Monday, 30 November 2015

The decision making process

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As a business owner or manager you are going to be making decisions. The process of making decisions involves planning, implementing decisions and putting controls in place to enhance decisions. Before any business action can be carried out a plan has to be made. This plan will stipulate the objectives of the business and strategies that will be used to achieve the objectives. For a plan to be more realistic, it is always good to look at the performances of the past so as to be able to predict what can be achieved in future. Long term plans must be made and broken into short term plans.

After objectives of a business have been stipulated, a business owner or manager will have to evaluate various possible medium (strategies) of achieving the objectives of the organisation.  Reliable information should be used, so that the best option is chosen.  After the strategy needed to achieve the business objective has been chosen (a decision has been made) then the strategy should be implemented, thus you will be implementing the decision you made. In terms of control, the actual result is compared with the expected result to observe variances periodically, thus enabling a business to revise its objectives accordingly.

Keep checking my blog regularly. Cheers!

Friday, 27 November 2015

5 Affordable Gorgeous Hotels in Asia

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Hello readers, I noticed that you enjoyed a previous post 9 sweet ways to save money on vacation as a result I decided to top it up with a list of affordable gorgeous hotels in Asia.

Panorama Deira Hotel



Dubai is a gorgeous city, no wonder it attracts a lot of tourists. This hotel is tastefully furnished. It is close to the Dubai International airport and prices start from $49 per night.


Pinnacle Lumpinee Park Hotel




This hotel is located in Bangkok, Thailand. Thailand is known for its beautiful cuisines. The hotel has a sauna, an outdoor pool as well as a fitness centre. Prices for this hotel start from $34 per night.


The Pearl Hotel





This 3 star hotel is located at the centre of New Dehli, India. It has a fitness room as well as an open air spa bath. Prices for a room in the hotel start from $29.19 per night.


 The Sanlitun Inn



This is another beautiful hotel which is located in Beijing, China. The Capital International airport is 5 minutes away from the hotel. Prices for a room start from $22 per night.


Centurion Hotel Residential Akasaka




Apparently, hotels are expensive in Japan. This hotel is located in central Tokyo, Japan. It has a solarium, however charges are applied. Prices for this hotel start from $34 per night.


Bookings can be made through their websites, booking sites like, agoda.com, booking.com, kayak.com and travelstay.com. Travelstay.com gives discounts, however, not all countries (hotels) are available via the websites.


Keep checking my blog regularly. Cheers!






Monday, 23 November 2015

No human is perfect

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It is okay to make mistakes as long as you learn from them. I overheard someone complaining that he couldn't deliver his work on time as a result of another colleague's negligence. Now he thinks the next person to handle the task will think he is slow. As a result of that, he had a bad day. Mehn some people bother themselves over ridiculous things. For one, how to do you know what the person will think, what makes the person's thought more important than yours and lastly if it bothers you that much, just walk up to the person and tell the person the reason behind the lateness.

When I make a mistake, it never bothers me cause I know I am human and I am not perfect. Everyone should adopt that style of thinking. Now some people make mistakes and they think it is the end of the world, if the mistake have consequences, these consequences cannot last forever. Take actions to get rid of these consequences. First you do not succeed, dust yourself and try it again. 

I have a question I want you to ponder on tonight, on the birthday of a young boy's father, the boy goes into the kitchen to make breakfast for his father since it was his birthday. While trying to make toast he spoils the toaster. One party will say the boy should be scolded since he spoilt the toaster, the other party will say the boy's intention was pure so as such he should not be scolded but thanked. What party do you belong to? Keep checking out my blog regularly! Cheers!


Wednesday, 18 November 2015

Eliminating poverty: An advise for parents

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Today I thought about people that have very little. The absolute reason for abject poverty is lack of education. Some individuals were born into wealthy homes while some others were born into poverty. Due to poverty as such tender age , some parents place their own financial burden on their kids. I thank Allah I was blessed with great parents. Someone once told me about a person that got into legal trouble just because the person was trying to make money for family. At the age of 14 the person had to start making money for family. The person learnt a lesson. I do believe people should be given second chances as long as they have paid for their sins and changed for good. 

Now parents hope you know you play a vital role in the development of your children psychologically, financially and others. Education is very important, and guess what apart from other great benefits it gives, it can help you achieve financial success. Correct me if I am wrong, but government provides free primary school education even in the poorest countries, so take advantage of it. While free secondary school education is available in some countries. Parents send your children to school that is the best heritage you can give them. Do not make them sit at home and help you with your trade. All you are doing is putting them at a disadvantage. Even if you cannot afford to send them to the university send them to both primary and secondary school.

I am going to be realistic with you, the wealthiest people in the world are educated. Even if your child is talented, that education will still help differentiate him or her.  Your children can then work to send themselves to the university if you cannot afford it as a parent. Some people have sponsored themselves and they ended up financially successful. In developed nations an individual can learn a trade and still make good money but not as much as the educated, however, it is not the same story in developing nations, people that learn a trade do not make much money like sewing, fishing etc

When you place your financial burden on your kids at such tender age all you do is stress and expose them to negativity. Let them be kids, they are kids. Even some children come up with the mindset that if they do not make money to contribute for the upkeep of their family they will be rejected by their family, as such they are motivated to do uncomfortable things. Do not put your financial responsibility on your kids. An advise for wealthy parents that own a company please let your children know that it is okay to work for others. I was talking to a young adult, the person was complaining about being broke cause the person's father (owner of a company) had financial difficulties so the person was not getting as much money as before from him.  I said to the person get a job, unfortunately for the person, working for someone else was belitting. It is such a pity.

Parents do not let your children grow up with the mentally of they cannot work for others cause guess what financial mismanagement do happen and if that happens, do not put them at a disadvantage, make sure they do not develop such mindset. It is good to start your own company, however, the early stage of the business might not bring income or adequate income. Some businesses do not break even till after 2 years. Bring them up in such a way that they can lead and follow.

Keep checking out my blog regularly, Cheers!

Monday, 16 November 2015

The Japanese Management System

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I have not spent time with any Japanese but I have with some chinese people. I do love their mannerism  and not to mention I love chinese food. Hmm, I was carrying out my research today and I came across these words "Japanese Management System", then I thought to myself this will be interesting. I am familiar with strategic management, however, this is peculiar to Japan. Japan is the 3rd strongest economy in the world, thus, I know you will be curious to know about their management system.

There style of management can be applied to a business. I found out that the reason why Japan excel is because of their hard-work, commitment of their citizens to the company they work for and an education system that delivers highly skilled and self motivated graduates.

After that being said, the Japanese management system encourage businesses to make products that have no fault, using the cost leadership strategy to promote these products. They believe that the best way to strategic success is to utilize human resources to the maximum. In all, the Japanese encourages businesses to focus on growing their market share, to always have long term plans and to always promote innovation and quality improvements. Hope you have gained a thing or two.

Keep checking out my blog daily. Cheers!

Thursday, 12 November 2015

How to manage creativity

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In a previous article, I mentioned that to stay competitive you have to respond to changes in the market as fast as possible, you also have to be innovative. Being innovative means being inventive which is a form of creativity that needs imagination, knowledge and communication skills. Experts say anyone can be creative, you just have to reach out to it. How true that is I do not know. Anyway, I carried out a research on how to tap into your creative side. Thus I came up with this, at the initial stage of creating your ideas you have to think less, you do not analyse your ideas at that stage you will destroy the creative energy. Being logical should only come at the end. Spend time in the right environment like an adult playground, that will help you relax as such great ideas will pop into your head. Sketching is another way to explore your creative energy according to researchers. Some creative design companies say you should play with legos, you know designing something with your hands.

The way creativity is managed by business owners, managers e.t.c is different from the way other aspect of the business is managed. People who explore their creative side (me I think creativity comes naturally but I cannot question the experts hahaha). Creative individuals enjoy egalitarianism, thus they believe everyone should be treated equally, they love to be spontaneous, they love to experience freedom and have fun while delivering result that will add value to an organisation. They prefer recognition as opposed to being given managerial roles. Thus, individuals managing such departments must put all the information mentioned above into consideration.

Keep checking out my  blog regularly.  Cheers!

Tuesday, 10 November 2015

Ways to control your inventories


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This article will be useful if you buy and sell goods. You want to have an adequate amount of stocks available for your customers, you do not want to buy goods that customers won't buy until they go obsolete and then you have to discard them. You will also want to have the lowest storage cost possible, thus not storing excessive goods which will then lead to a high storage cost. A lot of factors are taken into consideration, other factors include minimizing your cost of re-ordering goods annually. You do not want to tie up your capital in stocks, thus you need funds to execute other business activities.

Today, I am going to let you know when to re-order stocks and how much stocks you have to order for when you need new stocks. The re-order level is calculated by multiplying the maximum lead time by the maximum usage. The lead time is the average period it takes to order and receive your stocks while the usage is the amount of stocks you sell during that period.  Thus if your maximum lead time is 10 days and the maximum usage per day is 400 units. Then your re-order level will be 10 × 400 units which is 4000 units of goods. Thus, when the units of your goods falls below 4000 units then you will have to make a re-order 

Now, you know when to re-order your stocks, the next challenge will be to calculate the quantity you have to order. You will want to order for a quantity that will minimize your holding cost and ordering cost. The Economic Order Quantity (EOQ)  will be calculated cause it minimizes the total holding and ordering cost. That will be the quantity you will order for. The holding costs include the cost of staff, the storage cost and the cost of deteriorated goods. The ordering cost include delivery cost, documentation cost and others. The annual holding cost is the average stock multiplied by the cost of holding a unit per year (Ch). The average stock is Q/2, where Q is the order quantity.  The annual ordering cost is the Annual Demand (D) divided by the order quantity (Q) multiplied by the cost of placing one order (Co). Thus, the


Annual Holding Cost = Q/2 × Ch


Annual Ordering Cost = D/Q × Co


The Annual Total Cost is the annual holding cost + annual ordering cost, thus, the


Total Cost = (Q/2 × Ch) + (D/Q × Co)


The  formula for the Economic order quantity is given below


             EOQ = /((2 × Co ×D) ÷ Ch)


Where / equals square root and the other symbols represent the same meaning as the ones above. Keep checking out my blog regularly. Cheers!


Monday, 9 November 2015

How to spend your time in the morning: a tip for financial success

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Some people wake up early in the morning, while some others sleep till late. Guess what all successful entrepreneurs get up early in the morning. Most successful entrepreneurs get up by 6.00am, some are even up by 5.30am. What time do I get up? No I am not telling you (keep guessing, mystery is good for you (smiles)). Managing your time in the morning effectively and efficiently will become an habit over time once you start managing it. Now I sound like an expert on time management. I just carried out a research which I learnt from and I am delivering it.

Do you know most Chief Executive Officers spend 30 minutes in morning running. Okay, me I will walk cause I cannot run hahaha. This is something I am planning to start and I hope you start it too. It gets them fully prepared for the day. We have 24 hours in a day, 8 hours is spent sleeping, 8 hours is spent working if you have a regular job (9am to 5pm). Thus, you have 8 free hours left. I am not going to tell to plan every single hour of your day that will be boring. Please spend some time do something spontaneously.

If you are up by 6am in the morning, you will have 3 free hours for yourself yay! You should spend at least 30 minutes praying to Allah. 20 minutes spent on exercises (they run, you do not have to run, just have a form of exercise), 40 minutes bonding with your family if you live with them, like you might have to cook and have a chat or cater to your kids and spouse if you have kids and a spouse. So guess what you have 1hr 30 minutes to get ready and get down to work. Keep  checking my blog regularly. Cheers!



Friday, 6 November 2015

Nigerian celebrities that started out broke

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Hello readers, so today I decided to write about Nigerian celebrities that started out broke and today they are rolling in money.

Omotola Jolade

She had a good standard of living until her father passed away. It was really bad for her family, she and mum at a time begged her neighbour for money but got an unfavourable response. Today Omotola is worth $2.8 million.

Ramsey Nouah

He was born with a silver spoon, however, his mother became broke. This built him up. There were times him and his mother had no food to eat. He went from grace to grass then to grace again. Today he is worth a lot of money.

Psquare

These brothers had a poor background. Their parents had to struggle to take care of the family. As kids they slept in their living room with 6 other siblings at night, while their parents slept in the other room. Today, they are worth $128 million. 

Don Jazzy

He was once a security guard. He has always had a flair for music. Today he is worth $35 million.

Terry G
He claims that he did not make money while he sang R&B songs. His R&B songs did not put food on the table. He was broke. Today he sings crazy songs and that puts food on his table. I find it hilarious. He is worth a lot today.

Keep checking my blog regularly. Cheers!






Thursday, 5 November 2015

Birthday...

Its my birthdai today! Yay! No blog post today. I was suppose to write another post yesterday but I slept off and woke up after 12 mid. The good news is you will get two on friday. Cheers!

Wednesday, 4 November 2015

8 tips on how to keep your job

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* Always arrive to work on time, in other words be punctual.

* Do not always make excuses to stay away from work. A good attendance record is required for you to keep your job.

* Deliver results, the work you do should be considered as your product, thus find a way to differentiate your product, aim for excellence.

* Do not form personal relationships at work. Some people will not agree with me but I believe that forming personal relationships at work will only lead to conflict of interest at work. Just form a good working relationship with your colleagues, thus treat them well.

* Make sure you treat your bosses with respect, however you can always make your suggestions known in a polite manner.

* Your holiday should be booked in a strategic manner, thus, do not seek for holidays during busy periods.

* Follow the culture of your department as long as its not anything that is bad for you. For example, colleagues bring in sweets, chocolates and biscuits on their birthdays, then do the same.

* Maintain the suave look

Keep checking my blog regularly. Cheers!

Tuesday, 3 November 2015

Dangers of Procrastination

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Everyone has procrastinated at a particular time in there life, but some people do it all the time. For example some people spend 30 minutes on their bed before they get up from their bed in the morning. Some individuals postpone actions to be carried out today, they keep telling themselves I will do it tomorrow, tomorrow comes and they say I will do it tomorrow and they end up not doing it ot they do it when its too late thus leading to dissatisfaction. 

All individuals that are financially successful hardly procrastinate, when you do not procrastinate it makes it easier for you to achieve your goal cause that way you do not have to rush things, you carry out actions at a very good pace. You set a long term goal, you break it into short term goals and then you write a plan to achieve these goals. The moment you execute your plan without procrastinating the higher your chance of achieving your goal, thus procrastination hinders success generally.

If you know you are going to carry out a task do it immediately, cause a delay might prevent you from achieving the goal, thus leading to performances that are not good, so get rid of procrastination. Keep checking my blog regularly. Cheers! Like this blog on facebook .