As the intersection of technology and healthcare continues to evolve, the demand for innovative solutions is at an all-time high. Natural Language Processing (NLP), a branch of artificial intelligence that enables machines to understand and interpret human language, is transforming the life sciences sector. From improving patient outcomes to streamlining clinical research, the applications of NLP are vast and varied. However, starting a business in this burgeoning field can be daunting, given the complexities of healthcare regulations, data privacy concerns, and the need for specialized knowledge. In this article, we will explore the essential steps and considerations for launching a successful healthcare life sciences NLP venture. Whether you are a seasoned entrepreneur or a newcomer to the industry, this guide will provide valuable insights into navigating the challenges and harnessing the opportunities that lie ahead.

The global market for healthcare and life sciences natural language processing (NLP) is experiencing robust growth, driven by the increasing need for efficient data management, improved patient outcomes, and advancements in AI technologies. As of 2023, the market is estimated to be valued at several billion dollars and is projected to continue expanding at a compound annual growth rate (CAGR) of over 20% through the next five years. This growth is fueled by several key factors. Firstly, the ever-increasing volume of unstructured data generated in the healthcare sector, including clinical notes, research articles, and patient interactions, necessitates the implementation of sophisticated NLP solutions. Healthcare organizations are increasingly seeking ways to extract actionable insights from this data to enhance decision-making and streamline operations. Secondly, the growing emphasis on personalized medicine and patient-centric care is pushing healthcare providers to leverage NLP technologies to better understand patient needs and improve treatment plans. NLP applications, such as sentiment analysis and symptom extraction from patient records, are becoming essential for providing tailored healthcare services. Moreover, regulatory requirements and the push for data interoperability are driving investments in NLP solutions. Healthcare organizations are motivated to adopt technologies that can facilitate compliance with regulations while improving the quality of care. The market is also characterized by a diverse range of applications, from clinical documentation and coding to drug discovery and patient engagement tools. Major players in the field are investing significantly in research and development to innovate and enhance their NLP offerings, further contributing to market growth. As the healthcare landscape continues to evolve, the demand for NLP technologies will likely increase, presenting substantial opportunities for new entrants and established companies alike. Entrepreneurs looking to enter the healthcare life sciences NLP market should consider these trends and capitalize on the growing need for intelligent solutions that can transform healthcare delivery.

When embarking on a healthcare life sciences NLP business, identifying the target market is crucial for success. The target market can be segmented into several key categories, each with unique needs and potential applications for NLP technology.
1. Pharmaceutical Companies: These organizations often require advanced data analysis to streamline drug discovery, clinical trials, and post-market surveillance. NLP can assist in extracting insights from vast amounts of unstructured data, including research papers, clinical trial reports, and adverse event reports.

2. Healthcare Providers: Hospitals and clinics are increasingly looking to enhance patient care and operational efficiency through technology. NLP applications can help in automating clinical documentation, improving patient-provider communication, and analyzing patient feedback to improve services.
3. Health Insurance Companies: Insurers can leverage NLP to process claims, detect fraud, and analyze patient data for risk assessment. By automating these processes, they can reduce operational costs and improve overall service quality.
4. Regulatory Agencies: Organizations such as the FDA and EMA require efficient methods to analyze large volumes of data related to drug safety and efficacy. NLP can play a role in monitoring and reporting by extracting relevant information from diverse sources.
5. Research Institutions and Academia: Universities and research organizations often need tools to analyze literature and data trends in health sciences. NLP can facilitate systematic reviews, meta-analyses, and the extraction of relevant information from scientific publications.
6. Patient Engagement Platforms: Companies focused on patient engagement can utilize NLP to create chatbots, virtual health assistants, and personalized communication tools that enhance patient experience and adherence to treatment plans.
7. Health Technology Companies: Startups and established firms developing digital health solutions can integrate NLP into their products to improve functionalities such as symptom checkers, diagnostic tools, and health monitoring applications. By understanding these segments, entrepreneurs can tailor their offerings to meet the specific demands of each group, ensuring that their NLP solutions are not only innovative but also aligned with the real-world challenges faced by stakeholders in the healthcare life sciences sector. Market research, customer feedback, and collaboration with industry experts will further refine the business strategy, allowing for a targeted approach that addresses the needs of the chosen audience effectively.

When venturing into the healthcare life sciences NLP (Natural Language Processing) business, it's crucial to consider various business models that can effectively align with your goals, target audience, and market needs. Here are several models that can be tailored to the healthcare and life sciences sectors:
1. Software as a Service (SaaS): This model involves providing NLP tools and platforms via a subscription-based service. Healthcare organizations can access your NLP solutions through the cloud, allowing them to analyze patient data, streamline administrative tasks, and enhance clinical decision-making without significant upfront investments. This model can be particularly appealing for small to mid-sized healthcare providers looking to leverage advanced analytics without the burden of maintaining complex infrastructure.

2. Consulting Services: Offering specialized consulting services can help healthcare organizations implement NLP solutions tailored to their specific needs. This model involves working closely with clients to analyze their existing workflows, identify areas for improvement, and deploy customized NLP applications. By combining domain expertise in healthcare with NLP capabilities, you can provide high-value services that lead to improved patient outcomes and operational efficiencies.
3. Partnerships with Healthcare Institutions: Collaborating with hospitals, clinics, or research institutions can create opportunities for joint development and deployment of NLP solutions. This model could involve co-developing products tailored to specific use cases, such as clinical documentation improvement, patient sentiment analysis, or drug discovery insights. By leveraging the expertise and resources of established healthcare entities, you can enhance the credibility of your offerings and access a wider customer base.
4. Freemium Model: This approach allows users to access a basic version of your NLP tools for free, with the option to upgrade to a paid version that includes advanced features and capabilities. This model can help you build a user base quickly and gain valuable feedback to refine your product. In the healthcare sector, providing free trials or limited access can entice healthcare professionals to explore your solutions, leading to potential conversions into paying customers.
5. Licensing: Licensing your NLP technology to other software developers or healthcare companies can be a lucrative model. Under this arrangement, you grant access to your proprietary algorithms and tools in exchange for licensing fees or royalties. This model can expand your reach without the need to directly market to end-users, allowing you to focus on developing and improving your technology while partners handle distribution and sales.
6. Data-as-a-Service (DaaS): With the increasing volume of healthcare data generated daily, offering insights and analytics derived from NLP processes can be an attractive business model. By aggregating and anonymizing data, you can provide valuable insights to pharmaceutical companies, research institutions, and healthcare providers. This model emphasizes the importance of data privacy and compliance, ensuring that all information is handled in accordance with regulations such as HIPAA.
7. Training and Education: As NLP technology continues to evolve, there is a growing need for training and educational resources in this field. Offering workshops, webinars, and online courses on the application of NLP in healthcare can position your business as a thought leader and drive revenue. This model not only supports the broader adoption of NLP technologies but also builds a community of practitioners who may become future clients. Selecting the right business model will depend on your specific strengths, market demands, and long-term vision. It's essential to stay adaptable and open to evolving your approach as technology and the healthcare landscape change.

In the rapidly evolving field of healthcare and life sciences, the competitive landscape for natural language processing (NLP) businesses is both dynamic and diverse. A variety of players, ranging from established tech giants to innovative startups, are vying for a foothold in this burgeoning market. Companies are leveraging NLP to enhance patient care, streamline operations, and derive actionable insights from vast amounts of unstructured data found in electronic health records, clinical notes, and research articles. Key competitors include major technology firms like IBM, Google, and Microsoft, which have invested heavily in AI and NLP capabilities. These companies offer comprehensive platforms that integrate NLP with other AI technologies, providing healthcare organizations with robust solutions for data analysis, patient interaction, and decision support. Their established relationships with healthcare institutions and access to vast resources allow them to rapidly innovate and scale their offerings. In addition to tech giants, numerous startups are emerging and focusing on niche areas within the healthcare NLP sector. These companies often bring specialized knowledge or unique algorithms that address specific pain points, such as medical coding, sentiment analysis in patient feedback, or predictive analytics for disease outbreaks. Startups typically operate with greater agility, allowing them to adapt quickly to changing market needs and integrate feedback from early adopters. The competitive landscape also includes academic institutions and research organizations that contribute to the development of cutting-edge NLP technologies. Collaborations between these entities and commercial businesses are increasingly common, fostering innovation and bridging the gap between research and practical application. Moreover, the regulatory environment plays a crucial role in shaping competition. Companies must navigate complex compliance requirements related to patient privacy and data security, which can create barriers to entry for new entrants but also present opportunities for firms that can demonstrate robust compliance and ethical handling of sensitive health information. As the demand for NLP solutions in healthcare continues to grow, the competitive landscape is expected to become even more crowded. Businesses entering this space must differentiate themselves through unique value propositions, such as superior accuracy, user-friendly interfaces, or cost-effective solutions. Forming strategic partnerships with healthcare providers, leveraging patient-centric approaches, and continuously investing in research and development will be essential strategies for success in this competitive environment.

When starting a healthcare life sciences NLP business, it is crucial to navigate the complex landscape of legal and regulatory requirements that govern both the healthcare and technology industries. Compliance with these regulations not only ensures the legality of your operations but also builds trust with your clients and stakeholders. First and foremost, businesses in the healthcare sector must comply with the Health Insurance Portability and Accountability Act (HIPAA) in the United States. HIPAA sets the standard for protecting sensitive patient information. If your NLP solutions will handle any form of protected health information (PHI), you must implement stringent privacy and security measures to safeguard this data. This includes ensuring that all data is encrypted, staff undergoes training on data privacy, and proper consent is obtained from patients before processing their information. In addition to HIPAA, you should be aware of the Food and Drug Administration (FDA) regulations if your NLP technology is intended for use in clinical decision-making or diagnosis. The FDA classifies software as a medical device under certain conditions, which may require premarket notification or approval. Familiarizing yourself with the FDA's Digital Health Innovation Action Plan can provide guidance on how to navigate this regulatory environment. Data protection laws, such as the General Data Protection Regulation (GDPR) in the European Union, also play a significant role if your business operates internationally or collects data from EU residents. GDPR mandates strict guidelines on data collection, processing, and storage, emphasizing the need for explicit consent and the right to data access and deletion. Compliance with GDPR is essential to avoid hefty fines and to maintain credibility in the market. Furthermore, intellectual property considerations are critical in the life sciences and technology sectors. Protecting your innovations through patents, copyrights, or trademarks can safeguard your competitive advantage. Consulting with legal experts to develop a robust intellectual property strategy is advisable to ensure your NLP algorithms and software are adequately protected. Lastly, consider any state or local regulations that may apply, especially if your business involves clinical applications or partnerships with healthcare providers. It is important to conduct thorough research on licensing requirements and industry-specific regulations that vary by geography. In summary, starting a healthcare life sciences NLP business requires a comprehensive understanding of various legal and regulatory frameworks. Ensuring compliance with HIPAA, FDA regulations, GDPR, and local laws, along with protecting your intellectual property, will be instrumental in establishing a successful and trustworthy organization in this rapidly evolving field. Engaging legal counsel with expertise in healthcare and technology can greatly facilitate this process and help you navigate the complexities involved.

When starting a healthcare life sciences NLP business, securing the right financing is crucial to support initial development, technology acquisition, and operational costs. Here are several financing options to consider:
1. Bootstrapping: Many entrepreneurs begin by funding their businesses through personal savings or revenue generated from early customers. This approach allows for maximum control but can be risky, as it places the financial burden entirely on the founders.

2. Angel Investors: Attracting angel investors can provide essential capital, especially if you can present a compelling business plan and demonstrate the potential for growth in the healthcare NLP sector. Angels often bring not just funding but also valuable industry connections and mentorship.
3. Venture Capital: For businesses with high growth potential, venture capital firms may be interested in providing larger amounts of funding in exchange for equity. This option can help accelerate growth, but it often requires giving up some control and equity in the business.
4. Grants and Subsidies: Various government programs and private foundations offer grants specifically aimed at technology and healthcare innovations. Researching and applying for these grants can provide non-dilutive funding that doesn't require repayment.
5. Crowdfunding: Platforms like Kickstarter or Indiegogo allow entrepreneurs to raise funds from the public. This can be particularly effective for validating your idea while simultaneously generating capital. However, a strong marketing strategy is essential to attract backers.
6. Bank Loans: Traditional bank loans or lines of credit can provide necessary funding, especially for established businesses with a solid credit history. However, these loans typically require collateral and a repayment plan, which can be burdensome for startups.
7. Accelerators and Incubators: Joining a healthcare-focused accelerator or incubator can provide not only funding but also mentorship, networking opportunities, and resources to help you refine your business model and technology.
8. Strategic Partnerships: Collaborating with established companies in the healthcare sector can provide access to funding, technology, and market channels. These partnerships often involve a shared vision and can enhance credibility in the marketplace.
9. Family and Friends: While often a more informal route, seeking financial support from family and friends can be a quick way to raise initial capital. It's important to approach these arrangements professionally to avoid straining personal relationships. Each financing option comes with its own set of advantages and challenges. It's essential to evaluate your business's unique needs, growth potential, and long-term vision when deciding which path to pursue. Balancing the need for capital with the implications of equity dilution or debt is critical for setting a strong foundation for your healthcare life sciences NLP venture.

When venturing into the healthcare life sciences NLP business, it is crucial to establish effective marketing and sales strategies that resonate with your target audience. This sector is characterized by a blend of technical innovation and the need for trust and credibility, making it essential to tailor your approach accordingly.
1. Identify Your Target Market: Begin by defining your ideal customer segments. This may include healthcare providers, pharmaceutical companies, research institutions, and biotech firms. Understanding their specific needs, pain points, and decision-making processes will help you craft tailored messaging and solutions.

2. Build a Strong Value Proposition: Articulate a clear and compelling value proposition that highlights how your NLP solutions can address the unique challenges faced by your target market. Focus on the benefits of your offerings, such as improved patient outcomes, enhanced operational efficiency, or streamlined research processes. Use case studies and testimonials to demonstrate the effectiveness of your solutions.
3. Leverage Content Marketing: Develop a robust content marketing strategy that positions your business as a thought leader in the healthcare NLP space. Create informative blog posts, whitepapers, and case studies that educate your audience on the benefits of NLP technologies. Hosting webinars or podcasts can also provide valuable insights while engaging potential customers.
4. Utilize Digital Marketing: Implement a comprehensive digital marketing strategy that includes search engine optimization (SEO), pay-per-click (PPC) advertising, and social media marketing. Focus on platforms where your target audience is active, such as LinkedIn or industry-specific forums. Tailored ads can help generate leads and raise awareness about your solutions.
5. Network and Build Partnerships: Establish relationships with key stakeholders in the healthcare and life sciences industries. Attend conferences, trade shows, and networking events to connect with potential clients and partners. Collaborations with established organizations can lend credibility to your business and open doors to new opportunities.
6. Offer Pilot Programs and Free Trials: To encourage adoption of your NLP solutions, consider offering pilot programs or free trials. This allows potential customers to experience the value of your product firsthand without a significant initial investment. Collect feedback during this phase to refine your offerings and strengthen your case for full-scale implementation.
7. Develop a Sales Strategy: Create a strategic sales process that includes lead generation, nurturing, and closing techniques. Equip your sales team with the necessary training and resources to understand the technical aspects of your products, as well as the specific needs of healthcare clients. A consultative selling approach can be particularly effective in this sector, as it emphasizes understanding and addressing client needs.
8. Focus on Regulatory Compliance: Given the highly regulated nature of the healthcare industry, ensure that your marketing materials and sales strategies emphasize compliance with relevant regulations such as HIPAA or FDA guidelines. Communicating your commitment to data security and ethical practices can enhance trust and credibility.
9. Monitor and Adapt: Regularly analyze the effectiveness of your marketing and sales strategies. Use analytics tools to track key performance indicators (KPIs) and gather insights on customer behavior. Be prepared to adapt your approach based on feedback and market changes to stay competitive. By implementing these strategies, you can effectively market your healthcare life sciences NLP business, build a strong customer base, and drive sustainable growth in this dynamic industry.

When launching a healthcare life sciences NLP (Natural Language Processing) business, effective operations and logistics are critical to ensuring your venture runs smoothly and meets the specific needs of the industry. Here are key considerations to guide your operational strategy: Infrastructure Development: Establish a robust technological infrastructure that supports data processing and analysis. This includes high-performance computing resources, data storage solutions, and cloud services that can handle large datasets typical in healthcare. Ensure that your infrastructure complies with healthcare regulations such as HIPAA, which governs patient data security and privacy. Data Acquisition and Management: Develop a strategy for acquiring diverse and high-quality datasets essential for training your NLP models. This may involve partnerships with healthcare providers, research institutions, or data aggregators. Implement stringent data management protocols to ensure data integrity, compliance, and ethical usage. Create a framework for data annotation, which is crucial for supervised learning in NLP tasks. Talent Acquisition: Build a team with expertise in both healthcare and NLP technologies. Recruit data scientists, machine learning engineers, healthcare professionals, and domain experts who can contribute to the development and deployment of your solutions. Continuous training and development programs should be established to keep your team updated with the latest advancements in both fields. Product Development and Iteration: Adopt an agile development methodology to rapidly prototype and iterate on your NLP solutions. This involves regularly collecting feedback from users—such as clinicians, researchers, and administrators—to refine your products. Focus on creating user-friendly interfaces and ensuring that your solutions integrate seamlessly with existing healthcare systems and workflows. Regulatory Compliance: Stay abreast of relevant regulations and industry standards that impact your operations. Engage with legal experts to navigate the complex regulatory landscape surrounding healthcare technology. Implement processes to ensure that your products are compliant with medical device regulations, as well as data protection laws. Partnerships and Collaborations: Identify and cultivate strategic partnerships with healthcare organizations, technology providers, and academic institutions. Collaborations can enhance your credibility, expand your reach, and provide access to additional resources and expertise. Consider forming alliances for joint research initiatives or co-development projects that leverage complementary strengths. Marketing and Business Development: Develop a clear marketing strategy that highlights the unique value propositions of your NLP solutions. Create educational content that addresses the pain points of your target audience in the healthcare sector. Attend industry conferences, engage in networking opportunities, and utilize digital marketing channels to build brand awareness and attract potential clients. Customer Support and Feedback Loop: Establish a customer support system to assist clients in implementing and utilizing your NLP solutions effectively. Create a feedback loop that allows users to report issues and suggest improvements, ensuring that your offerings evolve in response to real-world needs. By systematically addressing these operational and logistical elements, you can lay a strong foundation for your healthcare life sciences NLP business, positioning it for growth and success in a competitive landscape.

Establishing a healthcare life sciences NLP business requires a strategic approach to human resources and management, as the success of such a venture heavily relies on the expertise and capabilities of its workforce. Here are key considerations to effectively build and manage a team in this specialized field:
1. Talent Acquisition: The foundation of a successful NLP business in healthcare lies in recruiting individuals with a unique blend of skills. Look for experts in natural language processing, machine learning, data science, and healthcare domain knowledge. Additionally, consider professionals with experience in regulatory compliance and patient data privacy, as these are critical in the healthcare sector.

2. Diverse Skill Sets: Assemble a multidisciplinary team that includes not only technical experts but also those with healthcare experience, such as clinicians or medical researchers. This diversity will enhance your organization’s ability to understand and address the nuanced needs of healthcare providers and patients.
3. Continuous Training and Development: The fields of NLP and healthcare are rapidly evolving. Implement ongoing training programs to ensure that your team stays abreast of the latest technologies, methodologies, and regulations. Encourage participation in workshops, conferences, and online courses to foster a culture of continuous learning.
4. Collaboration and Communication: Foster an environment of collaboration where team members can share ideas and insights. Utilize project management tools to streamline communication and ensure that all team members are aligned on project goals and timelines. Regularly scheduled meetings can help to maintain transparency and address any challenges that may arise.
5. Culture and Values: Establish a strong organizational culture that emphasizes innovation, ethical practices, and a commitment to improving healthcare outcomes. Clearly communicate your company’s mission and values to ensure that all employees are working towards common objectives. A positive culture can enhance employee satisfaction and retention, which is vital in a competitive talent market.
6. Performance Management: Implement a robust performance management system that includes clear metrics for evaluating employee contributions. Regular feedback and performance reviews can help identify areas for improvement and recognize high achievers. This approach not only motivates employees but also aligns individual performance with the overall goals of the organization.
7. Regulatory Awareness: Given the highly regulated nature of the healthcare industry, it is essential for your management team to stay informed about relevant laws and regulations, such as HIPAA in the United States. Develop protocols and training for staff to ensure that all operations comply with legal standards, particularly concerning patient data handling and security.
8. Scalability and Flexibility: As your business grows, your human resources strategies should adapt accordingly. Plan for scalability by developing a flexible workforce strategy that may include full-time employees, contractors, and partnerships with academic institutions or research organizations. This flexibility allows for a more dynamic response to market demands and technological advancements.
9. Employee Well-being: Prioritize the well-being of your employees by promoting work-life balance and supporting mental health initiatives. Offering benefits such as flexible working hours, remote work options, and wellness programs can enhance job satisfaction and reduce burnout—key factors in retaining top talent. By focusing on these aspects of human resources and management, you can build a skilled and motivated workforce that is equipped to tackle the challenges of developing NLP solutions for the healthcare life sciences sector. A well-managed team not only drives innovation but also plays a crucial role in ensuring the success and sustainability of your business.

In summary, embarking on a journey to establish a healthcare life sciences NLP business requires a strategic blend of industry knowledge, technical expertise, and a deep understanding of market needs. By focusing on the unique challenges and opportunities within the healthcare and life sciences sectors, entrepreneurs can leverage cutting-edge natural language processing technologies to deliver innovative solutions that enhance patient care, streamline operations, and improve clinical outcomes. Building a strong network of partnerships, staying abreast of regulatory requirements, and continuously iterating on your offerings will be crucial for long-term success. With the increasing demand for data-driven insights in healthcare, now is an opportune time to invest in this transformative field, paving the way for advancements that can significantly impact the industry and its stakeholders.

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