Thursday, November 22, 2007

Social Media Optimization (SMO)

The Definition for SMO is: to implement changes to optimize a site so that it is more easily linked to, more highly visible in social media searches on custom search engines (such as Technorati), and more frequently included in relevant posts on blogs, podcasts and vlogs. - Rohit Bhargava

Another buzzword for the Communications world, created in 2006 by Rohit Bhargava His original five rules for conducting Social Media Optimization are:

1. Increase your linkability
2. Make tagging and bookmarking easy
3. Reward inbound links
4. Help your content travel
5. Encourage the mashup

Another source with a longer list is The NewPR Wiki

Definitely not a term to be ignored in the new Communications world.

Thursday, November 15, 2007

To Be or Not to Be a Business Plan

I am currently mentoring some MBA students for a Business Plan Competition. I gave them my perspective on preparing a business plan including differentiating between theory and practice since there seems to be a wide gap in real life. Many of the companies I have worked with only worry about creating a business plan when they need one to raise capital with a VC. In theory it should be a decision making tool and one that is dynamic and updated regularly. In practice, that rarely happens.

Wikipedia has a great article on Business Plans and Dilbert--of the comic book fame-who actually has an MBA from Berkley, is used in another very good article, with a shot of humor:
Five Criteria for a Successful Business Plan in Biotech. The Five Criteria are: Management, Management, Management, Management and LUCK.