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How to Fire Up your Business Plan with Research and Development (R&D)

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Discover how to use Research and Development (R&D) to your full advantage and completely strengthen up your Business Plans!

Research and development, known as R&D, refers to that part of your business plan that is your ability to gain knowledge in order to design, develop, and enhance your product, services, technologies, or processes. If your company is a high-tech firm, R&D is number one on the list of capabilities crucial to your long-term success.

Even if your company isn’t technology- or manufacturing-based, though, don’t assume that R&D isn’t a necessary capability. Even a one-person consulting business needs research ability to track the competitive arena, find out about prospective customers, and keep on top of industry and client news.

For example, a business that liquidates households for people who can’t do so on their own hardly seems in need of R&D capability. But, think again. The Internet now plays a starring role in the sale of antiques and collectibles — whether through online auctions or through specialized auction and antique sales sites.

And even if the business owners never go near an online sale, almost certainly they’ll use online resources to find out what people are paying for items like the ones they’re selling.

For other businesses, R&D is the key to enhancing business skills, enlarging product and service portfolios, and staying on top of customer, industry, and competitive research.

Ways to improve your R&D skills include:

  • Attending trade shows with research-related sessions
  • Taking industry-specific courses, in person or online
  • Participating in social media networks with people in your field who share findings, ideas, and advice
  • Subscribing to mailings from innovators in your industry
  • Completing certification programs
  • Updating your computer skills
  • Keeping up-to-date through trade journals and sites
  • Joining an industry group
  • Broadening your awareness of industry, market area, consumer, and industry issues and opportunities
  • Your business plan should include a section that addresses your R&D capabilities, including the following:
  • The importance of R&D to your competitive success
  • A description of your current R&D capacity (including a description of the expertise of staff and contract sources)
  • Your agenda for R&D over the next year
  • Planned R&D expenditures over the next year
  • Your long-term R&D goals

 

Now you are familiar with all these key pointers to consider when planning the Research and Development aspect of your Business Plan, be selective on which factors would suite your business the most and then use them to your full advantage. Good luck!

Are you already familiar with R&D and it’s importance within a Business Plan? Would you like to actively contribute to the growth of a thriving Business? Check out our latest job opportunities by following this link! 

 

– Steven D. Peterson

– Peter E. Jaret

– Barbara Findlay Schenck

What is Business Research & Development (R&D)?

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An In-Depth View at Business Research & Development and it’s advantages

Business Research and Development departments are common in many larger companies, especially those working with newer products or technologies subject to important shifts. While research and development work can be instrumental in creating new products or adding features to old products, the work that the department does is more complex than simple innovation.

Business Research and development (R&D) refers to the investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

Consumer goods companies across all sectors and industries utilise R&D to improve on product lines, and corporations experience growth through these improvements and through the development of new goods and services. In general, pharmaceuticals, semiconductor and software/technology companies tend to spend the most on R&D.

 

BREAKING DOWN ‘Research And Development – R&D’

The term “research and development” is widely linked to the concept of corporate or governmental innovation. Known as research and technical/technological development (RTD) in Europe, activities that are classified as R&D differ from one company to the next, but standard primary models have been identified.

 

Basic Research and Development Organizational Setups

There are two basic R&D structures that have emerged in companies throughout the commerce spectrum. One R&D model is a department that is staffed primarily by engineers who develop new products, a task that typically involves extensive research. The other model involves a department composed of industrial scientists or researchers, all tasked with applied research in technical, scientific or industrial fields, which is aimed at the facilitation of the development of future products or the improvement of current products and/or operating procedures.

R&D is different from most activities performed by a corporation in the process of operation. The research and/or development is typically not performed with the expectation or goal of immediate profit. Instead, it is focused on long-term profitability for a company. Companies that employ entire departments devoted to R&D commit substantial capital to the effort. They must estimate the risk-adjusted return on their R&D expenditures, which inevitably involve risk of capital, as no immediate payoff is experienced and the general return on investment (ROI) is somewhat uncertain. The level of capital risk increases as more is spent on R&D.

 

Basic vs. Applied Research

Basic research is systematic study aiming at fuller, more complete knowledge and understanding of the fundamental aspects of a concept or a phenomenon. Basic research is generally the first step in research and development, performed to give a comprehensive understanding of information without directed applications toward products, policies or operational processes.

Applied research is the systematic study and gleaning of knowledge and understanding to apply to determining and developing products, policies or operational processes. While basic research is time-consuming, applied research is painstaking and more costly due to its detailed and complex nature.

 

What are the advantages of Business Research & Development?

Leaps in Market Participation

Market participation refers to the ability to attract new customers and win customer interest. At its core, research and development is about innovation, about offering consumers something they have never seen before. When R&D can pull off such a product offering, the interest that consumers have can cause a sharp leap in market participation and sales. It may even create an entirely new market for the company.

Cost Management Benefits

Research and development does not produce value directly in relation to how much funding the department receives. It is unique in this property; the success of R&D depends more on the practices, talents and innovations of the people working there than on how much money the department receives. This means that a company can actually spend less money on research and development than many competitors but work to secure talented employees and proper goal orientation and still produce good results.

Marketing Abilities

Research and development strategies allow companies to create strong marketing campaigns and advertising strategies. The two work together very well. The research and development department works to make new product designs or add features, and the marketing department interprets these changes in the most exciting light possible in order to attract customers, creating synergies between the two branches.

Trend Matching

Many times a market is already embracing a trend, and the research and development department can be used to make the business active in that trend and increase sales. For example, in markets rapidly embracing green products, a company can use research and development to make products out of natural ingredients, recycled materials or biodegradable substances, allowing for the release of an eco-friendly version of the product that increases sales. When R&D can catch up with trends, the business is seen as adaptable and profitable.

 

If you found this article interesting, why not check out our latest Business Development Executive Role? It may be the perfect opportunity for you to take the next leap in your Business Development Career! You can view it by clicking on this link!

– Tyler Lacoma

– Investopedia

10 IT Infrastructure Skills every IT Master should know

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Infrastructure is no longer static, immovable, or inflexible — and neither should be an IT pro’s skill set.

Take a look at 10 of the hottest Infrastructure skills that IT pros should be considering today.

 

1. Cloud Security

The sad reality about new IT technologies is that security is often an afterthought. Cloud computing came along and people jumped onboard before a robust and well-planned security roadmap could be established. Because of this, many early cloud adopters are scrambling to re-architect their cloud services with advanced security. While cloud security essentially uses the same tools found in traditional infrastructure security, there are more things to consider. Security considerations ranging from third-party data storage, data access, and even multi-tenancy issues are new skills you can acquire.

 

2. Software-Defined WANs

As a whole, it’s going to take some time for end-to-end software defined networking (SDN) to take hold. But one specific aspect of SDN, namely software-defined WANs, can and should be implemented today. For many companies, SD-WAN will be their first foray into SDN — and it’s a skill that will be the tip of the “software-defined” iceberg.

 

3. Cloud Service Broker

As server and network infrastructures continue to be outsourced into the cloud, some in-house infrastructure administrators are left wondering what role they may play in the not-too-distant future. One skill set that will be useful is that of a cloud service broker. In this role, the broker will evaluate various cloud services and form/maintain relationships with them on behalf of the organisation. And, while negotiating contracts may be a major skills change for many administrators, this role still requires a deep understanding of the underlying infrastructure technologies that cloud providers offer. So if you’re looking to still use the technical skills you have, while also seeking to move toward more of a non-technical role, then this might be the right fit for you.

 

4. Next-Generation Firewalls (NGFWs)

Next-generation firewall skills are currently in very high demand. Today’s NGFWs not only incorporate traditional layer 3/4 access controls and stateful inspection, they also perform layer 7 packet inspection to identify and apply policy traffic based on application type. In many ways, the NGFW is the linchpin for other modern security tools — and thus a skillset that every enterprise will soon require.

 

5. Cloud-Managed Networking

Cloud-managed networking is still in its infancy. Wireless LANs were the first part of the network to move to the cloud. But because of the popularity of cloud-managed WLANs, routing, switching, and network security is also becoming more popular. While networking is networking, regardless of where it’s managed, most vendors are using completely new interfaces that administrators must master.

 

6. Collaboration

It used to be that enterprise collaboration tools consisted of desk phones, videoconference rooms, and perhaps a chat client. But these days, collaboration is far more wide reaching. We’re talking about personal meeting rooms with full HD video capabilities, smartphone apps that fully mimic your office phone and chat applications, and shared project-management tools that tightly integrate with other enterprise tools such as mail and calendaring. Collaboration tools are becoming hugely popular in the new “work from anywhere” world in which we live.

 

7. Mobile Device Management (MDM)

The use of employee-owned mobile devices and laptops in the enterprise continues to explode. Most enterprise applications these days have smartphone or Web-based apps that employees can — and do — use. Companies that were early BYOD adopters are finding that their infrastructure is left vulnerable because there is little to no security protecting potentially insecure devices from accessing company resources — or from preventing the loss of intellectual property on personal devices. Mobile device management is a popular way to alleviate many of these problems — and thus it is a great skill to know.

 

8. Malware Sandboxing

Advanced malware is becoming an increasingly difficult problem for enterprises to tackle. Even with the use of tools like next-generation firewalls, intrusion prevention, advanced security gateways, and desktop malware prevention, advanced malware often squeaks through. Malware sandboxes are one of the newest and most popular tools used to catch malware that other tools can’t. Data flagged as potentially suspicious is placed in a simulated and segregated environment called a sandbox. The data then is allowed onto the simulated network, where it’s run through a gauntlet of tests to determine if the code starts doing something malicious. For security administrators, malware sandboxing is a great tool to have in the tool belt — and one that’s likely to grow in popularity.

 

9. Application Containers

Many people think application containers are the next evolutionary step in data center virtualization. Instead of virtualizing entire servers to host a single application, application containers allow for essentially the same thing, except they’re running on a single OS. An application container does this by creating virtual containers that enable OS settings unique to one particular application and hiding them from other applications. Data centers can run the same number of applications with far lower memory and storage requirements. Those who are heavily involved in server virtualization absolutely must look into containers.

 

10. Data Center Switching

Switching in the data center is far more advanced — and far more specialized — than it used to be. Today’s data centers often use a combination of switching, virtualized routing, and various application load-balancing and high-availability techniques that are growing in complexity. Add to this SDN’s creep into data center switching architectures and you have an area of networking that is highly complex, cutting edge, and in high demand.

 

Conclusion

Not only does this list encompass a wide range of infrastructure responsibilities, the skills also vary in technical complexity. In the end, there is almost certainly a skill or two that any infrastructure administrator has (or soon will have) on their “to learn” lists. The world of IT Infrastructure is growing rapidly, therefore this skill list will continue to expand over the course of time.

 

For more news on Information Technology, visit our ‘latest industry news’ page by following this link!

If you are looking for a new career within the IT Industry, check out our latest jobs by visiting our Jobs Page!

 

– Andrew Froehlich

4-Tips from Richard Branson on Business Growth Strategies

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Starting your own business can be one of the best decisions you make in life, but it can also lead to some tough situations, and hard decisions to make. Fortunately, Richard Branson has shared some of best advice for growing a business…

“It is no easy task but with the right support and a smart approach, the dream of scaling up your venture from start-up to successful business is in reach,” the Virgin Founder says in a recent SME Advice blog. “If you want to be in business 10 years down the line, you must have a deep understanding of your business, the market it operates in and a great team to support.”

 

Plan for the long-term

Failing to plan for the long-term and thinking about the possible risks and opportunities could make all the difference to the success of your business. “Setting some milestones for you and your team to work towards will keep you motivated and driven,” Branson recommends.

“There will be obstacles to growth you cannot foresee but having a roadmap in place from the get-go will help build structure and focus to decision-making.”

He also suggests putting in place strategies to mitigate any obvious risks to your business model from the start. “If you have a clear vision of where you would like your business to have expanded to after 10 years, plan how you can achieve this.”

 

Stick to your founding principles

Branson has one key piece of advice for when expanding into new territories or creating new products: “Having a uniting them all under one roof is one of the best advantages a business can have. Customers relate to brands and the values it stands for more than the tangible aspects of a product.”

He advises working out your business’ values and principles early on so that you can turn these values into tangible activities your customers can interact with. “Virgin has always been about putting the customer at the heart of everything we do and innovating in industries ripe for disruption. This is what our brand stands for and is applied to every business bearing our brand name.”

 

Gather a great team

Investing in the people you’re working with and trusting them with responsibility is another key ingredient to building a successful business, Branson says. “I learnt this from a very young age. There is little point recruiting great people if you don’t then give them the autonomy to take their role and run with it.

“It also frees you up as the founder to focus less on the day-to-day activities and more on the over-arching objectives laid out in your 10 year roadmap. Over my 40 years in business I have assembled a fantastic team to run the Virgin Group’s day-to-day activities and this has freed me up to spend 80 per cent of my time working with Virgin Unite – the not-for-profit arm of the Virgin Group.”

 

Get the right support

Having a good mentor can help you learn from others’ mistakes and hopefully avoid them, as well as teaching you how best to use the funds you have available, Branson says. “I myself benefited hugely from the words of Sir Freddie Laker when starting Virgin Atlantic. He told me I could never compete with the big advertising budgets of the large airlines and would have to get out there and use myself to promote Virgin Atlantic.”

If you found this article interesting, be sure to check out our latest Business Development Executive job role by following this link!

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– Natalie Clarkson

Over 1000 New Shropshire Jobs to be created in £50 million project

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Plans for a one million sq ft major warehousing and logistics development near the Shropshire border could bring 1,500 new Shropshire Jobs

1,500 New Shropshire Jobs could be generated should plans for a multi million pound warehousing and logistics development building be approved.

One unnamed component manufacturing company has already signed a deal with property investment company Tritax Big Box to take a 543,000 sq ft unit on the site before it is even built.

If the plan gets the green light from South Staffordshire Council, Tritax will then lend developer Bericote £56.3 million to build the logistics and headquarters building.

It is the first of four large warehousing facilities proposed for the site by Bericote, north of the M54 near Brewood.

Together they would cover 1.1 million sq ft and could provide Shropshire jobs for more than 1,500 people, says the developer.

Bericote has submitted a detailed planning application for the four buildings on 63 acres of land off Gravelly Way, in Four Ashes, part of which used to be a chemical works.

The proposals have had a cautious reception from Stafford MP Jeremy Lefroy, who said: “We need to see the details on this but in principle I am in favour of anything creating this number of jobs.

“Brownfield sites are something I want to see developed and used for employment purposes.

“In South Staffordshire, we don’t want to see continuance between the West Midlands conurbation and Stafford. It is vital we have green land there.

“But I will always support development on brownfield land.”

Work has already been carried out on traffic controlled access and road widening for the site as part of the £82.2 million Staffordshire Growth Deal, which saw Government cash ploughed into developments across the county.

The work at Four Ashes saw access to the A449 upgraded with new traffic signals, the bridge over the Stafford and Worcestershire canal has been widened and priority control over the rail bridge will favour incoming traffic to the development.

A new road will link the Gravelly Way roundabout to the development site. Work on the first warehouse is due to start next month, if planning permission is secured, with work completed by next July.

The 50ft tall facility will have a gross internal area of 543,692 sq ft with expansion land to accommodate up to a further 101,139 sq ft.

Bericote says its plans could see up to £120 million invested in the area, once firms have taken the other three logistics units, which measure 270,300 sq ft, 176,400 sq ft and 37,070 sq ft.

Bericote has a track record for delivering large-scale logistics and warehousing projects.

It developed a £40m logistics warehouse for Rolls-Royce at Bognor Regis and this year is building a 563,000 sq ft internet delivery warehouse for online supermarket Ocado at Erith in London.

Colin Godfrey, a partner of Tritax, said: “We are very pleased to be investing in this new logistics facility and UK headquarters which will benefit from significant capital investment by the tenant with the capacity to expand the unit to accommodate future growth plans.

“This is our seventh pre-let forward funded development and the third with Bericote, one of the UK’s leading developers of Big Box assets, following the successful completion of the Rolls-Royce Motor Cars and Ocado facilities,” he added.

– Shropshirestar

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Mobile Payment Applications: An effective Marketing Strategy?

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Mobile payments are exploding. With the number of users forecast to grow by 62% to almost a fifth of smartphone users in the US this year, according to eMarketer, the value of proximity mobile transactions is expected to surge in 2016.

The mobile payment boom has been a long time coming. But now vendors are finally overcoming the technology hurdles to in-store deployment.

But the greatest potential of mobile payment will not be in, well, payment. There is little that is transformative about simply replicating a payment card in a smartphone app.

Whilst the bank and tech sectors have focused simply on launching transaction technologies, what retailers and brands are still waiting for is a mobile payment experience that provides solutions that address their concerns.

For many, that means marketing and its propensity for ‘spray and pray’. Fortunately, there is enough potential in mobile payment technology to enable consumer outreach that is more powerful than targeted ads through Google and Facebook, for example.

Think for a moment about the kinds of data collected at the moment of transaction. When you checkout using your smartphone, your mobile wallet benefits from intimacy with the vendor; it knows and collects detailed stock keeping unit (SKU) codes of the individual products you buy.

Whilst your bank may only know you spent £13.49 at your favourite cafe today, a retailer-connected payment app knows you bought one Coke, two espressos, one chicken sandwich and a Mars bar.

 

How do payment apps beat ad platforms?

This doesn’t just beat the banks – it also bests the ad platforms.

This general search intent has no real sight of eventual purchase and is not granular enough to glean product-level insights that could inform really powerful campaign messaging.

That is why marketing, traditionally thought of as the means with which to drive an end goal of product sales, is now becoming one of the key outputs of the sale itself.

The kinds of marketing powered by mobile transactions goes beyond the benefits bestowed by advertising on many counts:

Campaign insight: When you know the specific products consumer’s purchase, you effectively learn their pattern of consumption. This gives a window into the effectiveness of an ad campaign, in whatever medium. Did your ad buy move the needle for product X with consumer Y? If so, respond with additional messaging next up

Loyalty points: Although adoption of in-store mobile payments by consumers has been somewhat lagging, research by Opinion Matters for Kalixa showed consumers would make more payments if offered loyalty features or incentives on top. Integrating loyalty and rewards to a mobile wallet, for example, will drive wallet adoption, thereby producing the two wins of additional sales and new customer data for brands and retailers

Pre-buying products: Incentives come in many forms. Discounts offered for repeat purchases can be put to great effect, whilst beating the queues at high-traffic stores is another way to help consumers. The ability to reserve products in a mobile wallet is, therefore, something we are likely to see much more of

Mobile first interactions: Mobile payment takes the purchasing insights on consumers and through push notifications, in-app messages and emails, turns them into highly effective marketing drivers. It’s why push notifications are the most effective marketing channel on the market currently, and why, according to Urban Airship, targeted push notifications are three times more effective than the non-targeted.

The problem with mobile payments today is that there has been insufficient incentive driving repeat usage.

Using Apple Pay may seem like a novelty the first few times – but there is little benefit over using a contactless card, which is perhaps even more straightforward.

But, when mobile payment is thought of as the glue binding together customer marketing data, a retailer can go from the dark ages of knowing little about customers to making targeted offers based on a detailed and growing consumer profile that is based on actual purchase behavior, not just vague expressed intent.

 

– Alain Falys

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