Business Plan: Operations Part II ~ Technology

Technology plans are no longer only necessary for service or technology businesses. Technology is a major part of every business and industry. Companies will have varying dependence upon technology depending on their product, service, and access to resources. Every business must spend time brainstorming, then outlining the role that technology will have in daily business operations. 

The Technology Plan of any business plan should address the following: 

• Specific technology the business will use to operate
• The cost of the technology
• What the technology will be used for -- customer interaction, manufacturing, producing services, marketing products or services, etc
• Cost of the technology (fixed and variable) based on use

How to choose technology:

• Cost
• Effectiveness
• Ease-of-use for internal and external users
• Easy integration into existing processes / technologies
• Savings for company time
• Efficiency 
• Ability to be upgraded or expanded based on demands of company
• **Ease of replacing parts and ongoing maintenance of system**
• SECURITY

Technology is here to stay and businesses unable to adapt or streamline processes through technology will be left behind in sales, competition, and growth. Technology enables companies to efficiently operate businesses and sell more with less effort. It is useful in every department of a company from financial accountability and human resources management to inventory control and marketing. 

Choosing technology is not as easy as it was in times past as the market has grown exponentially. Choosing proper technology will require research and even trial and error at times. When presenting technology purchases to senior management, loan officers, or anyone else able to give funds, justification for the purchases should be foremost. How will the purchase of the technology ultimately effect the bottom line, net income? There should be tangible results available and efficiency in processes directly related to the purchase of technology. Technology gives us the ability to perform essential and recreational functions more efficiently, more quickly, and easier.

Questions to consider:

1. How will the purchase of the technology increase productivity?
2. Will I save time or money buy purchasing this technology?
3. Is the technology easy to use for myself? Easy to train others how to use?
4. How long can I use this technology with my current technology? Will purchasing this technology require me to have to replace other technologies and increase cost? 
5. Will purchasing this technology save money by eliminating time intensive processes? How?
6. If I was unable to receive funding for this technology -- how efficient would my business run?
7. Is this technology a requirement for business or an enhancement?
8. What type of skill sets will my workforce need to operate this technology?
9. If something replaced this technology within 2 years, would this purchase increase sales to cover new technology purchases?
10. How will using this technology give me an advantage against competitors?
11. How will clients respond to the changes in operation by implementing this technology?
12. When can I expect to see positive cash flow after the purchase of this technology?
13. What impact would this technology have on the need for human resources within the company...increase or decrease?
14. If I had to operate without this technology, could I?
15. Do I have emergency funds available in case the technology goes out unexpectedly?

As more brick and mortars transition online to increase their client base, they should be aware of the cost, implementation, and dependence their companies will have on technology. Making purchases without full understanding can result in waste of time and resources. Informed business owners are better positioned to make good decisions regarding technology and be ahead of the curve in most instances. 

Technology consultant costs must be considered as well because of the constant evolution of technology. Once a business transitions and becomes more dependent on laptops, tablets, and business software, there is no going back. Companies must be able to consult with experts when they are unable to make informed decisions. Include this in the technology plan as well. 

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