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Technology Plan for Your Small Business in Nine Easy Steps

Technology Plan for Your Small Business in Nine Easy Steps

As businesses come to rely more on technology, there is an urgent need to plan for it. However, technology planning is hardly ever on the “to do” list of a small business; this is because many entrepreneurs are not aware of the importance of a technology plan or consider the process tedious and time-consuming. However, this does not have to be the case, and in this article we share vital information to help you develop and implement an effective technology plan for your small business.

Technology planning is not just about deciding on the right time to change out computers and update software. It involves the strategic process of determining how your business can utilize technology to enhance its objectives and productivity.

1- Assessing the Technology Resources of Your Business

Before you start the planning process, it is important to evaluate your existing technology resources. You will need to complete an assessment that covers all aspects of innovation in your business. This will include not just listing your physical equipment and software, but will also involve identifying what works and whether the resources in your business meet the current standards for your industry and efficiency.

2- Management

Management is paramount in technology planning for a small business. Strong leadership will motivate the use of technology to further the business mission, contribute to staff’s willingness to use new equipment and software, help with credibility with investors, and minimize any reluctance on the part of technophobes. Ideally, the owner of the business provides strong leadership, but it can likewise come from supervisors and other managers.

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3-  Planning Team

Whenever possible, technology planning ought to be a team activity. The team should:

  • evaluate existing technology
  • recognize innovation requirements and concerns
  • prepare a technology vision statement
  • develop a budget and timeline
  • write the technology plan
  • keep track of the project’s implementation
  • Guarantee stakeholder buy-in.

Ideally, the team should consist of the owner or the chief executive officer (CEO), a project manager, administrative assistant, accountant, and system administrator or tech specialist. Not every small business will have enough human resources for such an elaborate team. Nevertheless, it is important to have some representation from the major operational departments of the company to make up the planning group.

4- Identify and Prioritize Technology Requirements

After you have examined the existing state of your technology resources, the next step for your planning team in the preparation process is to recognize your company’s future innovation needs and to prioritize them. Every organization will have its requirements but should include:

  • Purchasing new software and updates
  • Software customization
  • Personnel training
  • Replacing and upgrading equipment
  • Computer networking
  • Developing an Internet presence
  • Improving online marketing
  • Designing or revamping the business website
  • Developing policies for the use of computers and other technology devices
  • Implementing backup systems and security procedures
  • Replacing outdated hardware
  • Employing appropriate technology personnel

Quite naturally as you brainstorm your technology needs, you will generate a list longer than the reach of your budget. Accordingly, the next task in your technology planning is to prioritize. As a small business owner you will need to be realistic about what you can achieve and set reasonable timelines.

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5- Vision Statement   

Following prioritizing, it is time to prepare a vision statement for your technology plan. Start by evaluating your company’s mission statement. Key considerations in this process should include how technology will help your business meet its mission and enhance organizational effectiveness.

6- Budgeting

The next step is establishing a budget. This can be a challenge for a small business but is critical in creating a technology plan. Thorough research is essential to ascertain the real cost for the implementation of the technology priorities of the business. It is common for a business owner to leave out expenses such as the loss of working hours for staff training, monthly updates to software, and other operational costs that are in additional to the acquisition price.

7- Implementation

Another important step in your technology plan is to establish a timeline for implementation. Preferably you’ll be working on a strategy that can be carried out over a period and the team should consider the following:

  • What are the very first things you will need to do?
  • How long do you approximate it will take to finish each?
  • Once the business completes the plans, what are the next steps?

Timelines ought to be versatile to accommodate unanticipated events, but rigid enough to maintain momentum. You will want to present your timeline in phases allowing time for identifying financing for each activity.

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8- Writing the Plan

You have evaluated your existing resources, determined and prioritized your requirements, prepared your technology vision, developed a budget and produced a timeline for execution. The next step in technology planning is writing the plan. Most of the preparation work and brainstorming by the team will make this step much easier.

The written plan must consist of a minimum of these four key elements:

  • A technology vision statement
  • A description of the strategy
  • A timeline
  • A budget plan

More detailed plans may consist of:

  • An organizational profile
  • A mission statement
  • Inventory of existing innovation
  • A breakdown of details associated with the implementation
  • An analysis of long and short-term objectives

Many small business owners will do the necessary preparation work, host many meetings to discuss a technology plan, but never actually prepare a document. Having a written technology plan will provide a reference point for the business owner and the staff in general.

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9- Financing for Technology

With luck, the efforts included in the preparation of the technology plan will also help with funding. That’s why it’s so essential for your vision statement to describe how technology will help your organization satisfy its objective.

While there are entities that offer grants for technology to small businesses, they are often overwhelmed with requests. Therefore, it is important to approach funders and donors who are already supporting your mission and to use your plan to demonstrate your goals.

There is no doubt that technology is essential to any small business and growth is hinged on how the company can acquire and utilize technology effectively. The above information is a great start in moving towards the development of a technology plan in your business if you do not already have one.

Featured photo credit: Pexels.com via static.pexels.com

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Last Updated on June 22, 2018

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider consolidating multiple credit cards if possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to pay the full balance you spent each month at the very least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay extra when you can – every small amount counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a plan on how to pay extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out costs for services you do not use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get aggressive about it

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate your progress at set intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start knocking out your debt today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

Featured photo credit: Pexels via pexels.com

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