I've spent my whole life being a business nerd. I can't count the number of times I've mentally "run the numbers" on a business out of curiosity for how much revenue a service or product I encounter might achieve. That curiosity, along with my career experience in growing and leading small businesses, led me to establish a consulting company focused on what I felt were two key areas that any successful business must focus on - the core strategy and the financial planning. However, in today's business environment there is another critical area that cannot be ignored in any business plan... technology. What are the technology platforms that will run the business? And how can technology be inserted inside the business to ensure success?
Most businesses have a good idea of what they want to do, whether that be a core service they provide or a core product they will produce. Most organizations also have an idea of the economics of this plan - what it will cost to produce and how much they plan to sell it for. The bakery opens knowing they will want to bake bread, and if they sell it for $8 a loaf, they'll make $2 a loaf. Few are launching with a comprehensive plan for the technological aspects of the business.
Often, the technology that runs a business has been "piecemealed" together out of organic necessity. A prime example might go something like this...
- First, a founder needs a website, so they get signed up on Squarespace.
- Then, they obviously need to have email so BAM! - Google Suites comes on board.
- Next, the leader realizes they are going to need a system for payroll, so they do a quick online search of options or ask their trusted network and now suddenly they are signed up for Gusto or some similar platform.
- They experience some success and grow, then find that managing projects across departments is a struggle, so here comes monday dot com.
- And so on and so on it goes.
Before long there is a disjointed technology landscape lacking integrations and frequent frustrations running throughout the organization. This is a familiar illustration because I've lived it myself.
"The point of emphasis is that in today's world, a complete technology strategy is a requisite for a business to achieve long-term success - in any industry."
When starting a company or preparing a forward-looking strategic plan, one must include their technology strategy in addition to their core mission planning and financial modeling practices. Artificial intelligence and smart technologies can enhance any business, regardless of the sector, to automate mundane tasks and foster more efficient operations. This can enhance the productivity of the staff and give these smart businesses a strategic advantage compared to their peers and competitors that are less embracing of these technological opportunities.
Here are a few helpful hints to take forward when thinking about adding technology to strategic planning:
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Plan a Tech-Driven Business from the Start. When designing a business plan, think about where technology will come into play and insert those software and tech solutions up front. Plan a line item in the operating budget for software expenses - they will pay for themselves. Consider utilizing custom software if you can't find an off-the-shelf version that fits your needs. It could be worth the investment for years to come, and the business is less exposed to potential tech-industry titans killing off or changing a version of some tech you rely on later.
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Ask, "What can AI do for us?" Artificial Intelligence is smart and getting smarter every day. It can't do everything perfectly, but it can save a ton of time. We're using it at BT Pro to build software faster, reconstruct internal marketing processes, filter and score potential business opportunities, and much, much more... When leveraged properly, AI will become a force multiplier for any organization that has the technical fortitude to intertwine it into their business operations. It should not replace positions but allow employees to spend more time on meaningful human responsibilities.
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Consult an Expert. If you're not confident or lack the time and energy needed to do an assessment of your business, call in an expert. There are firms out there that can take a look at your current business, your industry, your financial needs, your goals, and your technological framework and then provide tactics for enhancement. If I need a new geothermal unit for my house, I find the best HVAC folks I can around, because that's not my expertise and I don't want to screw it up. The same holds true for technology, if you're great at HVAC but looking for ways to bring your business tech-forward, call a professional.
When business leaders are able to put technology to work for them and integrate it with intention, they can free up their valuable human (emphasis on the word human) resources to work at the highest and best use of their skills, instead of fighting technology or completing tasks that a software engineer could automate.
We are well into the AI age of the technological revolution; it's time to evolve our business planning strategies accordingly.
