Do you own or operate an online business? Is your business creating positive cash flow? Are you paying too much for your Internet activities? If so, this article is for you.
First, look at your financial statements. What is your level of indebtedness? Is your revenue increasing or decreasing? What are your expenses? Create a business plan that will help you predict your sales, costs and revenues and set up the necessary business communications. Prepare a comprehensive marketing strategy and budget a budget for online marketing, before you even begin.
The Basics of Finance: An Introduction to Financial Theory and Practical Application applies to all businesses, not just Internet businesses. The Basics of Finance is a two-day course provides a complete understanding of business finance concepts with a realistic practical application. The course provides an introduction to personal finance, budgeting, financial analysis, the role of credit, and the management of cash flow. The course provides the basis for developing a sound financial plan and implementing it.
Online Law and Business Economics: This course examines the economic theories and practices associated with a specific business model. This class discusses legal considerations that impact the management of a business. The course explores topics such as bankruptcy, patent infringement, mergers and acquisitions, pricing and wages, bank supervision, corporate taxes, environmental policy, health, safety, and labor policy, and government regulation of business activity. The course examines topics such as international trade, entrepreneurship, and social enterprise.
International Business Law: An introduction to international business law provides insight into the fundamental business practices of nations around the world. Students learn the different legal systems of Canada, United States, Japan, Singapore, Italy, Germany, and South Africa. This elective option focuses on business structures, including private, public, and non-private entities. Prerequisites for this elective option are business administration or the equivalent. The topics include transactional, banking, and accounting principles, international commerce law, and dispute resolution.
Master of Business Studies in Marketing: This four-credit course provides foundational knowledge and skills in business communication. Students learn how to create and manage marketing plans. They also learn how to design and execute marketing strategies. The core content of this elective includes strategic management theory, business development, organizational behavior, customer satisfaction, personality characteristics, and leadership skills. Prerequisites for this elective include marketing, finance, business law, statistics, interpersonal communications, marketing research, and business communications.
Human Capital Management: This four-credit course provides a thorough grounding in business and human capital management. Students learn to manage people, resources, and finances effectively and productively. The curriculum focuses on applying business principles to solve problems. The core content of this elective includes human capital theory, occupational choice theory, decision-making theory, skills and abilities to research methodology, micro and macro economic theory, investment, and venture capital management.
Operations Management: This four-credit course provides a thorough grounding in all facets of operations management. Operations management encompasses aspects of finance, accounting, marketing, and administrative areas of business. The core content of this elective includes information systems management, planning, project management, and production management. Prerequisites for this elective include business mathematics, project management, accounting, economics, and basic business skills and concepts.
Marketing Strategies: This four-credit course explores the relationship between business communications and marketing. Marketing strategies are used by a business to obtain customer satisfaction and to promote products or services. The focus of this course explores various marketing approaches, including traditional advertising, digital marketing, and Internet marketing strategies. The curriculum focuses on defining marketing concepts, assessing marketing effectiveness, developing marketing strategies, communicating business values and expectations, and organizing marketing plans. Prerequisites for this class include business mathematics, basic business skills and concepts, marketing analysis, and business communications.
Digital Marketing: Digital marketing refers to using new technologies to advance the business’s online presence, create brand awareness, and generate sales. This online marketing strategy uses websites, social media, and e-mail to promote products and services. It helps increase business visibility and relevance and builds brand awareness. In order to execute this strategy effectively, it requires knowledge of market research, digital media, target marketing, optimization, online branding, and website analytics. The core curriculum focuses on learning the basics of digital marketing, market research, how to create a strong online presence, how to choose the right tools, and how to master the skills to become an expert in digital marketing.
Social Media Marketing: Social media refers to the use of sites like Facebook, Twitter, YouTube, LinkedIn, Pinterest, and others to engage and connect with customers and prospects. It is the core component of the digital marketing strategy and a prerequisite for all those wishing to become experts in this field. The curriculum covers how to master the core skills, social media management, developing a business reputation, and generating traffic and leads. Prerequisites for this class include business mathematics, basic business skills and concepts, social media marketing strategies, developing a business identity, and online branding.
Finance and Accounting: Accounting is a prerequisite for anyone looking to run an online business. Financial decisions are made based on estimates provided by the owner. Online business owners use accounting reports and financial statements to make critical business decisions. Learning how to effectively manage financial resources is essential. Learning how to optimize utilization of existing capital is also crucial.