technology analysis in business plan

  • What Is Technology Analysis: 4 Steps of Technical Investigation Process
  • Digital Strategy

technology analysis in business plan

Mar 15, 2022

technology analysis

Digital Strategy , Expert View

In this post, you will learn about technical analysis in software engineering and the role of a tech lead/technical expert and solution architect in the software development process.

You already know about the importance of Business Analysis (BA) in software development . It’s hard to overestimate the role of a business analyst who helps formulate and translate stakeholders’ requirements, align expectations, and as a result, launch a valuable software product.

However, there’s another major analysis in software development that helps create successful products and deliver a project effectively. This analysis is called technical analysis or technical investigation and is usually fulfilled by a tech lead, solution architect or other tech experts in the team.

What is technology analysis in software development?

As you know, business analysts work on functional requirements, whereas the responsibility of solution architects is to conduct technology analysis: define an integration strategy, find the right platforms and frameworks for the future system and document non-functional requirements.

So what is technology analysis and what does the process of technical investigation include? To put it simply, technology analysis is the process of assessing technologies and tools that could/would be used to develop a digital system. It is usually performed by senior tech specialists who use technical investigation to select an optimal tech stack and development approach based on project requirements and goals.

Read: Discovery Phase in software development

Common technology analysis methods

Depending on the stage and specifics of the project, engineers and architects use different technology analysis methods and processes:

  • Analyze project requirements
  • Break down the system into functional components to analyze each module
  • Gather insight and list available technologies, platforms, frameworks, tools that could be used to develop each component (search, peer experience, documentation, professional forums and domain-specific resources, etc.)
  • Review relevant open-source and/or proprietary libraries, APIs, prototypes, etc.
  • Make a comparative analysis of technology alternatives based on key criteria (license, price, availability, reliability, performance, code quality, support, scalability, flexibility, etc.)
  • Determine risks and define limitations

Are you looking for a skilled cross-functional team to select an optimal tech stack for your project and help you with modernizing an existing or building a brand new digital system? Contact our team to discuss your project requirements and see how our specialists could help you reach your business goals. 

Key steps of information technology analysis

Here are the key steps to make during technical analysis in software development.

Analyze the client’s technology infrastructure

Almost every client has at least some technology infrastructure to start with. By infrastructure, we usually imply hosting, email services, SSL certificates, database servers and any other technology component on the client’s end that will interact with the future system.

In order to understand how to work with the given infrastructure, a tech lead performs the technical investigation and tries to understand how to further use this infrastructure in designing and building a new system or upgrading existing software.

Usually, if the existing infrastructure is well-built and compatible with a new product, it can be completely re-used. Sometimes, the legacy systems are simply too old and won’t go along with a new product. Then, such infrastructures require a complete upgrade. If this is the case, it’s good to learn about it at the very beginning of the project to implement relevant prioritization of project requirements .

At this stage of information technology analysis, tech leads or solution architects also try to find out how to integrate the client’s services into a new system.

In a common technology analysis example, experts and analysts need to figure out how to integrate a new client application with the old infrastructure and database. For instance,  when a company needs to develop a new app for customers that will be using their old backend. In this case, a technical analyst should define the capabilities and limitations for such integration. It is worth discussing the integration opportunities with a backend development team in the first place. In some cases, when direct integration is impossible, the scope may include the development of a private REST API to connect the backend with the app.

Make a technological analysis of solutions and platforms used to build a new system and its components

There is no point in reinventing a wheel. Custom software should benefit from a wide range of platforms, frameworks and services available in the market.

For example, we are building an app or a website that should display certain content managed by an admin. This app or website may be stuffed with custom unique features which require serious design and development efforts. However, adding the component responsible for content management is a no-brainer. Today, it can be built on top of a time-proven CMS platform such as WordPress, Sitecore, etc.

Read: Benefits of Flutter for MVP development

There are plenty of examples when platform integration actually speeds up the development. Different CRM systems, eCommerce platforms, mail services are among the most common out-of-the-box solutions used and customized for these purposes. The main task of a technology expert at this stage is to find and compare potential third-party software solutions, validate them against given business requirements and choose the right ones for the project.

Analyze third-party APIs required for the development

Nowadays, almost any new system requires certain integrations. It can be a payment gateway, social networks or domain-specific services and platforms usually integrated via API.

Sometimes, the list of API is provided by the client. Often, it’s the responsibility of a tech lead to finding an appropriate library or framework that can be useful in the course of the project development.

For this purpose, it’s useful to dig through the Internet, choose the most popular libraries or other solutions in a specific business domain, study the approaches competitors of other companies use to solve similar problems and learn from the experience in the company.

When defining the list of libraries, APIs or frameworks that could be used in the project, tech experts should know how to compare software solutions . Once the final list of integrations is defined, tech specialists perform the technological analysis that usually consists of the following steps:

  • Reviewing relevant documentation,
  • Matching endpoints/features and product requirements,
  • Analyzing how these solutions could be used in the future (important for the features, which are out of the project’s scope now but can be included later)
  • Validating API, framework, platform or other solutions’ limitations against the given requirements,
  • Validating API, framework, platform or other solutions’ performance capabilities against the given requirements/established project goals,
  • Analyzing how to integrate API, framework, platform or other solutions in the existing infrastructure.

Document non-functional requirements

As a rule, business analysts discuss business goals and requirements with a client. Technology analysts, in turn, collect and document non-functional requirements.

technology analysis in business plan

Non-functional requirements are abundant. The most common and important ones are the following:

Security requirements include:

  • protection against unauthorized access to the system and its data,
  • authorization and authentication across different user roles,
  • data privacy,
  • prevention and protection against cyber attacks and malware.

Reliability

This requirement determines the ability of a system to perform under certain conditions in a certain environment. It includes:

  • consistent system performance without failure for a period of time,
  • the impact of bugs, hardware malfunction, other problems with system components,
  • the quality of task implementation.

Performance

Performance measures the quality of system interaction with users. It includes:

  • user experience quality,
  • system safety against overloads,
  • system responsiveness to different user interactions.

Scalability

These requirements imply system growth capacity. It includes:

  • the ability to provide more users with a service of the same quality,
  • processing more data or transactions,
  • the capacity for memory, space, speed growth.

These are the important non-functional requirements for almost every software development project. If these requirements are not taken into consideration during technology impact analysis and technical investigation at the beginning of a project, it entails serious risks which may end up with additional costs and time loss.

Results and deliverables of technical investigation

When tech leads or solution architects are done with all the steps of technical investigation and IT analysis, they record the results and create the following artifacts:

  • Technology stack description. This description includes the programming languages, databases, servers, hosting and third-party libraries recommended to use on the project.
  • The architectural diagram of a product. Usually, the diagram shows different project components with their roles and functionality and the relations between different components of the future system.
  • Non-functional requirements specification. This is a separate part of the functional specification which describes non-functional requirements – security, reliability, scalability, performance, etc.

Technology analysis with Digiteum

The success of your software project depends greatly on the choice of technologies, architectural style, and a range of digital services involved in project development and support. In-depth technology analysis is an important instrument that helps your tech team develop scalable systems , leverage advantages of microservices and other modern web app architecture styles, and work out future-proof product strategies.

Leverage our 12+ years of experience in building high-load web applications , cloud-based systems, big data solutions, and user-centered digital products on your project. We have full-stack teams, in-house UX and product design experts, solution architects, and dozens of senior and lead engineers (including senior full-stack engineers, senior .NET engineers, Java application developers , big data engineers, etc.) who will help you analyze your requirements and choose an optimal technology stack for your systems.

Final thought

I believe a balanced combination of business and tech analysis leads to the excellence of a software development process and a final product. In my experience, the more thoughts you put into the future system at the beginning of the project, the easier and faster the development will go and the better results you get in the end.

In this post, we have answered a few important questions about technology analysis, such as "what is technological analysis?" and "what are the key steps of technical investigation?". If you want to further explore this topic, check a step-by-step guide from Digiteum CTO on how to compare software solutions, libraries, frameworks or other components .

Working on an IoT MVP development project and looking for a skilled team to help you bring your product to life? Check our MVP development services and contact our team to get a free quote.

technology analysis in business plan

Post by Katherine Lazarevich

Katherine is a co-founder and managing partner of Digiteum, a digital technology agency

technology analysis in business plan

About Digiteum

Digiteum is a custom software development and IT consulting company founded in 2010. We design and develop customer-centric solutions for web, mobile, cloud, and IoT.

Design and Engineering

Technologies.

We are always looking for talented people. CHECK OPEN POSITIONS…

[email protected]

technology analysis in business plan

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Technology Business Plan Template

Written by Dave Lavinsky

Technology Business Plan

You’ve come to the right place to create your own Technology business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Technology businesses.

Technology Business Plan Example & Template

Below is a Technology business plan template and sample to help you create each section of your own business plan.

Executive Summary

Business overview.

Kearney Tech Inc., located in Houston, Texas is a tech startup that focuses on developing and commercializing new artificial intelligence (AI) technology applications designed for small-to-medium sized businesses. The company has created proprietary technology that helps businesses improve their profitability by using AI to increase customer engagement. We offer multiple products, including AI hardware, marketing AI software, and CRM AI software. Many of our most basic services are free, but the rest can be accessed by paying a subscription fee. By providing flexible and affordable subscription options for our clients, Kearney Tech Inc. aims to be the next big technology company in the AI space for small and medium-sized businesses.

Kearney Tech Inc. was founded and is led by Abigail Kearney. Abigail has been a senior software engineer for nearly 10 years and has extensive experience in artificial intelligence and machine learning. In addition to her experience, she has a bachelor’s degree in computer science and an MBA. Her education and experience are sure to lead Kearney Tech Inc. to success.

Product Offering

Kearney Tech Inc. will showcase a variety of different applications for its AI technology that companies can utilize to increase their customer engagement from day one. Businesses can choose the platform package that works for them, based on a freemium subscription pricing structure.

The following are the services that Kearney Tech Inc. will provide:

  • AI Hardware
  • Marketing AI Software
  • Customer Relationship Management AI Software
  • Customer Support AI Software
  • Technology Training: Training sessions on how to use our AI solutions and integrate them into their businesses

Customer Focus

Kearney Tech Inc. will serve small to medium-sized businesses within a 30-mile radius of Houston, Texas. Many of the businesses in our target demographic are startups looking to expand their reach and thus would benefit from technology that can increase their customer base.

Management Team

Kearney Tech Inc. will also employ an experienced assistant to work as a business analyst and help with various administrative duties around the office. She will also hire several developers, salesmen, and other administrative staff to assist her.

Success Factors

Kearney Tech Inc. will be able to achieve success by offering the following competitive advantages:

  • Management: Abigail Kearney has been extremely successful working in the technology industry and will be able to use her previous experience to provide the best service experience. Her unique qualifications will serve customers in a much more sophisticated manner than Kearney Tech Inc.’s competitors.
  • Relationships: Abigail Kearney knows many of the local leaders, business managers, and other influencers within Houston, Texas. With her 10 years of experience and good relationships with business leaders in the area, she will be able to develop an initial client base.
  • Proprietary technology : The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.
  • Client-oriented service: Kearney Tech Inc. will have full-time customer service and sales managers to keep in contact with clients and answer their everyday questions.

Financial Highlights

Kearney Tech Inc. is seeking a total funding of $400,000 of debt capital to open its office. The funding will be dedicated to office design, software development, marketing, and working capital. Specifically, these funds will be used as follows:

  • Office design/build: $50,000
  • Software development: $150,000
  • Three months of overhead expenses (payroll, rent, utilities): $150,000
  • Marketing costs: $25,000
  • Working capital: $25,000

The following graph below outlines the pro forma financial projections for Kearney Tech Inc.:

Technology Business Plan Template Financial Highlights

Company Overview

Who is kearney tech inc..

Abigail began researching what it would take to create her own technology company and did a thorough analysis of the costs, market, demographics, and competition. Abigail has compiled enough information to develop her business plan in order to approach investors.

Kearney Tech Inc.’s History

Once her market analysis was complete, Abigail Kearney began surveying the local vacant office space and located an ideal location to house the technology company. Abigail Kearney incorporated Kearney Tech Inc. as a Limited Liability Corporation in April 2023.

Since incorporation, the company has achieved the following milestones:

  • Located available office space for rent
  • Developed the company’s name, logo, and website
  • Determined equipment and necessary supplies
  • Began recruiting key employees

Kearney Tech Inc. Services

Industry analysis.

As of 2021, the global technology industry was valued at approximately $5.2T. Of all countries worldwide, the United States currently has the largest technology market, with 32% of the market share at $1.7T. The technology industry in the U.S. accounts for a large part of the nation’s economy.

The Information Technology market can be segmented by categories such as software, devices, infrastructure IT and business services, emerging technology, and telecom services. In the United States, IT and business services hold the greatest market share (30%), followed by software (20%) and telecom services (20%).

Market drivers include the economy, employment rates, and the digital transformation of daily life for a growing number of people and businesses worldwide. Corporations and organizations are seeking IT service providers that can help improve their software, cybersecurity, data, and infrastructure. Technology companies that can provide products and services that cater to these issues can be competitive in the constantly evolving market.

Technology is an integral part of society. Developments in AI and machine learning are essential to keep society moving forward and make businesses more efficient. Therefore, businesses will always be in need of AI solutions to bring in more customers and streamline their services and products. According to Market Watch, the Technology industry is set to grow at a CAGR of 25.73% from now until 2027. Very few industries see this growth, which shows how much demand there is for technological solutions. Therefore, we expect Kearney Tech Inc. to see great success in our local market.

Customer Analysis

Demographic profile of target market.

Kearney Tech Inc. will serve the small and medium-sized businesses of Houston, Texas, and the surrounding areas.

Many small businesses in the community are startups or established enterprises looking to expand their reach and thus would benefit from technology that can increase their customer engagement.

Customer Segmentation

Kearney Tech Inc. will primarily target the following customer profiles:

  • Small businesses
  • Medium-sized businesses

Competitive Analysis

Direct and indirect competitors.

Kearney Tech Inc. will face competition from other companies with similar business profiles. A description of each competitor company is below.  

Tekuserv has been a reliable technology company in Houston, Texas for more than fifteen years. The company is known for its wide range of technology solutions that serve many small-to-medium-sized businesses. With its large number of experts focused on delivering customer satisfaction, the organization maintains its high standard of developing quality products and providing exceptional customer service. Tekuserv provides business software on a freemium subscription basis. It develops enterprise technology solutions with a focus on customer relationship management.  

Prime AI Business Solutions

Prime AI Business Solutions is a technology development company in Houston, Texas. In business for several years, the company has developed highly-rated AI solutions used by many well-known businesses in a variety of industries. Prime AI Business Solutions now offers a range of AI hardware and software products geared toward helping businesses of all sizes increase their customer base. The company has also introduced a “pay-as-you-grow” pricing model that scales to provide users with more support as they scale up.  

AICE Developments

AICE stands for Artificial Intelligence for Customer Engagement. AICE Developments is also a local technology company that manufactures and distributes a variety of technology products. AICE Developments was established in 2009 in Houston, Texas, providing integrated AI applications and platform services. Its products include applications and infrastructure offerings delivered through various IT deployment models, including on-premise deployments, cloud-based deployments, and hybrid deployments. The company serves automotive, financial services, healthcare, hospitality, retail, utilities, construction, etc. It provides AI solutions for enterprise marketing and customer engagement.

Competitive Advantage

Kearney Tech Inc. will be able to offer the following advantages over the competition:

  • Proprietary technology: The company has developed proprietary AI technology that will be used to add new data sources, expand on valuable insights, launch advanced features like benchmarking, provide predictive and prescriptive analytics, and ensure self-guided data discovery.

Marketing Plan

Brand & value proposition.

Kearney Tech Inc. will offer a unique value proposition to its clientele:

  • Service built on long-term relationships
  • Big-firm expertise in a small-firm environment
  • Thorough knowledge of the clients and their varying needs
  • Proprietary technology developed by skilled software engineers

Promotions Strategy

The promotions strategy for Kearney Tech Inc. is as follows:

Kearney Tech Inc. understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other businesses by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

Kearney Tech Inc. will invest heavily in a social media advertising campaign. The brand manager will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Kearney Tech Inc. will invest heavily in developing a professional website that displays all of the features and benefits of the technology company. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Direct Mail

Kearney Tech Inc. will blanket businesses with direct mail pieces. These pieces will provide general information on Kearney Tech Inc., offer discounts, and/or provide other incentives for companies to use the AI platform.

Kearney Tech Inc.’s pricing will be on par with competitors so clients feel they receive great value when purchasing the technology.

Operations Plan

The following will be the operations plan for Kearney Tech Inc.:

Operation Functions:

  • Abigail Kearney will be the Owner and CEO of the company. She will oversee all the operations and executive functions of the company. In the beginning, she will also provide customer support and market/sell AI products to potential clients.
  • Abigail will employ an experienced assistant to work as a business analyst and help with various administrative duties around the office.
  • Abigail will also hire several developers to maintain and develop AI products and services.
  • Abigail will also hire a solid sales team to sell our products to potential clients. As the company grows, she will also hire a team that is solely dedicated to customer service.

Milestones:

Kearney Tech Inc. will have the following milestones completed in the next six months.

5/2023 – Finalize lease agreement

6/2023 – Design and build out Kearney Tech Inc.

7/2023 – Hire and train initial staff

8/2023 – Kickoff of promotional campaign

9/2023 – Launch Kearney Tech Inc.

10/2023 – Reach break-even

Financial Plan

Key revenue & costs.

Kearney Tech Inc.’s revenues will come primarily from its technology solution subscription sales. The company will use a freemium subscription model, in which basic functions can be used by any company for free. Additional solutions and support will be available in a tiered package model based on the enterprises’ size and the number of users.

The office lease, equipment, supplies, and labor expenses will be the key cost drivers of Kearney Tech Inc. Ongoing marketing expenditures are also notable cost drivers for Kearney Tech Inc.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

  • Average number of clients per month
  • Annual rent: $20,000

Financial Projections

Income statement, balance sheet, cash flow statement, technology business plan faqs, what is a technology business plan.

A technology business plan is a plan to start and/or grow your technology business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your Technology business plan using our Technology Business Plan Template here .

What are the Main Types of Technology Businesses?

There are a number of different kinds of technology businesses, some examples include: Network technology, Software technology, and Customer relationship technology.

How Do You Get Funding for Your Technology Business Plan?

Technology businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Technology Business?

Starting a technology business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Technology Business Plan - The first step in starting a business is to create a detailed technology business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your technology business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your technology business is in compliance with local laws.

3. Register Your Technology Business - Once you have chosen a legal structure, the next step is to register your technology business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your technology business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Technology Equipment & Supplies - In order to start your technology business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your technology business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Learn more about how to start a successful Technology business: How to Start a Tech Company

technology analysis in business plan

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Inside this Guide

Introduction.

  • Foundations of technology planning

What is a strategic technology plan?

  • Considerations from each member of the C-suite
  • Creating your plan
  • Developing your budget
  • Establishing budget size and scope
  • Planning for changes

Remaining considerations

Key contributors, the ceo’s definitive guide to strategic technology planning.

It’s an inescapable fact of today’s business environment: Growth and efficiency depend on how effectively your organization leverages data and technology. 

For centuries, management of cash and physical assets have been central to building a growing, sustainable, successful business. Today, our  technology systems that underpin the lifecycle of data are just as critical an asset as the cash and physical components.

In this guide, we’ll cover why it’s so important to have an easily communicated technology plan from the executive perspective, how to create a strong plan and how to budget for future growth.   

Key Takeaways

  • Learn how to look at technology through a strategic executive lens
  • Discover frameworks and strategies to develop more accurate budgets and forecasting
  • Learn how to avoid pitfalls of hardware vs systems thinking
  • See how to make your plan more effective and actionable
  • Uncover the building blocks of a strong technology assessment
  • Learn how to manage changing circumstances in the marketplace

Technology: The bedrock of modern business

Data and technology provide the lifeblood of every aspect of a modern business, including driving internal process improvements, maximizing marketing impacts, building sustainable customer relationships , accelerating sales and providing effective customer support. 

There is now a clear imperative for all CEOs and boards to have a strategic understanding of the technology strategies, choices and investments their organizations need to make. Vistage International found that 40 percent of small- and medium-business CEOs surveyed plan to increase their technology investments for 2021. We’ve found a similar result among the clients and markets we serve. 

The CEO’s challenge is to develop an appropriate strategic perspective on the choices to be made, so effective guidance and decisions  can determine budgeting, investment priorities and talent strategies across the organization.

technology analysis in business plan

Foundations of technology planning 

All modern organizations require a strategic investment plan for technology. this plan should be sponsored and championed by the ceo and executive leadership, and ultimately reviewed and approved by the board where appropriate..

But that is often easier said than done. 

In this guide, you’ll discover the process of creating a strategic technology plan that aligns with your business’s key growth and performance objectives.

Developed by operational executives and CTOs who have completed corporate digital transformations, this guide covers why it’s so important to have an easily communicated technology plan, how to create one and how to budget for future growth.

In the simplest terms, a technology plan addresses the data and underlying technical capabilities needed to enable the organization to achieve its strategic objectives. It can be boiled down to:

  • A vision about how data and technology will enable strategic outcomes.
  • A roadmap and platform architecture that defines the blueprint for forward-looking capabilities.
  • A short-term action plan that moves implementation forward while delivering near-term value to the organization.
  • A plan to streamline and automate the organization’s processes in alignment with technology investment priorities.
  • A  resources plan that aligns structures, skills and functional capabilities with the roadmap and planned technology investments.
  • Operating and capital budgets and multi-year projections that follow a “run, grow or transform” investment model.

An effective technology plan, then, does not simply encompass future needs based on your current operating framework. It must accommodate the evolution of the operating model and be driven by a handful of future scenarios.

A real-life example of technology planning in action

Consider the case of one of our past clients, a publisher who sold a series of highly valuable annual reference books with lots of tabular data.

A thorough review with the customers of the books found most only bought them every two to three years and used them mainly for reference. After converting to a web-based annual subscription model, combined with an Excel plug-in, the publisher more than tripled its revenue.

The technology required for publishing the books and supporting the web platform was similar from a data perspective and not very challenging for the new product. What was different was the requirement to have a secure and reliable solution that is directly customer-facing. New technology platforms were introduced, but new procedures and support capabilities also were implemented.

Considerations from the C-suite

The six elements above are required for any effective strategic technology plan. But success in these areas will depend on embracing some core principles.

One is to place an “outside-in” customer perspective at the core of the design of all digital products and services. Another is to ensure the strategic technology plan is closely aligned with the business’s strategic operating plan and is owned by the entire executive leadership team.

Most important, however, is effective communication.

The plan must be written in plain language and be understandable by the entire organization, including the board. Technical details should be placed in the appendix

But clear writing alone is not sufficient. To achieve true cross-departmental alignment, the CEO should appreciate the different perspectives of each member of the core audience for the plan, see below:

technology analysis in business plan

Steps to creating an effective technology plan

Based on our work in technology strategy over the last several years, it’s safe to say you’ll require a master technology plan and then several smaller functional-specific plans for key strategic investments or operating transformations.

Here are three key steps to creating an effective plan:  

1. Analyze your current technology state

Ensure you have the proper experience and expertise to conduct the technology assessment , either with in-house skills and expertise or by enlisting an external consulting firm . External partners should be able to demonstrate the depth of expertise in real-world technology operations valid for assessing your needs.

Interview key technology and business stakeholders to understand the current state of their technology landscape, capabilities and operational alignment with strategic objectives and – most importantly – perceived gaps and deficiencies in current capabilities.

Particular focus should be placed on the following functional domains:

  • Data architecture and data life-cycle management practice
  • Development and software engineering capabilities
  • Application and technology solution delivery processes
  • Technology operations playbooks and processes
  • Compliance processes
  • Licensing portfolio costs and management processes
  • Contracted third-party services portfolio processes and costs

2. Develop your technology roadmap

Identify any functional gaps between your defined forward-looking business strategy and your current enabling technology landscape.

Quantify the costs and investments associated with addressing prioritized investments. Analysis should include engineering costs, third-party consulting, software licensing or cloud-based operating expenses, new staffing required to fill skills gaps, etc.

Define priorities and sequencing based on alignment to high-impact strategic requirements and the level of investment and associated risk.

Make sure your plan adopts the following principles:

  • Forward-looking viability
  • True ability to scale

3. Manage the technology implementation

Establish a small, dedicated team to manage the implementation. This also can be handled internally, but key staff should still be closely involved if the job is outsourced to a consulting firm .

The team will define implementation options and create a phased schedule that addresses dependencies and linkages between each investment stream.

Adopt an agile approach to carrying out the project, with success measured in short, manageable sprints and frequent value delivery of value.

It will be critical to continue close communications with all stakeholders as you make technology decisions.

Developing your technology budget for growth

Once you have your plan, it is time to establish budgets. While it’s often contemplated in terms of which one comes first, it is difficult to budget without knowing what type of growth and change you want your technology to drive.

Working with so many organizations and technology budgets, we’ve seen a lot of dos and don’ts when it comes to budgeting.

Too often, budgets and reviews are focused simply on line-items such as hardware, software, security, networking, data center and staffing costs. But these don’t tell the whole story of the business, nor do they speak to the rationale for how technology investments are supporting the business today or paving the way for future growth.

Developing an effective technology budget requires detailed review and mapping of the business and customer/user needs for investments.

technology analysis in business plan

The best way to allocate scarce budget resources across budget functions is to ask whether that function is needed to “run” the business, “grow” the business or “transform” the enterprise. A commonly accepted target ratio for mature companies using the run-grow-transform model is 55/40/5.

One benefit of this approach is that it ensures you will reserve at least a portion of your investment for experimentation with leading-edge capabilities such as cloud services, machine learning or robotic process automation .

Technology budget size and scope

Understanding your industry benchmarks is a good way to begin determining the size and scope of your technology plan. Start by defining your industry as narrowly as possible. Map the industry leaders, followers, mainstream and laggards and map your own place on this continuum today and in the future.

Then, you’ll want to define and benchmark each of your technology spending platforms and categories such as end-user computing, security, networking, e-commerce and customer relationship management (CRM) . You can obtain benchmark data from such sources as Gartner, Forrester and IDC, among others.

Don’t stop at benchmarking.

Once you have the data, analyze where in the range your technology budgets fall, and where the opportunity may be to make allocations both more efficient and effective for growth.

A final reminder when looking at your budget is the importance of teamwork.

As a CEO, your job is to bring together the plans between operations, finance, product, technology and service departments. A reserve, a capital spending plan or some other flexible approach to reallocate budgets based on changing priorities may be necessary to create future products. This may also be necessary to seize new market opportunities and improve the customer experience in a changing competitive landscape.

Teamwork and communication here is essential. For more considerations specifically about technology budgeting, read five questions CEOs should ask about technology budgets .

Planning for changes and “what if” scenarios

While change is the only constant in our world today, it’s a component we must consider as we plan and manage technology.

Many companies establish three- to five-year cycles for their in-depth business strategy review, with annual review and update cycles. The technology plan cycle should match this business strategy cycle.

The majority of growth-minded, mid-market organizations revisit their technology plans on an annual basis and monitor spending throughout the course of the year, whether monthly or quarterly.

Major accomplishments or events can lead to the update of the plan.

For example, if a new CRM platform has been implemented, or a cloud policy has been established, these events should trigger a review of the plan to ensure any consequences are accurately reflected in the plan.

Unplanned events should also trigger a plan review – whether the event is within technology, the company, or the company’s marketplace. As an example, new products from a competitor should trigger a business plan review, and thus can impact the technology plan.

Obviously, there is no one single approach to developing and implementing a strategic technology plan. But we hope the guidance above sparks some thinking about how to tackle the problem in manageable pieces.

Developing a plan in a way that makes all stakeholders feel included is key.

Keeping the customers’ needs in mind, as well as the business’s imperatives, is also a core part of our message. And, when budgeting, deciding which functions you want to run, grow and transform will help you allocate your spending in a way that keeps current business operations intact while finding new revenue and staying current with customers fast-changing technology demands.

Check out the executive insights more guidance from our team of consultants , all of whom have decades of operational experience making exactly the kinds of decisions you now face.

technology analysis in business plan

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Developing a Strategic 5-Year Technology Plan: An In-Depth Guide

technology analysis in business plan

Start with the End in Mind

Like an architect laying out a blueprint for a complex structure, as a leader you’re tasked with envisioning your organization’s technological framework. This blueprint will serve as the guiding document, influenced by your foresight and vision, for all the tactical decisions to follow.

We’re in a brainstorming phase here. Think big, there are no bad ideas at this stage! The evaluation and pruning stages will come later; for now, we’re populating a universe of possibilities as tech continues to evolve rapidly. Sure, budgets and resources are real constraints, but they shouldn’t limit your thinking at the onset.

Set blocks of time aside for the overall process over the next several weeks. The amount of time you need to set aside depends on the number of pieces of technology you want to look at. Think beyond the usual SaaS tools or CRM systems. How about leveraging AI for customer experiences or blockchain for security? These big ideas can often inspire smaller, more immediately actionable steps.

Envision what you want your technology to look like in five years.One key question to ask yourself is, “can your current tech stack support Web 3.0 and technology that will be coming five years down the line?” Think about technologies that are just emerging now and how they might be critical later.

technology analysis in business plan

Think Big About What You Want Your Technology To Do For You

While tackling these next steps, you become a critic of your own tech stack. A few things to consider during this step to keep an eye on…

Eliminating bottlenecks: Is your current system slowing down processes? Impeding progress altogether? Maybe it’s time to think about automation tools that streamline workflows.

Doing more with less : Could integrations streamline clunky processes or eliminate them altogether? Do you have to consider a smaller workforce to get more done?

Increasing efficiency: Would a new business management system shave hours off everyone’s daily tasks? Could a better CRM increase sales conversion rates?

Decreasing employee frustration: No one likes to work with slow, buggy systems. Happy employees are more productive, and better tools contribute to happiness at work and more success that can (and does) impact the bottom line.

Providing more visibility in the business: What would it be like if your technology gave you clear insight into what is going on in your business? What would that visibility look like?

Reducing risk in the organization : With solid data comes solid business decisions. What do you need to know about your organization to reduce inherent risks?

Increasing profitability: What could you do with more revenue? Grow more, hire more talent, explore new markets? What needs to happen in your business to increase profits?

technology analysis in business plan

Building Your Tech Ecosystem

Now that you have a better vision of what a successful tech stack could do for your organization it’s time to gain an understanding of where your current systems are and how some may need to be eliminated, integrated or added on. It’s time to think about where your current tech is lacking the above benefits.

One by one, determine what needs to be done to each component to get it on the right path. Consider items such as

  • Core business systems
  • Ad hoc systems
  • Off the shelf systems
  • Custom systems
  • Integrations

Start with the core of your tech stack as a hub and determine what other spokes need to extend off the hub for a complete ecosystem.

Let’s take the following example. At the core there is one central platform… for this example we’re going to use a manufacturing company. At the center of the system is the ERP, it is the nucleus of the technological ecosystem. But that’s not enough. For a truly integrated and seamless operation, various subsystems (the spokes) must integrate perfectly with the nucleus.

technology analysis in business plan

You’ll want to surround your central system with everything you have operating currently within your business…and everything you do not.

A few things to consider might include…

Other spokes to consider:

  • Accounting and Finance
  • Marketing / automation
  • Public facing website
  • Human Resource Information System (HRIS)
  • Mobile app extensions of the core system
  • Estimating and contracting
  • Manufacturing Execution Systems (MES)
  • Field service management
  • Project and deliverable management
  • Quality Management System
  • Payroll and Learning Management Systems (LMS)
  • Internal Communications
  • Dashboards and analytics

Grab your pen, or dry erase marker, or mouse and start mapping out what your current spoke and wheel framework looks like and what you’d like it to look like going forward. This helps you and your team visually see each component of the overall system. Whether you’re a tactile thinker who prefers scribbling on a physical whiteboard or a digital native who lives in virtual workspaces, visualization tools can help you see both the forest and the trees.

Reviewing Each Component

By reviewing each component of your technology stack, you’re ensuring that no stone is left unturned. It’s not just about what your technology can do for you today, but also about how it will support your business goals five, ten, or even fifteen years down the road. Consider strategies such as…

Assessing Current Capabilities

What is this particular piece of technology capable of right now? Is it meeting expectations? Where is it falling short? This will help you identify gaps that need to be filled, either through upgrades, additional training, or possibly replacing the technology altogether.

Evaluating Scalability

A crucial but often overlooked aspect is scalability. As your business grows, will this technology grow with you? If it’s a custom mobile or web app solution , who will be your development partner? If it’s an off-the-shelf solution, are there plans for future updates?

Understanding Integrations and Compatibility

Your technology pieces have to work well together. Evaluate how easy it is to integrate the components with other systems. Are there open APIs available? If you’re planning to bring in new technology, how well will it play with your existing stack?

Cost-Benefit Analysis

Sometimes expensive technologies save money in the long run, while cheap solutions can end up being costly due to inefficiencies or security risks. Always balance the upfront and ongoing costs against the expected benefits, both tangible and intangible.

Compliance and Security

Compliance with legal regulations is non-negotiable, especially for components that deal with sensitive data. Similarly, assess the security features of the technology. Would you need additional cybersecurity measures to protect your data?

Bringing in More Brain Power

Once you have come up with your end vision, team involvement and feedback is your next secret weapon! Your team members are the end-users. They have insights that you don’t. Include them in this journey to ensure you’re solving real problems, not just perceived ones. Ask them to find gaps that are missing from your initial analysis.

technology analysis in business plan

Have representatives from each department provide insights into what’s working and what’s not. Their feedback could be invaluable. Get their input on the existing plan and be open to feedback of all types. Once you’ve got the team involved, find out what is

  • Not working
  • Somewhat working
  • Needs improvements

Using the start, stop, continue approach developed by Phil Daniels, a psychology professor at Brigham Young University, works well in this phase where your team discusses what they want to start doing, stop doing, and continue doing with each component of your tech.

This phase requires meticulous scrutiny. For each component—whether it’s your CRM, ERP, accounting software, or internal communications platform—you’ll want to conduct a deep dive. Consider preparing a SWOT analysis for each technology component to assess its Strengths, Weaknesses, Opportunities, and Threats.

Next begin laying out the tactics that need to take place for each system. This may include…

  • Buying off-the-shelf software
  • “Renting” SaaS solutions
  • Using online websites
  • Developing websites
  • Developing mobile app
  • Developing integrations
  • Infrastructure updates
  • Cloud solutions
  • Mobile solutions
  • And other options

Prioritize and Execute

After assessing each component, create a realistic timeline for the changes that need to be made. Consider seasonal business fluctuations, budget cycles, and other potential delays while planning. Prioritize what you need to start on first.

We love a quick win! Quick wins can give everyone the confidence that the strategy is working. It’s also an excellent way to demonstrate value early in the game, which can secure further buy-in from stakeholders.

This is a marathon, not a sprint. Consistency in focus, execution, and review will drive your tech strategy to fruition. Again, looking at the calendar of the team ahead of time will help you stick to getting the project across the finish. Stick to the plan… but be willing to adapt as you go along.

What if things don’t go as planned? Always have a Plan B. Whether it’s reverting to an older version, temporarily outsourcing a function, or having a redundant system in place, contingencies can save you from significant setbacks.

Step on the gas and never let up. It’s really easy for day-to-day to knock you off your game quickly. Make sure to block out time in advance for weekly meetings and progress reports. Let your team know those time blocks are an absolute, and cannot be interrupted.

technology analysis in business plan

The Bottom Line

A 5-year technology strategy is a monumental task, but it’s critical for the long-term success of your business. By looking at the bigger picture, focusing on details, and aligning each component of your tech stack with your broader business objectives, you’ll build a future-ready organization. This isn’t just about surviving the next industry disruption; it’s about staying several steps ahead of it. Prepare today, prosper tomorrow.

If this is all a little too overwhelming, there is help available. Swip Systems can help you build out your 5 year technology plan. When you’re ready to start brainstorming how your technology looks today and what you want it to look like tomorrow, let’s explore the possibilities together. Swip Systems will help you evaluate your current tech, brainstorm what your tech could look like, and lay out a plan to bridge the gap. We love to talk tech! Call us today. 877.377.SWIP .

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Tom established Swip Systems in 1995 and has been providing business automation, software development, web application, and mobile app solutions ever since. As a business owner himself, he’s aware of the challenges and what’s necessary to stay competitive, which is why he is on a mission to help business owners grow and maintain profitability through technology. Tom is also the founder of Midwest Manufacturing Leaders (MML) and a keynote speaker .

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Technology Strategies for Business Plans

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Relationships Between PEST and SWOT

Examples of project rationale, how to market a management consulting firm.

  • Financial Justification Tools
  • Standard Operating Procedures for a Business

Incorporating technology strategies into your business plan helps you to run a more competitive business. For example, you may realize that you need a certain piece of equipment to operate your business. Yet you may not immediately realize how it will affect your business financially in the long term. How you strategically use the Internet to market your business is another technology area that benefits from proactive analyzing. By addressing these areas in your business plan, you may experience less monetary surprises in your allocated budget.

Conduct Cost-Benefit Analyses

A Cost-Benefit Analysis is used to determine the payback or break-even point of any investment over a period of time. Technology continues to advance, and this fact alone makes it worthwhile to conduct a CBA on technology-based equipment and services before making a purchasing decision.

Run a CBA to show the purpose of technology equipment and services you plan to use in your business. List the upfront and operational annual costs. This will include the dollar estimated value of lost time due to unforeseen circumstances, such as down-time, disruptions and sick-time. The impact of internal control, security and privacy risks must be considered on both sides of the CBA. Next, assign a realistic cost estimate to the benefits to quantify the purchase’s annual beneficial value. Deduct the annual investment from the benefits. Three years and under are typical break-even points for technology-based equipment such as computers and printers. Some investments like building purchases may take longer to reach payback. The Small Business Administration provides a CBA worksheet.

Use Internet Resources

Place a general overview of how you plan to market your business online in your business plan. More details can be placed in your marketing strategy. Developing a website, selecting a domain name, and defining the products and services you will offer on the Internet are all parts of a good technology strategy for your business plan. Search engine registrations, social networking, directory listings and online advertisements are ways to market your business and solidify your online presence. These technology strategies, if mentioned in your business plan, can help you track your marketing effectiveness. Then, you can see more clearly where to make changes to remain competitive.

Plan a Technology Growth Strategy

A growth strategy for advanced technology can be internal, that is, company wide. For example, in the beginning of your business, you may have to wear many hats, including handling accounting tasks. Your two-year vision may be to improve the efficiency of business processes in accounting. After conducting a cost-benefit analysis, you could include in your business plan a goal to implement more efficient, streamlined accounting software and an employee.

An external technology growth strategy for your business plan may be more customer-focused. You may need to acquire the needed equipment and services to get benchmarked with your competitors. Alternately, you could decide to outsource certain advanced technology services. Your ideas for strategic growth in dealing with technology can be added to your business plan. Furthermore, implementing both internal and external growth technology strategies covered in your business plan can keep it from becoming stagnant.

  • SBA: Cost/Benefit Analysis Template

Nina Nixon has more than 30 years of professional writing experience. She enjoys writing about business and technology. Her articles have appeared on Chron, eHow Business & Personal Finance, Techwalla, and other digital content publishing websites.

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7 steps to create a technology startup business plan.

  • Published on: April 26, 2022
  • Author: masschallenge

7-step-startup-business-plan

Many entrepreneurs still overlook the importance of a technology startup business plan. In a space as competitive as the tech industry, a lack of preparation will surely pave the way to disappointment.

Instead of diving in without any concrete strategy, a plan provides a foundation for sustainable business growth.

In this article, we’ll explore the essential elements of a tech startup business plan, and provide the insights you need to create a plan for success.

What Is A Business Plan?

A tech startup business plan is a document that details the premise of your technology business, summarizing vital financial objectives and operational goals, as well as details on how you will accomplish these goals.

Put simply:

It’s a road map that describes what you intend to do, and how you intend to do it.

A typical business plan will comprise the following seven elements:

  • Executive Summary
  • Company Description

Market Research

  • Description of Products and/or Services
  • Management & Operational Structure
  • Marketing Plan
  • Financial Plan

3 Reasons You Need a Business Plan

Before we dive into the individual aspects of a startup business plan, let’s first consider why you need one.

Just what are the benefits of a business plan?

1. It Offers Greater Clarity

Having a business plan will give you a much better understanding of your business and the objectives you are trying to achieve. Even the most basic technology startup business plan example will seek to define your goals in more objective terms.

For example, you can set specific targets for website traffic, sales volumes, or profit margins. This makes it easier to track and measure success and aligns your decision-making with sales and marketing initiatives.

2. It Increases the Chances of Success

A report from the Harvard Business Review found that companies with a business plan are 16% more likely to succeed.

Furthermore, companies that have a business plan also enjoy higher growth rates than companies without a plan.

3. You Are More Likely to Get Investment

Angel investors and venture capitalists aren’t in the habit of making bad bets. When they part with large sums of money, it’s a carefully considered decision they base on the likelihood of earning a positive return on investment (ROI). When you have a business plan, you give your startup strategic focus, which helps you create an identity that is built to succeed. This makes for a more attractive prospect in the eyes of investors, so it’s easier to raise capital for your startup when you have a plan.

How to Write a Business Plan for Your Tech Startup (7-Steps)

So, now that you understand the motivation behind creating a tech startup business plan, it’s time to see how it’s done. By including the seven elements below, you’ll have a plan that gives your company a much stronger footing.

1. Executive Summary

The executive summary is, without a doubt, the most critical element of your tech startup business plan. Despite this, a lot of plans fail here because the summary doesn’t captivate readers. If you can’t hook prospective investors, partners, or employees with your executive summary, they may never read the rest of your business plan.

1-businessplan

Source: The Balance

This section should be compelling yet concise, giving people enough to understand what makes your startup unique, and how it will be able to offer solutions in an existing, competitive market.

While you want to keep it brief, there is a lot to pack into this opening section of your business plan. Here are the crucial components of an executive summary:

  • Business Model – What is your product or service? How will you make money?
  • Target Market – Who will benefit from this product or service?
  • Business Opportunity – Why do consumers need your product or service?
  • Marketing Strategy – How will these consumers learn more about your product or service?
  • Competition – What other companies are competing for market share?
  • Goals – How will your startup transform the marketplace with this product or service?

As the executive summary is such a vital aspect, it’s a smart move to write it last. By waiting until you have finished the rest of the business plan, you can draw from the other sections to craft an excellent executive summary.

2. Company Summary

The company summary essentially boils down to a single sentence, otherwise known as a headline statement.  When it’s done right, this summary can be the perfect elevator pitch to capture the imagination of would-be financial backers or partners, and it will serve as a natural lead-in to your more detailed business plan.

2-fill-blanks

Source: Gusto (credit: LivePlan)

The company summary or headline statement should do the following:

  • Give people a brief overview of what your company does.
  • Communicate the value you offer.
  • Highlight the opportunity in the market.

Here is a good template to create your company summary:

<Your company> is a <type of business> who sells <product or service> to <target customer> , who needs <solution> , but doesn’t get it from <competition> .

Don’t worry if you can’t create the perfect summary now. When you develop your business plan, you will get a better understanding of what this headline statement should be, and then you can refine it to reflect your vision and value proposition.

We’re sure you have a great idea, but that’s no guarantee that everyone is going to love it as much as you do. No matter how good you think your startup may be, you still need to conduct proper market research to learn more about your ideal customers and competitors.

Identify your Target Market

Without a viable market for your product or service, your business is doomed.

Many startups have failed quickly because the owners were so obsessed with their own product that they were effectively blind to the fact that nobody else cared about it.

3-top-reasons

Source: CB Insights Image: Cleveroad

Initially, you can adopt a broad scope to get a sense of your total addressable market (TAM), which is the potential revenue opportunity your new product or service could generate. Of course, with the competition, and changing consumer interests, it’s unlikely you will dominate the entire TAM.

Once you have this broad idea, you can hone your sights to go more niche. While this presents a smaller audience, it is more effective. By narrowing your targeting, you can market to a more engaged audience that will be more receptive and likely to purchase your product or service.

Consider the following factors when segmenting your audience:

  • Demographic – What age group? What gender?
  • Geographic – In what country or city do your prospects live?
  • Behavior – What websites/blogs/news sources do they use? What are their purchasing habits? What retail sites or brands do they buy from?

With in-depth data analysis and evaluation of your prospective customers, you can create detailed buyer personas that help you refine your marketing strategies.

Perform Competitor Analysis

During the market research stage of your tech startup business plan, you should also carry out a thorough competitor analysis.

This will help you determine the key differentiators between your company and the competition.

Ask yourself these questions:

  • Why should people choose my product or service?
  • How can I improve on the existing solutions in the market?
  • Why do people not already buy the products in the market?

By thinking about current trends or flaws in existing products, you can identify opportunities for innovation so that your business can connect with customers on a deeper level.

Knowing your audience is crucial, and therefore, your business plan must demonstrate a deep understanding of your target market, and your competitors.

3. Description of Products and/or Services

Here, you must highlight the link between what you are offering, and what people need, so you can prove that people are ready and willing to pay for your product or service.

Research Problems in Market

It helps to conduct some face-to-face research, asking potential customers about the problems they have. Don’t try to usher the conversation in any direction or shoehorn their answers to fit your product – instead, look to learn from their honest responses about the solutions they need.

You should do this research before creating the product. After all, it makes more sense to create a product for an existing problem, instead of trying to find a problem for your product.

4-market-research

Source: ProductTribe

Tailor Product to Problems

After doing your research on the existing problems in the market, trim your list to focus on a few of the most important issues. Describe how your product or service will be the ultimate solution to these problems.

For instance, if people believe the existing solutions are too expensive, you can offer a product with a more attractive price point.

By matching up consumer problems with specific solutions, you can develop a product or service that has a more significant value proposition.

4. Management & Operational Structure

The next stage of the traditional technology startup business plan template delves into the people that make up your company. You must highlight the strengths and experience of your existing team, as new partners effectively invest their money in the team as much as the business idea.

Ideally, your team will consist of several experts whose respective skill-sets complement one another. For example, your tech startup may have a coder, a graphic designer, an inbound marketing expert, and a sales professional. Discuss the merits of each team member to convey the value they add to the business.

You can also speculate about prospective new hires and the key attributes you will seek in future team members. If you haven’t already got a chief financial officer (CFO), it’s a smart move to mention adding one soon. This will add backbone to your business plan by reassuring people that you have good financial sense.

Organizational Chart

Here, your plan should clearly define the organizational structure of your startup. For now, it may just be you and a couple of business partners.

However, by including a graphic that visualizes the structure you intend to build, people will get a clear understanding of the distribution of power and chain of command.

For example, it may look something like this:

5-team-map

Having a hierarchy prepared before starting helps prevent any debates about who is in charge of each department, and makes it easier to understand who reports to who.

5. Marketing and Sales plan

No tech startup business plan would be complete without mentioning the marketing and sales strategies you intend to use.

Sales channels

To clarify the difference, marketing channels are used to promote your business, and its products or services, whereas sales channels are the mediums that enable people to purchase those products or services.

You may only have one direct sales channel to begin with, such as an online e-commerce store. Make sure you explain it in your business plan.

Marketing activities

In this section, you must detail how you will acquire leads and customers.

At the base level, you should do the following:

  • Launch a company website
  • Develop strategy to get organic traffic (i.e. visitors from search engines like Google)
  • Develop a PPC strategy to get immediate online exposure for your most important product/service keywords
  • Develop channel partnerships
  • Build an email subscriber list

6-market-activities

Over time, you can use marketing to nurture stronger customer relationships, which in turn, help you build an audience of loyal followers that will, hopefully, become customers.

The marketing section of your business plan will need to account for several factors, including your goals, risks in the market, and your budget. Which brings us to the final aspect of your tech startup business plan.

6. Financial Plan

Lastly, any good business plan must include pertinent details about your company budget and sales goals.

This can be daunting for many new entrepreneurs and is all the more challenging when you have no balance sheets, cash flow reports, or even any stable income on which to base your projections.

That being said, it’s still possible to make educated projections – so long as you have done solid market research.

When it comes to financial matters, your business plan should include details about:

  • Revenue streams – how will the company generate income?
  • Major expenses – What high costs do you anticipate in the year ahead?
  • Salary demands – Are you still bootstrapping or are you and the partners taking a salary? If so, how much?
  • Financial milestones – Detail your expansion strategy by considering future hires or store openings that will impact the books.

Many startups aren’t profitable in the first year. Your financial projections should maintain a long-term view for success, keeping ambitions realistic and honest. That way, you’ll be able to produce a more accurate break-even analysis .

7-break-even

With these long-term projections, you must consider the financial impact of expanding. You may be making more money in Year 3, but opening a new store will set you back.

Keep everything in perspective and make sure you don’t set yourself or your investors up for any nasty shocks down the road.

5 Tech Startup Business Plan Templates

When you have all the elements above in place, your business plan will be in good shape. However, presentation matters. If you want to make the best first impression, getting creative with your technology startup business plan template can make a big difference.

Not only will your research and expertise shine through, but you will have a visually stunning presentation that catches the eye of investors.

Here are five tech business plan examples to inspire you.

Business Plan Infographic PowerPoint

This plan allows you to present in-depth market analysis, statistics, and projections in a professional visual infographic. With several hundred editable slide options, it’s well worth the $16 fee for the license.

8-bp-infographic

Source: Medium

Emaze Business Planning With Analytics

This is more than the average technology startup business plan template. Emaze has a diverse array of creative collaboration tools, making it easy and enjoyable for teams to create unique plans together from any of the built-in templates. Furthermore, you can incorporate analytics, which is perfect for impressing investors. That said, $19 per month for the premium version may seem a little steep for some small businesses.

9-emaze-bp-crop

Source: Emaze

Lean Canvas 1-Page Business Plan

A tech startup business plan doesn’t need to take weeks to create. In fact, with this template, you can have a basic – yet brilliant – business plan all together on a single page in just 20 minutes.

10-lean-stack-crop

Source: Lean Stack

StartUp Pitch

For $15, you can access the full array of colorful slides in this presentation, which are all customizable to your needs. This template includes many ready-made aspects of the typical business plan, such as SWOT analysis, competitor analysis, and project timelines.

11-envato-crop

Source: Envato

This is another user-friendly tool for creating short business plans. You enter the information, and then LivePlan will generate a one-page plan in an infographic style.

12-liveplan-crop

Source: LivePlan

Make Your Tech Startup Business Plan a Priority

It’s not enough to have a great startup idea.

If you want to stand out from the pack, secure investment, and build a successful company that can earn real profits, growth, and customer loyalty, then you absolutely must have a solid tech startup business plan.

It’s time to create yours.

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  • Business Plan for a Technology Startup

Writing a Business Plan for a Technology Startup and the Benefits for Your Company

  • 13001 views
  • Jul 17, 2020

Kirill Z.

Business Analyst

Anastasiia S.

Anastasiia S.

  • Tech Navigator

technology analysis in business plan

Have a business idea but don’t know where to start? Consider creating a business plan first! An extensive and informative business plan allows you to understand your goals, opportunities, and threats, assess the market situation, and get a lot of insights to successfully launch your startup. Moreover, it can help you interest your investors.

Read our article to find out what a business plan is, what its benefits are, and how to create one. Let’s start with a definition.

What’s a business plan?

A business plan presents a detailed vision of your business idea. This document usually consists of 30 to 35 pages and several sections that cover vital topics for your business development such as goals, management, marketing, and funding.

A business plan is usually created before setting up a new business. It projects up to five years into the future to ensure you know where you’re headed at the beginning of your entrepreneurial journey. It’s advisable to revise this plan every month or two to check whether you’re sticking to your goals.

Benefits of creating a business plan

Although creating a business plan requires a lot of time and research, it’s sensible to make one before launching your startup. A business plan helps you realistically assess your opportunities and provides more benefits that we’ll describe below.

Detect weaknesses in your startup idea

When preparing a business plan, you should carry out a SWOT analysis to understand your chances of success.

To perform a SWOT analysis, you need to determine your business’s s trengths, weaknesses, opportunities, and threat s. Take into account that strengths and weaknesses are internal characteristics of your company that you can control, while opportunities and threats are external factors out of your control.

Once you’ve completed SWOT analysis, pay close attention to your weaknesses. By being aware of your soft spots, you can transform them into workable solutions to make your business successful.

  • Set goals and milestones

Setting goals is one of the core ideas behind creating a business plan, since by knowing your short- and long-term goals you can clearly understand where your business is heading.

Milestones allow you to track progress toward achieving your goals. Setting milestones is a strategic step that allows you to stick to your plan and not get distracted on your way.

Once you’ve listed your goals, you need to choose the path to achieve them. There are several options to choose from. For instance, you can map a long but predictable path with minimum risks and a short path full of challenges.

Let’s consider different options for launching your MVP as an example. You can choose a soft launch: a careful step-by-step presentation of your product to your target audience. When you use a soft launch approach, you reveal your product to a limited number of users, gather feedback from them, and fix bugs quickly. Thus, we can define a soft launch as a long yet predictable way to reach your goals.

A hard launch, on the other hand, is a short and risky path, since it means presenting a new product to a large number of people at once. It can bring you immediate revenue, but at the same time it can cause a lot of problems if your product isn’t perfect.

Once you’ve distinguished two different paths to reach your goals, which one to choose is up to you.

how to write a tech startup business plan

  • Make data-driven decisions

Preparing a business plan entails carrying out a lot of research. To make a realistic business plan, you should dive deep into marketing, finance, and management. You should also perform a comprehensive analysis of your direct and indirect competitors to get a full picture of the market situation.

By gathering information about other market players, you can learn about their strengths and weaknesses along with your own. This gives you a chance to better determine your company’s unique value proposition (UVP) and stand out from the competition.

With this information, your business plan is not merely a suggestion but a realistic view of your startup, the challenges you might face, and the ways you can overcome them.

  • Obtain an effective management tool

With a business plan in hand, it’s easier to manage your progress. Since a business plan includes a map with milestones, you can use it to keep track of how well you stick to and achieve your goals.

A business plan also helps you check whether you’re keeping within your budget and how profitable your business is. Plus, it allows you to monitor other financial aspects such as your employees’ incomes, pay raises, and your bonus system.

  • Get more information than with a Lean Canvas

Creating a Lean Canvas is a fast way to assess business opportunities. A Lean Canvas is a one-page document with 10 to 12 fields that gives a general overview of the current state of your business, your opportunities, and your goals. Although it’s a nice option for a quick assessment, a Lean Canvas is not very informative.

Here’s an example of how a Lean Canvas looks and what information it can present:

RubyGarage Lean Canvas

A business plan, in turn, is an extensive document that covers a long period of time (usually up to five years). Consequently, it requires a more comprehensive approach to business analysis than a Lean Canvas does and includes more detailed information about your business idea.

Use your plan as a pitch deck

Once you create your business plan, you can use it as the basis for your pitch deck. Just select the most important information and you’ll have a ready presentation for your investors, business partners, or whoever you want to interest in your business idea.

An informative pitch deck based on your business plan can lead investors to consider your business worth supporting.

How to create a technology startup business plan

Once you understand the benefits a business plan can give you, it’s time to move to developing one. Here are the must-have sections for your business plan.

#1 Executive summary

An executive summary presents your overall business plan. Its aim is to capture your readers’ attention and make them interested in reading through all the details.

This summary should be written in clear language and be understandable even for people who don’t have specific knowledge of your business area.

Do your best to outline the maximum relevant information within a five- to ten-minute read.

executive summary questions for technology startup

To make your executive summary informative and captivating, it’s best to write this section after you’ve finished all the other sections. Also, you should answer all these questions briefly in the summary since you’ll cover them in detail in the following sections.

#2 Business idea

This section is a detailed presentation of your product or service. You should include the following information:

  • Product/service description. Cover all the characteristics of your product, its uniqueness in the market, patent issues and compliance requirements (e.g. PCI DSS for payment systems, HIPAA for healthcare, or GDPR compliance), and a description of the development process.
  • Benefits for customers. Explain why your product is outstanding, how it reflects the needs of your target audience, and how it will solve your customers’ problems.
  • Pricing. Calculate how much it will cost to create your product and decide what monetization approach to choose (for instance, a subscription-based model or one-time payments). Make sure your revenue will cover your expenses.

business idea questions for tech startup

#3 Business sector and market analyses

In this section, you’ll present the results of your research that show how successfully you can penetrate the desired market.

First of all, analyze your preferred business sector. Pay attention to the current situation in the sector, predicted trends, sources of profit, and entry barriers.

Then, carry out market analysis including geographical, socio-demographic, socio-economic, and behavior-oriented segmentation of your potential customers. These criteria will help you better understand your target audience and attract more customers in the short term.

Finally, perform competition and location analyses. Competition analysis will help you determine your and your competitors’ strengths and weaknesses while location analysis will help you decide on the location for your company.

sector and market questions for tech startup

#4 Marketing strategy

This section demonstrates how you will build your marketing campaign. You already know your target audience, your competitors’ weaknesses, and the strengths of your product, so it’s time to sell it. At this stage, it’s important to decide if your marketing campaign will be extensive or targeted, what steps it will include, how many customers you need to attract to make your campaign successful, etc.

marketing strategy questions for tech startup

#5 Management 

In this section, you should provide information about the key roles inside your company and your legal situation.

When introducing your team, it’s important to mention roles and responsibilities and the qualities that make each person a valuable team member.

By legal situation, we mean the legal structure of your company and the legal framework that determines how your startup operates. You should state whether your business is a one-person startup or a partnership, for instance.

management section questions for tech startup business plan

#6 Opportunities and threats

This section describes external opportunities and challenges you can face when starting and expanding your business. To present this information as accurately as possible, you should create both positive and negative forecasts based on detailed research concerning your business sector, the current market situation, upcoming trends, your competitors, etc. Use the results of your SWOT analysis to provide information in this section.

opportunities and threats questions for tech startup

#7 Financial plan

You should prepare a financial plan for the first five years of your business activity. It should include:

  • Staff costs. This is the money you’ll spend on human resources at the beginning of your business and as it grows.
  • Investment and depreciation information. In this section of the financial plan, you should enumerate any kinds of material investments you plan to make (vehicles, furniture, PCs, etc.) and their predicted service life.
  • A profitability plan that includes your revenue and expenses. Make sure that planned revenue exceeds your expenses. There’s no point in starting a business that isn’t profitable.

financial plan questions for tech startup

#8 Funding opportunities

This section should list sources of investment and include the amount of money you need to start your business. You should also list investment options that you’re going to use. You can choose among local banks, venture capitalists, public funding schemes, business angels, and other options.

Once you decide how you’ll fund your business ‒ take out a loan or find investors ‒ include a repayment plan or mention the conditions of cooperation with your financiers.

funding questions in tech startup business plan

#9 Map for the future with milestones

In this section, you should describe the step-by-step implementation of your plan. It’s important to set priorities, divide the whole plan into small scopes of tasks, and set realistic deadlines. By doing this, you’ll get milestones that lead to your business success.

It can be a sensible idea to present milestones graphically so it’s easier for your readers to perceive the information and track your progress. 

map for the future questions

Final thoughts

With an elaborate business plan, you’ll have a clear understanding of your business opportunities and a chance to get into the desired market. Once you’ve created a comprehensive business plan, it’s time to create an MVP to attract your first customers.

What benefits does a business plan provide?

Writing a business plan is an important step before launching a startup. With a detailed business plan, you can:

  • Detect weaknesses in your startup
  • Have a starting point for creating a pitch deck

What sections should I include in a business plan?

There are nine main sections you should include in a business plan:

  • Executive summary
  • Business idea
  • Business sector and market analyses
  • Marketing strategy
  • Opportunities and threats
  • Financial plan
  • Funding opportunities
  • Map for the future with milestones

Is it necessary to create a business plan for my technology startup?

Writing a business plan isn’t obligatory, but you might want to do it since having a plan gives a lot of benefits. A business plan can help you understand your opportunities and threats, analyze the current market situation, learn more about your competitors, attract investors, and more. 

If you already have a business plan and need help creating your MVP, contact us for professional assistance .

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How to write a business plan for a technology consulting company?

technology consulting company business plan

Creating a business plan for a technology consulting company is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating a technology consulting company business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for a technology consulting company?

What information is needed to create a business plan for a technology consulting company.

  • What goes in the financial forecast for a technology consulting company?
  • What goes in the written part of a technology consulting company business plan?
  • What tool can I use to write my technology consulting company business plan?

Understanding the document's scope and goals will help you easily grasp its structure and content. Before diving into the specifics of the plan, let's take a moment to explore the key reasons why having a technology consulting company business plan is so crucial.

To have a clear roadmap to grow the business

It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...

In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for a technology consulting company is essential to create successful and sustainable businesses.

To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.

Once you know where you want your technology consulting company to be, you'll have to identify:

  • what resources (human, equipment, and capital) are needed to get there,
  • at what pace the business needs to progress to get there in time,
  • and what risks you'll face along the way.

Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.

To get visibility on future cash flows

If your small technology consulting company runs out of cash: it's game over. That's why we often say "cash is king", and it's crucial to have a clear view of your technology consulting company's future cash flows.

So, how can you achieve this? It's simple - you need to have an up-to-date financial forecast.

The good news is that your technology consulting company business plan already includes a financial forecast (which we'll discuss further in this guide). Your task is to ensure it stays current.

To accomplish this, it's essential to regularly compare your actual financial performance with what was planned in your financial forecast. Based on your business's current trajectory, you can make adjustments to the forecast.

By diligently monitoring your technology consulting company's financial health, you'll be able to spot potential financial issues, like unexpected cash shortfalls, early on and take corrective actions. Moreover, this practice will enable you to recognize and capitalize on growth opportunities, such as excess cash flow enabling you to expand to new locations.

To secure financing

Whether you are a startup or an existing business, writing a detailed technology consulting company business plan is essential when seeking financing from banks or investors.

This makes sense given what we've just seen: financiers want to ensure you have a clear roadmap and visibility on your future cash flows.

Banks will use the information included in the plan to assess your borrowing capacity (how much debt your business can support) and your ability to repay the loan before deciding whether they will extend credit to your business and on what terms.

Similarly, investors will review your plan carefully to assess if their investment can generate an attractive return on investment.

To do so, they will be looking for evidence that your technology consulting company has the potential for healthy growth, profitability, and cash flow generation over time.

Now that you understand why it is important to create a business plan for a technology consulting company, let's take a look at what information is needed to create one.

Writing a technology consulting company business plan requires research so that you can project sales, investments and cost accurately in your financial forecast.

In this section, we cover three key pieces of information you should gather before drafting your business plan!

Carrying out market research for a technology consulting company

Before you begin writing your business plan for a technology consulting company, conducting market research is a critical step in ensuring precise and realistic financial projections.

Market research grants you valuable insights into your target customer base, competitors, pricing strategies, and other crucial factors that can impact the success of your business.

In the course of this research, you may stumble upon trends that could impact your technology consulting company.

You might find that more companies are shifting to cloud-based technology solutions, so you may want to consider offering cloud consulting services. Additionally, you could discover that many businesses are looking to invest in technologies that automate manual processes, so you might want to consider consulting services related to automation.

Such market trends play a pivotal role in revenue forecasting, as they provide essential data regarding potential customers' spending habits and preferences.

By integrating these findings into your financial projections, you can provide investors with more accurate information, enabling them to make well-informed decisions about investing in your technology consulting company.

Developing the marketing plan for a technology consulting company

Before delving into your technology consulting company business plan, it's imperative to budget for sales and marketing expenses.

To achieve this, a comprehensive sales and marketing plan is essential. This plan should provide an accurate projection of the necessary actions to acquire and retain customers.

Additionally, it will outline the required workforce to carry out these initiatives and the corresponding budget for promotions, advertising, and other marketing endeavours.

By budgeting accordingly, you can ensure that the right resources are allocated to these vital activities, aligning them with the sales and growth objectives outlined in your business plan.

The staffing and capital expenditure requirements of a technology consulting company

Whether you are starting or expanding a technology consulting company, it is important to have a clear plan for recruitment and capital expenditures (investment in equipment and real estate) in order to ensure the success of the business.

Both the recruitment and investment plans need to be coherent with the timing and level of growth planned in your forecast, and require appropriate funding.

Staffing costs for a technology consulting company might include salaries for software engineers, systems administrators, and IT consultants, as well as costs associated with recruiting, onboarding, and training new employees. Equipment costs for a technology consulting company might include the purchase of computers, servers, software licenses, and other tools needed to perform services like cloud computing, application development, and network security.

In order to create a realistic financial forecast, you will also need to consider the other operating expenses associated with running the business on a day-to-day basis (insurance, bookkeeping, etc.). 

Once you have all the necessary information to create a business plan for your technology consulting company, it is time to start creating your financial forecast.

What goes into your technology consulting company's financial forecast?

The objective of the financial forecast of your technology consulting company's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a technology consulting company are:

  • The profit and loss (P&L) statement ,
  • The projected balance sheet ,
  • The cash flow forecast ,
  • And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a technology consulting company shows how much revenue and profit your business is expected to make in the future.

example of projected profit and loss statement in a technology consulting company business plan

A healthy technology consulting company's P&L statement should show:

  • Sales growing at (minimum) or above (better) inflation
  • Stable (minimum) or expanding (better) profit margins
  • A healthy level of net profitability

This will of course depend on the stage of your business: numbers for a startup will look different than for an established technology consulting company.

The projected balance sheet of your technology consulting company

The balance sheet for a technology consulting company is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

  • Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
  • Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
  • Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

example of projected balance sheet in a technology consulting company business plan

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your technology consulting company's liquidity and solvency:

  • Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
  • Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your technology consulting company's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The projected cash flow statement

A cash flow forecast for a technology consulting company shows how much cash the business is projected to generate or consume.

example of cash flow forecast in a technology consulting company business plan

The cash flow statement is divided into 3 main areas:

  • The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
  • The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
  • The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your technology consulting company business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan - also called a sources and uses table - is an important tool when starting a technology consulting company.

It shows where the money needed to set up the business will come from (sources) and how it will be allocated (uses).

initial financing plan in a technology consulting company business plan

Having this table helps understand what costs are involved in setting up the technology consulting company, how the risks are distributed between the shareholders and the lenders, and what will be the starting cash position (which needs to be sufficient to sustain operations until the business breaks even).

Now that the financial forecast of a technology consulting company business plan is understood, let's focus on what goes into the written part of the plan.

The written part of a technology consulting company business plan

The written part of a technology consulting company business plan is composed of 7 main sections:

  • The executive summary
  • The presentation of the company
  • The products and services
  • The market analysis
  • The strategy
  • The operations
  • The financial plan

Throughout these sections, you will seek to provide the reader with the details and context needed for them to form a view on whether or not your business plan is achievable and your forecast a realistic possibility.

Let's go through the content of each section in more detail!

1. The executive summary

In your technology consulting company's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.

When crafting the executive summary, start with an introduction to your business, including its name, concept, location, how long it has been running, and what sets it apart. Briefly mention the products and services you plan to offer and your target customer profile.

Following that, provide an overview of the addressable market for your technology consulting company, current trends, and potential growth opportunities.

Next, include a summary of key financial figures like projected revenues, profits, and cash flows.

Finally, in the "ask" section, detail any funding requirements you may have.

2. The presentation of the company

As you build your technology consulting company business plan, the second section deserves attention as it delves into the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide valuable insights into the legal structure of the business, the identities of the owners, and their respective investments and ownership stakes. This level of transparency is vital, particularly if you're seeking financing, as it clarifies which legal entity will receive the funds and who holds the reins of the business.

Moving to the location part, you'll offer a comprehensive view of the company's premises and articulate why this specific location is strategic for the business, emphasizing factors like catchment area, accessibility, and nearby amenities.

When describing the location of your technology consulting company, you may want to emphasize the potential and opportunity that the area has to offer. You could point to its access to major transportation hubs, its well-developed infrastructure, and its proximity to sources of talent, such as universities and research centers. You could also emphasize the potential for growth and the availability of resources, both in terms of physical infrastructure and the local business climate. You may also want to highlight the potential for networking and collaboration opportunities that the area may offer.

Lastly, you should introduce your esteemed management team. Provide a thorough explanation of each member's role, background, and extensive experience.

It's equally important to highlight any past successes the management team has achieved and underscore the duration they've been working together. This information will instil trust in potential lenders or investors, showcasing the strength and expertise of your leadership team and their ability to deliver the business plan.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your technology consulting company could offer strategic planning services to help customers develop long-term technology goals, IT audit and assessment services to help customers identify areas of opportunity and improvement in their technology infrastructure, and managed services to help customers manage their day-to-day IT operations. These services would help customers make smarter technology decisions, maximize their existing investments, and save time and money.

4. The market analysis

When presenting your market analysis in your technology consulting company business plan, you should detail the customers' demographics and segmentation, target market, competition, barriers to entry, and any regulations that may apply.

The goal of this section is to help the reader understand how big and attractive your market is, and demonstrate that you have a solid understanding of the industry.

You should start with the demographics and segmentation subsection, which gives an overview of the addressable market for your technology consulting company, the main trends in the marketplace, and introduces the different customer segments and their preferences in terms of purchasing habits and budgets.

The target market section should follow and zoom on the customer segments your technology consulting company is targeting, and explain how your products and services meet the specific needs of these customers.

For example, your target market might include small to mid-sized businesses who are looking to develop custom software solutions. These businesses may have limited in-house IT staff, and need to outsource some of their technology needs. Additionally, these businesses may need help with improving their overall IT infrastructure, such as system maintenance and security.

Then comes the competition subsection, where you should introduce your main competitors and explain what differentiates you from them.

Finally, you should finish your market analysis by giving an overview of the main regulations applicable to your technology consulting company.

5. The strategy section

When crafting the strategy section of your business plan for your technology consulting company, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.

The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.

For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.

In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.

Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.

Your technology consulting company could face the risk of a data breach. If customer data is not properly secured, malicious actors may be able to gain access to sensitive information, potentially leading to financial losses or reputational damage. Additionally, your company could face the risk of a major project failure. If a project is not managed properly, the timeline, budget, and quality of the work could suffer, resulting in unhappy customers who may choose to take their business elsewhere.

6. The operations section

The operations of your technology consulting company must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your technology consulting company - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You may have key assets such as experienced personnel and proprietary technology. For example, your personnel may have expertise in areas such as artificial intelligence, blockchain, and cloud computing. Your proprietary technology could include customized software solutions or a suite of industry-specific applications. Additionally, your company may have intellectual property such as trademarks, trade secrets, patents, and copyrights. This IP could be used to protect the uniqueness of your products and services from competitors.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into a technology consulting company business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my technology consulting company's business plan?

In this section, we will be reviewing the two main solutions for creating a technology consulting company business plan:

  • Using specialized online business plan software,
  • Outsourcing the plan to the business plan writer.

Using an online business plan software for your technology consulting company's business plan

The modern and most efficient way to write a technology consulting company business plan is to use business plan software .

There are several advantages to using specialized software:

  • You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
  • You are guided through the writing process by detailed instructions and examples for each part of the plan
  • You can access a library of dozens of complete business plan samples and templates for inspiration
  • You get a professional business plan, formatted and ready to be sent to your bank or investors
  • You can easily track your actual financial performance against your financial forecast
  • You can create scenarios to stress test your forecast's main assumptions
  • You can easily update your forecast as time goes by to maintain visibility on future cash flows
  • You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your technology consulting company's business plan

Outsourcing your technology consulting company business plan to a business plan writer can also be a viable option.

These writers possess valuable experience in crafting business plans and creating accurate financial forecasts. Additionally, enlisting their services can save you precious time, enabling you to concentrate on the day-to-day operations of your business.

It's important to be mindful, though, that hiring business plan writers comes with a cost. You'll be paying not just for their time but also for the software they use, and their profit margin.

Based on experience, a complete business plan usually requires a budget of at least £1.5k ($2.0k) excluding tax, and more if revisions are needed after initial meetings with lenders or investors - changes often arise following these discussions.

When seeking investment, be cautious about spending too much on consulting fees. Investors prefer their funds to contribute directly to business growth. Thus, the amount you spend on business plan writing services and other consulting services should be negligible compared to the amount you raise.

Another aspect to consider is that while you'll receive the output of the business plan, you usually won't own the actual document. It will be saved in the consultant's business plan software, which will make updating the plan challenging without retaining the consultant on a retainer.

Given these factors, it's essential to carefully weigh the pros and cons of outsourcing your technology consulting company business plan to a business plan writer and decide what best suits your business's unique needs.

Why not create your technology consulting company's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a technology consulting company business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my technology consulting company business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

  • Word processors don't include instructions and examples for each part of your business plan
  • Word processors don't update your numbers automatically when they change in your forecast
  • Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a technology consulting company business plan for some entrepreneurs, it is by far not the best or most efficient solution.

  • Having an up-to-date business plan is key to maintaining visibility on your future cash flows.
  • A business plan has 2 parts: a financial forecast highlighting the expected growth, profitability and cash generation of the business; and a written part which provides the context needed to interpret and assess the quality of the forecast.
  • Using business plan software is the modern way of writing and maintaining business plans.

We hope that this guide helped you to better understand how to write the business plan for a technology consulting company. If you still have questions, do not hesitate to contact us.

Also on The Business Plan Shop

  • How to write a 5 years business plan
  • Business plan myths

Know someone who owns or wants to start a technology consulting company? Share this article with them!

Guillaume Le Brouster

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Technology is something we use every single day. Smartphones, computers, data networks, mobile apps, software, and any number of other innovative solutions that we just can’t seem to live without. Creating a great opportunity to develop a business around selling, creating, or maintaining various technologies. But to successfully do that you’ll need a business plan.

Start your plan off on the right foot by browsing these sample business plans for computer repair, computer consulting, data recovery, computer support, I.T., computer engineering, and a number of other potential businesses.

If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

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technology analysis in business plan

Developing a Technology Business Plan

Adapted from developing an internet business plan by michael yellin, mba/ms-mois student, introduction, purpose of a business plan, technology business issues, the ten sections of a technology business plan.

  • Business Process Improvement
  • Data Driven Decision Making
  • Data Migration
  • Actionable Insights
  • Data Integration
  • Business Documents
  • Streamline Process
  • What Is Business Intelligence
  • Data Transformation
  • Software Integration
  • Cloud Based
  • Business Process Automation
  • System Integration
  • EDI Transactions
  • Digital Transformation Strategy
  • IT Strategy
  • API Integration
  • Enterprise Application
  • Data Security

How To Create A Technology Plan In 8 Steps

Debdutta Bhattacharjee

Hanh Truong

Introduction to technology plan.

Many modern businesses are evolving technologically as the digital world continues to grow. To keep up with new demands and markets, brands are investing in online tools to streamline specific business functions. This includes digital platforms , such as inventory management software and data reporting systems. These solutions can help businesses of all sizes reach their goals and stay competitive in their industry. However, before allocating capital to these technologies, management teams need to strategize a technology plan.

What is Technology Planning?

what is technology planning 1615313556 4841

Technology planning refers to the process of outlining the technical evolution of a business or its processes to achieve goals. Management teams and program directors will typically collaborate to decide which digital tools are beneficial for the business. For example, they may look for solutions that will help increase employee morale, improve customer service, or boost productivity. Generally, technology planning will also encompass technology forecasting, scheduling projections, and creating a technology roadmap. These activities will help top leaders identify what objectives the technical tools will achieve and when. It will also give brands insight into how their existing systems can evolve technologically to address future needs. By planning what tools are appropriate for a company, management teams can ensure that they are making the right investment. Additionally, planning will effectively empower the organization with key information about its performance.

8 Steps to Create a Technology Plan

Organizations that want to revamp their technology usage or upgrade to new digital tools should follow these steps to create a technology plan.

1. Create A Technology Planning Team

A technology plan should have ideas that reflect the entire organization. Therefore, creating a planning team that includes a wide range of employees across all departments is important. A typical planning committee will include a project manager, executive director, administrative assistant, accountant, and system administrator. When beginning the planning process, leaders should assign responsibilities and goals for each member. The team should also have a regular meeting schedule so they can collaborate and review the technology plan.

2. Examine Existing Technology

2examine existing technology 1615313557 3950

  • What system works well?
  • How does the company benefit from its current technology?
  • Do the tech operations need improvements?
  • What parts are replaceable and which are not?
  • Are any repairs needed?

3. Outline Priorities of the Technology Plan

The team needs to identify the main goals of their technology plan. Generally, companies will prioritize their strategy to solve a problem, like replacing an obsolete legacy system. Sometimes, a brand may focus its plan on leveraging new opportunities. Businesses can determine what their priorities are by using their assessment from the previous step. That audit will help teams gain insight into issues in their existing tech infrastructure.

4. Identify Tech Solutions

4identify tech solutions 1615313557 6807

Now that the team has an idea of what their tech goals are, they can explore different solutions. This step requires extensive research into various hardware, software, and other digital tools. A restaurant, for example, may look for specific inventory management software that can accommodate their growing list of ingredients.

5. Create A Budget for the Plan

A budget for the new tools needs to be created to protect the business's bottom line. It is recommended that the team breaks down the various costs of a system to accurately plan a budget. The team should consider the different long-term and short-term expenses. For example, most systems will have costs related to data storage, network, IT labor, and add-on features. The budget should have capital reserved for these various expenses.

6. Find a Tech Vendor

6find a tech vendor 1615313557 4692

The team can then look for a vendor or tech tool that aligns with their needs and budget. Typically, software providers have scalable packages, in which brands can purchase specific features that will help them achieve their objectives. It is important that the team does comprehensive research and compares different vendors. This will ensure that the organization will invest in the right tools and prevent delays in its technology plan.

7. Develop a Timeline

After a vendor or technology partner is selected, the team needs to outline a timeline for implementation. This involves setting deadlines or benchmarks for integrating software and training employees on how to use it. A date should also be set for the assessment of the new technologies . On these days, the team should meet and examine the effectiveness of the system and their goal achievement progress.

8. Draft and Implement the Technology Plan

8draft and implement the technology plan 1615313557 9534

  • Overview of the current tech system
  • List of tools the company needs to purchase
  • Vendor names
  • Employee training process

3 core business integration strategies 1615312634 9928

3 Core Business Integration Strategies

4 different types of cloud computing models and services 1615338937 8104

4 Different Types of Cloud Computing Models and Services

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6 Expert Tips for Small Business Record Keeping

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Breaking Down Data Silos - 4 Key Tips

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What Is Software Integration? Everything to Know

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What is Trend Analysis in Business?

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How to Do a Market Analysis for a Business Plan?

  • What is Market Analysis in a Business Plan?

Market analysis for a  business plan serves the purpose of exploring the suitability of your product or service for the market. 

Why you should do Market Analysis for a business plan?

What should you include in market analysis, how to do market analysis for a business plan, market research from wisebusinessplans.

  • Market Research Institutes and Databases we use

Your market analysis for a business plan lets you see your position in the market. It helps you identify the market trends, product demand, buying trends, seasonality, competition, etc.

A good market analysis will prepare you for a successful launch and steady growth. The time you invest in exploring your target market is well-spent. 

In this article, we have discussed how to conduct market research for a business plan. Make sure you read till the end to fully understand  how to do a market analysis in business plan .

Market Analysis for a business plan

Want to write a business plan? Get help from our business plan writers for hire !

When you analyze your target market in-depth, you understand it better. You understand what market demands are and how your product can serve the market. This market knowledge will help you convince your lenders and investors to work with you. 

These are some reasons why you should include a market analysis business plan.

Reduce Risk

Target on the right customer base, know the trend, project revenues, set growth benchmarks , optimize marketing strategy .

Doing a market analysis will lower your risk of failure by helping you spot market pitfalls. When you know what lies ahead, you can plan better and prepare better. 

A market analysis for a business plan will help you identify the right customer base for your product or service. 

Many people cast a wide net at the start but a market analysis proves them wrong. 

For example, if we say that many Indians live in a neighborhood and an Indian food restaurant will be a sure hit there may be wrong. Maybe all they are eating at home is Indian food and they don’t wish to eat the same food at a restaurant. 

Another example would be thinking that since your product or service is a good match for small businesses, all small businesses are your target customers. 

When you do market analysis and look critically at your customer base, you can dodge false optimism.

All markets are unpredictable in one way or another. Knowing how the market behaves when changes occur and understanding the market trends is important for long-term success. 

Check for seasonality, innovation in the market, and consumer behavior trends. See how your industry responds to the changes in economy.

 A market analysis for a business plan can help you make sound revenue projections for your business. Your projections with data are no longer your wishful thoughts. 

If your revenue forecast is based on solid market research, potential investors and lenders will know it and consider you a serious candidate for funding. 

Every industry moves in a distinct way. Some industries have favorable business conditions and growth is rapid in that industry. 

Doing a market analysis and knowing your industry will help you set realistic growth benchmarks. When you set aggressive growth benchmarks with a reasonable chance of success, you can maximize your business growth. 

Your marketing strategy is how you’ll raise awareness and drive sales for your product or service. Your market analysis can tell you:

  • how to reach your customers, 
  • how you should design your offers, 
  • how much will you need to spend 
  • When will you achieve your marketing goals

Why you should do market analysis for a business plan

You will analyze the target market in business plan in this section. Here is what you should include in a market analysis for business plan.

Industry Outlook

Industry outlook shows the direction of your industry. It shows if you are in a growing industry, a stagnant, or a declining industry. 

Consider adding these points to  your industry outlook:

  • Are you in a big market like casual wear clothing or a niche market like heavy snow coats 
  • Discuss the product life cycle 
  • Discuss projected year-over-year growth

Target Market 

Determine and specify your target market. Your initial, super-optimistic estimations about your target market may be incorrect. 

Base your assumptions on data. Specify your target market by using these markers. 

  • Identify your target customers’ demographics like gender, age, location, income, education, etc. 
  • Create a buyer persona to show what your ideal customer looks like 
  • Include research and surveys about your target market like focus groups, and feedback surveys

Product/Service Demand 

Document your product or service demand in the market. See how many units of similar products or services are sold per year and how many people make the purchase. 

Market Growth Prospects 

Assess the overall change in your industry. Every industry has different dynamics. Some industries react to economic shocks with a rapid decline while others may show resilience. 

Many consumer goods industries stay stable for a long stretch of time and you can spot the decline years ahead. On the same lines, discuss the growth prospects of your industry and the market.

Market Trends 

Trends are the sudden changes that disrupt. The fashion industry is one of the best examples to study market trends. 

Watch for similar market trends in your industry and document them. 

Competitor Analysis 

Competitor analysis is the meat of your market analysis for a business plan. These businesses are like case studies as you can learn from their business practices and growth trajectories. 

Industry Entry Barriers 

If the industry entry barriers are low, you’ll compete with a lot of businesses. However, your chances of early success are higher in such industries as you can easily reach the breakeven point and sustain your business. 

Hard entry barriers mean there are established players in that industry and it will take time for you to grab a share of the market. 

Industry Regulations 

See the level of regulations for your industry and make a plan ahead to deal with them. The regulations increase business operating and overhead costs.

When doing industry analysis in business plan, list the industry regulations you’ll need to care for. 

What should you include in market analysis

Access our free business plan examples now!

A market analysis is about collecting all the necessary information and research and getting into the details of your industry and competitors. 

You can do a market analysis using this simple framework.

Decide your Purpose 

Do industry research, define your customer, understand competition, collect more data for the market , make use of this data .

You may be doing a market analysis for knowing your industry better or for convincing a potential lender or investor. Once you determine the purpose of market analysis, you can estimate the time and type of research the process will take.

Discuss the industry trends and see how the market is changing over the past few years. You’ll also need to include industry forecasts to complete the picture. 

A comparative market analysis helps you identify your competitive advantage. Make sure to include this in the market analysis.

Defining your customer helps you understand their needs. Define your customer in terms of demographics like:

  • Occupation 

Build a buyer persona for your product or service. This will help you understand the customer well and design products and services for your ideal customer. 

Pro Tips: Learn how to write a business plan products and services section.

Understanding your competition will prepare you for the market. Look into their strengths and weakness. See what businesses are successful in your industry and study them to understand how they are doing it. 

Steps for doing competitor analysis business plan.

  • List your top competitors 
  • Do a SWOT analysis for each competitor 
  • Compare their product or service with yours 
  • Analyze why a customer chooses their product over others 
  • Identify opportunities on how you can improve your product

The more data you have, the better your chances are of doing a top-notch market analysis. 

Collect your data from credible sources. Make sure your data is factually correct. You will be making decisions on the basis of this data. 

Here are some reliable and credible data sources that you use in your market analysis. 

  • U.S. Bureau of Labor Statistics
  • U.S. Census Bureau
  • Local Chamber of Commerce & Industries 
  • Trade Journals and Academic Research
  • Your own SWOT analysis
  • Market surveys or feedback

It is time to make sense of the numbers. 

The market analysis includes details from business conditions to long-term success in the industry. It calculates risk for your business.  Some factors may not be in your favor and you’ll have to decide on your chances of success.  

Keep your data organized in sections. Organize your data with a goal to present it before investors, lenders, and the team. That way, you’ll keep it simple and easy to understand.

Do you want to see an example of market analysis in a business plan? See our business plan examples to understand how it is done. 

How to do market analysis in a business plan

Still wondering what is a market analysis in a business plan? See this example of market analysis in a business plan and writer a killer market analysis. Download the  Business Plan Market Analysis Example PDF  here. 

At Wise Business Plans™ we pride ourselves on giving you the best market research for business plans available. We subscribe to commercial software programs and pay hefty licensing fees to give your business a competitive edge. 

Instead of spending hours on figuring out how to do market research for a business plan, hire professionals from WiseBusinessPlans and get a top-notch market research report for your business plan. 

Market Research Institutes and Databases we use 

IBIS World’s Industry Market Research Reports are powerful business tools that provide strategic insight and analysis on over 700 U.S. industries. 

ESRI: Market Research combines GIS (Geographic Information System) technology with extensive demographic, consumer spending, and business data for the entire United States to deliver on-demand, boardroom-ready reports and maps.

Dun & Bradstreet: D&B’s products and services are drawn from a global database of more than 130 million companies.

Hoovers : Hoover’s database of industry information, 65 million company records, and 85 million people records you can deliver valuable business insight to your employees and customers.

First Research: First Market Research is the leading provider of market analysis tools that help sales and marketing teams perform faster and smarter, open doors, and close more deals.

Worried about writing a business plan? Hiring a business plan writer can ease your worries and create a strong plan.

Sample research.

Sample Market Analysis for a business plan

Base your Market Research on data and expertise you can trust.   Hire professional market researchers from WiseBusinessPlans and take a solid start. 

A market analysis in a business plan is an assessment of the target market and industry in which your business operates. It involves researching and analyzing factors such as market size, competition, customer needs, trends, and growth potential.

Gather information for a market analysis by conducting market research through various methods like surveys, interviews, online research, and analyzing industry reports. Collect data on customer demographics, market trends, competitors, and customer preferences.

Include key components in a market analysis, such as an overview of the industry, target market segmentation, customer profiles, competitor analysis, market trends and growth projections, and barriers to entry. Use this information to identify opportunities and assess the viability of your business.

Analyze the competition by identifying direct and indirect competitors in your target market. Assess their strengths, weaknesses, market share, pricing strategies, and unique selling propositions. This analysis will help you understand your competitive landscape and differentiate your business.

A market analysis is crucial for a business plan as it provides insights into the market potential, customer demand, and competitive landscape. It helps you make informed decisions, develop effective marketing strategies, and demonstrate to investors or lenders that there is a viable market for your products or services.

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technology analysis in business plan

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National Networks National Policy Statement

Appraisal of sustainability for National Networks National Policy Statement

National Networks National Policy Statement habitats regulation assessment

Government response to Transport Committee report on draft revised National Networks National Policy Statement

Contracts for Difference Allocation Round 6 Statutory Notices

Alternative Provision Free Schools Application

Access HMRC’s collection of tax documents.

The following documents have been added: Written statement to Parliament - Revised National Networks National Policy Statement, Consultation outcome - Draft revised National Networks National Policy Statement, National Networks National Policy Statement, Appraisal of sustainability for National Networks National Policy Statement, National Networks National Policy Statement habitats regulation assessment, and Government response to Transport Committee report on draft revised National Networks National Policy Statement

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Computer Repair Business Plan Template

Written by Dave Lavinsky

computer repair business plan

Computer Repair Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their computer repair businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a computer repair business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your computer repair business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a computer repair business, or grow your existing computer repair business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your computer repair business in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Computer Repair Businesses

With regards to funding, the main sources of funding for a computer repair business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the lender will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for computer repair businesses.

Finish Your Business Plan Today!

How to write a business plan for a computer repair & maintenance company.

If you want to start a computer repair business or expand your current one, you need a business plan. Below we detail what should be included in each section of your own business plan:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of computer repair business you are operating and its status. For example, are you a startup, do you have a computer repair business that you would like to grow, or are you operating computer repair businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the computer repair industry. Discuss the type of computer repair business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of computer repair business you are operating.

For example, you might operate one of the following types of computer repair businesses:

  • Hardware repair : this type of business provides repairs to physical units such as PCs and motherboards, game systems, accessories, etc.
  • Software repair: this type of business involves troubleshooting, operating system updates, and virus removal.
  • IT services: this type of business provides a range of services for IT products and components, including upgrades, installation and maintenance, security testing, technical support, and both hardware and software repairs.

In addition to explaining the type of computer repair business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of repairs completed, maintenance contracts signed, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the computer repair industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the computer repair industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the market research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section:

  • How big is the PC repair industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your computer repair business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the computer service customers you serve and/or expect to serve.

The following are examples of customer segments: small businesses, nonprofits, government entities, and individuals.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of PC repair business you operate. Clearly, government entities would respond to different marketing promotions than nonprofits, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most computer repair businesses primarily serve customers living in the same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your computer service customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other computer repair businesses.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes warranty repair options, or from dedicated in-house IT teams.

With regards to direct competition, you want to describe the other PC repair businesses with which you compete. Most likely, your direct competitors will be computer repair businesses located very close to your location.

computer maintenance and repair business competition

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of customers do they serve?
  • Do they specialize in specific services (i.e. PC repair, Apple product repair, software services, etc.)?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide either a wider range or more specialized range of services?
  • Will you offer features such as mobile repair?
  • Will you provide superior customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a computer maintenance and repair company, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of computer repair company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to PC hardware repair, will your PC repair business provide software upgrade services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your computer repair company. Document your location and mention how the location will impact your success. For example, will you operate from a physical office, or will you primarily interact with clients at their home or place of business? In this section, discuss how your location will affect demand for your services.

Promotions : The final part of your marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Advertising in local papers and magazines
  • Reaching out to local websites
  • Signs and billboards
  • Social media marketing
  • Local radio advertising

Operations Plan

While the earlier sections of your computer support business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your PC repair business, including marketing, providing consultations, troubleshooting, providing the actual repairs, keeping abreast of new technology, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to repair your 100th PC, or when you hope to reach $X in revenue. It could also be when you expect to open a computer repair business in a new location.  

Management Team

To demonstrate your computer repair business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in managing PC repair businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in repairing electronics, or successfully running IT businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you provide hardware repairs exclusively, or will you also offer help desk services and software upgrades? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your computer repair business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a PC repair business:

  • Office build-out
  • Cost of buying or leasing a company vehicle
  • Cost of office supplies such as computers and software
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office lease, or an overview of the services you offer.  

Putting together a business plan for your computer repair business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the computer repair industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful computer repair business.  

Computer Repair Business Plan FAQs

What is the easiest way to complete my computer repair business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Computer Repair Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of computer repair business you are operating and the status; for example, are you a startup, do you have a computer repair business that you would like to grow, or are you operating a chain of computer repair businesses?

Don’t you wish there was a faster, easier way to finish your Computer Repair business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan professional services can help you create a winning business.

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