1. Create a mission statement -- What are your top-level objectives for applying social media and Web 2.0? And how will you achieve them? Ideally, this can be boiled down to one statement, articulating both the vision and where you aim to focus in terms of specific strategies. Don’t skip – or skimp on – this one; it’s important.

2. Assign owners – Who will take the mission, build the team, secure the budget, identify the tools needed? And who will own each channel, like Li...