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Business News

How to Do a SWOT Analysis As Part of a Business Plan Or Business Process Strategy

There are many types of analyses that help to illuminate potential issues as well as areas of opportunity for a new business – one is known as a SWOT or Strengths – Weaknesses – Opportunities and Threats analysis. This type of analysis forces the executive team of any pharmaceutical company to brainstorm these critical items before launching a new company, new division or new product – which may help decide whether or not to venture into this new direction.
Strengths are attributes that are unique to the company, product or division in question. Some examples of strengths would be having a key scientist on your team that has a unique skill set or knowledge that will make your new product a success. Other strength examples include patents, knowledge of a particular niche area, and manufacturing advances that allow you to create something that was not readily available in the past.
Weaknesses are just the opposite – some examples include lack of a patent or relying on unpatented discoveries, having no clear manufacturing process or significant process issues, or not having talent specific to the area you are moving towards. Weaknesses are pointed out as areas to be addressed.
Opportunities would include an increase in the disease group that your new product is expected to address, the opening of a new global market that the product can fulfill, or a new federal grant to help subsidize the cost of your new drug or treatment. Once opportunities are identified, a plan to take advantage of them should be created.
Threats could include clinical trials in this area by other competing companies, new regulations that would make it difficult to get approval, adverse press garnered by any preannouncements of what you are working on, or a loss of any type of funding for the project. Threats may or may not be real – but contingency plans to address them should be in place.
A SWOT analysis of your main competitor’s position is an opportunity to demonstrate your strategic position to senior management or potential investors as part of your business plan. It can also be a way of presenting to investors that you have mapped out the landscape for your potential product, and can both address the opportunities and eliminate or at least appropriately address the threats. If properly mapped, each can be a consolidated table in your plan which makes it very easy to communicate your intentions to the investors or management teams authorizing the necessary financial resources to execute the plan..
Pharmaceutical consultants can help you prepare this type of analysis to assess any new business decision you may be facing, or as part of a comprehensive business plan for a new pharmaceutical business you are launching. Their experience, expertise, and industry insights can serve as a tremendous boost to your new venture. Once they have helped you brainstorm these key areas, they can also help you formulate comprehensive plans for action in each of the four areas of the analysis.
If you liked this article, tell all your friends about it. They’ll thank you for it. If you have a blog or website, you can link to it or even post it to your own site (don’t forget to mention as the original source).…

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Business Owner

How to Start an Online Home Business With the Best Internet Business Ideas

Starting an online home business is easy once you know what to do. There are many internet business ideas that you can get started with and you don’t need to have any special experience to start an internet nor do you need to have lots of money.
The majority of online internet business ideas and opportunities are accessible worldwide so whether you are from Asia, USA, Europe, Africa or Australia, the internet is filled with online home business ideas from which you can earn extra income online.
1. If you are just getting started learning or looking for ideas on online home business ideas and jobs, the first step you need to take is sign up for a free home internet business training course. There are plenty of free resources on the internet that will show you and teach you how to find the best online business ideas and opportunities, how to start your very own internet business and make money from it as well as how to use free resources to promote your online business and become financially successful. To avoid getting discouraged with all that the internet has to offer and to avoid falling into traps or being scammed, I recommend that the first step to finding the best online home business ideas and opportunities is to find an online mentor who will guide you step by step through the process of starting an online business until you get comfortable to be on your own and you see the money coming in.
2. The second step is to actually find your internet business idea or opportunity. There are so many people looking for home business ideas worldwide but the solution is different for everyone. Finding an online home business that is for you will depend on factors such as;
A� Time-How much time are you willing to commit to your online home business? Are you going to be working part time or full time? Will be doing the entire website promoting yourself or will you outsource this activity? These are few things that you need to consider.
A� Levels of Interest-Do you have an interest in the topic or niche you have chosen for your internet business? Do you have any experience in the niche or will you require doing extensive research? What level of experience do you have in your chosen niche?
A� Budget-Though you can get started making money online without spending a dime, you still need to consider whether you have any money to invest in your home business e.g. for traffic generation, website design, outsourcing, e.t.c.
If you don’t have any home internet business ideas yourself, there are plenty of opportunities you can get started with such as; making money with affiliate programs, free paid online surveys, EBay Business, data entry, money from blogging, writing from home and plenty other ideas.
3. The third and final step is to promote your home business. Once you have chosen the niche of your online home business you want to get started with, the next and important step you want to take to earn money online is to promote your business. Sitting back and doing nothing will not get you any place fast. You do not need to worry about this because internet marketing is not rocket science. The most used method by many entrepreneurs to market their online business and get tones of visits and massive sales is article marketing. This is a free home business marketing idea you can implement to start seeing results almost immediately.
This article has shown you three simple steps to find the best online business ideas and opportunities. The rest remains entirely up to you to get started and earn income online.…

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Opportunity

Own Your Own Business Ideas, 5 Low Cost Start-Ups To Consider

To own your own business you need a workable idea. If you are looking for a low risk way to own a business, then not only should the service you offer be needed, it should also require low investment to start up. Below I have outlined 5 business ideas that should see you turning a profit without the pressure of large overheads.

Flyer/Leaflet Distribution: This is the ideal low-risk business. In good times and bad, businesses and tradespeople need to promote their services and flyers are a proven way to get the message out there. Add the fact that most people can walk and many people are looking for casual work these days and it is easy to see how you could make a good income with a flyer business.

Window Tinting: Automotive window tinting is a business that is cheap to set up and not too complex to learn and run. There is also a market for tinting windows in the home.

Flipping Blogs: Creating, automating, monetizing and then selling, or flipping blogs is a great little business for anyone who wants to work at home on their PC.I posted about this business on my website a few months ago and the interest was phenomenal.

Solar Power Installing: I reviewed a business about 2 guys that worked weekends installing solar panels and got to realize the potential of this business. Solar power is becoming very affordable and the surplus electricity generated can be sold back to energy companies. The earning potential from this business is huge for the right person and profits can be very high.

Pet Sitting: When I first heard of a lady called Kristin Morrison earning a hundred thousand dollars a year from looking after Pets, I just had to find out about this business. For a business with low start-up costs and simplicity to get into, it would take some beating.…

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Starting A Business

How to Recognize Small Business Ideas

Business ideas are everywhere if you know how to recognize them. Often they simply go unrecognized because the thing that you are looking for and isn’t there, will often represent an opportunity for someone wanting a business even if that someone isn’t you.
Recognizing a potential small business opportunity is fifty percent of finding a small business. Not all opportunities will be for you as a person, or on further investigation, be a viable business proposition, but all you need is the one thing that meets all the criteria.
Business is all about “supply and demand”. If you are looking for a business to supply you with something that you are after at a time that you are after it, but there is nowhere that you can buy it, then that is an opportunity for a business. Whether it would be a viable (or prosperous) business needs further investigation, but it does represent an opportunity. This is how a person wanting a small business will start their evaluation process.
How do you evaluate a small business opportunity?
There is no point in starting a business unless you plan on making some money. After all, no one likes to work for nothing. As the bible says “the laborer is worthy of his hire…”
The way to evaluate a small business is through using tried and true accounting for small business principles. Over the millennium, there are criteria that have to be present if a small business is to survive by making an income. These solid accounting practices have to be followed in order to assess the potential and then to keep track of the progress of the enterprise towards the end goal.
The first thing any business needs is a goal and a plan on how to achieve it.. If you don’t have an end goal in mind and are frequently reminded of it, then the business will either sink into oblivion or grow like “Topsy’s House”. This is not beneficial for long term business success and there is no point in becoming another failed small business statistic. There are already too many of them.
If you haven’t recognized a business opportunity by finding something that is missing and needed, then there are many other opportunities waiting for you to investigate.
If this is investigation is something that interests you, then I would suggest a beginning to be a self-assessment. In this case, you will need to do a S.W.O.T analysis on yourself first.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
You need to be realistic about all your strengths. No modesty, no ego but assessing what your strengths really are. We all have some even if we don’t always or frequently use them.
Weaknesses are part of being human. They are not often acknowledged but believe me, they are present. If you refuse to accept yours, ask an honest friend.
Opportunities are what the above two will reveal about you and how well you use this self-assessment.
Threats are what is represented by not doing anything at all once you have done this self-assessment. The downside to doing nothing can be bottomless depending on your circumstances.
The beginning of recognizing any small business idea is in knowing yourself first.…

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The Business

7 Characteristics of a Hot Niche for Your Online Home Business

When you’re just starting out online with your home based business niche marketing may be the magic bullet you need to get off to a fast start. By finding a hot niche and giving them what they’re looking for you can create a very lucrative income stream which can last for a very long time. Here are several traits characteristic of a sizzling niche market to help you recognize one when you see one.
1. This segment of your market is huge in terms of numbers making this feature very important for a couple of reasons. First of all, the obvious explanation is that you’ll have a lot of people to market to making your sales process that much easier. Secondly, if it’s a very large market you won’t have to worry about saturation thereby making this a long term opportunity.
2. If these people are really desperate for your product offer then you’ll have a hungry niche. This hunger is characterized by anxiety coupled with a willingness to pay whatever it takes to get what you have. They want to solve their problem very badly and as quickly as possible.
3. If you have several different solutions to their predicament then you can approach your niche from several different sales angles. For example, if your target suffers from an illness which offers several different forms of treatment for several different symptoms then you have several different ways of targeting people within your segment.
4. If your target possesses numerous hot button issues this will make your conversion process much easier. Hot button topics are words that usually elicit an immediate response from your niche because it stirs some type of emotional reaction within your prospect which usually results in a decision to buy.
5. Vendors, such as Click Bank, usually display the refund rates associated with each product and of course the lower this number is the better it is for you as an affiliate. A low rate of return means when you make the sale you usually keep the commission.
6. Any market that provides the opportunity for you to resell to your customer a second or even a third time is a very attractive situation for any online home business owner. This means once you’ve built your list you have a chance to sell to them again and again making this a very profitable niche.
7. Last, but certainly not least, if your affiliate product provides a high rate of return for each sale or, in other words, gives you a high commission rate then this could also make your niche a very financially rewarding one. Most companies offer rates from 50%-75% on each sale you make however, you should be sure to find out before you sign-up.
If you can find a market segment possessing all of these attributes then your online home business will enjoy the success you’re looking for right from the start.…

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Business Week

A Detailed Business Plan Template for Your Home or Small Business

A Guide to Your Business Plan

So you want to start a new business! Be it online or offline, a business plan is an essential ingredient to the success of your venture. The trouble with most business plans is they are to difficult to understand and appear overwhelming to most small business entrepreneurs. I have made the job easier by providing a format with self explanatory sections for you to follow. It’s a simple business plan with a lot of power when you need to source funding or show clients, among a host of other benefits.

What does my business plan look like?

Executive summary

type of business

company summary

management

product / service, competition

funding, use of funds

financial statement & projections

legal & financial structure

risks & exit

ad hoc swot

1. Background and purpose

1.1. product/service: what is your business? detailed description.

1.2. history: when did you start? how has the business been developing? achievements.

1.3. vision: what do you want to become? what path makes your company better than its competitors?

1.4. mission: the core values of your business. why this business and how you want to shape it?

1.5. milestones:

1.5.1. long term: a way to measure the vision

1.5.2. short-medium term: stages & goals, measurements

1.6. resources required:

1.6.1. critical resources: to back up key success factors

1.6.2. overall resources: to guarantee you can deliver

1.6.3. funding and use of funds: the proposal

2. Objectives

2.1. short term:

– outcomes which can be achieved within one year

– quantitative measurement: efficiency

– example: sales, gross margin, market share

2.2. long term:

– outcomes which require more time to be measured

– can be quantitative and qualitative

– effectiveness will show the sustainability of the business proposal

3. Market and industry analysis

3.1. overall & specific data

3.1.1. type of industry / service

3.1.2. mainstream / niche: market potential, demographics

3.1.3. stage of growth: emerging, growth, maturity

3.1.4. existing similar markets: other regions/countries

3.2. competitive analysis

3.2.1. statement of opportunity: sustainable competitive edge, resource based competitive analysis

3.2.2. review of your competitors strategies

3.3. five forces

3.3.1. bargaining power of buyers

3.3.2. bargaining power of suppliers

3.3.3. threat of relevant substitutes

3.3.4. threats of new entrants (entry barriers)

3.3.5. rivalry among firms (influenced by the other four factors)

3.4. macro & micro factors

3.4.1. global & international: trade agreements, war

3.4.2. national: taxation, regulations, patent protection

3.4.3. local: incentives, infrastructures

3.5. key success factors, a review of your strategic management

4. Production & Operations

4.1. processes & procedures

4.1.1. input, process, output

4.1.2. logistics: store, warehouse, deliveries

4.1.3. equipments, tools, it infrastructure

4.1.4. organization charts: responsibilities, information flows

4.2. thresholds

4.2.1. output capacity: measurement, peaks

4.2.2. stages of output increase: bottlenecks

4.3. resources

4.3.1. technical resources: equipment, software

4.3.2. physical resources: raw material, power supply

4.3.3. human resources: non substitutable for the output

4.4. quality assurance

4.4.1. prototyping, testing, approvals

4.4.2. incoming qc: sampling procedures

4.4.3. outgoing qc: sampling procedures

4.5. customer service

4.5.1. technical support: call center, on-site

4.5.2. warranty: policy, returns

5. Marketing plan

5.1. overall concept & orientation

5.1.1. target customer group(s)

5.1.2. customer awareness

5.1.3. customer satisfaction

5.1.4. customer loyalty

5.2. strategy

5.2.1. price strategy (leadership, differentiation, focus)

5.2.2. distribution strategy

5.2.3. communication strategy

5.2.4. perceived value

5.3. 4 p’s (can be combined with 3.2.)

5.3.1. product

5.3.2. price

5.3.3. place

5.3.4. promotion

5.4. sales forecasts

5.4.1. short term: detailed (month, region…)

5.4.2. long term

5.5. market share

5.5.1. short term

5.5.2. long term

6. Financial plan

6.1. financial projections (1st year monthly, 2nd year quarterly)

6.1.1. p&l (income statement)

6.1.2. cash flow (justify for variations)

6.1.3. balance sheet (yearly)

6.1.4. investments plan

6.2. source & use of funds

6.2.1. present situation (shareholders, loans if any)

6.2.2. requirements (need in working capital + investments)

6.2.3. proposed funding (shareholding, loan, bridge loan)

6.2.4. use of funds (destination & schedule)

7. Human resources

7.1. management team

7.1.1. individual / team (resumes in appendixe)

7.1.2. education, experience, skills & know how

7.2. skilled resources (key personnel)

7.2.1. hired

7.2.2. identified but not yet hired (funding)

7.2.3. to be found (head hunting…)

7.3. unskilled resources

7.3.1. issue about turnover rate (cost…)

7.3.2. issue about continuous hiring (training…)

7.4. packages & salaries

7.4.1. overall policy (market rate, yearly increase…)

7.4.2. incentives (commissions, bonus…)

7.4.3. specific packages (stock options)

7.5. hr strategy

7.5.1. set of values (refer to mission)

7.5.2. internal communication (intranet, group events)

8. Ownership

8.1. legal & financial structure

8.1.1. form of business

8.1.2. shareholding (equity position)

8.1.3. proposed deal structure (if any)

8.1.4. next round of financing (if any)

8.2. Exit strategy

8.2.1. independent growth (self financing)

8.2.2. ipo

8.2.3. bought over / merging

9. Critical risks

9.1. risks factors

9.1.1. categories (what if? and answers)

9.1.2. plan(s) “b” & book value (if …

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Opportunity

5 Time Management Tips for the Online Home Business Owner

For someone just starting out online with a home based business there are many challenges to face however, in my opinion, none is more daunting than finding the time to accomplish everything you need to do in the run of a day.
Time management was a long time nemesis of mine until I learned a few strategies to help me find the time I needed to complete all of my daily Internet marketing chores. Here are 5 techniques I use daily to manage my time more effectively and productively:
1. One tactic I find to be very useful is list making. At the end of every day my last task is to create a list of things I have to do tomorrow. This gives me a starting point for the following day so I can jump right in and start my job without having to waste time figuring out what I have to do for that work day.
Having a list also allows me to check off each job as it’s completed which gives me the incentive to continue because you get a sense of accomplishment with each duty you complete.
2. The biggest hurdle I had to overcome, and I sometimes still struggle with, is procrastination. There were times in the past when I would actually look for an excuse to put off doing something I didn’t enjoy until tomorrow or until whenever I found time to get around to it.
Now when something arises in my home business that I don’t particularly look forward to doing I simply remind myself of the rewards for completing the task now instead of later. Instead of just thinking about doing something make the effort to do it and you’ll soon see the results of your work.
3. When you’re creating your to do list for the following day do it with a realistic mindset. We’re all only human and there’s only so much we can complete during a normal work day.
So whatever you do don’t put too many chores on your list because you’ll only become discouraged by the results and you won’t be as enthusiastic about tackling your tasks the following day.
4. Always prioritize your jobs by giving more time to the biggest and most important tasks you have to complete. Most people waste too much of their work day completing mundane and minor jobs which could be put at the end of your list.
Having too much to do usually leads to rushing to get things done before the end of the day which results in mistakes being made and in time lost trying to repair the damage.
5. Organization is a key factor to saving time on the job. If you aren’t organized you usually waste more time trying to find key files and important documents that you need right now than the time you would need to complete the task at hand.
If you implement these 5 techniques on a regular basis you’ll soon see the results via increased productivity which usually translates into more sales and profits for your online home business.…