessing technologies that utilize biomass feedstocks, such as corn or sugarcane, to produce acrylic acid. By establishing a production facility, businesses can supply their product to various industries, positioning themselves as a sustainable alternative to conventional acrylic acid suppliers. This model requires significant capital investment in technology and infrastructure but can yield high returns if market demand continues to grow.

2. Contract Manufacturing: For entrepreneurs looking to enter the market with lower upfront costs, contract manufacturing can be an attractive option. In this model, a business can partner with existing manufacturers who have the necessary facilities and expertise. By providing the proprietary method of producing bio acrylic acid or the biomass feedstock, the business can focus on marketing and distribution while leveraging the established manufacturing capabilities of the partner. This approach minimizes capital expenditure and allows for quicker market entry.
3. Research and Development: A model centered on R&D can capitalize on the growing need for sustainable products. Companies can focus on innovating new methods to produce bio acrylic acid more efficiently or develop new applications for the product. This model can attract investment from venture capitalists and grants aimed at promoting green technologies. Once viable processes or products are developed, the company can either commercialize them independently or license the technology to other manufacturers.
4. Vertical Integration: A vertically integrated model would involve controlling multiple stages of the supply chain, from sourcing raw materials to production and distribution. By securing a steady supply of biomass feedstock and managing the entire production process, a business can reduce costs and ensure quality control. This model also allows for greater flexibility in pricing and supply, making the business more resilient to market fluctuations.
5. Partnerships and Collaborations: Forming strategic partnerships can enhance market reach and innovation potential. Collaborating with universities, research institutions, or other companies in the bio-based sector can provide access to new technologies, research capabilities, and shared resources. This model can also facilitate entry into new markets by leveraging the established networks of partners.
6. Market Differentiation through Branding: As sustainability becomes a key purchasing factor for consumers, establishing a strong brand identity centered on eco-friendliness and social responsibility can differentiate a bio acrylic acid business from competitors. Companies can focus on marketing their product’s environmental benefits and sustainable sourcing, appealing to environmentally conscious consumers and businesses. This branding strategy can command premium pricing and foster customer loyalty.
7. Subscription and Service-Based Models: Businesses can explore subscription services for industries that require consistent supply and customized solutions, such as coatings manufacturers or textile producers. Offering tailored formulations of bio acrylic acid, along with regular deliveries, can create a steady revenue stream and foster long-term customer relationships. Each of these models presents unique opportunities and challenges. Entrepreneurs should conduct thorough market research to understand their target audience, competition, and regulatory landscape before selecting the most suitable business model for their bio acrylic acid venture.

The competitive landscape for a bio acrylic acid business is shaped by various factors, including existing players in the market, technological advancements, and regulatory influences. As the demand for more sustainable and eco-friendly products increases, several key competitors have emerged, ranging from established chemical companies to innovative startups focusing on bio-based alternatives. Large chemical companies, such as BASF and Dow, dominate the acrylic acid market due to their extensive resources, established supply chains, and significant market share. These companies are increasingly investing in sustainable practices and R&D to develop bio-based acrylic acid, leveraging their technological expertise and economies of scale. Their existing customer relationships and distribution networks provide them with a competitive edge, making it essential for new entrants to differentiate themselves in terms of product offerings or sustainability credentials. On the other hand, a growing number of startups and smaller firms are entering the bio acrylic acid space, often focusing on niche markets or specialized applications. These companies tend to be more agile and innovative, capable of quickly adapting to market changes and consumer demands. They often emphasize sustainability in their branding and may target specific industries, such as packaging, textiles, or coatings, where bio-based products are increasingly sought after. Technological advancements play a crucial role in shaping the competitive landscape. Innovations in fermentation, biocatalysis, and alternative feedstock sourcing are enabling new entrants to produce bio acrylic acid more efficiently and cost-effectively. As these technologies mature, the barriers to entry may lower, fostering increased competition among both established players and new startups. Regulatory factors also significantly impact competition in the bio acrylic acid market. Governments worldwide are implementing stricter environmental regulations and promoting the use of renewable resources, which can benefit companies focused on bio-based products. Compliance with these regulations can be an advantage for new entrants, as they can position themselves as environmentally friendly alternatives to traditional acrylic acid producers. Ultimately, the competitive landscape in the bio acrylic acid market is dynamic and multifaceted, with opportunities for innovation and sustainable growth. New entrants must carefully analyze their competitors, leverage technological advancements, and align with regulatory trends to carve out a successful niche in this evolving industry.

Starting a bio acrylic acid business involves navigating a complex landscape of legal and regulatory requirements. These regulations ensure that the production and sale of bio acrylic acid are conducted safely and sustainably, protecting both public health and the environment. Here are key considerations:
1. Business Structure and Registration: Initially, you must decide on the legal structure of your business—whether it will be a sole proprietorship, partnership, corporation, or limited liability company (LLC). Once you choose a structure, you’ll need to register your business with the appropriate state and local authorities, obtaining a business license and any necessary permits.

2. Environmental Regulations: As bio acrylic acid production can have environmental impacts, compliance with environmental regulations is crucial. In the United States, the Environmental Protection Agency (EPA) regulates emissions and waste management under the Clean Air Act and the Resource Conservation and Recovery Act (RCRA). You may need to conduct an environmental impact assessment and secure permits for air and water emissions.
3. Health and Safety Compliance: The Occupational Safety and Health Administration (OSHA) establishes standards to ensure safe working conditions. You will need to implement safety protocols, train employees on handling chemicals safely, and maintain Material Safety Data Sheets (MSDS) for all substances used in production.
4. Chemical Regulations: Given that bio acrylic acid is a chemical product, you should be aware of regulations under the Toxic Substances Control Act (TSCA) if you are operating in the U.S. This may involve reporting the use of certain chemicals and ensuring that the substances used in production are compliant with federal regulations.
5. Intellectual Property: If your bio acrylic acid production involves proprietary processes or formulations, consider protecting your intellectual property through patents or trademarks. This can provide a competitive advantage and safeguard your innovations.
6. Product Safety and Labeling: If you plan to sell bio acrylic acid as a raw material for consumer products, you must adhere to labeling regulations governed by the Federal Trade Commission (FTC) and other relevant bodies. Ensure that your products meet safety standards and that any claims made about the product are substantiated.
7. State and Local Regulations: Beyond federal regulations, be aware of state and local laws that may impose additional requirements. This could include zoning laws, local environmental protection regulations, and specific industry compliance standards.
8. Import/Export Regulations: If you plan to trade bio acrylic acid internationally, familiarize yourself with import/export regulations, including tariffs, trade agreements, and customs requirements. Compliance with international standards can also be crucial for entering foreign markets.
9. Sustainability Regulations: As bio acrylic acid is marketed as a sustainable product, adhering to sustainability claims is important. Be prepared to provide evidence of sustainability in your sourcing and production processes to avoid misleading consumers and potential legal repercussions. Navigating these legal and regulatory requirements is essential for establishing a compliant and successful bio acrylic acid business. Engaging with legal experts and industry consultants can help ensure that all necessary measures are taken from the outset.

When starting a bio acrylic acid business, securing financing is a crucial step that can significantly influence the success and sustainability of your venture. There are various financing options available, each with its own advantages and considerations.
1. Personal Savings: Many entrepreneurs begin by using their personal savings. This option allows for complete control over the business without the need to incur debt or give away equity. However, it also involves a high level of personal financial risk.

2. Family and Friends: Borrowing money from family or friends can be a viable option. This financing method may come with lower interest rates and more flexible repayment terms. However, it is essential to maintain clear communication and set formal agreements to avoid potential conflicts.
3. Bank Loans: Traditional bank loans are a common financing choice for new businesses. Banks typically require a solid business plan, good credit history, and collateral. While the application process can be rigorous, securing a loan can provide the capital needed to invest in equipment, facilities, and initial operating costs.
4. Small Business Administration (SBA) Loans: The SBA offers various loan programs designed to help small businesses. These loans often come with lower interest rates and longer repayment terms compared to conventional bank loans. However, the application process can be lengthy, and eligibility requirements must be met.
5. Venture Capital and Angel Investors: For entrepreneurs looking for significant funding, seeking investment from venture capitalists or angel investors can be an option. These investors typically look for innovative businesses with high growth potential. In exchange for their investment, they often seek equity in the company and may want a say in its management.
6. Grants and Incentives: Research potential grants from government agencies or non-profit organizations focusing on sustainable technologies and bio-based products. Many regions are incentivizing green businesses, which may offer financial support that does not require repayment.
7. Crowdfunding: Platforms like Kickstarter or Indiegogo allow entrepreneurs to raise funds by presenting their business idea to the public. Crowdfunding can also serve as a marketing tool, building a customer base before the product launch. However, it requires a compelling pitch and effective promotion to succeed.
8. Strategic Partnerships: Forming partnerships with established companies in the chemical or sustainable materials sectors can provide access to capital as well as resources and expertise. These partnerships can be structured in various ways, including joint ventures or co-development agreements.
9. Equipment Financing: For specific equipment needs, consider equipment financing options that allow you to purchase or lease machinery necessary for production. This can help manage cash flow, as payments are typically tied to the revenue generated from using the equipment. In conclusion, potential business owners should carefully evaluate their financing options, considering factors such as the amount of capital needed, the level of control desired, and the willingness to take on debt or equity. A well-thought-out financial plan will not only facilitate the startup process but also lay a strong foundation for future growth and development in the bio acrylic acid market.

When embarking on the journey of establishing a bio acrylic acid business, it is crucial to develop effective marketing and sales strategies to ensure a successful launch and sustainable growth. The following approaches can help position your product in the market and attract a steady customer base. Target Market Identification: Start by identifying and segmenting your target market. Bio acrylic acid is utilized in various applications, including adhesives, paints, coatings, textiles, and personal care products. Conduct thorough market research to understand the specific needs and preferences of potential customers in these sectors. This insight will enable you to tailor your marketing messages and product offerings effectively. Value Proposition Development: Craft a compelling value proposition that highlights the benefits of bio acrylic acid over traditional acrylic acid. Emphasize its sustainability, bio-based origin, and any competitive advantages, such as lower environmental impact or superior performance characteristics. This messaging should resonate with eco-conscious consumers and businesses looking to enhance their sustainability profiles. Branding and Positioning: Develop a strong brand identity that reflects your commitment to sustainability and innovation. Your branding should convey trust and quality, appealing to both B2B clients and end consumers. Positioning your product as a premium, eco-friendly alternative will help differentiate it from conventional options in the market. Content Marketing: Invest in content marketing to educate your audience about the advantages of bio acrylic acid. Create informative articles, whitepapers, and case studies that showcase its applications and benefits. Utilize blogs, webinars, and social media to share this content, engaging potential customers and establishing your brand as a thought leader in the industry. Partnerships and Collaborations: Form strategic partnerships with companies in industries that utilize acrylic acid. Collaborating with manufacturers, distributors, and industry organizations can enhance your market reach and credibility. Joint marketing efforts and co-branding opportunities can also amplify your presence in the market. Trade Shows and Industry Events: Participate in relevant trade shows and industry events to showcase your product. These platforms provide excellent opportunities to network with potential clients, gather market insights, and demonstrate your product's capabilities. Displaying your bio acrylic acid in action can be particularly effective in attracting interest. Digital Marketing Campaigns: Leverage digital marketing channels to reach a broader audience. Utilize social media platforms like LinkedIn, Instagram, and Facebook to promote your products and engage with your target market. Implementing SEO strategies can help improve your online visibility, driving traffic to your website and generating leads. Sales Team Training: Equip your sales team with the knowledge and tools necessary to effectively communicate the benefits of bio acrylic acid. Training should include product specifications, competitive advantages, and sustainability credentials. A well-informed sales team can better address customer concerns and articulate the value of your product. Customer Relationship Management: Establish a robust customer relationship management (CRM) system to track leads, manage customer interactions, and analyze sales data. This system can help you refine your marketing strategies, improve customer service, and foster long-term relationships with clients. By implementing these marketing and sales strategies, you can effectively position your bio acrylic acid business for success, capitalize on market opportunities, and build a loyal customer base committed to sustainability.

Establishing effective operations and logistics is crucial for the success of a bio acrylic acid business. This involves a series of interconnected processes, from sourcing raw materials to delivering the final product to customers. Here are key components to consider: Raw Material Sourcing The production of bio acrylic acid typically begins with the selection of renewable feedstocks, such as sugars, starches, or agricultural waste. It is essential to establish reliable relationships with suppliers to ensure a consistent and sustainable supply of these raw materials. Evaluate potential suppliers based on their sustainability practices, pricing, and delivery capabilities. Additionally, consider local sourcing to reduce transportation costs and environmental impact. Production Process Developing an efficient production process is vital. This may involve fermentation, chemical processes, or a combination of both to convert raw materials into bio acrylic acid. Investing in state-of-the-art technology and equipment can enhance yield and reduce waste. It’s important to implement quality control measures throughout the production process to ensure that the final product meets industry standards and customer expectations. Facility Management Selecting the right location for your production facility is critical. Factors to consider include proximity to raw material suppliers, access to transportation networks, and regulatory requirements. The facility should be designed to optimize workflow, enhance safety, and comply with environmental regulations. Regular maintenance of equipment and infrastructure will help minimize downtime and operational costs. Supply Chain Management A well-structured supply chain is essential for timely production and delivery. This involves coordinating the flow of materials from suppliers to your production facility and managing the distribution of finished products to customers. Implementing supply chain management software can provide real-time visibility into inventory levels, order status, and logistics, facilitating better decision-making and efficiency. Distribution and Logistics Once bio acrylic acid is produced, it needs to be transported to customers or distributors. Establishing a robust logistics network is important for effective distribution. This may involve partnerships with third-party logistics providers to handle transportation, warehousing, and inventory management. Consideration should be given to the mode of transportation (e.g., truck, rail, ship) based on cost, speed, and environmental impact. Regulatory Compliance Navigating regulatory requirements is a critical aspect of operations. Ensure that your processes comply with local, national, and international regulations concerning production, safety, environmental impact, and product quality. Staying informed about changes in regulations is essential to avoid potential fines and disruptions. Sustainability Practices As a bio-based product, integrating sustainability into your operations can enhance your brand's reputation and appeal to environmentally-conscious customers. This can include reducing energy consumption, minimizing waste, and implementing circular economy principles in your production processes. By focusing on these key operational and logistical aspects, a bio acrylic acid business can position itself for success in a growing market that increasingly values sustainable and environmentally-friendly products.

Establishing a bio acrylic acid business requires a thoughtful approach to human resources and management to ensure that the organization runs smoothly and effectively. This section outlines key considerations for building a competent team and implementing effective management strategies. Recruitment and Talent Acquisition The success of a bio acrylic acid business hinges significantly on the expertise and commitment of its workforce. When recruiting, focus on attracting individuals with a strong background in chemistry, chemical engineering, and sustainable manufacturing practices. Additionally, prioritize candidates with experience in the bio-based industry, as they will bring valuable insights and knowledge to the company. Using a combination of job postings on industry-specific platforms, networking within academic institutions, and attending relevant conferences can help you find the right talent. Training and Development Once your team is in place, investing in training and development is crucial. Ensure that employees are familiar with the latest technologies and processes in bio acrylic acid production. This may involve workshops, online courses, or partnerships with educational institutions. Continuous professional development not only enhances employee skills but also boosts morale and retention rates by demonstrating a commitment to their growth. Organizational Structure A well-defined organizational structure is essential for efficient operation. Determine the key roles within your business, such as production managers, quality control specialists, and sales personnel. Clear job descriptions and reporting lines will help streamline communication and accountability. It’s also beneficial to foster a collaborative environment where cross-functional teams can work together on projects, contributing to innovation and problem-solving. Performance Management Implementing a robust performance management system can help you monitor employee contributions and identify areas for improvement. Set clear performance metrics related to productivity, quality, and safety standards specific to the bio acrylic acid industry. Regular performance reviews can facilitate constructive feedback and support employee development, aligning individual goals with the company's objectives. Culture and Values Cultivating a strong organizational culture centered on sustainability and innovation is vital in the bio acrylic acid sector. Encourage a workplace environment that values ethical practices, teamwork, and a commitment to reducing environmental impact. By promoting these values, you can attract like-minded employees and foster loyalty among your staff. Compliance and Safety Given the chemical nature of bio acrylic acid production, adhering to regulatory requirements and safety protocols is non-negotiable. Ensure that your HR policies include comprehensive safety training and compliance measures. Regular audits and safety drills can help maintain high standards and protect employees, ultimately contributing to a safer workplace. Employee Engagement and Retention Lastly, prioritize employee engagement to reduce turnover and maintain a motivated workforce. Implement strategies such as regular feedback sessions, team-building activities, and recognition programs to celebrate achievements. Understanding employee needs and fostering a supportive work environment will enhance job satisfaction and productivity. By effectively managing human resources and creating a strong management framework, your bio acrylic acid business can thrive in a competitive marketplace, driven by a dedicated and skilled workforce.

In conclusion, embarking on a bio acrylic acid business presents a promising opportunity in a rapidly evolving market focused on sustainability and environmental responsibility. By carefully navigating the landscape of raw materials, production processes, and regulatory requirements, aspiring entrepreneurs can position themselves for success. It is essential to conduct thorough market research, establish strong supplier and customer relationships, and remain adaptable to changes in technology and consumer preferences. Emphasizing innovation and sustainability will not only differentiate your business but also contribute positively to global efforts in reducing carbon footprints. With the right strategies and commitment, you can build a thriving venture that meets the growing demand for eco-friendly alternatives in the chemical industry.

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