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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

ERP Feature: Take a look at the new capabilities of Dynamics AX

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ERP: An insight on the new capabilities of Microsoft Dynamics AX

If you’re an IT employee at a large company, chances are you grapple with a host of different user login names and passwords, all while ensuring the right people see the right things at the right time. It’s no easy task—and accidentally granting access to the wrong person or relying on multiple passwords and usernames can add up to serious security vulnerabilities. This is where ERP Security comes in.

Security is a core tenant of any good ERP system, which is why the latest version of Dynamics AX incorporates design enhancements to safeguard permissions, privacy and security of access, making your job easier and your work secure. These enhancements include single sign-on and web only identities, both made possible through a painless deployment process.

 

Single Sign-On in the Cloud 

Dynamics AX resolves the issue of multiple sign-on profiles through its integration with Azure Active Directory, Microsoft’s multi-tenant cloud-based directory and identity management service. Now customers and partners can use a single identity to access the full Dynamics AX system using web-only IDs. With identities managed in the cloud, users can log on to Microsoft applications anywhere, and access multiple Microsoft services—including SharePoint Online, Power BI and Azure SQL—in one seamless experience.

The Azure Active Directory integration also offers financial benefits to enterprise customers who have already invested in on-premises active directory solutions. Instead of replacing the entire system, they can use Active Directories to extend their on-premises directory to the cloud. The single sign-on feature also reduces time and money spent on IT management organisation-wide by safeguarding identities in Azure, Microsoft’s secure cloud environment.

 

Controlled Access: What You See is What You Get

The overall design of Dynamics AX has been changed to ensure system users only view content to which they have been granted access. Now, what you see is truly what you get. For example, if a designer intends for a certain artefact within the system to only be read by a certain user, Microsoft can now ensure that’s going to be the case. This simplification is appreciated by Microsoft partners who notice it makes development faster and debugging easier.

 

Deployment Made Simple

Even with all of these new security developments, setting up an ERP system can be daunting. Fortunately, Dynamics AX also offers the flexibility for companies to scale at their own pace, taking some of the complexity out of the customer experience. This simplified, flexible approach is empowered by Dynamics AX’s cloud availability. Servers are deployed in Azure by Microsoft, and setup prerequisites are installed by Microsoft, so it’s almost as easy as clicking a button.

Users will find as Dynamics AX moves to the cloud, so does the Microsoft development team. As Azure continues to develop, the Microsoft development team are working to constantly update features and simplify deployments in order to better serve AX users.

 

Are you already familiar with ERP Systems and Microsoft Dynamics AX? Be sure to check out our latest job vacancy which is primarily focused on the management and maintenance of an ERP System within an established manufacturing firm. You can view it by following this link!

– Umran Hasan

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

UK’s Broadband Network Described as ‘Unacceptable’

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The UK’s Business Secretary has called the Country’s business broadband “unacceptable”.

Greg Clark, the business secretary, has said that major broadband upgrades are needed to support the government’s plans for industry. Speaking at the Institute of Directors’ annual conference, he said that the state of UK broadband was “unacceptable” for 2016.

Clark told attendees that he wanted entrepreneurs in the UK to be valued the same way that Olympians and Paralympians are, but that there were significant obstacles preventing British companies for achieving that – including the quality of broadband and mobile.

“We have new infrastructure like Crossrail about to open, but we have roads that are bottlenecked, trains overcrowded, and broadband and mobile coverage that is simply unacceptable in 2016,” said Clark.

“I believe it is time for our country to have an upgrade – an upgrade in our infrastructure so that we have smart and modern connections, physical and electronic.”

The government’s multi-million pound Broadband Delivery UK Fund has been driving fibre rollouts across the country, connecting 91% of the population to faster broadband already. It hopes to reach 95% by the end of next year, but that will still inevitably leave some areas without a decent connection.

Clark said that, while different parts of the country have different needs, government policy has treated everywhere as if it was the same.

Clark said: “It seems to me that helping Cornwall make the best of its future is as vital to a comprehensive national success as helping Birmingham – but what is needed in each place is different, and our strategy must reflect that.

“Many of the policies and decisions that form our industrial strategy will not be about particular industries or sectors, but will be cross-cutting.”

Clark likely found a receptive audience to his criticisms – the Institute of Directors has indicated that it wants a 10Gb broadband available to all businesses by 2030. Meanwhile, the government’s incoming Digital Economy Bill includes a universal service obligation of just 10Mb.

If you found this article interesting, make sure you check out our latest job role which involves advising business on the best possible communication solutions. It may be just right for you! View it by following this link!

– Duncan Heaney

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!

Ever wondered what the most commonly asked Job Interview questions are? You can find out by clicking here!

– Natalie Clarkson

Over 1000 Shropshire Apprenticeships could be generated

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A £2.8 million project aimed at creating thousands of new apprenticeships has been launched in Shropshire.

The Marches Local Enterprise Partnership is in the final stages of talks with three bidders to develop Advanced Manufacturing Hubs in three locations around the Marches, which covers Shropshire, Telford & Wrekin and Herefordshire.

The training centres would support employers in parts of the region where there is limited access to workforce training. The first is expected to open on Bridgnorth’s Stanmore Industrial Estate.

The largest contract, worth more than £1.9m, is led by four partners – Shropshire employers Grainger & Worrall, Classic Motor Cars Ltd and Salop Design & Engineering and training specialist In-Comm Training.

The consortium intends to develop the Marches Institute of Manufacturing and Technology which will deliver training in Bridgnorth and Shrewsbury and aims to create 1,913 apprenticeships.

It would also support 416 businesses and nearly 1,000 bite-sized training courses.

Graham Wynn, chairman of the Marches LEP, said: “Additional capital investment is needed to support the manufacturing sector to develop their skills base, equipping them to maximise future opportunities.

“I am delighted that manufacturing employers have responded to our call for them to take the lead in developing how the skills needs of their workforce can be addressed.

“As a result, we are in the final throes of negotiations to award three contracts to consortiums with numerous private sector employers.

“The first hub to be developed will be at a site in Bridgnorth, and we expect to be able to announce details of the other two training hubs in the coming weeks.”

Matthew Snelson, director at Grainger and Worrall, said: “We are delighted and excited to be part of the consortium of companies who are forming the Marches Institute of Manufacturing and Technology.

“Our objective is to develop engineers of the future, both as apprentices and in our existing workforces. The Institute will support companies large and small across our region, to become more productive, more competitive, and support sustainable growth”.

The training centres are due to open in 2017. Funding for the project was awarded to the LEP via its initial Growth Deal for capital skills projects.

Growth Deals are awarded to LEPs through a competitive bidding process to fund the delivery of projects to boost the local economy.

“The Marches Institute of Manufacturing and Technology is a major step forward for skills provision in the area and gives employers much-needed access to specialist training and state-of-the-art facilities,” added Gareth Jones, managing director of In-Comm Training.

“Industry, and the automotive sector in particular, has enjoyed a renaissance in recent years and we need to ensure we are taking action now to upskill existing members of staff and, importantly, create a pipeline of new engineers to support ambitious expansion plans.”

“It’s time that we reshored provision back to Shropshire and gave firms access to the best employee development opportunities on their doorstep.”

 

– Shropshirestar

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