Question #1 – Does Your Organization Have a Business Plan?

This article is a continuation of the featured “21 Questions: Is Your Organization Ready for Social Media?” which appeared on the TDarrisBlog on Wednesday, April 8th, 2015— you can read it by clicking here.

Do you have a business plan? This is the question of the day which we will explore in brief. You may be wondering what a business plan has to do with you using Facebook, or some other social networking service for your company, or organization? And you may seriously think that I’m being a little ridiculous for even suggesting that your business plan and your company’s usage of social media have a relationship. Well, believe it or not, they do!

Read More: “Business Plans: A Step-by-Step Guide” from Entrepreneur.com

So, what’s the relationship? At the beginning, at the end and throughout the day (I assume) you are in business to make money. Every decision you make about your business (I assume) is with the intent that you will gain some sort of monetary return at the end of the day. This could be in the form of free, or low-cost advertising, new network contacts, increased sales, new clients, etc. While all of this is possible as the result of using social media, you have to consider the fact that integrating social media into your business functions will cost your company time, money, and resources.

Read More: “10 Business Plan Benefits You May Be Forgetting” from Entrepreneur.com

The time cost includes the time that will be needed for your to determine your reason(s) for using social media, define and located your target market(s), then develop, design, and schedule your messages through the best social media to get the greatest impact for your company goals. Afterwards, you need to take the time to study the analytics in order to understand how to create better messages in the future to increase the bang for your buck.

Read More:Marketing ROI: Budgeting Your Money Wisely” from Entrepreneur.com

The monetary and resources costs concern the amount of money you will need to pay in order to make your time investment pay off. And some of the resources you will need include someone who is willing to do all the aforementioned for you if you are not able to do it yourself. You’ll also need to ensure that you have the proper usage rights for any graphics you did not create (these may require payment).

Read More: “3 Ways to Get Graphics for Your Website” from Entrepreneur.com

You may be wondering if a business plan is necessary? Well, some notable magazines like Forbes and Inc., may tell you that business plans are a waste of time. However, these same two outstanding companies will also tell you that a business plan can be a great asset to any company or organization. They also provide excellent resources to help you to get your business started and/or to improve your operations.

Read more:Why Business Plans Are A Waste of Time” from Forbes.com and “Business Plans Are A Waste of Time. Here’s What To Do Instead” from Inc.com

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