Biophotonics Business Plan Template

In recent years, the field of biophotonics has emerged as a groundbreaking area at the intersection of biology, medicine, and optical technology. By harnessing the power of light to observe and manipulate biological processes, biophotonics offers innovative solutions for diagnostics, therapeutic applications, and research advancements. As the demand for cutting-edge medical technologies continues to grow, entrepreneurs are increasingly drawn to the potential of establishing a business in this dynamic sector. Whether you're a scientist looking to commercialize your research or a business professional eager to venture into a high-tech industry, starting a biophotonics business can be both rewarding and challenging. This article will guide you through the essential steps to launch your venture, from understanding the market landscape to navigating regulatory requirements and developing a solid business plan. With the right approach and insights, you can position yourself at the forefront of this exciting field and contribute to transformative advancements in healthcare and life sciences.

The global biophotonics market has experienced significant growth in recent years and is projected to continue expanding, driven by advancements in technology and increasing applications across various sectors. As of 2023, the market size is estimated to be valued at approximately USD 60 billion, with a compound annual growth rate (CAGR) of around 10-12% expected over the next several years. This growth trajectory is fueled by the rising demand for advanced imaging techniques in healthcare, particularly in diagnostics and therapeutic monitoring, as well as in life sciences research. Key factors contributing to the market's expansion include the increasing prevalence of chronic diseases, the growing emphasis on personalized medicine, and the need for rapid and accurate diagnostic tools. Furthermore, innovations in optical technologies, such as laser-induced fluorescence and optical coherence tomography, are opening new avenues for research and clinical applications. The biophotonics market is segmented into various applications, including medical diagnostics, therapeutic applications, and agricultural and environmental monitoring. The medical diagnostics segment holds the largest share, primarily due to the widespread adoption of biophotonic techniques in imaging and detection systems. Additionally, the integration of biophotonics in drug delivery systems is gaining traction, enhancing the efficacy of treatments. Geographically, North America dominates the biophotonics market, driven by the presence of key players, substantial investments in research and development, and advanced healthcare infrastructure. However, the Asia-Pacific region is anticipated to witness the fastest growth, bolstered by increasing healthcare expenditure, technological advancements, and a rising focus on research and development. For entrepreneurs looking to enter the biophotonics field, understanding these market dynamics is crucial. Identifying specific niches, such as point-of-care diagnostics or agricultural applications, can provide targeted opportunities. Moreover, staying abreast of technological advancements and regulatory changes will be essential for navigating this rapidly evolving landscape and achieving sustainable growth in the biophotonics business.

When considering the target market for a biophotonics business, it’s essential to identify the key sectors that can benefit from biophotonic technologies. Biophotonics, which involves the interaction of light with biological materials, has applications across various industries, making the potential customer base diverse and expansive.
1. Healthcare and Medical Diagnostics: The primary market for biophotonics is in the healthcare sector, particularly in medical diagnostics and imaging. Hospitals, clinics, and diagnostic laboratories are constantly seeking advanced technologies for non-invasive imaging, disease detection, and monitoring. Biophotonics can enhance the accuracy of diagnostics, making it a critical area for market penetration.

2. Pharmaceutical and Biotechnology Companies: These organizations utilize biophotonic technologies for drug discovery, development, and testing. By providing tools for cellular imaging, monitoring drug interactions, and studying biological processes, biophotonics businesses can cater to pharmaceutical companies focused on innovative therapies and personalized medicine.
3. Research Institutions and Universities: Academic and research institutions are significant consumers of biophotonics equipment and technology. These organizations often require advanced imaging systems and tools for biological research, including studies on cell behavior and molecular interactions. Establishing partnerships with these institutions can provide a steady market for biophotonics technologies.
4. Environmental Monitoring: Biophotonics can also be applied in environmental science for monitoring pollutants and studying biological systems in ecosystems. Companies and governmental organizations focused on environmental protection and sustainability may require biophotonic solutions for their monitoring efforts.
5. Agriculture and Food Safety: The agricultural sector can benefit from biophotonics in precision farming, crop monitoring, and food safety testing. Technologies that can assess plant health, detect pathogens, or ensure food quality can attract interest from agricultural businesses and food processing companies.
6. Cosmetics and Skin Care Industry: As the demand for non-invasive techniques in skin care and cosmetic applications grows, biophotonics can play a role in assessing skin conditions and evaluating the effectiveness of products. Targeting cosmetic companies and dermatology clinics can open additional avenues for biophotonics applications.
7. Industrial Applications: Various industries, including manufacturing and material science, may utilize biophotonics for quality control and process monitoring. Understanding the needs of these sectors can help tailor biophotonic solutions to enhance production efficiency and product quality. Identifying the specific needs and challenges of these target markets will enable biophotonics businesses to develop tailored solutions, establish strong value propositions, and effectively position their products in the marketplace. By focusing on these diverse sectors, entrepreneurs can carve out a niche that leverages the unique benefits of biophotonics technologies, leading to sustainable business growth.

When considering the establishment of a biophotonics business, it is essential to evaluate various business models that can effectively leverage the unique capabilities and applications of biophotonics technology. A well-defined business model not only outlines how your company will create, deliver, and capture value but also helps in identifying target markets, revenue streams, and strategic partnerships. Here are several viable business models to consider:
1. Product Development and Sales: This model focuses on the creation and commercialization of biophotonics devices or systems, such as imaging systems, sensors, or diagnostic tools. Companies can develop proprietary technologies and sell these products directly to end-users, which can include hospitals, research institutions, and laboratories. Revenue can be generated through direct sales, licensing agreements, or even subscription models for software associated with these products.

2. Service-Based Model: In this approach, businesses offer specialized services utilizing biophotonics technologies. This could include consulting services for research and development, system integration, or training for end users. Additionally, providing maintenance and support services for existing biophotonics equipment can create a steady revenue stream.
3. R&D Partnerships and Collaborations: Collaborating with academic institutions, research organizations, or pharmaceutical companies can be a strategic way to leverage expertise and share resources. This model can involve joint research projects where the biophotonics company provides technology while partners contribute funding or access to clinical environments. Revenue can come from grants, shared intellectual property, or royalties from successful developments.
4. Contract Manufacturing: If your business has the necessary expertise and facilities, consider offering contract manufacturing services for other companies looking to produce biophotonics devices. This model allows you to leverage existing capabilities while generating revenue without the need to market your own products directly.
5. Subscription or SaaS Model: In the context of software solutions related to biophotonics, a subscription-based model can be effective. This could involve providing access to software platforms for data analysis, imaging, or diagnostics that are critical for biophotonics applications. By offering tiered subscription levels, you can cater to different market segments, from small startups to large healthcare organizations.
6. Freemium Model: For software applications or platforms, consider a freemium model where basic functionalities are offered for free, while advanced features require payment. This strategy can help in building a user base quickly, allowing for upselling opportunities as users recognize the added value of premium features.
7. Ecosystem Approach: Build a comprehensive ecosystem around biophotonics that includes hardware, software, and services. This model fosters customer loyalty and encourages cross-selling opportunities. By integrating various components of biophotonics solutions, your business can offer a more compelling value proposition to customers. In summary, the choice of business model in the biophotonics sector will depend on your specific expertise, resources, and market demands. It is crucial to conduct thorough market research and consider the competitive landscape to determine the most suitable approach for your venture. A flexible and adaptable business model can also provide the resilience needed to navigate the rapidly evolving nature of technology and market needs in the biophotonics field.

The competitive landscape for starting a biophotonics business is characterized by a mix of established companies, emerging startups, and academic institutions that are increasingly commercializing their research. This field, which combines biology, photonics, and optics, has seen significant growth due to advancements in technologies and a rising demand for innovative medical and diagnostic devices. Key players in the biophotonics market include large multinational corporations that have diversified their portfolios to include biophotonics applications, such as Siemens, Philips, and GE Healthcare. These companies benefit from substantial financial resources, established distribution channels, and brand recognition, which can pose challenges for new entrants aiming to capture market share. Emerging startups also play a vital role in the competitive landscape, often focusing on niche applications within biophotonics, such as optical coherence tomography, fluorescence imaging, and biosensors. These startups are typically founded by teams with strong academic backgrounds or proven industry experience, allowing them to leverage cutting-edge research and innovative technologies. Their agility and ability to pivot quickly can give them a competitive edge in rapidly evolving markets. Furthermore, many academic institutions are increasingly engaging in technology transfer and spin-off ventures, bringing innovative biophotonics solutions to market. Collaborations between universities and industry can lead to the development of novel technologies, creating additional competition for new businesses. Another element of the competitive landscape is the regulatory environment. Biophotonics products, particularly those intended for medical use, must navigate complex regulatory pathways. New businesses must be prepared to invest time and resources into understanding regulatory requirements, which can be a barrier to entry but also an opportunity for differentiation for companies that can effectively manage compliance. The competitive landscape is also influenced by market trends, such as the increasing demand for personalized medicine, non-invasive diagnostic techniques, and point-of-care testing solutions. As healthcare systems globally shift towards preventive care and early diagnosis, businesses that can innovate in these areas will find fertile ground for growth. In summary, while the biophotonics industry presents exciting opportunities for new businesses, it is essential to understand the competitive dynamics at play, including the presence of large incumbents, the innovative potential of startups, and the influence of academic research and regulatory challenges. Successful new entrants will need to carve out a unique value proposition and remain agile in the face of rapid technological advancements and shifting market needs.

Starting a biophotonics business involves navigating a complex landscape of legal and regulatory requirements that are essential for ensuring compliance and facilitating smooth operations. Here are the key areas to consider:
1. Business Structure and Registration: Entrepreneurs must choose a suitable legal structure for their biophotonics business, such as a sole proprietorship, partnership, corporation, or limited liability company (LLC). Each structure has different implications for liability, taxation, and regulatory obligations. Once a structure is chosen, the business must be registered with the appropriate state and federal authorities, obtaining a business license and any necessary permits.

2. Intellectual Property Protection: Given the innovative nature of biophotonics, protecting intellectual property (IP) is crucial. This may involve filing patents for new inventions or technologies developed within the business. It is also important to consider trademarks for branding and copyrights for any proprietary software or publications. Engaging with an IP attorney can help navigate the complexities of IP law.
3. Compliance with Health and Safety Regulations: Biophotonics businesses often deal with sensitive materials and technologies that may have implications for health and safety. Compliance with Occupational Safety and Health Administration (OSHA) regulations is essential to ensure a safe workplace. Additionally, if the business involves human or animal subjects in research, compliance with Institutional Review Boards (IRB) and the Animal Welfare Act may be required.
4. Environmental Regulations: Depending on the nature of the biophotonics applications, businesses may need to adhere to environmental regulations set forth by the Environmental Protection Agency (EPA) or similar state agencies. This includes proper disposal of hazardous materials and adherence to regulations regarding emissions and waste management.
5. FDA Regulations: If the biophotonics business involves medical devices or diagnostic tools, it is critical to comply with regulations set by the Food and Drug Administration (FDA). This includes classifying the products, conducting necessary pre-market studies, and obtaining the required approvals or clearances. The FDA’s Good Manufacturing Practices (GMP) must also be followed for the production of any medical products.
6. Data Protection and Privacy Laws: With the increasing reliance on data in biophotonics, particularly in medical applications, businesses must comply with data protection regulations such as the Health Insurance Portability and Accountability Act (HIPAA) if handling patient information. Additionally, understanding and adhering to general data protection laws, such as the General Data Protection Regulation (GDPR) in the EU, is necessary for businesses operating internationally.
7. Funding and Grants: Many biophotonics startups seek funding through grants, particularly from government agencies such as the National Institutes of Health (NIH) or the National Science Foundation (NSF). Understanding the eligibility criteria, application processes, and compliance requirements associated with these funding opportunities is crucial for securing financial support.
8. Employment Law: As the business grows, compliance with employment laws becomes increasingly important. This includes understanding wage and hour laws, workplace discrimination laws, and regulations regarding employee benefits. Properly drafting employment contracts and establishing workplace policies can help mitigate potential legal issues. Navigating the legal and regulatory landscape in the biophotonics industry requires careful planning and often the assistance of legal professionals. By addressing these requirements early on, entrepreneurs can build a solid foundation for their business and mitigate risks associated with non-compliance.

When embarking on the journey to establish a biophotonics business, securing adequate financing is a crucial step that can significantly influence the success of your venture. There are several financing options available, each catering to different stages of business development and types of needs.
1. Bootstrapping: Many entrepreneurs begin by self-funding their business through personal savings or reinvesting profits from other ventures. This approach allows for complete control over the business without incurring debt or diluting ownership. However, it requires a careful assessment of personal finances and a clear understanding of the risks involved.

2. Grants and Competitions: Various governmental and private organizations offer grants specifically for biophotonics research and development. These funds can support early-stage projects without the obligation of repayment. Additionally, entering startup competitions can provide not only funding but also valuable exposure and networking opportunities.
3. Angel Investors: Angel investors are individuals who provide capital to startups, often in exchange for equity. These investors typically bring valuable industry experience and connections, which can be beneficial in the biophotonics field. Building a solid business plan and demonstrating potential for growth are essential to attract angel investors.
4. Venture Capital: For businesses poised for rapid growth, venture capital (VC) firms can be an attractive financing option. VCs invest larger sums of money in exchange for equity and often take an active role in guiding the business. This funding is particularly relevant for innovative biophotonics technologies that require significant upfront investment for research and development.
5. Bank Loans: Traditional bank loans can provide a reliable source of funding for established businesses with a solid credit history. However, securing a bank loan can be challenging for startups, as banks often require collateral and detailed business plans. It's advisable to prepare comprehensive financial projections and a clear strategy for repayment.
6. Crowdfunding: Platforms like Kickstarter or Indiegogo allow entrepreneurs to raise funds from a large number of individuals. This method not only provides financial backing but also validates the business idea by gauging public interest. However, a successful crowdfunding campaign requires effective marketing and a compelling pitch.
7. Strategic Partnerships: Forming alliances with established companies in the biophotonics sector can open doors to funding opportunities. These partnerships can provide access to resources, expertise, and potential investments in exchange for shared benefits.
8. Research Institutions and Universities: Collaborating with academic institutions can lead to funding opportunities through sponsored research projects or joint ventures. Many universities have grants available for innovative projects, particularly in scientific fields like biophotonics. In conclusion, exploring a combination of these financing options can provide the necessary resources to launch and grow a biophotonics business. A well-prepared business plan, a clear understanding of the market, and a persuasive pitch will enhance the chances of securing the needed funds.

In launching a biophotonics business, effective marketing and sales strategies are crucial for establishing a foothold in a competitive market. Here are some key approaches to consider:
1. Identify Target Markets: Understand the various sectors that can benefit from biophotonics technology, such as healthcare, agriculture, environmental monitoring, and food safety. Conduct market research to define specific customer segments, including hospitals, research institutions, agricultural companies, and regulatory bodies.

2. Build a Strong Online Presence: Develop a professional website that showcases your products, services, and expertise in biophotonics. Utilize SEO strategies to enhance visibility and attract organic traffic. Leverage social media platforms to engage with potential customers, share industry news, and highlight your innovations.
3. Content Marketing: Create informative content that positions your business as a thought leader in the biophotonics field. This could include white papers, case studies, and blog posts that discuss the latest trends, applications, and research findings. Webinars and online workshops can also be effective for demonstrating your technology and educating your audience.
4. Networking and Partnerships: Attend industry conferences, trade shows, and seminars to connect with potential customers, partners, and industry leaders. Engage with academic institutions and research organizations for collaboration opportunities, which may lead to joint ventures or funding prospects.
5. Direct Sales Approach: Develop a dedicated sales team with expertise in biophotonics. Provide them with training on the technical aspects of your products so they can effectively communicate the value propositions to prospective clients. Consider a consultative selling approach, focusing on understanding customer needs and providing tailored solutions.
6. Customer Relationship Management (CRM): Implement a robust CRM system to manage leads, track interactions, and analyze customer data. This will help in nurturing relationships and ensuring a personalized approach, ultimately leading to higher conversion rates.
7. Leverage Testimonials and Case Studies: Showcase success stories from existing clients to build credibility and trust. Testimonials and detailed case studies can illustrate how your products have solved specific problems or improved outcomes in real-world applications.
8. Pricing Strategy: Research competitor pricing and develop a pricing model that reflects the value of your technology while remaining competitive. Consider offering tiered pricing, subscription models, or discounts for bulk purchases to attract various customer segments.
9. Regulatory Compliance and Certifications: Ensure that your products meet industry standards and obtain necessary certifications. Highlighting compliance can enhance trust and persuade potential clients that your offerings are reliable and safe.
10. Feedback and Adaptation: Establish channels for customer feedback to continuously improve your products and services. Stay adaptable and responsive to market changes and customer needs, allowing your business to evolve and maintain its competitive edge. By integrating these strategies into your business plan, you can effectively promote your biophotonics solutions and drive sales, ultimately contributing to the growth and sustainability of your enterprise.

Establishing a biophotonics business involves several key operational and logistical considerations that are critical for success in this innovative field. First, securing a suitable facility is paramount. This space should accommodate laboratories equipped for optical experiments, imaging systems, and any necessary cleanroom environments, depending on the specific applications your business will focus on. The layout should facilitate collaboration and workflow efficiency, ensuring that researchers and engineers can easily communicate and share ideas while conducting experiments. Next, sourcing the right equipment is vital. Biophotonics relies on advanced technologies, such as lasers, microscopes, and spectrometers. It is essential to invest in high-quality instruments that meet the demands of your intended applications. Establishing relationships with reliable suppliers and manufacturers can help ensure you have access to the latest technologies and maintenance services. Recruiting skilled personnel is another operational priority. A successful biophotonics business requires a diverse team, including scientists with expertise in optics, biology, and engineering, as well as personnel in business development and marketing. Investing in training and development for your team will enhance their skills and foster innovation within your organization. Logistics also play a critical role in the supply chain management of materials and products. Establishing efficient processes for inventory management, including raw materials needed for research and production, will help streamline operations. Consideration must also be given to regulatory compliance, especially when dealing with biological materials and medical applications. Familiarizing yourself with local, national, and international regulations will help ensure that your business operates within legal parameters. Furthermore, developing strong partnerships with academic institutions, research organizations, and industry stakeholders can enhance your business's credibility and provide access to collaborative opportunities. These relationships can facilitate knowledge exchange, joint ventures, and potential funding sources. Lastly, implementing a robust marketing and distribution strategy is crucial for reaching your target customers. This includes developing an online presence, attending industry conferences, and engaging with potential clients through networking. Understanding your market and effectively communicating the unique value of your biophotonics solutions will be key to establishing a strong foothold in the industry. By carefully addressing these operational and logistical elements, you can lay a solid foundation for your biophotonics business and position yourself for long-term success in this dynamic field.

Establishing a biophotonics business requires a strategic approach to human resources and management, as the success of the venture largely depends on the talent and skills of its workforce. As you embark on this journey, consider the following key aspects:
1. Building a Skilled Team: Biophotonics is a highly specialized field that intersects biology, optics, and engineering. Therefore, recruiting individuals with expertise in these areas is crucial. Look for professionals with backgrounds in photonics, biomedical engineering, molecular biology, and related disciplines. Collaborate with universities and research institutions to identify potential candidates, as they often have access to cutting-edge research and emerging talent.

2. Fostering a Collaborative Culture: In a field driven by innovation, creating a collaborative work environment is essential. Encourage interdisciplinary teamwork by organizing regular brainstorming sessions and project meetings. Implementing collaborative tools and platforms can facilitate communication and idea exchange among team members, fostering a culture of creativity and shared problem-solving.
3. Training and Development: Continuous learning is vital in the rapidly evolving field of biophotonics. Invest in training programs and professional development opportunities for your employees to keep them updated with the latest technological advancements and industry trends. Consider offering workshops, attending conferences, or partnering with educational institutions for specialized training.
4. Establishing Clear Roles and Responsibilities: As your business grows, it’s important to define clear roles and responsibilities to ensure efficient operations. Create an organizational structure that outlines reporting lines and areas of accountability. This clarity will help team members understand their contributions to the overall mission and facilitate smoother project management.
5. Implementing Performance Management Systems: To drive productivity and innovation, establish a performance management system that includes regular evaluations and feedback mechanisms. Set measurable goals and key performance indicators (KPIs) aligned with the company’s objectives. Recognizing and rewarding exceptional performance can motivate employees and enhance job satisfaction.
6. Emphasizing Diversity and Inclusion: Diverse teams have been shown to enhance creativity and problem-solving capabilities. Strive to build a diverse workforce by actively seeking candidates from various backgrounds and experiences. An inclusive culture will not only attract top talent but also foster a more innovative and resilient organization.
7. Navigating Regulatory and Compliance Issues: Given the nature of biophotonics applications, particularly in healthcare and research, understanding and adhering to regulatory standards is critical. Ensure that your team is well-versed in relevant laws, regulations, and ethical considerations. This knowledge will help mitigate risks and build trust with clients and stakeholders.
8. Leadership and Vision: Strong leadership is essential for guiding the company through its growth phases. As a leader, communicate a clear vision and mission that resonates with your team. Engage in strategic planning to identify long-term goals and ensure that every team member understands their role in achieving these objectives. By focusing on these aspects of human resources and management, you can build a robust foundation for your biophotonics business that not only attracts and retains top talent but also drives innovation and growth in a competitive market.

In summary, launching a biophotonics business requires a strategic blend of scientific expertise, market understanding, and entrepreneurial spirit. By identifying a niche within the rapidly evolving field of biophotonics, conducting thorough market research, and developing a robust business plan, aspiring entrepreneurs can position themselves for success. It is essential to establish strong partnerships with academic institutions and industry leaders, as collaboration can enhance innovation and credibility. Additionally, staying informed about technological advancements and regulatory requirements will be crucial as the industry continues to grow. With dedication and a clear vision, your venture in biophotonics can contribute significantly to advancements in healthcare, environmental monitoring, and beyond, ultimately making a meaningful impact on society.

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