What Technology to Include In Your Business Plan Listing tech infrastructure, software, and digital tools showcases your ability to streamline processes and enhance efficiency.
This is part 10 / 10 of Write Your Business Plan: Section 5: Organizing Operations and Finances series.
Whatever business you are in, technology most likely plays a key role. Retailers place their orders faster and more accurately using computers and track their inventory, while other business owners make international deals thanks to computers and communication technology.
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Other key technology that fits into your operations, such as that of a medical equipment manufacturer, should be included in the business plan. Explain how this technology is significant to your business and how it can separate you from your competitors.
How much detail should you include about the technology you employ? We're living in a highly technical environment. That means you should explain some of the key technology that comes into play during your operations—in lay terms. You need to go into greater detail only if your business relies heavily on technology, sells technology, or utilizes some unique technology that is uncommon in your industry.
A Note of Caution
Stay up on technology, but also be careful. There are numerous ways unscrupulous folks can tap into intellectual property, such as recorded music or films. It is harder than ever to catch those who pirate—or steal—such protected properties. But if you are caught, you can get in real trouble. So be careful not to inadvertently use other people's music, images, and so on. Conversely, protect intellectual properties, and if you see your original material showing up elsewhere, contact an attorney.