In recent years, the biotechnology sector has emerged as a powerhouse of innovation, poised to revolutionize the healthcare landscape with groundbreaking therapies and treatments. For aspiring entrepreneurs, the prospect of launching a biotech drug discovery business offers not only the potential for substantial financial rewards but also the opportunity to make a meaningful impact on patient lives. However, the journey from concept to commercialization in this complex field is fraught with challenges, including navigating regulatory landscapes, securing funding, and understanding the intricacies of the scientific process. This article will guide you through the essential steps to establish a successful biotech drug discovery venture, providing insights into the key areas you need to focus on, from developing a robust business plan to building a talented team and fostering collaborations. Whether you are a seasoned scientist or a business-savvy individual, understanding the nuances of this dynamic industry is crucial for turning your vision into reality.

The global biotech drug discovery market has experienced significant growth in recent years, driven by advancements in technology, increased investment in research and development, and a rising demand for innovative therapeutic solutions. As of 2023, the market is valued at approximately $80 billion and is projected to grow at a compound annual growth rate (CAGR) of around 10% over the next five years. This growth is fueled by several factors, including the increasing prevalence of chronic diseases, the need for personalized medicine, and the expansion of biopharmaceutical companies. North America holds the largest share of the biotech drug discovery market, largely due to the presence of leading pharmaceutical companies, well-established research institutions, and substantial funding from both public and private sectors. The United States, in particular, is a hub for biotechnology innovation, with a vibrant ecosystem that fosters collaboration between academia, industry, and government. Europe also plays a crucial role in the market, with significant contributions from countries like Germany, the UK, and France. The European Union's strong regulatory framework and funding initiatives support biotech research and development, further enhancing the region's competitiveness in drug discovery. Emerging markets in Asia-Pacific, particularly China and India, are becoming increasingly important in the biotech landscape. These countries are investing heavily in biotechnology and facilitating partnerships that enhance their capabilities in drug discovery. The growth in these regions is attributed to a combination of lower operational costs, a large patient population for clinical trials, and government incentives promoting biotech innovation. The rising integration of artificial intelligence (AI), machine learning, and bioinformatics in drug discovery processes is expected to revolutionize the industry, leading to faster and more cost-effective development timelines. As these technologies continue to evolve, they will likely attract more investment and collaboration, further expanding the market. Overall, the biotech drug discovery market presents significant opportunities for entrepreneurs looking to enter the field. With the right expertise, innovative approaches, and strategic partnerships, new entrants can capitalize on this rapidly growing sector, ultimately contributing to the advancement of healthcare solutions worldwide.

Understanding the target market is crucial for any biotech drug discovery business, as it informs strategic decisions related to research focus, funding, partnerships, and product development. The primary segments that constitute the target market for these businesses include:
1. Pharmaceutical Companies: Large and mid-sized pharmaceutical firms are often in need of innovative drug candidates to expand their pipelines. By offering unique compounds or novel drug discovery technologies, biotech startups can position themselves as valuable partners in the drug development process.

2. Biotechnology Firms: Smaller biotech companies frequently seek collaborations with drug discovery businesses to leverage specialized expertise or technologies that can accelerate their own research efforts. This market segment often values agility and cutting-edge science, making it essential for startups to demonstrate their unique capabilities.
3. Academic and Research Institutions: Universities and research organizations are major players in the drug discovery landscape. These institutions often conduct foundational research and are looking for partnerships to translate their findings into viable therapies. Collaborating with academic institutions can provide access to novel ideas and additional funding opportunities.
4. Venture Capital and Investment Firms: Investors in the biotech space are continuously searching for promising startups that can deliver high returns. Understanding the criteria that venture capitalists use to evaluate biotech opportunities is essential. A solid business plan, clear value proposition, and a well-defined path to market can attract the necessary funding.
5. Regulatory Agencies: While not a traditional customer segment, regulatory bodies play a critical role in the drug discovery process. Understanding the requirements and expectations of agencies such as the FDA or EMA can help biotech firms align their development strategies and ensure compliance, ultimately facilitating smoother paths to market.
6. Healthcare Providers and Patients: Ultimately, the end-users of biotech products are healthcare providers and patients. Understanding patient needs, treatment gaps, and disease prevalence can guide research directions. Engaging with healthcare professionals and conducting market research can provide insights into the types of therapies that are most desired in the market. By clearly identifying and understanding these segments, a biotech drug discovery business can tailor its offerings, marketing strategies, and partnership approaches to effectively meet the needs of its target market, thereby enhancing its chances of success in a highly competitive field.

When considering the establishment of a biotech drug discovery business, selecting the right business model is crucial for aligning goals with market opportunities and funding sources. Here are several prevalent business models in the biotech sector:
1. Research and Development (R&D) Services Model: This model involves providing drug discovery and development services to other pharmaceutical and biotech companies. By leveraging expertise in areas such as assay development, high-throughput screening, and lead optimization, a startup can generate revenue by offering specialized services on a contract basis. This approach allows for quick cash flow and can also help in building a portfolio of successful projects that can attract further investment or partnerships.

2. Platform Technology Model: Companies in this model develop proprietary technologies that can be applied across various therapeutic areas. This might include novel drug delivery systems, advanced screening techniques, or innovative biological assays. By licensing this technology to other firms or collaborating with them, the company can generate revenue while maintaining a focus on advancing its own drug candidates.
3. Pharmaceutical Development Model: In this approach, the company identifies and develops its own drug candidates from discovery through clinical trials. This model requires significant investment and a longer time horizon to realize returns, as the business will not generate revenue until a drug is commercialized. However, the potential rewards can be substantial, especially if a drug enters the market successfully.
4. Partnership and Collaboration Model: Forming strategic partnerships with larger pharmaceutical companies can provide biotech startups with the resources, funding, and expertise needed to advance their drug candidates. In this model, a startup might share its intellectual property in exchange for funding, access to larger distribution networks, or shared risk in the development process. Such collaborations can also lead to milestone payments and royalties on future sales.
5. Venture-Backed Model: Many biotech firms rely on venture capital funding to support their drug discovery efforts. This model often involves taking on investors who provide capital in exchange for equity in the company. The focus is typically on rapid development and potential exit strategies, such as acquisition by a larger company or an initial public offering (IPO). This model requires a strong business plan and clear pathways to demonstrate the potential for high returns.
6. Spin-Out Model: Established academic or research institutions often spin out biotech companies to commercialize specific discoveries. This model leverages existing research and intellectual property while providing the necessary infrastructure and initial funding through grants or institutional support. Spin-outs can benefit from academic expertise and collaboration while pursuing commercial viability.
7. Virtual Biotech Model: This lean model minimizes overhead by outsourcing the majority of R&D activities to contract research organizations (CROs) and other service providers. By maintaining a small core team, startups can remain agile and reduce financial risk while focusing on key aspects of drug discovery and development. Each of these business models has its own advantages and challenges, and the choice will largely depend on factors such as available resources, expertise, market demand, and long-term goals. Entrepreneurs in the biotech field should carefully evaluate these models in the context of their unique circumstances and consider hybrid approaches that may combine elements from multiple models to create a sustainable business strategy.

The biotech drug discovery sector is characterized by a dynamic and competitive landscape, shaped by a mix of established pharmaceutical giants, innovative startups, and academic institutions. Understanding this competitive environment is crucial for new entrants aiming to carve out their niche in the market. Established companies, such as Pfizer, Roche, and Novartis, dominate the industry with robust pipelines, significant funding, and extensive resources for research and development. These firms often engage in strategic partnerships with biotech startups to leverage innovative technologies and accelerate drug discovery processes. Such collaborations can provide startups with invaluable access to expertise, funding, and market channels, making them attractive partners for new entities in the field. On the other hand, the rise of biotechnology startups has introduced a wave of innovation and agility to drug discovery. Many of these startups focus on niche areas or employ cutting-edge technologies such as artificial intelligence, machine learning, and CRISPR for drug development. They often operate with a leaner structure, allowing them to pivot quickly in response to new findings or market demands. This agility can be a competitive advantage, particularly in an industry where the ability to adapt is essential for success. Furthermore, academic institutions are increasingly playing a crucial role in the competitive landscape. Many universities are spinning out biotech companies based on groundbreaking research, often supported by technology transfer offices that help commercialize academic discoveries. These spin-offs can disrupt established players by introducing novel therapeutic approaches or technologies. The competitive landscape is also influenced by regulatory considerations and funding environments. The development of new drugs is subject to stringent regulatory scrutiny, and navigating this landscape can be a significant barrier to entry for new companies. Additionally, securing funding through venture capital, grants, or partnerships is critical for sustaining research efforts, and competition for these resources can be fierce. As new entrants consider launching a biotech drug discovery business, understanding their competitors’ strengths and weaknesses, identifying potential collaborators, and recognizing the regulatory and funding challenges will be essential steps in crafting a successful strategy. Adapting to the fast-paced changes in technology and market needs while leveraging unique innovations can help a new company establish a foothold in this competitive arena.

Starting a biotech drug discovery business involves navigating a complex landscape of legal and regulatory requirements. Ensuring compliance with these regulations is crucial for the successful development, approval, and commercialization of new drugs. Below are key considerations for entrepreneurs in this sector:
1. Business Structure and Registration: First, choose an appropriate business structure (e.g., LLC, corporation) and register your company with the relevant state and federal authorities. This step may also involve obtaining necessary licenses and permits specific to the biotech industry.

2. Intellectual Property (IP) Protection: Securing intellectual property rights through patents is vital for protecting innovations in drug discovery. Conduct a thorough patent search to avoid infringement and consider filing for patents on novel compounds, methods of discovery, and other proprietary technologies. Consulting with an IP attorney is highly recommended to navigate the complexities of patent law.
3. Compliance with FDA Regulations: In the United States, the Food and Drug Administration (FDA) oversees the drug development process. Familiarize yourself with the FDA's regulatory framework, including the necessary preclinical studies, Investigational New Drug (IND) applications, and Clinical Trial applications. Compliance with Good Laboratory Practices (GLP) and Good Manufacturing Practices (GMP) is also essential to ensure the quality and safety of drug products.
4. Ethical Considerations and Human Subject Research: If your drug discovery involves clinical trials, you must adhere to ethical guidelines for human subject research. This includes obtaining Institutional Review Board (IRB) approval, informed consent from participants, and ensuring compliance with the Belmont Report principles of respect for persons, beneficence, and justice.
5. Environmental Regulations: Biotech firms often deal with hazardous materials and biological agents. Compliance with environmental regulations at the federal, state, and local levels is essential. This may involve obtaining permits for waste disposal, adhering to the Resource Conservation and Recovery Act (RCRA), and following guidelines set by the Environmental Protection Agency (EPA).
6. Funding and Investment Regulations: If seeking external investment, be aware of the legal requirements for fundraising, including securities laws. Depending on how you structure investments, you may need to register with the Securities and Exchange Commission (SEC) or comply with specific exemptions. Transparent communication and compliance with financial regulations are crucial to maintaining investor trust.
7. International Regulations: If you plan to operate globally or seek international markets, familiarize yourself with the regulatory requirements of other countries. The European Medicines Agency (EMA), for example, has its own set of guidelines for drug approval that differ from those of the FDA.
8. Employee Regulations: As you build your team, ensure compliance with labor laws, including employee rights, workplace safety (OSHA), and other employment regulations. Consider the implications of hiring specialized talent in a highly regulated field and the importance of continuous training in compliance matters.
9. Insurance and Liability: Biotech companies should obtain adequate insurance coverage, including product liability insurance, to protect against potential lawsuits related to drug development and commercialization. Understanding the risks associated with drug discovery and having appropriate legal protections in place is essential. Navigating the legal and regulatory landscape is a critical aspect of establishing a successful biotech drug discovery business. Engaging with legal experts and regulatory consultants early in the process can help ensure compliance and facilitate smoother operations as the business grows.

Starting a biotech drug discovery business often requires significant capital investment, given the extensive research and development involved. Here are several financing options to consider:
1. Bootstrapping: Many entrepreneurs begin by funding their projects through personal savings or funds from family and friends. This approach allows for complete control over the business but can be risky, as it places personal finances at stake.

2. Grants and Competitions: Numerous government agencies, non-profits, and private foundations offer grants specifically for biotech research. Programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) provide funding to support innovative projects. Additionally, biotech competitions can offer cash prizes and funding opportunities.
3. Angel Investors: Wealthy individuals who provide capital for startups in exchange for equity can be a valuable source of funding. Angel investors often have experience in the biotech field and can offer not just financial support but also mentorship and connections.
4. Venture Capital: For businesses that have progressed beyond the initial stages, venture capital firms can provide substantial funding in exchange for equity. These firms typically look for companies with strong growth potential and a clear path to profitability, making it essential to have a solid business plan and a compelling value proposition.
5. Partnerships and Collaborations: Forming strategic partnerships with established pharmaceutical companies can provide access to funding and resources. In return, these companies may seek equity stakes or licensing rights to the research outcomes.
6. Crowdfunding: Platforms like Kickstarter or Indiegogo allow entrepreneurs to raise small amounts of money from a large number of people. While this method is less common in biotech due to the complexities of drug development, it can be effective for projects with a clear consumer application or social impact.
7. Debt Financing: Traditional loans from banks or financial institutions can also be an option, although they may be harder to secure without a proven track record. Some biotech companies explore convertible debt, which can convert into equity at a later funding round, providing flexibility for both the investor and the company.
8. Initial Public Offering (IPO): For more mature biotech companies, going public can be a significant source of capital. An IPO allows a company to raise funds by selling shares to the public, but it also entails regulatory scrutiny and the need for a solid financial performance history. In summary, the financing landscape for a biotech drug discovery business is diverse, and entrepreneurs should evaluate each option carefully to determine the best fit for their specific needs and growth stage. Diversifying funding sources and developing a robust business strategy are crucial for long-term success in this competitive field.

In the competitive landscape of biotech drug discovery, effective marketing and sales strategies are crucial for establishing a foothold in the industry and attracting investment. Here are key approaches to consider:
1. Targeted Market Research: Understanding the specific needs and pain points of your target market is fundamental. Conduct thorough market research to identify potential customers, including pharmaceutical companies, research institutions, and healthcare providers. Analyze trends in drug development, therapeutic areas of interest, and the competitive landscape to tailor your offerings.

2. Building a Strong Brand Identity: Create a compelling brand that communicates your unique value proposition. This includes developing a clear mission statement, branding elements (such as logo and website), and consistent messaging that resonates with your audience. A strong brand can build trust and credibility in a field where reputation is vital.
3. Networking and Partnerships: Forming strategic alliances with other companies, academic institutions, and research organizations can enhance your credibility and expand your reach. Attend industry conferences, join biotech associations, and participate in networking events to establish relationships that can lead to collaborations, funding opportunities, and customer referrals.
4. Digital Marketing and Online Presence: Leverage digital marketing strategies to reach a broader audience. Develop a professional website that showcases your research capabilities, product pipelines, and team expertise. Utilize search engine optimization (SEO) to improve visibility. Engage in content marketing by publishing white papers, case studies, and blog posts that highlight your knowledge and breakthroughs in drug discovery.
5. Utilizing Social Media: Platforms like LinkedIn, Twitter, and ResearchGate are valuable for connecting with industry professionals and sharing insights about your research. Regularly post updates about your projects, participate in relevant discussions, and use targeted advertising to reach specific segments of your audience.
6. Engaging with Investors: Craft a compelling pitch that outlines your business model, market opportunity, and competitive advantages. Prepare a detailed business plan that includes financial projections, milestones, and a clear exit strategy. Attend investor conferences and pitch events to connect with potential investors who are interested in biotech innovations.
7. Thought Leadership and Scientific Publications: Establish your company as a thought leader in the biotech field by publishing research findings in reputable scientific journals and presenting at conferences. This not only builds credibility but also attracts attention from potential partners and clients who value expertise and innovation.
8. Customer Relationship Management: Implement a robust customer relationship management (CRM) system to track interactions with clients and prospects. This will help you manage leads, follow up efficiently, and nurture relationships over time. Providing exceptional customer service and maintaining open lines of communication can lead to increased loyalty and referrals.
9. Regulatory Knowledge and Compliance: Be well-versed in the regulatory landscape governing drug development and ensure that your marketing strategies comply with industry standards. This will not only protect your business but also build trust with stakeholders who expect adherence to ethical practices. By combining these marketing and sales strategies, a biotech drug discovery business can effectively position itself in the market, attract customers and investors, and ultimately drive growth and innovation.

When launching a biotech drug discovery business, efficient operations and logistics are crucial for success. This section outlines key components to consider for establishing a robust operational framework. Facility and Equipment Needs A suitable laboratory space is essential for conducting research and development (R&D). This facility should be equipped with specialized instruments for assays, high-throughput screening, and molecular biology techniques. Depending on the focus of the drug discovery efforts, investments in equipment such as automated liquid handlers, mass spectrometers, and incubators may be necessary. It’s also important to ensure that the facility complies with relevant health and safety regulations, as well as good laboratory practices (GLP). Supply Chain Management Developing a reliable supply chain is paramount for sourcing the raw materials and reagents required for drug discovery. Establish relationships with reputable suppliers for biological samples, chemical compounds, and laboratory consumables. Consider establishing agreements with multiple suppliers to mitigate risks associated with supply disruptions. Additionally, keep track of inventory levels and implement a management system to streamline procurement processes. Collaboration and Networking Partnerships with academic institutions, research organizations, and other biotech firms can enhance capabilities and accelerate research efforts. Collaborating with universities can provide access to cutting-edge research, skilled personnel, and advanced technologies. Networking within the biotech community can also lead to opportunities for joint ventures, funding, and shared resources. Regulatory Compliance Navigating the regulatory landscape is a critical aspect of biotech operations. Familiarize yourself with the requirements set forth by agencies such as the FDA or EMA for drug development. This includes understanding the stages of preclinical and clinical trials, as well as the necessary documentation and quality assurance processes. Implementing a regulatory strategy early in the business plan can save time and resources later on. Project Management Effective project management methodologies, such as Agile or Lean, can help streamline research processes and enhance productivity. Developing a clear timeline with milestones for drug discovery projects will help keep the team focused and accountable. Utilizing project management software can assist in tracking progress, allocating resources, and managing budgets effectively. Talent Acquisition and Development Building a skilled team is vital for success in the biotech sector. Focus on hiring scientists with expertise in drug discovery, pharmacology, and related fields. Additionally, invest in continuous training and development to keep your team updated on the latest advancements in biotechnology. A culture of innovation and collaboration will foster creativity and drive the research agenda. Financial Management Lastly, establishing a solid financial operations framework is essential. This includes budgeting for R&D expenses, forecasting cash flow, and securing funding through grants, venture capital, or strategic partnerships. Regular financial reviews will help ensure that resources are allocated efficiently and that the business remains sustainable during the often lengthy drug development process. By carefully considering these operational and logistical components, aspiring biotech entrepreneurs can create a strong foundation for their drug discovery business, ultimately increasing their chances of bringing innovative therapies to market.

Establishing a biotech drug discovery business requires a well-structured approach to human resources and management, as these elements are critical for the success of any startup in this complex field. The following considerations are essential for building a strong team and creating an effective management framework. Talent Acquisition: The foundation of a successful biotech company lies in its people. Start by identifying the key roles necessary for your operations, including research scientists, project managers, regulatory affairs specialists, and business development professionals. Given the specialized nature of biotech, focus on recruiting individuals with relevant experience and expertise in drug discovery, molecular biology, pharmacology, and clinical development. Networking within academic and industry circles can help you find candidates who are best suited for your needs. Team Composition: A diverse team brings a variety of perspectives and skills, which is crucial in a multidisciplinary field like biotechnology. Aim to include individuals with backgrounds in both science and business to foster innovation while ensuring commercial viability. Additionally, consider bringing in advisors or board members with extensive industry experience, as their insights can guide strategic decision-making and help navigate challenges. Organizational Culture: Cultivating a positive and inclusive workplace culture is vital for attracting and retaining top talent. Promote values like collaboration, integrity, and a commitment to scientific excellence. Encourage open communication and create an environment where team members feel empowered to share ideas and take calculated risks. Recognizing and rewarding contributions can also enhance employee satisfaction and motivation. Training and Development: Continuous learning is essential in the rapidly evolving biotech landscape. Invest in training programs to keep your team updated on the latest scientific advancements, regulatory changes, and industry trends. This not only enhances the skill set of your employees but also fosters loyalty and commitment to the company's mission. Performance Management: Establish clear performance metrics and goals for your team. Regular feedback sessions and appraisals can help align individual objectives with the broader aims of the business. Implementing a structured performance management system ensures that employees are accountable and can see how their work contributes to the company's success. Collaboration and Communication: Foster a culture of collaboration both within your team and with external partners, such as research institutions, contract research organizations (CROs), and regulatory bodies. Effective communication tools and strategies are essential for keeping all stakeholders informed and engaged, especially in a field where cross-disciplinary cooperation is often required. Compliance and Ethical Standards: Given the highly regulated nature of the biotech industry, it is crucial to ensure that your human resources practices adhere to all applicable laws and ethical standards. This includes fair hiring practices, employee rights, and health and safety regulations. Training employees on compliance issues not only protects the company legally but also builds a culture of responsibility. By focusing on these key areas of human resources and management, a biotech drug discovery business can create a strong foundation for growth and innovation, positioning itself to make significant contributions to the field and ultimately improve patient outcomes.

Embarking on the journey of establishing a biotech drug discovery business is both a challenging and rewarding venture. By understanding the intricacies of the industry, including the importance of research, regulatory compliance, and funding strategies, aspiring entrepreneurs can position themselves for success. Building a strong team with diverse expertise, fostering collaborations, and staying informed about the latest scientific advancements are crucial steps in this rapidly evolving field. As you navigate the complexities of drug discovery, remember that persistence, innovation, and a clear vision will be your greatest assets. With the right approach, you can contribute to groundbreaking advancements in medicine that have the potential to improve countless lives.

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