Blogs, social media and Web 2.0 - look before you leap

Many business and organisations - large and small - are perceived to be 'playing catch up' when it comes to their online presence.
However, is a full suite of profiles, networks, blogs and tweets really the answer for every organisation? How do you determine what is most important and worth the time and investment?
I have been working with a fast-growing publisher whose focus is firmly on capital growth - quite right too. But they also recognise a need to demonstrate to their readers and investors that they understand the benefits of additional relevant media.
Below is a list of questions I asked the owners before embarking on a solution. I have attempted to place them in approximate order of priority.

1. How will a blog, Tweets and social network presence benefit your business?
2. How much time can you afford to write interesting, engaging content for posts, tweets and discussions?
3. How much investment (time and money) will these benefits warrant?
4. What is the vision for this content?
5. How will you measure the effects and manage responses?
6. How will you develop and review this work on a monthly basis?

Remember, these questions are basic and apply to an organisation where every penny counts.
Points 1-3 are most important - if you cannot execute something well, it is probably not worth doing at all, and indicative of wider management problems in the organisation.

Blogs, social media and Web 2.0 - look before you leap