Tech Made Simple: Creating a Technology Plan for your Small Business

e-Business Now Founding Partners

In today’s session, we will cover: Conduct a technology inventory audit Identify business and technology Strengths, Weaknesses, Opportunities, and Threats (i.e. SWOT) Examine a small business case study using a SWOT Analysis Select and prioritize technology solutions for your small business by conducting a SWOT Analysis for your business Complete a technology feasibility audit by ranking the prioritization of technology solutions for your own business Align technology solutions to goals within the Business Plan strategy 3

Technology Audit 4

Planning for the Future? Do you have a plan on how to integrate technology solutions into your business? Do you know what your business’ strengths are? Do you have a good understanding of areas where your business is weak? Do you have insight into any opportunities or threats that your business might be facing? 5

SWOT Analysis 6 Identifying Your Strengths, Weaknesses, Opportunities, and Threats

Components of SWOT 7 Strengths: Capabilities that help your business meet its goals and objectives Weaknesses: Attributes of your business that may prevent you from achieving your objectives. Opportunities: Any internal or external conditions that are helpful to achieve the objectives. Threats: Possible events or forces that could prevent your from meeting your objectives.

Strengths 8 Strengths Factors: 1.Ability 2.Resources Available Ability: 1.Versatility: Your business’ ability to adapt to an ever-changing environment 2.Growth: Your ability to maintain a continuing growth pattern 3.Target Markets: Your ability to reach, serve and penetrate into new markets Strength of Resources: 1.Availability: Your ability to obtain the resources needed 2.Quality: the status and up- to-date nature of the resources that are deployed 3.Allocation: your ability to distribute resources both effectively and efficiently

Weaknesses 9 Weaknesses are rooted in: Lack of skills or talent Insufficient quality Technological inadequacies Shortage of resources/capital Outcomes to Weaknesses Analysis: Correction Protection Agression

Opportunities 10 Define Opportunities: Product or service Target market Technology solutions Capabilities of your business Resources to be deployed Returns you are expecting Level of risk

Threats 11 Identify Threats: Economic Threats Social Threats Technological Threats Market Threats Industry Threats

Identifying Strengths 12 1.What are your strongest business assets? 2.What are your biggest successes over the past year, quarter, month, and week? 3.What do your customers see as your business’ top strengths? 4.What is your business’ competitive advantage?

Identifying Weaknesses 13 What can be improved? What is draining success out of your business? What weaknesses do your customers perceive of your business? In what areas do your competitors have an edge over you? What are your weaknesses from a technology perspective?

Identifying Opportunities 14 What trends are you aware of (technology trends, customer trends, industry trends, etc.) that have an impact on your business? What external changes might present interesting opportunities? How will you link your strategy to these opportunities facing your business today? Are there any strengths or weaknesses that can be turned into an opportunity for your business?

Indentifying Threats 15 What obstacles does your business face today? What is your competition doing that you are not? Are there any overpowering weaknesses in your business that can be turned into opportunities? How do economic factors affect your bottom line? Have you identified any technological threats that have created barriers to your business’ success?

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17 If this were your business, ask yourself: How might technology be playing a role in the Pasta Parlor’s success? What opportunities are facing the Pasta Parlor that technology might be able to help solve? Are there any threats that could be eliminated or minimized by integrating technology solutions into the business?

Integrating Technology into SWOT Analysis Strengths: What do you think are your business’ strongest assets? How do you leverage technology tools to support or enhance these assets? What do your customers see as your business’ top strengths? How does technology fit into these strengths? What is your business’ competitive advantage and how does technology play a role in this? 18

Conduct Your Own SWOT Analysis 19

Technology Solutions for Your Business When thinking of your own business: Which 5 technology solutions would you choose to help you reach your goals? Why would you pick those items? What do you think these items will do to help you achieve your goals? How do you know this? Can you afford these technology solutions? What are the costs associated in integrating these technology solutions into your business? Can you afford NOT to have these technology solutions? Why? Are these solutions that you might be able to integrate into your business yourself, or will you need to outsource this work? What support, resources, or tools will you need to integrate these solutions into your business? 20

Technology Prioritization High Priority (H) Medium Priority (M) Low Priority (L) 21

22 Creating a Technology Business Plan

7 Essential Components of Business Plan 23 Executive Summary Business Description Market Strategies Competitive Analysis Design & Dev. Plan Financial Factors Oper. & Mgt Plan 7 Essential Components of Business Plan

24 Executive Summary Business Description Market Strategies Competitive Analysis Design & Dev. Plan Financial Factors Oper. & Mgt Plan 7 Essential Components of Business Plan

25 Executive Summary Business Description Market Strategies Competitive Analysis Design & Dev. Plan Financial Factors Oper. & Mgt Plan 7 Essential Components of Business Plan

Create Your Technology Plan Using the Technology Plan Worksheet: List 3 business goals that you are trying to achieve Identify 3 relevant technology tools or solutions to help you achieve those goals Use your SWOT Analysis and your Technology Audit Worksheet to help create your technology plan 26

Module in Review 27 Conduct a technology inventory audit Identify business and technology Strengths, Weaknesses, Opportunities, and Threats (i.e. SWOT) Examine a small business case study using a SWOT Analysis Select and prioritize technology solutions for your small business by conducting a SWOT Analysis for your business Complete a technology feasibility audit by ranking the prioritization of technology solutions for your own business Align technology solutions to goals within the Business Plan strategy

Next Steps How-To Guides Connect with a SCORE Mentor SCORE has over 13,000 successful and experienced executives with small business know-how that want to help you Visit for more informationwww.e-businessnow.org Take the Share Your Feedback survey

Tech Made Simple: Creating a Technology Plan for your Small Business