Strategic Business Plan - Report Example

Strategic Business Plan Strategic Business Plan Executive summary Webz Inc. is planning to start as a Web development and e-Business solution provider to emerging businesses in Cyprus and globally. Our aim is to provide affordable and relevant solutions by giving grand exposure to companies on the Internet and the social networks in particular. Since, the business will be operated online therefore there are no boundaries for marketing and delivery of web related services. Our company will lead with creative business ideas that suit the business requirement of growing enterprises and helps them to attract more customers in low cost. The creative ideas will be designed to solve problems of web optimization, attractive and user friendly web designs, tags and sub tags in the company’s webpage for the customer’s ease, auto answer to customer queries and database management of the client (Dandavino, 2009). Webz Inc. believes that there is a substantial market for web developers in €rus and many companies are transforming their business from partially web-based to fully web-based. Therefore, the company is planning to enter with a positive attitude into the competitive market and is determinant to make a firm place by its innovative web templates and customer attraction strategies (Dandavino, 2009). Objectives 1. To develop a web development firm which establishes the image of high quality and innovative web network solutions among the emerging companies (CEA, 2011). 2. To generate a revenue of more than €550,000 in the first year (CEA, 2011). 3. To achieve a growth rate of 10% from the following years (CEA, 2011). 4. To target middle and large enterprises in Cyprus and internationally from the start of the second year (CEA, 2011). 5. To provide clients with a more than what asked and win customer’s loyalty from our quality services (CEA, 2011). Mission Statement To introduce the best suitable growth approach to our clients by providing them with streamlined Internet services and a cost effective database server. Our focus is to create web designs for clients which gives a strong impact of the client company and strengthens the communication network of client’s company with its customers. To host or redesign the web pages of clients with better visualization and easy accessing techniques makes online ordering and management easier than before. Key to Success The company will give due importance to each client, irrespective of the size or standing of the company, and will make them feel privilege to get our services (Sparkman, 2006). The company will allocate projects in different teams to ensure there is no collision of projects, and each project is completed before the deadline (Sparkman, 2006). The company will not only fulfil client’s web hosting requirements but will also help them in shaping their needs and web outlook (Sparkman, 2006). 2. Company Profile Webz Inc. is a start-up web development firm, which will cater the website growth and management needs of small and emerging enterprises. The level of solutions provided will be categorized as per the size and nature of business of the client, to design the most suitable and affordable web development solution. Company Ownership Webz Inc. will start as a privately owned company in Paphos, Cyprus. The growing market in Cyprus and globally will provide a sound base to the company. The company will be governed in the sole ownership of George M. Abderus who is a Software Engineer from the University of California. Start-up Summary The company is planned to start on a medium scale and expand as its size of area and employees as per the need of time. The start-up cost structure that the company will bear to lay the business foundation is as under: Requirements: Start Up Requirements 1 Office of 4 rooms On Rent €15,000 Furniture: 20 office chairs and 4 large- 1 small office desks. €20,000 Stationery €500 10 laptops €20,000 Licensed Web Development and optimization software €20,000 2 Wireless Internet connections €500 8 employees salaries €157,000 Land Line phone connection €500 Electricity Connection €250 Web Site Development €3,500 Other Start Up Expenses €9,500 Total requirements €246,750 Table 2.1 Funding and Loans Start-up Expense €13,000 Start-up Assets €233,750 Cash Required €10,000 Total Cash Required €256,750 Owner’s Equity €238,000 Loan Available €50,000 Total Cash Available €288,000 Table 2.2 3. Products and Services Webz Inc is a complete solution to all the web related marketing and customer handling issues. This covers 2D and 3D animated web designs, websites redesigning, traditional and animated logo designing, incorporating e-billing and e-ordering with client’s website, search engine optimization and database management system. All products and services will be offered in three packages of basic, advance and professional (Sparkman, 2006). Package Description Basic Package The product and services offered to clients in this package fulfils the basic web design requirements of the client’s company. This package is the one time service and does not include renewing of products and services, but they are charged separately (Sparkman, 2006). Advance Package This package offers the client with more featured and advance web design and optimization solutions, which are helpful in fast growth and customer attraction. This package includes update of website, database program and website content after every two months for six months, after the initial service is acquired by the client (Sparkman, 2006). Professional Package This package includes complete set of web design templates that are created for larger firms. The professional package will offer the client with a website that competes with those of other huge companies of similar nature, and ensure increased rating in a period of 2 months. The package includes all services of the advance package after every two months, which continuous for a period of one year (Sparkman, 2006). Products Description i. Animated Web Designs The unique feature of Webz Inc is that it designs animated websites at the price of traditional websites. The dimensions of animation and whether the sub tag pages would be animated or not, depend on the client’s requirement. With this 2D and 3D animated feature of company’s web design, the client will certainly gain the advantage of customer focus and displaying updates in a more attractive and movie type fashion (Entheos Web, 2013). This will display more information about the client’s company on the main page without making it look cluttered. Moreover, with the animated technology there are chances to urge viewers visiting the website to spend more time and attention on it which achieves the prime objective (Entheos Web, 2013). The animation technology tool comprises of the following graphic tools: Flash Movie Slideshow of pictures 3D style opening of tags A voice recording service (for the client’s product updates) Package Cost Basic Package €1600 Advance Package €3000 Professional Package €5000 Table 3.1 ii. Website Redesigning We will also render services to customers who want to add features or redesign their websites. Many companies have not updated their web pages and this has become the competitive lacking of such companies as the technology is advancing extraordinarily. For this reason, the company provides services of web redesigning to include the new updates of customer’s company and optimizing it to increase customer visits and website rating. The modification also includes search bars which leads customers to their specific tag or area without too much search or clicks (Urban route, 2005). Package Cost Basic Package €1200 Advance Package €2200 Professional Package €4000 Table 3.2 iii. Logo Designing The logo of the company is more than just a picture and few words, but the first impression of a company. Therefore, we will also provide the service of logo designing for its clients. The advance software and computer technology are used in each product and the logos will also be created on new templates rather than the custom templates of Corel Draw. Since emerging companies are less focused about their logo designs, the company will offer very low cost packages for the logo designing. The company will offer samples of new design logos, created on business logo software of Logo Design Studio and Adobe Illustrator. On customer request, the company will also design distinctive logos for a particular client (Summi Soft, 2013). Package Cost Basic Package €500 Advance Package €800 Professional Package €1500 Table 3.3 iv. e-Business We will offer our customers with services of online purchasing and selling of their products. As e-Commerce has gain significant reputation and acceptance over the years in the corporate world, customers often judge the company with the customer ease it is providing (Icy Colors, 2013). Therefore, it is a significant feature of our services which will enable the customer to transform the manual ordering and inventory management procedure to e- Ordering and e- Billing. Moreover, with the increased number of security threats and hackers, e-Business is the suitable measure for emerging companies, to adopt in order to secure theirs, and their customer’s confidential data and money (Icy Colors, 2013). Package Cost Basic Package €2800 Advance Package €5500 Professional Package €10000 Table 3.4 v. Search Engine Optimization Realizing the growing number of websites our company will also work on the web optimization of the client. This helps the client’s web to appear on the first page Google or Yahoo search engines. This will ensure more viewers for our client’s web viewers than the ordinary webs. Services that will be included in our web optimization plan will be: Content Development We will develop the content of the website’s main page, titles and tag pages with most searched words to increase its visibility and rating in the search engines (Adv Media, 2013). Balanced amount of animated and text information In our websites designs, we will keep a good balance of the flash/ animated and text information. Since, text data are read more easily by the search engines, so it is necessary that all focus is not laid in designing attractive websites but profitable also. For this reason, we will make sure that the important information and updates are written both in simple .html format and are also presented in more attractive styles (Adv Marketing, 2013). Social Media Marketing We will focus on linking the client’s website with the social media to give an extra edge and visibility to the website. With the increased number of active users of Twitter, Face Book and Google+ networks, we aim to provide an extra edge to our customers by advertising their web pages on these social media. This will not only gain them more viewers but will also raise their level in the basic search engines (Adv Marketing, 2013). Package Cost Basic Package €800 Advance Package €1500 Professional Package €2800 Table 3.5 vi. Database Management System We will provide the data storing and modifying solution to our clients with our Database Management System. This will enable the customer to easily retrieve and monitor the information of product prices, customer buying and repair orders and all other financial records of the customer’s company. Security software will also be provided along with the database system that will secure the company’s information from being accessed by any unauthorized person (Okereke, 2009). Package Cost Basic Package €3000 Advance Package €5000 Professional Package €8000 Table 3.6 4. Market Analysis Observations and researches of the changing marketing and business strategies tell that there are a big number of privately run businesses, and other small incorporations which are joining the internet user family in Cyprus (Cyprus Business News, 2012). The figures of internet users and corporations which are choosing online measures to target the international market have increased substantially over the past 10-15 years. This high market demand has encouraged and flourished existing and new web development companies to serve their Internet skills and tools for the growth of world businesses (Leavitt & Shneiderman, 2010). However, there are some factors which could continue to play an opposing role in development of web business in Cyprus. These include preference of cash payment and physical shopping, poor payment systems, poor marketing, and poor logistics (Cyprus Business News, 2012) As the customer awareness of computers and online business have increased, many prefer to purchase and sell their items without the need of visiting the store physically. Another fact that the prices of computers and software have decreased significantly over the years contributes to the boom in the website industry (Kaufman, 2012). Now customers can purchase or build their own websites and start their online business cheaper than ever and with great ease. Service provider businesses of catering, engineering solutions and marriage bureaus have largely transformed their entire manual setups with the e-Business setups, and that has further broadened the scope and demand of the web developers in the market. The significant growth and popularity of social networking over the years have also diverted the focus of small enterprises towards social media advertisements. This has again benefited the web developer’s community and inclined the sales graph of web developing firms (Kaufman, 2012). Market Segmentation Webz Inc has segmented the market with respect to the number of years the client is operating, number of products and the number of employees and annual revenue. We will start as a small enterprise, and target small companies who are in their emerging phase and those which have failed to build a strong reputation tough having a good product quality and services (Sparkman, 2006). The ideal company for our business would be the one which operates in Cyprus, generates annual revenue of €500,000 or more and deals in a variety of products, for which we can provide simplicity in their business handling. The company is no planning to give services to large enterprises in the first year of its commencement due to the lack in resources and experience. Clients who require continuous services of data management and website updating will be preferred over the ones who are seeking for one time solution (Dandavino, 2009). Competitors The cyber market is expanding and so is the competition in the internet world. A huge number of IT and web solution companies have entered n the market recently and that has intensified the market competition. During the period of last 5 years, the number of small web developing companies has almost doubled and that is the sign of both opportunity and threat in entering the populated cyber world (Kaufman, 2012). Stats also show that many Cyprus based web development companies were not able to maintain their position in the competitive environment, and were forced to close down their business (IceGiant, 2012). This again depicts the picture that even the demand is raising the competition is getting fierce too, for which the company needs to have adequate technological, marketing and managerial grip to enter the market with a promising future (Kaufman, 2012). Some of the chief competitors for our business in Cyprus markets are as follows: i. United Worx The company has built a strong reputation in the cyber spectrum over the years and is among the growing web design companies of Cyprus based in Paphos. The company has been in the business since when the concept of virtual business was on its initial stages in Cyprus. The company was not successful in its early years of business, but after introducing their e-Commerce services and collaborating with social network website, they have gained vast popularity among companies which are looking for easy marketing strategies. The company offers great services in web development, content build up, web marketing, web specialized and customized applications etc. (United Worx, 2013). This makes United Worx a strong competitor for the Webz Inc. ii. SquareBrand Cyprus iii. Another company that has been quite successful as an IT consultant is the SquareBrand Cyprus. With their technology in web designing and placement in the €rus market working with big corporate names, they have been able to attain a strong position in web designing, development, and marketing services. The company’s solutions are professionally designed and categorized for middle and large sized companies, which are planning to enter into the international market spectrum. The company is led by members who have more than 15 years of experience in designing and web development. The company has become one of the renowned web developing company in the recent years and has acquired a large market share of the €rus cyber industry (SquareBrand, 2013). iv. WDS North Cyprus Web Design Studio The prominent growth and fame of the WDS North Cyprrus Web Design Studio in €rus cannot be ignored when analyzing the market competitors. Since its establishment, it has been on the roll of innovation and customer attraction. The Low Cost – More Volume strategy of the company has earned them a considerable number of customers, which are mostly small or medium enterprises. By offering complete packages, they sell their products at comparatively cheaper rates from the market, and cover the defect by the volume they sell. With the hike of inflation in the corporate world, WDS North Cyprus Web Design Studio in €rus has been successful in attracting low budget business for their IT and database solutions (WDS, 2013). Marketing Strategy and Advertising For starting up the company, we have to look for multiple marketing options, which give our company visibility in the Internet market. For this, a marketing campaign will be run which will help the company to get recognition among various businesses. The promotion and marketing plan will tend to focus on the following market aspects: i. Print Ads We will advertise our company in the print media including newspapers, business magazines and Cyprus yellow pages to reach the target customers in a short span of time. By investing in print ads, we are aiming to not only advertise our company, but also make it look better than the existing ones by using appropriate images and phrases. Advertising in Cyprus Yellow Pages will give the company recognition outside the state where we are working in, and that will be an additional advantage (Yellow Pages, 2013). Ads Cost/month 4 Newspapers (4 news publication each ) €480 2 Magazines (1 publication each) €500 Yellow Pages €150 Table 4.1 ii. Social Networks and Search Engines We will target the most emerging form of advertising, which is through social networks. We will set aside a calculated amount every month which will be spend on regular advertisement and search engines optimization. For getting our company’s name on the first page of global search engines, we are planning to make profit sharing deals with those giant cyber hubs (Adv Marketing, 2013). Ads Cost/month Social Networks Advertisements €2000 Search Engines €4000 Table4.1 iii. Seminars The marketing team will also conduct seminars in universities and colleges for low cost and effective advertising, to attract the young entrepreneurs and business people who are serving in those universities and colleges. In these seminars, we will further promote our company handing over our company’s vouchers and brief booklet (Dandavino, 2009). Ads Cost/month Banners €1500 Booklets €500 Multi Media Setups €200 Table 4.3 iv. Customer Referral Strategy A referral marketing strategy is adopted to get the benefit from the word of mouth. The informal and formal conversation and documentation with clients will highlight the point that, we are willing to give discounts and special offers if the customer can earn the company with other clients. These discounts and additional services will tough cost extra to the company, but the company can compensate the cost with the increase in customers (Alter, 2012). 5. Management Organization Structure Management Webz Inc. will have a work breakdown structure, comprising of four functional units of web development, database, accounting and technical. Each unit will have one unit leader and four unit employees. The accounts report for each unit will be maintained by the unit leader which will be submitted to the accounts department (CEA, 2011). The company will follow an open door environment, where each unit and directly communicate with other unit staff or managers. The customer complaints and requests will also be catered by the accounts unit, who will then transfer the request to the appropriate unit. The technical unit will have two key responsibilities, one of updating websites for our Advance and Professional Package clients and second of ensuring proper maintenance of all equipments (CEA, 2011). Risk Management The web developers market has always been through ups and downs due to the direct impact of clients business to web developers business. For this reason, the company will adopt a relevant risk management strategy to minimize occurring of risks and damage by it. Risks will be divided among separate groups which will be comprised of members from each unit. Some of the unavoidable risks are as under: a. Financial Risk At any point, the risk of losing sponsors interest is always present which can lead the company form losing their sponsorships. This can certainly hinder the smooth flow of projects and the company might not be able to acquire the latest technology. Other financial risks include cancellation of bank loans or funds from different associates of the company. The team assigned for this task has to ensure that the company is meeting the expectations of its clients, sponsors and other associations. Moreover, a backup plan is also devised for occurring of any such financial risk (Rundt, 2011). b. Human Resource Risk The risk of turnover can greatly affect the company’s sustainability and work environment. Observing the high competition in the market, there is always a probability of employees switching companies for better salary packages or work environment. Therefore, a group of employees will monitor queries and behaviour of employees to ensure a healthy environment in the company (Rundt, 2011). Revenue Sources As a start-up business, the company will need the sponsorships of other companies. These will be the revenue sources for our company. We will look for software designer companies in particular, which are looking for means of exposure. After getting some visibility and customer attraction, the company will look to attract sponsors that are willing to invest in the company for their product’s boost up. By putting advertisements of sponsors on our webpage, we can get generate a good start-up revenue (Sparkman, 2006). Sources Revenue/year Regular Clients €250,000 1 time Clients €100,000 Sponsors €200,000 Table 5 List of References Access Financial, 2012. Countries and Solutions. [Online] Available at: [Accessed 26 January 2013]. Adv Marketing, 2013. Social Media Marketing. [Online] Available at: [Accessed 25 January 2013]. Adv Media, 2013. Search Engine Optimization (SEO). [Online] Available at: [Accessed 25 January 2013]. Alter, M., 2012. Strategies for Increasing Client Referrals. [Online] Available at: [Accessed 25 January 2013]. Andreas Neocleous & Co, 2011. Cyprus - IFLR1000. [Online] Available at: [Accessed 26 January 2013]. CEA, 2011. Business Start Up: business aims and Objectives. Business Report. Bradford: CEA Reward Learning. Cyprus Business News, 2012. Will e-commerce ever take off in Cyprus?. [Online] Available at: [Accessed 26 January 2013]. Dandavino, T., 2009. Your Guide to Small Business. Research Report. Ontario: Queens Printer. Entheos Web, 2013. Benefits and Drawbacks of Flash Web Design. [Online] Available at: [Accessed 25 January 2013]. Financial Mirror, 2012. Cyprus professional services need action to keep driving jobs. [Online] Available at: [Accessed 26 January 2013]. IceGiant, 2012. Web Design in Cyprus and E-Commerce in a United Europe. [Online] Available at: [Accessed 26 January 2013]. Icy Colors, 2013. e-Commerce Design. [Online] Available at: [Accessed 25 January 2013]. Kaufman, R., 2012. Web Designers in High Demand. [Online] Available at: [Accessed 25 January 2013]. Learn Marketing, 2012. Macro Environment and PEST Analysis. [Online] Available at: [Accessed 25 January 2013]. Leavitt, M. & Shneiderman, B., 2010. Research-Based Web Design & Usability Guidelines. Research Report. Washington DC: General Service Administration. Okereke, G., 2009. Database Management System. Research Report. Abuja, Nigeria: National Open University of Nigeria National Open University of Nigeria. Rundt, S., 2011. Types of Risk Management. [Online] Available at: [Accessed 26 January 2013]. Sparkman, D., 2006. Selling Graphic and Web Design. New York: Allworth Press. SquareBrand, 2013. About Us. [Online] Available at: [Accessed 27 January 2013]. Summi Soft, 2013. Summisoft Award-Winning Windows Software. [Online] Available at: [Accessed 25 January 2013]. TaxHaven.biz, 2012. Tax Haven Cyprus. [Online] Available at: [Accessed 26 January 2013]. United Worx, 2013. About Us. [Online] Available at: [Accessed 26 January 2013]. Urban route, 2005. Benefits of Web ReDesign. [Online] Available at: [Accessed 25 January 2013]. WDS, 2013. WDS - North Cyprus Web Design Studio. [Online] Available at: www.universal-web-design.com> [Accessed 25 January 2013]. Yellow Pages, 2013. The Benefits of Print Advertising. [Online] Available at: [Accessed 25 January 2013]. Appendix A: Expected Sales Year Wise - Assumption In the first year of operations, the following sales are expected in addition to the sponsorships. i. Animated Web Designs First Year ii. Website Redesigning           Package Package   Basic Package 4 Basic Package 5 Advance Package 3 Advance Package 2 Professional Package 1 Professional Package 1 iii. Logo Designing   iv. e-Business   Package   Package   Basic Package 5 Basic Package 3 Advance Package 2 Advance Package 1 Professional Package 1 Professional Package 1 v. Search Engine Optimization   vi. Database Management System   Package   Package   Basic Package 3 Basic Package 2 Advance Package 2 Advance Package 1 Professional Package 1 Professional Package 1 For Year 2 and Year 3, sales are expected to double for basic and advanced packages however same number of sales for professional packages is projected in these years. Marketing Expense i. Print Ads   ii. Social Networks and Search Engines                   4 Newspapers (4 news publication each ) €5,760 Social Networks Advertisements €24,000 2 Magazines (1 publication each) €6,000 Search Engines €48,000 Yellow Pages €1,800     iii. Seminars           Banners €18,000 Booklets €6,000 Multi Media Setups €2,400     Total €111,960 Projected Profit and Loss Statements Pro Forma Profit and Loss Year 1 Year 2 Year 3 Sales €641,500 €701,700 €822,100 Total Cost of Sales €20,000 €20,000 €20,000 Gross Margin €621,500 €681,700 €802,100 Gross Margin % 96.88% 97.15% 97.57% Expenses Depreciation €4,350 €4,350 €4,350 Payroll 10% €157,000 €172,700 €189,970 Marketing/Promotion 5% €111,960 €117,558 €123,436 Rent 2% €15,000 €15,300 €15,606 Internet 3% €500 €515 €530 Telephone 6% €500 €530 €562 Stationery €500 €500 €500 Electricity & Gas 5% €2,000 €2,100 €2,205 Website Maintenance €3,500 €3,500 €3,500 Payroll Taxes 2% €3,140 €3,203 €3,267 Other 1% €9,500 €9,595 €9,691 Total Operating Expenses €307,950 €329,851 €353,617 Profit Before Interest and Taxes €313,550 €351,849 €448,483 Taxes Incurred 30% €88,065 €99,555 €128,545 Net Profit €225,485 €252,294 €319,938 Net Profit/Sales 35.15% 35.95% 38.92% Projected Balance Sheets Pro Forma Balance Sheet Year 1 Year 2 Year 3 Assets Current Assets Cash €254,835 €526,479 €865,768 Accounts Receivables €96,225 €105,255 €123,315 Total Current Assets €351,060 €631,734 €989,083 Long-term Assets €39,150 €34,800 €30,450 Total Assets €390,210 €666,534 €1,019,533 Liabilities and Capital Year 1 Year 2 Year 3 Current Liabilities Accounts Payable €17,200 €17,500 €17,800 Subtotal Current Liabilities €17,200 €17,500 €17,800 Long-term Liabilities €50,000 €45,000 €40,000 Total Liabilities €67,200 €62,500 €57,800 Paid-in Capital €238,000 €238,000 €238,000 Retained Earnings €85,010 €366,034 €723,733 Total Capital €323,010 €604,034 €961,733 Total Liabilities and Capital €390,210 €666,534 €1,019,533 Pro Forma Cash Flow Cash Receipts Year 1 Year 2 Year 3 Cash from Operations Cash Sales €641,500 €701,700 €822,100 Total Cash Received €641,500 €701,700 €822,100 Cash Payments Year 1 Year 2 Year 3 Payroll €157,000 €172,700 €189,970 Marketing/Promotion €111,960 €117,558 €123,436 Rent €15,000 €15,300 €15,606 Internet €500 €515 €530 Telephone €500 €530 €562 Stationery €500 €500 €500 Electricity & Gas €2,000 €2,100 €2,205 Website Maintenance €3,500 €3,500 €3,500 Payroll Taxes €3,140 €3,203 €3,267 Other €9,500 €9,595 €9,691 Taxes Incurred €88,065 €99,555 €128,545 Loan Payback €5,000 €5,000 €5,000 Total Cash Payments €396,665 €430,056 €482,812 Net Cash Flow €244,835 €271,644 €339,288 Opening Bal €10,000 €254,835 €526,479 Cash Balance €254,835 €526,479 €865,768 Appendix B: SWOT Analysis Strengths New and creative logo and website templates. Qualified and committed personnel. Voice messages about client’s company update. Adequate services with cost effectiveness and special discounts. Weaknesses Lack of the company’s recognition in the market. Lack of experience in marketing and management. Limited number of resources and product suppliers. No separate department for brand marketing. Opportunities Growing need of web developers in the Internet world. Companies redesigning and updating their websites more frequently than ever. Increase in the use of e-Commerce in businesses. High security threats have necessitated applying database management system for maintain and securing company’s financial and other records. Threats A big number of competitors offering similar products and services. Failing in attracting clients in the early stage can lead to bankruptcy. The demand of websites is seasonal and the company might experience loads of work at one time and no work at the other. Companies choosing Asian countries for web design services due to cheaper rates. Appendix C: PEST Analysis Political The government regulations and taxes applied in Cyprus for getting a business license are quite low as compared to many other parts of the world (TaxHaven.biz, 2012). There are definite rules for employee wages and working hours (Access Financial, 2012). The government and EU commission has the sole authority to increases tax and billing rates to maintain the slow economic growth rate currently prevailing in the country (Access Financial, 2012). Economical Spending power of both customers and business has decreased over the years due to the economic decline (Andreas Neocleous & Co, 2011). There are high tax rates of 35% on income above €60,000 per annum (Access Financial, 2012) Social Supplier power has been moved to customer power due to the increase number of supplier options available. People from all races have enough rights to start and run their business without any ethnic demarcation. Working hours and work load has increased significantly in the last 5-8 years (Access Financial, 2012). The rate of foreigners coming in Cyprus for living has increased in the last few years and new talent and knowledge pool is being created (Access Financial, 2012) Technological The life cycle of technology and designing software have been reduced. More capital and knowledge is required to keep updated with the new technologies (Learn Marketing, 2012). The advance in technology has provided ease to beginners and amateurs, eradicating the need of professional operators and developers in many cases (Learn Marketing, 2012). Infra structure of companies operating in Cyprus has become more complex which has expanded the scope for IT professionals (Financial Mirror, 2012). Read More