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Incorporating technology strategies into your business plan helps you to run a more competitive business. For example, you may realize that you need a certain piece of equipment to operate your business. Yet you may not immediately realize how it will affect your business financially in the long term.
How you strategically use the Internet to market your business is another technology area that benefits from proactive analyzing. By addressing these areas in your business plan, you may experience less monetary surprises in your allocated budget.
Conduct Cost-Benefit Analyses A Cost-Benefit Analysis is used to determine the payback or break-even point of any investment over a period of time.
Technology continues to advance, and this fact alone makes it worthwhile to conduct a CBA on technology-based equipment and services before making a purchasing decision. Run a CBA to show the purpose of technology equipment and services you plan to use in your business. List the upfront and operational annual costs.
This will include the dollar estimated value of lost time due to unforeseen circumstances, such as down-time, disruptions and sick-time. The impact of internal control, security and privacy risks must be considered on both sides of the CBA.
Deduct the annual investment from the benefits. Three years and under are typical break-even points for technology-based equipment such as computers and printers. Some investments like building purchases may take longer to reach payback. Use Internet Resources Place a general overview of how you plan to market your business online in your business plan.
More details can be placed in your marketing strategy. Developing a website, selecting a domain name, and defining the products and services you will offer on the Internet are all parts of a good technology strategy for your business plan.
Search engine registrations, social networking, directory listings and online advertisements are ways to market your business and solidify your online presence. These technology strategies, if mentioned in your business plan, can help you track your marketing effectiveness.
Then, you can see more clearly where to make changes to remain competitive.
Plan a Technology Growth Strategy A growth strategy for advanced technology can be internal, that is, company wide. For example, in the beginning of your business, you may have to wear many hats, including handling accounting tasks.
Your two-year vision may be to improve the efficiency of business processes in accounting. After conducting a cost-benefit analysis, you could include in your business plan a goal to implement more efficient, streamlined accounting software and an employee. An external technology growth strategy for your business plan may be more customer-focused.
You may need to acquire the needed equipment and services to get benchmarked with your competitors. Alternately, you could decide to outsource certain advanced technology services.
Your ideas for strategic growth in dealing with technology can be added to your business plan. Furthermore, implementing both internal and external growth technology strategies covered in your business plan can keep it from becoming stagnant.This document presents the Informa ti on Technology Services Business Plan for It outlines work plans for ITS over the coming triennium in the context of the overall mission, strategies and opera ti onal needs of the University.
State of Idaho Information Technology Business Plan Idaho Citizens easily access information Include a copy of the IT plan template − conducting a review of existing business continuity plans for sustaining those services and.
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