In today’s digital landscape, where online transactions and data exchanges are integral to everyday life, the threat of fraud has escalated to unprecedented levels. Businesses across various sectors face significant risks from fraudulent activities, leading to financial losses, reputational damage, and legal complications. As a result, the demand for effective fraud detection and prevention solutions has surged, creating a lucrative opportunity for entrepreneurs. Launching a business in this field not only addresses a pressing need but also allows you to contribute to the safety and security of countless organizations and consumers. This article will guide you through the essential steps to establish a successful fraud detection prevention business, from identifying your niche and understanding the technology behind fraud analytics to building a robust marketing strategy and navigating regulatory requirements. Whether you’re a tech-savvy professional or a seasoned entrepreneur looking to enter a new market, this comprehensive guide will equip you with the knowledge and tools necessary to thrive in this vital industry.

The global market for fraud detection and prevention is experiencing significant growth, driven by the increasing frequency and sophistication of fraudulent activities across various sectors. As businesses become more digital and interconnected, the need for robust fraud detection solutions has intensified. According to recent industry reports, the global fraud detection and prevention market was valued at approximately $20 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of around 15% from 2023 to 2030. This market encompasses a wide range of solutions, including software and services designed to identify suspicious activity, assess risk, and mitigate potential losses. The financial services sector, particularly banking and insurance, continues to dominate the market, accounting for a substantial share due to the critical need to protect sensitive financial data and comply with regulatory requirements. However, other industries, such as retail, e-commerce, healthcare, and telecommunications, are also increasingly investing in fraud prevention technologies to safeguard against revenue loss and preserve customer trust. Additionally, advancements in artificial intelligence (AI) and machine learning (ML) are transforming the fraud detection landscape, enabling more accurate and real-time analysis of transactional data. These technologies help organizations not only detect fraud more effectively but also predict and prevent future occurrences. As organizations prioritize digital transformation and customer experience, the demand for innovative fraud detection solutions is expected to rise, further fueling market expansion. Geographically, North America holds the largest market share, driven by the early adoption of advanced technologies and stringent regulatory frameworks. However, regions such as Asia-Pacific and Europe are witnessing rapid growth as businesses across these areas increasingly recognize the importance of fraud prevention in their operations. With the ongoing evolution of cyber threats and the growing emphasis on data security, the global fraud detection and prevention market presents a significant opportunity for entrepreneurs looking to establish a business in this vital and expanding field.

Identifying the target market is a crucial step for any fraud detection prevention business. This market encompasses a wide range of industries and sectors that are vulnerable to fraudulent activities and require robust solutions to mitigate risks.
1. Financial Institutions: Banks, credit unions, and other financial entities are primary targets for fraudsters. They require advanced detection systems to monitor transactions, prevent identity theft, and ensure compliance with regulatory requirements.

2. E-commerce and Retail: With the rise of online shopping, e-commerce platforms and retailers face significant risks from fraudulent transactions. Merchants need solutions that can analyze purchasing behavior, detect unusual patterns, and verify customer identities to minimize chargebacks and losses.
3. Insurance Companies: The insurance sector is often targeted by fraudulent claims. Companies need tools to assess claims, detect inconsistencies, and validate the authenticity of documentation submitted by policyholders.
4. Healthcare Providers: Fraud in healthcare, including billing fraud and identity theft, poses a significant challenge. Hospitals and clinics need systems to monitor billing practices and ensure that services rendered are legitimate and accurately billed.
5. Government Agencies: Public sector organizations, including social services and tax authorities, require fraud detection solutions to prevent abuse of social programs and ensure accurate reporting of income and benefits.
6. Telecommunications: Telecom companies are frequently targeted for subscription fraud and identity theft. They need solutions that can identify fraudulent account creation and prevent unauthorized access to services.
7. Gaming and Gambling: The gaming industry, particularly online gaming and casinos, is susceptible to various forms of fraud, including money laundering and bonus abuse. Operators require sophisticated tools to monitor transactions and player behavior.
8. Small and Medium Enterprises (SMEs): While often overlooked, SMEs are also at risk for fraud yet may lack the resources for internal fraud detection. Targeting this segment with affordable and scalable solutions can be a lucrative market opportunity.
9. Cybersecurity Firms: Partnering with cybersecurity companies can help fraud detection businesses reach clients looking for comprehensive security solutions that include fraud prevention as part of a broader risk management strategy. Understanding the unique needs and pain points of these segments will enable a fraud detection prevention business to tailor its offerings and marketing strategies effectively. By developing targeted solutions and creating awareness within these industries, businesses can establish themselves as trusted partners in the fight against fraud.

When launching a fraud detection prevention business, selecting the right business model is crucial for success. The choice of model will influence your revenue streams, target market, and operational strategies. Here are several viable business models to consider:
1. Software-as-a-Service (SaaS): This is one of the most popular models in the tech industry, particularly for fraud detection solutions. In this model, you develop a cloud-based software platform that clients can access via a subscription. This allows businesses to utilize your fraud detection tools without needing to invest in extensive infrastructure. SaaS models often include tiered pricing based on features, user count, or transaction volumes, making them scalable and attractive to a range of clients from startups to large enterprises.

2. Consulting Services: Offering consulting services can be an effective way to enter the market, especially if you have expertise in risk management or fraud prevention. This model involves working directly with clients to assess their needs, develop customized fraud prevention strategies, and implement solutions. While this model can provide immediate revenue, it may require significant time investment and can be limited in scalability.
3. Managed Services: In this model, you would provide ongoing management of fraud detection systems for clients. This includes monitoring transactions, analyzing data, and responding to potential fraud incidents. Managed services are appealing to businesses that lack the internal resources or expertise to handle fraud detection independently. This model typically combines a subscription fee with additional charges based on the volume of transactions or incidents handled.
4. Partnerships and Integrations: Collaborating with existing software providers, such as payment processors or e-commerce platforms, can help you reach a broader audience. By integrating your fraud detection tools into their systems, you can offer added value to their clients while generating revenue through partnerships, either via referral fees or shared revenue models.
5. Freemium Model: Some businesses opt for a freemium model, where basic fraud detection tools are offered for free, while advanced features require a paid subscription. This approach can help attract a large user base quickly, allowing you to upsell premium services to customers who see the value in enhanced functionalities.
6. Transaction-Based Fees: Another potential model involves charging clients based on the number of transactions processed or the volume of data analyzed. This aligns your revenue with the value you provide, as clients pay more as their transaction volume increases. This model can be particularly appealing to businesses with fluctuating transaction volumes.
7. Custom Solutions: For larger enterprises with specific needs, offering custom-built fraud detection systems can be a lucrative avenue. This model requires a deeper engagement with clients, understanding their unique challenges, and developing tailored solutions. While potentially high-reward, it also involves higher risks and resource commitments. In summary, the choice of business model for a fraud detection prevention venture should align with your capabilities, target market, and long-term goals. Each model has its pros and cons, and often a hybrid approach that combines elements from several models can be the most effective strategy. By carefully evaluating your options and aligning your offerings with market needs, you can establish a sustainable and profitable business in the fraud prevention space.

The competitive landscape for a fraud detection and prevention business is characterized by a mix of established players and emerging startups, each leveraging advanced technologies and innovative approaches to address the growing challenges of fraud. Key competitors include large technology firms that offer comprehensive cybersecurity solutions, specialized fraud prevention companies, and financial institutions with in-house risk management teams. Established firms such as FICO, Experian, and SAS have robust offerings in fraud detection, utilizing machine learning and analytics to provide real-time insights and risk assessments. These companies benefit from extensive resources, a broad customer base, and a wealth of historical data, which enhance their algorithms' effectiveness over time. Their strong brand reputation and deep industry knowledge allow them to cater to large enterprises, making them formidable competitors for new entrants. Emerging startups, on the other hand, are carving out niches by focusing on specific industries or adopting innovative technologies like artificial intelligence (AI) and blockchain. These companies often emphasize agility and customer-centric solutions, which can attract small to medium-sized enterprises (SMEs) looking for tailored approaches. Startups may also leverage cloud-based platforms to offer more affordable and scalable solutions, making them appealing to businesses with limited budgets. Additionally, the competitive landscape is shaped by regulatory changes and evolving consumer expectations. Companies must navigate a complex web of compliance requirements while also addressing the demand for enhanced security measures and user-friendly experiences. This dynamic environment creates opportunities for businesses that can effectively blend technology with customer service. Collaboration is another emerging trend in the fraud prevention space. Partnerships between technology providers, financial institutions, and law enforcement agencies are becoming increasingly common, allowing for the sharing of intelligence and resources. This collaborative approach can enhance the overall effectiveness of fraud detection strategies and create a competitive advantage for businesses that engage in these alliances. In summary, the competitive landscape for a fraud detection and prevention business is multifaceted, with a mix of large incumbents and agile startups. Success in this market requires a deep understanding of technology, regulatory requirements, and customer needs, as well as the ability to innovate and adapt in a rapidly changing environment.

When starting a fraud detection prevention business, it is essential to navigate the complex landscape of legal and regulatory requirements. These regulations vary by jurisdiction and can influence how you structure your business, the types of services you offer, and how you handle sensitive data. Here are some key aspects to consider:
1. Business Structure and Registration: Choose an appropriate business structure (e.g., LLC, corporation) and register your business with the relevant authorities. This may include obtaining a business license and ensuring compliance with local zoning laws.

2. Data Protection and Privacy Laws: Given that fraud detection involves handling sensitive personal and financial information, compliance with data protection laws is critical. In the United States, this includes adherence to regulations such as the Health Insurance Portability and Accountability Act (HIPAA) for healthcare-related data, the Gramm-Leach-Bliley Act (GLBA) for financial institutions, and state-specific laws like the California Consumer Privacy Act (CCPA). In the European Union, the General Data Protection Regulation (GDPR) imposes strict rules on data collection, processing, and storage.
3. Industry-Specific Regulations: Depending on your target market, you may need to comply with industry-specific regulations. For instance, if your services cater to financial institutions, you will need to be familiar with the regulations set forth by the Financial Crimes Enforcement Network (FinCEN) and the Anti-Money Laundering (AML) laws. Businesses operating in sectors like e-commerce or telecommunications may be subject to additional compliance requirements.
4. Licensing and Certifications: Some jurisdictions may require specific licenses or certifications to operate a fraud detection service. Research local and national requirements to ensure that you obtain any necessary credentials. Moreover, certifications from recognized bodies (e.g., Certified Fraud Examiner or Certified Information Systems Security Professional) can enhance your credibility and demonstrate compliance with industry standards.
5. Consumer Protection Laws: Familiarize yourself with consumer protection laws that govern how you can market your services and interact with clients. These laws are designed to protect consumers from deceptive practices and ensure transparency in business operations.
6. Contractual Obligations: When establishing partnerships with clients or vendors, ensure that your contracts clearly outline the responsibilities and liabilities of each party regarding fraud detection services. Contracts should also address issues related to data ownership, confidentiality, and dispute resolution.
7. Insurance Requirements: Consider obtaining professional liability insurance (errors and omissions insurance) to protect your business against claims of negligence or failure to provide adequate services. Additionally, cybersecurity insurance can offer protection against data breaches and cyber-attacks, which are pertinent risks in the fraud detection field.
8. Compliance Programs: Implement robust compliance programs to ensure that your business adheres to all applicable laws and regulations. This can include regular audits, employee training on compliance issues, and the establishment of policies for reporting and responding to potential fraud incidents. By understanding and addressing these legal and regulatory requirements, you can position your fraud detection prevention business for success while minimizing the risk of legal complications. It is advisable to consult with a legal professional who specializes in business law and compliance to ensure that you meet all necessary obligations.

When embarking on the journey to establish a fraud detection prevention business, securing adequate financing is crucial to cover operational costs, technology investments, and marketing efforts. Here are several financing options to consider:
1. Self-funding: Many entrepreneurs opt to use personal savings or assets to fund their initial startup costs. This option allows for complete control over the business without the obligation to repay loans or share equity. However, it also carries the risk of personal financial loss.

2. Friends and Family: Turning to friends and family for financial support can be a viable option. This informal funding source can provide the necessary capital with more flexible repayment terms. It's important to approach these discussions professionally and ensure clarity on the terms to avoid straining personal relationships.
3. Bank Loans: Traditional bank loans are a common financing route. Entrepreneurs can apply for a small business loan, which typically requires a solid business plan, good credit, and collateral. While this option can provide significant capital, it also involves repayment with interest, which can be a burden if the business does not generate immediate revenue.
4. Venture Capital: For those looking to scale rapidly, seeking venture capital may be an option. Venture capitalists invest in businesses with high growth potential in exchange for equity. This route not only provides funding but also valuable mentorship and networking opportunities. However, it often involves giving up a degree of control over the business.
5. Angel Investors: Similar to venture capital, angel investors are individuals who provide capital for startups, usually in exchange for convertible debt or ownership equity. They can also offer strategic advice and connections in the industry, which can be invaluable for a new business.
6. Crowdfunding: Platforms like Kickstarter, Indiegogo, or GoFundMe allow entrepreneurs to raise funds from a large number of people, typically via small contributions. This method not only provides capital but also serves as a way to validate the business concept and build a customer base before launch.
7. Grants and Competitions: Various government programs, non-profits, and organizations offer grants and startup competitions aimed at fostering innovation in technology and security. These funds do not require repayment, making them an attractive option, though they often come with specific eligibility criteria and application processes.
8. Incubators and Accelerators: Joining a startup incubator or accelerator can provide initial funding, mentorship, and resources to help launch the business. These programs often culminate in a pitch event where startups can present to investors for additional funding opportunities. In summary, starting a fraud detection prevention business requires careful consideration of various financing options. Each route has its advantages and challenges, and the right choice will depend on individual circumstances, business goals, and the level of risk one is willing to undertake. Planning and strategic financial management will play a crucial role in the long-term success of the venture.

When launching a fraud detection prevention business, it is essential to develop effective marketing and sales strategies that resonate with your target audience. Here are several key approaches to consider:
1. Identify Your Target Market: Begin by defining your ideal customers, which may include financial institutions, e-commerce businesses, insurance companies, and any organization that processes transactions. Understanding their pain points related to fraud will help tailor your messaging and solutions.

2. Establish a Strong Brand Presence: Create a professional brand identity that conveys trust and reliability. Your logo, website, and marketing materials should reflect your expertise in fraud detection. Consider sharing case studies, testimonials, and success stories to build credibility.
3. Content Marketing: Develop informative content that addresses common fraud-related challenges and solutions. This can include blog posts, white papers, webinars, and videos. By positioning your company as a thought leader in the fraud prevention space, you can attract potential clients and establish trust.
4. Utilize SEO and Online Marketing: Optimize your website for search engines to ensure that potential clients can easily find you when searching for fraud detection services. Invest in pay-per-click advertising and social media promotions to reach a broader audience and generate leads.
5. Network and Partner: Build relationships with other businesses and organizations in your sector. Attend industry conferences, trade shows, and networking events to connect with potential customers and partners. Forming strategic alliances with complementary services can enhance your offerings and expand your reach.
6. Offer Free Trials or Demos: Allow potential customers to experience your fraud detection solutions firsthand through free trials or live demonstrations. This can help dispel any doubts they may have about the effectiveness of your services.
7. Develop a Sales Funnel: Create a systematic approach to guide potential clients through the buying process. This includes lead generation, nurturing, and conversion strategies. Use marketing automation tools to streamline this process and keep track of interactions with leads.
8. Leverage Social Proof: Encourage satisfied clients to leave reviews and testimonials. Highlight these on your website and marketing materials to provide social proof, which can significantly influence potential customers' decisions.
9. Provide Excellent Customer Support: Ensure that your customer service is top-notch. Offering responsive support can differentiate your business from competitors and encourage word-of-mouth referrals.
10. Monitor and Adapt: Continuously analyze your marketing and sales efforts to identify what works and what doesn’t. Utilize analytics tools to track website traffic, conversion rates, and customer feedback. Be ready to adapt your strategies based on this data to improve performance. By implementing these strategies, you can effectively market your fraud detection prevention business and establish a robust sales pipeline that drives growth and success.

In establishing a fraud detection and prevention business, the operations and logistics are critical components that can determine the success and efficiency of the service offered. Properly defining the operational framework and logistics will help streamline processes, minimize costs, and enhance the quality of service provided to clients. Operational Framework
1. Technology Infrastructure: The backbone of any fraud detection business is its technology. Invest in robust software solutions that can analyze data patterns, using machine learning and artificial intelligence to identify anomalies. Consider cloud-based solutions for scalability and flexibility. The technology stack should include data integration tools, analytics platforms, and real-time monitoring systems.

2. Data Acquisition and Management: Establish partnerships with data providers to access relevant datasets, such as transaction histories, behavioral data, and identity verification databases. Implement strong data management practices to ensure the integrity and privacy of sensitive information, adhering to regulations such as GDPR or CCPA.
3. Staffing and Expertise: Build a team with diverse expertise, including data scientists, analysts, and cybersecurity professionals. Ongoing training and development are essential to keep the team updated on the latest fraud trends and technologies. Consider hiring or consulting with legal experts to ensure compliance with industry regulations and standards.
4. Client Onboarding and Support: Develop a streamlined onboarding process for new clients, which includes assessing their specific needs, integrating their systems with your technology, and providing training on how to use your services effectively. Establish a dedicated support team to assist clients with any issues they encounter and to provide continuous education on fraud prevention strategies. Logistics Management
1. Supply Chain Coordination: If your business requires physical products, such as hardware for biometric identification systems, establish a reliable supply chain. Identify suppliers, negotiate contracts, and ensure timely delivery of necessary equipment to maintain operational continuity.

2. Communication Channels: Set up efficient communication channels both internally among your team and externally with clients. Use project management and collaboration tools to enhance teamwork and track progress. Regular updates and clear communication with clients are vital for maintaining trust and ensuring satisfaction.
3. Scalability and Flexibility: Design operations that can scale with growth. This includes having adaptable processes that can handle increased data loads and a flexible workforce that can be expanded based on demand. Consider remote working options to attract a wider talent pool and reduce overhead costs.
4. Performance Metrics and Feedback Loops: Implement key performance indicators (KPIs) to measure the effectiveness of your fraud detection measures and overall business performance. Regularly gather feedback from clients to improve services and address any emerging needs or concerns.
5. Crisis Management and Contingency Planning: Develop a crisis management plan that includes protocols for responding to potential data breaches or system failures. This plan should outline steps for communication, mitigation, and recovery to ensure business continuity in the face of unforeseen challenges. By carefully planning and executing these operational and logistical elements, a fraud detection and prevention business can position itself as a trusted partner in safeguarding clients against fraudulent activities. This strategic approach not only enhances efficiency but also builds a strong foundation for long-term success and growth in a competitive market.

Effective human resources and management practices are crucial for establishing a successful fraud detection prevention business. This sector demands a team equipped with specialized skills, a strong ethical foundation, and the ability to adapt to rapidly changing technologies and methodologies. Here are key considerations for building and managing your workforce:
1. Talent Acquisition: Begin by identifying the specific skills and expertise required for your business. Look for professionals with backgrounds in data analysis, cybersecurity, financial auditing, and risk management. It’s also beneficial to hire individuals with experience in law enforcement or compliance, as they can provide valuable insights into fraudulent behavior and regulatory requirements.

2. Training and Development: Once you have assembled a team, invest in continuous training and development. The landscape of fraud detection is constantly evolving, with new techniques and technologies emerging regularly. Providing ongoing education will not only enhance your team’s skills but also foster a culture of learning and adaptability. Consider workshops, certifications, and access to industry conferences as part of your training programs.
3. Building a Collaborative Culture: Encourage a collaborative work environment where team members can share insights and strategies. Fraud prevention often requires a multidisciplinary approach, combining knowledge from various fields. Create cross-functional teams to tackle complex cases and promote open communication to facilitate the sharing of ideas.
4. Performance Management: Implement a robust performance management system that includes clear objectives, regular feedback, and performance reviews. This will help ensure that employees are aligned with the company's goals and are performing at their best. Recognize and reward employees who demonstrate exceptional analytical skills and contribute significantly to fraud detection efforts.
5. Ethics and Compliance: Given the sensitive nature of fraud detection, instilling a strong ethical framework within your organization is paramount. Develop a code of conduct that emphasizes integrity, confidentiality, and compliance with legal standards. Conduct regular training sessions on ethical decision-making and the importance of maintaining trust with clients and stakeholders.
6. Utilizing Technology: Leverage technology to enhance human resources management. Use applicant tracking systems (ATS) to streamline the recruitment process, and consider performance management software to track employee progress and development. Additionally, tools that support remote collaboration can help you manage a distributed team effectively, which is increasingly relevant in today’s work environment.
7. Employee Wellbeing: Recognize that the work involved in fraud detection can be stressful, particularly when dealing with sensitive information or high-stakes situations. Prioritize employee wellbeing by offering mental health resources, promoting work-life balance, and fostering a supportive workplace culture. This will not only improve employee satisfaction but also enhance overall productivity and retention.
8. Networking and Partnerships: Encourage your team to engage with industry networks and professional organizations. Building partnerships with other businesses, law enforcement agencies, and regulatory bodies can enhance your company’s credibility and provide valuable resources for both employee development and operational effectiveness. By focusing on these aspects of human resources and management, you can create a strong foundation for your fraud detection prevention business, fostering an environment that attracts top talent and drives innovation in your services.

In conclusion, launching a fraud detection and prevention business presents a significant opportunity to address a critical need in today’s increasingly digital world. By understanding the various types of fraud, leveraging advanced technologies, and implementing robust strategies, you can create a solution that not only protects businesses and consumers but also builds trust in the marketplace. Success in this industry hinges on staying informed about the latest trends and threats, investing in continuous learning, and fostering strong relationships with clients. As you embark on this journey, remember that your commitment to innovation and integrity will be key drivers in establishing a reputable and effective enterprise. With the right approach, your business can play a vital role in safeguarding against fraud and contributing to a more secure financial landscape.

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