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Monday, 31 August 2015
You can gain a competitive edge in business by always reacting to changes quickly, by being innovative. For your business to be able to react to changes quickly, you have to be able to anticipate the change and secondly you have to be very fast at responding to changes. Forecast of how changes might occur in the market in which your business operates in could be gotten by studying past information, however market forecasts are less effective. Information from customers and suppliers are most effective. The way your business responds to changes (such as changes in taste of your customers, changes in the financial capability of your customers and others) has a great impact on your market share. If it takes your company 4 weeks to respond to a change in the market and it takes the next company 3 months or more you will gain a competitive edge cause customers will come to you first and their loyalty can be secured that way.
Another way your business can stay competitive is by being and remaining innovative. I can remember my lecturer told us about a company that introduced a wonderful technological product and made huge sales. However, competitors entered the market, observed the weaknesses of the company's product and came up with a technological product that was similar but better than theirs. The new company took over the major market share from the existing company. This happened because the existing company did not remain innovative. In other words, you have to keep improving your products to create and maintain a competitive edge. To stay innovative you will have to recruit staff members that are greatly skilled so they can always come up with nice ideas. You will also have to develop the skills of your staff. Every skill can be learnt and developed
Thursday, 27 August 2015
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It is of human nature to take good care of the body, selling safe beauty products will be a good way to make money online.
Most individuals need an image to promote their products. The capital required to start this business is minimal as you will basically need to buy a camera. Photography involves creativity. So it is suited for creative people.
3. Customized T-shirts
Clothes are one of the basic needs of individuals, if you are creative or you think you can be creative explore it.
Everyone likes to listen to music but individuals could have different taste in music. A collection of various types of music for sale will yield profits.
Everyone needs knowledge in order to develop their skills. So if you have got the knowledge then you can always sell it online.
Wednesday, 26 August 2015
Networking is crucial to the development of any business. It is great for expanding your knowledge as well as creating business opportunities for your business via your products. Today I am going to sharing tips on developing such skill. The first step is to find your individuals that might be interested in your products. You will have to make a list of everyone you can think of. This list will include your family, your friends, your acquaintances. The friends of your family members or friends. You will always need to expand your list. You can attend events to meet new people. After the list has been composed, then you will have to invite them so that they can understand your products. While trying to get people to understand your products you must remember that not everyone will be interested in your products. Always be yourself when promoting your products. You should be enthusiastic when promoting your products.
You could tell individuals about your products using different approaches. You could just go ahead and tell them directly about your products or you could drop your products with them and let them know you want their feedbacks. You could also schedule a telephone conversation with your potential customers to talk about your products. Make sure you always make the call when you say you will. For example you could distribute few samples of your products for free, you must confirm with the potential customer to make sure they have tried your product. They might say they have not tried your product yet then you will tell them you will call them at a particular time again. After they have tried your products you could ask them what they liked most about your products. You will need to communicate with individuals at least twice to motivate them to start using your products. From an invitation to a telephone conversation you could invite them to an event so they could understand the benefits of your products better. After communicating with your potential customers over and over again you will end up convincing to start using your products. These skills are useful to marketers and business owners.
Tuesday, 25 August 2015
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Products are goods or services provided by a business in exchange for money. A business can either apply a low cost strategy or a differentiation strategy. However, some other companies apply both strategy. I am going to write about the differentiation strategy today. The question is how do you differentiate your products successfully. Differentiating a product is all about making it unique, as such some attributes of your products cannot be obtained anywhere else. A product can be differentiated by providing complementary services for example a business that sells make up products can offer to give their customers free facials once or twice. A business that sells technological products cam also offer free repair services as a form of differentiation. The performance and features can also be used to differentiate the products, the location of your business can also be a form of differentiation, like can customers have easier assess to your products when compared to other companies, the technology used in a product can serve as a form of differentiation.
The product must exude intergrity for its differentiation strategy to be successful. The way product integrity is achieved is through consistency of the differentiation. Competitors may imitate differentiation, as such business owners must always develop their products to ensure that they keep their differentiation advantage. A business that has adopted the differentiation strategy must provide products of high quality, if you are manufaturing goods use high quality ingredients. I wrote about packaging in a previous post, the way you package your products will also have an effect on how potential and existing customers will perceive it. Information about the qualities and characteristics must be communicated to customers effectively and efficiently cause that is the way your product differentiation will become effective.
Monday, 24 August 2015
Self respect is a feeling of self worth, your self worth should always come from within. Humans shall treat other fellow human nicely but not carry out actions to please them. The desire to please other humans (they are humans like you) can only lead to destruction. Just make sure you do the right things. An individual must have self respect, thus no one can treat you badly without your permission as such you should always stand up for yourself. Self respect is knowing you are worth something, and your self worth should come from within.
Pride which is arrogance comes before the destruction of man, this is having a feeling that you are better than everyone else. You might possess some excellent skills but it does not make you better than everyone else. All of those skills are blessings from Allah. Everyone needs help at one time or the other, when you do need help feel free to ask others for it. Be willing to help others if it is within your capacity. Pride only brings about discomfort. Be always thankful for the things you have got, thankfulness do open the door for more blessings. Do not be rigid, be flexible!
Keep checking my blog regularly. Cheers!
Thursday, 20 August 2015
For a challenge to not become so difficult to tackle you must deal with it as it arises. For example you owe creditors money, find a way to make that payment immediately before they charge you for late payments. When faced with an unexpected bill, if you find it overwhelming then go and read my article on emotional health. The first step is to write out a realistic plan on how you are going to raise the money. Probably look for another source of income. Make sure you stick to the plan.
A financial challenge could be an inability to pay bills, this could be prevented by living below your means. Make sure you create a monthly budget so you know how you will spend your money so that you do not end up spending the money for your bills on something else. For some sticking to a budget comes naturally and for some they find it hard to stick to a budget. For those that find it hard to stick to a budget, my advise to you will be to have a daily budget and once you are able to stick to the budget for seven days reward yourself, change the target to a month and then reward yourself, researchers say that once attach a postive feeling to an event or an action you will be motivated to keep doing it
Wednesday, 19 August 2015
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In business you must always identify the main success factors in the industry you operate in, of-course, by identifying them and taking them into consideration it will help your business succeed. Various industries have different success factors, however, in order for any business to survive, owners must determine what customers want and determine what the business needs to do to stay competitive. So how do you determine what your customers want? You first have to know who your customers are. For example are they students or working class individuals. You will have to make an enquiry about their needs and then you make enquiries about how they make a choice between similar products. This achieved via a focus group or questionnaires. Once the preferences of your potential customers have been identified, then the factors that can help your business stay profitable can be identified. For example, in the cement industry if customers buy products based on quality and cost efficiency then you must combine product differentiation with a low cost strategy.
Determining how to stay competitive requires understanding the nature of competition in the industry. You should enquire about how intense competition is in the industry and look for ways to obtain a good competitive position. Do you need to have the best form of technology to stay competitive? For example the mobile phone companies need to keep coming up with better products cause their products have a shorter life span and competitors could overtake them, as such you will need equipments that will help you develop better products or does your business need a lot of capital to stay competitive. You will have to carry out a research based on all I have discussed above to stay profitable while achieving sustainable growth.
Tuesday, 18 August 2015
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Your business or career shouldn't be your life, you can balance it all. Have time for your family, friends and business. I can remember I came across a mail which passed a message "if you fill a cup with sand first you wont be able put stones in it but if you put stones in it first then you will pour sand in it as well". The sand represents business and the stones represents family and friends. I agree with it totally. Make sure you always have time for your family first and then your friends before your business. A successful business could bring you fulfillment no doubt but obviously you will want to share the success with your loved ones wouldn't you. They are the joy in your life. While you must treat everyone with respect whether younger or older you must pick your friends wisely, you should associate yourself with people that promotes positivity.
Some women put their careers first before their husbands but I will tell you, you are wrong. They refuse to take their husband surnames, because they have created a brand with their maiden name, it is wrong. As long as he is your husband no matter how rich you are he is your King. Some women fight for equal rights in their homes, a woman was telling her husband you do not know how to lay the bed again. While a man can willingly help in the house, out of love, its not your right to demand it. The woman thought it was impressive but its not. While I believe the submission to your husband should come naturally to you as a woman, but looking at it from a logical view men were created stronger mentally, emotionally and physically, so going up against your husband will be like a car racing against an airplane. You should only advise him, however whatever decision he makes is final.
Life is not just about your business and you can enjoy success in all aspects. Keep checking my blog regularly. Cheers!
Monday, 17 August 2015
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Hello! It is common knowledge that some industries are declining, if your business happens to be in a declining industry, this are the strategies you should apply
* You can go after a market segment (niche) in the industry. A niche that you know will offer stability and you know other firms will not invade. Then dominate the niche.
*Dominate the industry, this can be achieved by acquiring competitors and motivating them to exit the industry. Once a dominant role is achieved , greater profit will be enjoyed.
*An harvesting strategy could be applied, a situation where you avoid any additional investments and maximize income from existing assets. this could be done by raising prices of products (goods and services) and reducing costs. However, the harvesting strategy may be challenging because it could lead to a strong competition which could cause your business adverse results, it could also demotivate your employees if they realise the business is operating in a way that portrays no long term plans.
* When it really seems like the industry is not going to take another turn, then the best advise will be to divest before the industry reaches a dead end.
Friday, 14 August 2015
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This blog is available on kindle so you can subscribe, it only cost £0.99 per month. When you subscribe to a blog via kindle they are fully downloaded to your kindle so you can read them when you are not wirelessly connected and are updated through out the day. So check out this page amazon. Do have a great weekend and keep checking my blog regularly. Cheers!
Thursday, 13 August 2015
Today, I decided to write up something for international students. Some students are usually broke, so how can they avoid that. I can remember when I arrived as a student, I had priced a cab and he said £60, I had a somewhat intention of taking the cab when my someone said to me always convert your money to the Nigerian currency first before spending so it could help you with your judgement so I applied that logic all through as a student, you get to save money that way cause you will be buying things similar to prices in your country and yes I did that a lot.
Do not buy branded products, tesco, sainsbury, asda and the likes make products of good quality at cheaper prices buy theirs. Cook your food, eat out once in a while, you can try the cafeteria's food in your university just to have the experience maybe their toast, eggs but the food they have available is not really what you are used to and its a waste of money. That way you don't end up running to your family or friends for money once your pocket money for that month has finished.
I didn't work as a student though, but having a summer job is not a bad idea. Lebara, Lyca offer affordable prices to make international calls, buy their sim cards. If you stick to this rules you will end up not being broke, I didn't end up being broke. Keep checking my blog regularly. Cheers!
Wednesday, 12 August 2015
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Today I am going to describe how you should be spending as a family. A family to me is a married couple or married couple with kids. Before couples decide to have children they should have the financial capacity to take care of their children. So you are not only responsible for your mouth only but you are responsible for the mouth of others. Men have be given the role of the head of the house by God, they are normally responsible for the major part of the household bills, however, the women should still help as such how you decide to split the bills will be agreed upon by both parties.
Some couples do have quarrels over money, a woman should be submissive to the will of her husband as long as its not against God's wishes. However, a woman should give her advise with reasons to her husband, he should consider her advise and then make the decision for both of them. All major financial decisions must be made together cause any wrong decision by one party could affect both parties, minor financial decisions can be made individually, a wife does not need the permission of her husband to buy ingredients to make peppersoup
Spendings should be similar to that of budget for singles (check my previous post) except in this case there are two parties, so use the budget for singles as a guide, however, bear in mind that you have to save up for universities for your children, read my previous post on that. You are also going to have to cater to their overall educational needs.
Keep checking my blog regularly. Cheers!
Tuesday, 11 August 2015
Budgets are like smoothies (smiles) I can remember I said I was going to let you know what your monthly budget should look like in a previous post, so yup! you are getting it today. Some individuals make a reasonable amount of money on a monthly basis but yet still end being broke before their next pay date and they all put the blame on the bills. I have always said cut your clothes according to your size, you can always manage your money very well and still have fun, yes have fun. I know individuals do not earn the same amount of money, as a result of that I am going to be working with percentages today. I also know that individuals do have different responsibilities so I am going to classify the budgets into two. One for singles and one for a family. Today I am going to focus on the one for singles.
You are single, you are only responsible for feeding your mouth, so this is how you should be spending your income. Pay zakat, which is just 2.5% of your monthly income, then save 28% of your salary (this percentage can increase as your income rises), if you have $8000 stashed up in your halal bank account then start thinking of investing your money in other markets. I have written about a few markets you can invest in, so do check out my previous blog posts for them. 30% should be spent on rent (inclusive of all bills), 8% should be spent on transportation. 10% should be spent on food. You shouldn't exceed these percentages, but you could spend below them definitely. If you are earning a lot I wouldn't expect you to spend 10% of your income on food for your mouth only. 2.5% should be spent on phone bills. You have 19% left, free style with it, spend some with family and friends, some on saving (halal) towards travelling (holiday), some on restaurants (eat out 1-2 times a week) or clothes or towards decorating your home (if you haven't decorated it) Live your life!
Halal means anything lawful Islamically.
The next blog post will be on budget for a family. Keep checking my blog regularly.
Monday, 10 August 2015
Motivation is what inspire individuals (employees) to achieve a goal or an objective without the intervention of force. Every business requires employees, they are very important because they will be carrying the day to day activity of a business. Direction, intensity and persistence are the three components of behaviour that has an impact on performance. Direction of behaviour relates to what an individual wishes to do, intensity relates to how much effort an individual put into achieving a goal and persistence relates to how determined an individual is in achieving a goal in spite of challenges encountered. Motivated employees can contribute to the success of a business . I am going to write about two powerful motivational techniques
The first one I am going to write about is the herzberg two factor theory. It was proposed by Late Fredrick Herzberg. He placed a lot of emphasis on the importance of the job content and job enrichments. He said people are motivated by what makes them feel good. He categorised the features of the environment where employees work into two, the hygiene factors and the motivators. Motivators are the factors that produce good feeling about work, while hygiene factors, if not present, can result in feeling that the work situation is unsatisfactory. According to Herzberg, motivators include a sense of achievement, recognition , nature of work and personal advancement while hygiene factors include a good salary structure, job security and high quality of supervision. Motivators will bring your employees satisfaction while hygiene factors will make sure there are no dissatisfaction. Therefore, if you own a business or plan to own a business always acknowledge your best employees, for example you can give an award like the best employee of the month or best manager of the year etc. This will make the winners of these awards feel appreciated and motivate them to work harder and it will also encourage others to work harder. A bonus can be given to all employees if the financial performance of the business improves or they could get a little percentage of the profit. This will make them feel like they belong. It motivates employees to work harder. Appraisals also motivate employees postively. A good appraisal will give an employee a sense of achievement.
The Expectancy theory is the second technique I will be writing about today. The theory states that an employee has the tendency to act in a certain way when the employee expects the act will lead to a certain outcome. The extent to how attractive that outcome is to an employee determines the effort the employee will put into a carrying a task. As such, business owners should appreciate good performances by employees, this will make employees have an outcome to strive for. An appraisal that measures error rates, communication skills, punctuality can be used to appreciate the good performance of an employee. A promotion or increase in salary can also be used to show appreciation to employees who performing very well.
Keep checking my blog regularly. Cheers!
Friday, 7 August 2015
There is absolutely no one like Allah. Some people will blame Him for mishaps in their lives, which is a punishment for a sin you committed which is also a test. When last did you pray? Be rest assured He exists. A fulfilled life can be achieved only through your relationship with Allah.
Thursday, 6 August 2015
Having 2 to 4 children is not only good for you financially, it is also good for the general well being of the family. Sometimes, couples have so many children and do not have the financial capacity to cater to their needs. A child is a blessing, so aim at giving your child a beautiful childhood. Any family planning expert would advise you to leave at least 2 years gap between your children. This will not only let you give them the adequate attention they require at that tender age, researchers say anything less than 2 years will increase the risk of having a baby prematurely and underweight. However, it is also good for you financially cause you will have at 2 additional years to save money for university for your second child. Some people might read this and say why don't I leave 10 years between them instead, okay I just exaggerated no one will think that way but I will suggests a maximum of 4 years ,you do not want to be paying school fees when you are 80. Having 2 or more children in the university at the same time could be expensive so you get to reduce the financial requirement placed on you by leaving adequate gaps between your children.
In most countries an individual will be at least 18 years old before entering the university. I know some individuals do enter at ages lower than that but the average lowest age is 18. If you save at least $4 everyday from the day your child is born, $4×30days is $120 per month and $4×365days is just 1460 per year. Put it in a halal bank account. By the time your child is 18 you would have saved $26,280. The average minimum wage looking at countries whose universities are expensive is $7 per hour at 40 hours per week. That is $14560 per year, so you are only saving approximately 10% of your salary per annum for each child and that's if you are earning the minimum wage. The lowest tuition fee per annum is $3, 130 in USA and their universities are one of the most expensive in the world. Cut your clothes according to your size, you do not have to send your child to the most expensive university, the main thing is your child gets educated. At least you need $12520 ($3,310 ×4) in all cause it takes at least 3-4 years to get a first degree. Now some of you are thinking to yourself the university fees won't remain the same after 18 years, but looking at the trend it increases by 160% over 20 years so $3,130 will increase to $8138 per annum. That will be $32,552 ($8138 ×4) in all for the whole amount of years your child would be in the university for and you are already sure of saving $26280, but guess what your salary won't stay the same, even if you are on the minimum wage for 20 years which I really doubt cause you will definately get promoted or get a better job (its not possible to be on the minimum wage for 20 years), the minimum wage will definately increase. The average minimum wage in 1985 was $3 its is now $7. It has increased by 133% and you won't be on the minimum wage for 20 years, so what does that tell you? It tells you to increase the amount you save daily accordingly, just save 10% of your salary monthly for each child. It depends on how couples split bills so you both should just aim at saving at least $4 jointly per day, it could be more. I believe you won't really feel it.
Halal means anything lawful Islamically.
Keep reading this blog daily. Cheers!
Wednesday, 5 August 2015
It has been observed that individuals/corporations in the oil industry make a lot of money. But some people get discouraged from entering the industry because og the capital required to start the business because they believe the oil business is basically about drilling or refining oil. They believe they need machinery, oil rigs or they need to build fuel stations. While this is true, the good news I have for you is it is only an aspect of the industry. Have you heard of oil broking before? People in that line of business make a lot of money from it. Oil brokers serve as an intermediary between buyers and sellers of oil, basically you are going to be marketing oil. You do not need to have any previous background in oil and gas to become a successful broker. Most firms that employ oil brokers do not take the type of degree you have into consideration. l am not here today to write about you getting an oil broking job, I am to here to write about you becoming an oil broker as an individual.
Personally, I believe you should be good at convincing people to become a successful broker. Oil brokers are paid based on commissions, and you discuss the commission with your seller before you commence. It could be 10 or 20% of the profit and some contracts with the seller might even allow you to add money to the price per unit of the fuel, it depends on your bargaining skills. Fossil fuel are the most consumed type of fuel in the world. Petrol and Diesel are the most commonly used type of fossil fuel in the world. In Countries where power supply is not constant, diesel is the most lucrative. USA favors petrol, Japan favours petrol while UK favours diesel. In nations where power supply is not constant, your target market are corporations like telecommunication companies, leisure centres and others. The first step you need to take is to look for a seller (you could be representing a refinery or a manufacturing corporation), the next step will be to discuss your commission, and have it written on paper (a contract). Now you are aiming to sell in large quantities, so look for companies that provide fuel to their staff as benefit or individual who buy fuel in bulk and start to put your convincing skills into use.
Keep checking my blog regularly. Cheers!