Business News Online

Walgreen Co. posted a lower quarterly profit as the largest U.S. drugstore chain’s margins were hurt by lower reimbursement rates for the prescriptions it fills, fewer flu shots and its spat with pharmacy benefits manager Express Scripts Inc.

Walgreen, which has more than 7,800 U.S. drugstores, reiterated that is does not plan to renew its contract with Express Scripts, which is set to expire Dec. 31, but Chief Executive Greg Wasson said the chain remains “open to any fair and competitive offer.”

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If the contract does expire, patients who fill Express Scripts prescriptions at Walgreens stores will have to go elsewhere, cutting into Walgreen’s sales.

Walgreen estimated that it will have 97 to 99 percent of last year’s prescription volume in fiscal 2012, assuming it does not resolve its impasse with Express Scripts.

Walgreen earned $554 million, or 63 cents per share, in the fiscal first quarter that ended on Nov. Read more…

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One of the biggest barriers to better business planning is the horribly mistaken and disappointedly common myth that develop a business plan takes months. That’s just wrong. And harmful, too, because it pushes away people who could use planning, but don’t because it takes too much effort. They think.

In the real world, where good managers include planning process in management, and use it to steer their companies, good business planning takes hours, not months. Here’s why:

1. Planning is about results, not documents.
2. The plan is what’s going to happen, and when, by whom, and how much; not a document. Form follows function.
3. A good annual SWOT meeting takes an hour or so.
4. Thinking about strategy is always and often. Writing it down in bullet points takes a few minutes a month.
5. Maintaining milestones, responsibilities, assignments, deadlines, metrics, and who does what is part of every manager’s job, is management, not plan development. It’s not

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Buoyant grain markets have helped grain trader Wessex Grain make record annual profits in the year to 31 July 2011.

The company made an operating profit of £427,127 on turnover of nearly £56m, significantly up on the £41m the previous year.

“Not only were the markets buoyant, with feed wheat prices increasing by £80/t from the market lows, but for significant periods, the market followed clear trends which the company took advantage of,” managing director Simon Wilcox said.

The business opened its expanded Henstridge store in July, providing space for an extra 20,000t of grain and boosting overall capacity to around 70,000t.

Morning Ireland: Return to bond markets mooted: NUIG’s John McHale

European Central Bank president Mario Draghi says there is “no external saviour” for heavily indebted governments in the euro zone debt crisis and gave no sign the bank is ready to step in and support their finances.

Draghi said governments must take the tough steps to balance budgets and reform economies to promote growth. “I will never tire of saying that the first response should be from government,” Draghi said today at a speech in Berlin.

“There is no external saviour for a country that doesn’t want to save itself,” he added.

As a “firewall” to calm markets in the meantime, the EU has its newly strengthened bail-out fund, he said. Some economists have urged the ECB to support governments with bigger purchases of government bonds.

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In spite of all the economic gloom, MBA and Masters in Management recruiters are surprisingly upbeat about their hiring prospects for 2012, according to a survey conducted last month by the Graduate Management Admissions Council.

The report contains two pieces of good news. First the number of companies planning to hire management graduates next year is higher than this year. Second, those recruiters who already hire are planning to hire more.

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IN Business School News

• French companies get to grips with social networks
• Tuck MBAs select top tech toys for the holiday season
• New GMAT test means more work for aspiring MBAs
• University of Wales decision leaves MBAs in the lurch

According to the data, the number of companies planning to recruit MBA graduates in 2012 is 28 per cent higher than in 2011. For master in management degrees the figure is up 42 per cent. Some 22 per cent of companies are expected to hire more MBAs than they did this year and prospects for masters students are higher too.

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I thought ballet had nearly disappeared from existence.  And then Stephen Colbert had a duo from the American Ballet Theater (an excellent troupe, by the way) on his show.  And tonight I saw an ad for a ballet school, way out in the middle of nearly nowhere.  So there is hope.

And there are also tango sessions, and hip hop hullabalos, and jive, and folk dances from around the world. I guess as long as people can move, they will dance.  And that is so good.

And if your dance studio is in need of a dance studio business plan, especially for financing, well we got you covered (even out in the middle of nearly nowhere).  It is surprising how much a good dance studio costs to set up, and why, so don’t assume that your banker just “knows” why you need the financing.

A dance studio business presentation needs to be surprisingly specific.  The term “build out” won’t do.  You need $XXXX to install a dancer’s floor, one with natural bounce, to protect the health of your students.  You need wall to wall mirrors to help students learn better.  Whatever it is that you specifically need for your specific type of dance studio, do set it out.

So, what’s stopping you?  Go create a slew of dance studios!  The world needs you!