Tuesday, 31 May 2016

Fulfilling your philanthropic responsibilities



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Hello readers, hope you are good. I will be writing about you yes you fulfilling your philanthropic responsibilities. A business should not only focus on economic or legal or ethical responsibilities but should also focus on giving back to  their communities, their nations and much more. Some businesses overlook this responsibility, but it should not be overlooked. When a business fulfills its philanthropic responsibilities it pleases Allah and when He is pleased with your business, your business get blessed.

Philanthropic responsibility could range from a business donating a school to the government, or books to pupils or much more. It could also mean allowing customers to return their goods back if they are not satisfied with it, or giving customers enough time to pay the debt they owe you without putting pressure on them. It could also mean letting go of debt if a customer is finding it difficult to pay.

At the end of the day, when your business fulfills it philanthropic responsibilities it is for your own good, as such you should be more generous in business. 

Keep checking my blog regularly. Cheers! 


Nuiz of the day


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Consumer spending has increased in USA in recent times. It increased by 1% in April from March. Best increase since August 2009.

How to make your products unique


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Hello readers, today I will  be looking at qualities that can help you differentiate your products. When products are differentiated it helps you stay competitive in the business market. Qualities include

High Quality
The quality of a product can contribute to the differentiation of the product. The way a product can be of high quality is to make sure materials used for the products are of high quality, presentation is also key (the packaging of the products must be unique). 

Awareness
After products have been carefully created with high quality materials, it must be made know to potential customers. If potential customers do not know about the products then how will you be able to sell them, Qualities of the products must be made known to your target market, this will help them understand your products better.

Customers
The business can cultivate an habit that will promote referrals through customers. Word of mouth is very effective, most potential customers will take the word of mouth over an advert. Thus, it will also make your product unique. 

After Sales
A business should be able to provide after sales services. Services could range from providing a place to repair products for free, or to send customers free samples of newer versions of your products. Your products should always come with a warranty for a fixed period of time.

Innovation
Products must be developed continuously. This will help the business stay up to date with the trend in the market as well as help differentiate it from products of its competitors.

Differentiation fosters growth as such leads to the sustainable development of a business. Competitive advantages are gained when products are unique. Keep checking my blog regularly. Cheers!





Sunday, 29 May 2016

Best places to eat in Ireland


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Hello readers, I hope you are good. So today I decided some restaurants in Ireland.

Ambala Authentic Asian Food
The Asian restaurant is located in Dublin. They serve both Pakistan and Indian food. They also serve desserts. The restaurant is also certified as halal.

El Bahian Moroccan Restaurants

This restaurant is located at the centre of Ireland.  They serve halal moroccan  dishes.

Madina Desi Curry Co.

This restaurant is located on Mary Street. It has 3 kitchens, the BBQ kitchen, Curry kitchen as well as pure vegetable kitchen. Thus, several dishes are being served at the restaurant.

Soup and  Noodles

This restaurant is also located in Dublin. It sells several types of halal dishes. It offers fusion dishes at good prices. Dishes look attractive.

Halal means anything lawful Islamically.

Keep checking out my blog regularly. Cheers!









Wednesday, 25 May 2016

Nuiz of the day




Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
A development might occur in Switzerland, as it is will be holding a national referendum to determine whether its residents (adults) will be allowed to have an after tax income of at least 2500 Swiss francs. Residents (adults) earning lower than that will be given an amount to make their total after tax income equal to that and the unemployed residents (adults) will be given this amount in full monthly.Children are also going to be considered, however, they will be looking at 625 Swiss francs.

Tuesday, 24 May 2016

Accounting for small businesses


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Hello readers, today I will be writing about accounting for small businesses with a specific focus on book keeping. A business must have an accounting procedure to ensure that its income and expenses are monitored promptly as well as its assets and liabilities. Basically, a small business will be required to carry out book keeping procedures, as well as, preparing financial statements for the year. Tax calculations must also be carried out for official purposes, after that being said I will be focusing on book keeping.

Book Keeping is the recording of the daily financial transaction of a business. Transactions include revenues, assets, expenses and liabilities. I will be writing briefly about the double entry principle, I do not want to turn this it into accounting class.According to the double entry principle, for every debit entry there must be a corresponding credit entry and vice versa. An increase in assets and expenses must be debited, while an increase in income and liabilities must be credited and vice versa. Expenses are debited this is because it makes the equity of the business to decrease.

Daybooks are used to record the daily financial transactions, these books include the Sales daybook, Purchases daybook and others. Ledgers are also used for recording financial transactions. Sage is a good software that can be used to record financial transactions, the sage accounting  software can be easily used after a short training. It is advisable to get a software rather than recording your transactions in a book. 

Keep checking out my blog regularly, cheers!




Nuiz of the day



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General Electric is planning to invest $1.4 Billion in Saudi Arabia. This will create 2000 new jobs. GE has been operating in the country for 80 years.

Thursday, 19 May 2016

Nuiz of the day




Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
In the UK, the cost of flying has dropped as well as the cost of clothes which made the consumer prices index drop from 0.5% to 0.3%. The consumer prices index is used in Britain to measure inflation. So we can say that the inflation in the UK has dropped.

Wednesday, 18 May 2016

Benefits of ethical responsibilities in business


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Hello readers, today I will be writing about ethical responsibilities. These days some businesses are concerned with the legal implications of their decisions without considering the ethical implication of the decision. Whether they deem it wrong or right ethically as long as it is not supported by law they ignore the ethical implications.

At times businesses make decisions that may affect a group of stakeholders negatively because there is no law that governs such decisions, they able to rationalize it because they are far away from the stakeholders they cannot see the implication that it will have on those stakeholders. 

Personally, I will say you should be ethical in business whether or not its protected by law or it comes with benefits or not. However, the benefits of being ethical are explained for those that do care about ethical responsibilities.

Another thing is it could backfire, you may say let us use this very inferior quality to make this product and sell it 50% above cost of production but then customers buy and they become dissatisfied. This could lead to a lot of complaints, thus tarnishing the image of the products which will eventually lead to decreased sales.

- Being ethical could attract more customers. Some customers like to be associated with ethical companies. Being ethical could also serve as a competitive advantage in businesses. Thus, it could lead to an increase in sales.

- Being ethical also means that employees would be satisfied since they will treated well. Thus, the company will be able to attract and retain good employees.

Keep checking out my blog regularly, cheers!


Nuiz of the day



Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

The use of Debit cards has increased by 100% in Ireland as a result of increasing the limit of its contactless form of payment from €15 to €30.

Tuesday, 17 May 2016

Dealing with account receivables faster

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Hello readers, are you having difficulties collecting your account receivables from customers? If yes, this post is for you. For those that do not know what account receivables means, it is the money owed by a customer to an organisation after goods or services has been supplied without the customer paying for it. So how do you get the money on time?

- First of all , the quality of your products (good or services). It should be of an excellent quality. Customers would not like to lose an efficient and effective supplier. So if your work speaks for itself they will be willing to pay on time.

- After that being said, you will still have some customers that will not pay on time even if you deliver excellent products, it could be as a result of the culture of the environment your business is domiciled in. If that is the situation, then you will have to offer incentives like you could get your next purchase delivered to you for free. if you pay on time as well as let them know there for late payments. Most of them will not like the last one so it will get them to pay on time.

- If the type of products you offer do not require customers to pay in bits or to pay after service then it will be better to collect payments before service. Some companies apply this, it might reduce the amount of customers you get, however, it could prevent you from writing off debts.

- All services and some goods are produced after the customer must have ordered for them. Some of them are completed over a long period of time, so you might chase customers away if you require that they pay (for example a project) before you embark on production. When I say production it could be an auditors review or making a car. In this situation, it will be best to ask the customer for an initial deposit, and then the remaining payment will be based on installments. 
After you may have completed 25% of the task you could ask for payment, then  50% of the task you ask for  another payment and then 75% and then 100%. You should not wait until the production is complete before asking for money as it could discourage customers, the huge amount of money could be unattractive. Make sure you always ask for it on time like a week before it is due (just like a reminder). You would have agreed on the payment plan before embarking on production.

- Some companies use credit as part of their business strategy to keep customers and attract new ones. If that is your situation, make sure your credit tenure is short like a period of 30 days or you could set a maximum amount a customer before you ask them to pay you. Do not charge interest on the credit you give them. I have not seen any company that does that though. Your business as to be halal.

- If credit is being offered by discretion in your company, then make sure you deliver a good policy to filter customers that are not credit worthy.

- Lastly, if you have a lot of account receivables and you are having real difficulties collecting them, then if the benefits(the money owed) outweigh the costs (the money to be paid) you should employ a receivable collection agency. That is their job if you get me.

Halal means anything that is lawful Islamically.

Keep checking out my blog regularly, cheers!


Sunday, 15 May 2016

4 Affordable hotels in USA


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Hello readers, just in case you will be travelling to these parts of USA. Here are some affordable hotels. You have to book them in advance in order to get good prices.

Home Town Suites Columbia
This beautiful hotel is located in Columbia, USA. It offers self-contained accommodations with a well equipped kitchen. Prices are also affordable with studios starting from $51 per night. It has a fitness centre.


Knight Inn Jacksonville
This hotel is 10 minutes away by car from Jacksonville International Airport. They have a sun terrace near a  pool were you can just sit and relax. They also provide fax and photocopying services. Prices start from $32 per night. This hotel is located in Jacksonville, Arizona, USA.

Quality Inn Phoenix Airport
The rooms in this hotel are equipped with microwaves and refrigerators. It is close to Sky Harbor International Airport and the hotel provides a free airport shuttle service. It has a fitness centre. Prices start from $44.79  per night (Breakfast Included). It is located in Phoenix, Arizona.

Suntime Inn and Suites
The rooms come with refrigerators and microwaves. Laundry facilities are available on the premises. Prices of the rooms start from $39.99 per night. It is located in St George, Utah, USA.

Keep checking out my blog regularly. Cheers!

Friday, 13 May 2016

Nuiz of the day



Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

In February (2016), Deloitte announced that it acquired the advertising agency Heat. Heat will now be expanding by opening an office in New York this coming June.

Thursday, 12 May 2016

Some Discounted items!!!

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Hello readers, so I have some special offers for you. You might actually need one of them




This Iqua tech wireless Bluetooth speaker used to be priced at £89.99 but at the moment it is going for £29.50. The deal sounds good. You should pick it up if you need one. It comes in three different colours.




This Mpow Wired Earphones is going for £25.99, if you hurry up and buy it within 1 hour you can get it for £14.59. It used to priced at £32.99.



This Mpow Upgraded Streambot Z In-Car Wireless Bluetooth used to priced at £39.99, it is now going for £24.99. If you hurry up and buy it within one hour you can get it  for £19.99.




This health sense kit is going for 27% below its usual price. It used to costs £109.99.



This USB used to be priced at £32.99, however, it is now going for £20.99. You should pick it up if you need one.

Remember no impulsive purchases, purchase them if you need them. Keep checking out my blog regularly. Cheers!

Wednesday, 11 May 2016

Nuiz of the day



Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

According to JP Morgan, an investment in India this year will be a good idea, as it is the fourth largest economy and they are growing faster than China. They also advised that experience, expertise and understanding will be the key to a successful investment in India.

Investing in Amethyst


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Hello readers, today I will be writing about Amethyst. This is a rare stone, it is cheaper than other gemstones, which makes it easier to invest in. Over a period of time the stone appreciates and you are able to make profit from it. Its price always goes up but before you go about investing in Amethyst. You should know this, make sure you buy the stone from primary sources rather than wholesalers or secondary sources. It is cheaper than way and you will be sure the stone is authentic.

You must buy it from a certified gemologist. Buying the amethyst in bulk will be preferable. However, an investment in only one stone will still appreciate in value over a period of time.

Prices of this Amethyst ranges from $8.13 to $58.86 per carat. The deeper the purple colour, the more expensive it is. The value of the Amethyst appreciated by 89.1% from 2006 to 2016. If you have the capital to tie down you can invest in it and it must be a long term investment for you to yield the adequate profit. Make sure you pay zakat on it. Gemfields is the largest supplier of Gemstones, so you can buy from them but I am guessing they will be selling in bulk but we never can tell if they have a deal for small investments.

Keep checking my out my blog regularly, Cheers!

Tuesday, 10 May 2016

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

The U.S dollar has appreciated in value, which suggests a growth in its economy. 

Forward thinking...



Hello reader, are you stuck in the past? Now is the time to start thinking forwardly. Backward thinking is a no no. To be successful in business you have to be a forward thinker. According to the Cambridge dictionary it is the planning for the future and not just the present. After that being said, when you make a mistake in business, rather than getting stuck on it, pondering pondering and pondering over it again (backward thinking) why not see it has a learning opportunity (forward thinking). Look at the mistakes you made, think about the amendments that can be done to them and apply it to your new tasks. Learn from all experiences whether good or bad and keep applying what you have learnt to your new task.
Qualities of forward thinking

Planning 
Basically, in order to execute a business task efficiently and effectively you must first have a plan. Without a plan to help you set the steps you will be taking to achieve your goals, there will be a higher probability of failing the task. Managers who make long term plans are more successful in business than managers that do not make such plans. Long term plans must be broken into short term plans which will make your tasks easier for you to achieve. Business plans should be made for the present and the future.

Moving on
When a mistake occurs, you should not waste too much time thinking and talking about it, cause really it is a sunk cost, okay that is an accounting term but really all I am trying to say is that it has already happened so whether you talk and think about it continuously it won't change the mistake. The best action to take will be to look at what you did wrongly and learn from it so that you can apply it to your next task.

Blaming Others
A forward thinker accepts responsibility for his or her actions, when things do go right they do take credit for it definitely if they are responsible for it and when things do go wrong they also take responsibility for it rather than blaming others or a situation. 

Growth Mindset
A forward thinker has a growth mindset, you can either be part of the problem or be part of the solution. An individual with a growth mindset will always want to be part of the solution. 

Keep checking out my blog regularly, Cheers!

Monday, 9 May 2016

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

Air India is likely to make profit in the year 2019 as opposed to their initial plan of 2022. This improvement occurred as a result of cheaper fuel as well as an improved strategy on their own part.

Islamic trade financing for exporters and importers



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Hello readers, today I will be looking at Islamic trade financing. Individuals that do import and export goods can benefit from this article. Today I will be talking about letter of credit.

Letter of credit
This is perceived as a fee based service provided by the bank to promote a trade between a buyer and a seller. The letter is issued by the bank to assure the seller that a payment will be made to him/her on behalf of the buyer after the seller must have provided some documents and of course delivered the goods. The bank can make payments using this form, the form is discussed below:

-The buyer will depositing the full amount of the transaction into the bank assuring the seller. After the goods must have been delivered and the documents needed has been provided by the seller, then the bank will make payments to the seller using the money of the buyer. In other words the bank acts as an agent of the buyer. However, the buyer will be charged a fee for the service.

Keep checking my blog regularly, cheers!


Saturday, 7 May 2016

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

President Muhammadu Buhari (Nigeria) has approved a budget of 6.08 trillion naira . The budget was influenced by the oil price ($38 per barrel), which is lower than the actual price ($40 per barrel). Some individuals believe it will lead to some positive transformation in Nigeria.

Friday, 6 May 2016

Affordable places to eat in Nigeria


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Hello readers, today I will looking at Nigeria. If you plan to visit the country soon, this article will be useful to you or if you reside there you might gain a thing or two, probably if you just want to spend some time with your family or friends. Restaurants I will be mentioning are reasonable priced and they will give you the best of experience.


Cactus
This restaurant is located in Victoria Island, Lagos. I can personally tell you that they have the best cakes, yeah cakes. I am assuming their pastries will be good. They also sell burgers, wraps, rice dishes and the likes. Dishes are priced between $15 to $34.

Grills in and out
This restaurant is located in Lekki Phase 1, Lagos and Wuse 2, Abuja. Definitely, from the name of the restaurant you can infer that they sell grilled dishes, yeah from grilled chicken to grilled beef to grilled fish, they definitely come with side dishes. Menu looks good. Dishes are priced between $10 and $18.


Jevinik Restaurant
This restaurant is located in Ikeja as well as in Victoria Island, Lagos. Branches are also located in Wuse 2 and Garki 2, Abuja. They did not leave Port Harcourt (Rivers State) out, as a branch is located in G.R.A Phase 1. They sell strictly Nigerian dishes. 

Terra Kulture
This is also located in Victoria Island, Lagos. Dishes are priced between $10 to $17. Their menu looks good and their food ranges from club sandwiches to rice dishes to pounded yam with efo elegusi. You should give it a try if you are in Lagos and you need a place to chill.

Remember, cut your clothes according to your size. Save 30% of your income first before spending. This places should not be visited regularly. Do have a nice weekend and keep checking out my blog regularly, Cheers!


Thursday, 5 May 2016

Some Discounted items!!!

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Asda

Persil Small and Mighty (Non Bio 60 Wash 2.1 L
Real Price : £13
Discounted Price: £6.50

Co-operative

Colgate Max Fresh Manual Toothbrush
Real price: £2.99
Discounted Price: £1.49
Offer ends on 17/05/2016

Iceland

Blueberries
Extra 100% included in pack, going for £2

Lidl
Oakland Wild Rocket 70g
Real Price: 79p
Discounted Price: 39p

Morrisons

Lenor Spring Awakening Fabric Conditioner 44 Washer 1.1L
Real Price: £3.37
Discounted Price: £1.50
Offer ends on 29/05/2016

Sainsbury

Fairy Lemon Dishwasher Tablet
Real Price: £13
Discounted Price: £10

Tesco
Lurpak Lighter Slightly Salted Spreadable 500g
My favourite for today

Iceland

Weetos by Weetabiz
Real Price: £2.98
Discounted Price: £1.49

Keep checking out my blog regularly, Cheers!

Wednesday, 4 May 2016

MVNOs UK, which one offers the best prices?


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Hello readers, so today I will be looking at Mobile Virtual Network Operators (mobile companies that depend on the infrastructure of Mobile Network Operators). In a previous article, I looked at Mobile Network Operators. Sim card only deals were used to come up with this list

1. Talk Mobile

This company is owned by Vodafone, I was not surprised to find out. I actually made it number one  before I became aware of the owner of the company. So basically, after looking at the MNVOs that I will be listing today, they offer the cheapest deals. It is owned by Vodafone, so ofcourse it depends on the infrastructure of Vodafone

2. Virgin Mobile

This I will be giving the number two position, as it offers cheaper deals when compared to its remaining competitors, it also stepped up its performance by having outlets which most MNVOs do not have. Virgin Mobile depends on the infrastructure of EE

3.Tesco Mobile

This will be number 3, in terms of prices (sim card only deals), their prices are also competitive, however, they are not as competitive as that of Virgin mobile and Talk Mobile. Tesco Mobile depends on the infrastructure of o2.

4.  Giffgaff

This company is owned by o2 so of course it depends on its infrastructure, I think giffgaff can offer better sim card only deals, as it is owned by o2, like o2 is a performer. The deals are not really attractive, yes you can get cheap deals but what is included in them are not that attractive.

5. Lycamobile

This will be taking the 5th position as their sim card only deals are not attractive when you look at the remaining 3, however, in their defense I think they focus mostly on international calls and in that area they are the most competitive, yes cheaper than Lebara. It depends on the infrastructure of o2

6. Lebara Mobile

From above, you can infer that Lebara competes majorly when it comes to international calls and can be given the number 2 position (international calls). However, with the sim card only deals (national)... nah. It depends on the infrastructure of Vodafone.

Keep checking my blog regularly, Cheers!

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

After making a loss of £72 million in their last financial year. Sainsbury bounced back with a whopping pre-tax profit of £548 million.

Tuesday, 3 May 2016

Is depression stopping you from achieving your financial goals?





Everything in this world is spiritual, while some individuals accept it some individual prefer to differ. When you work hard to take care of your overall well being, then if Allah thinks you deserve it you will be blessed with it. First of all, you need a good relationship with Him, the better the relationship gets, the better you will get emotionally and mentally. The better the relationship gets, the more you will stay away from actions that can lead to consequences that could cause depression. As such in addition to a good relationship with Allah, carrying out righteous deeds will help you get stronger emotionally and mentally.

You also have to take good care of your well being. This includes proper diet (balanced diet, fruits and water), adequate exercise and adequate sleep. You also have to develop a positive way of thinking, always get adequate proof before you accept a negative thought, learn to let go of the little things, no one is perfect. For example, he entered the office and he didn't greet me, to me that flimsy, thats nothing to get worried about. Maybe he was absent minded or maybe it didnt occur to him. It will be nice of you to say hello first. Or she saw me the other day and she acted like she didnt see me, maybe she was uncomfortable with the way she was dressed that was why she acted that way. 

You also note that at times when an individual makes a statement, there is a possibility you could interpret it based on your own insecurity far far away from the message the person was trying to pass. So remember, positive thinking.

Keep checking out my blog regularly, cheers!

Monday, 2 May 2016

How to stay competitive in a mature industry






Hello reader, hope you are good! So today I will be looking at mature industries. Basically, I will be letting you know how to compete in a mature industry. Majorly, according to my research multinational companies use bureaucracy to maintain efficiency which contributes to their competitive advantage and most of them are in the mature industry. Companies like that are able to achieve efficiency through the division of labor, standardized job responsibilities and a clear management structure. Basically, they use the principles of bureaucracy to guide their actions. 4 principles of bureaucracy will be discussed below.

"- Principles of Bureaucracy 

Structure of the business

Within a bureaucratic structure, senior colleagues are given the authority to control junior colleagues, thus each level can control  any level below it.

Rules and Regulations

Bureaucracy encourages uniformity amongst all staff, thus rules and regulations made by the most superior colleagues must be implemented at all levels.

Job Responsibility

Employees have special skills with respect to whatever tasks that they execute.  Their jobs are routine and functionally based.

Employment

Staff member are employed based on technical skills and expertise."

The goal of strategies being used in mature industries is to achieve a cost advantage. Their departments are functional by nature. In order to motivate staff to achieve goals, the form of control being used are quantitative by nature, they are tailored to each employee and it changes over a short period of time. Performance oriented schemes are also being employed in some major companies to stay competitive. I hope you have gained a thing or two.

Keep checking out my blog regularly. Cheers!

Task of the month (May, 2016)

Praying 5 times daily to Allah

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

Apparently, 2000 Irish companies were able to raise €25.9 billion in 2015 using invoice finance, which is an increase of 2% when compared with 2014.

Sunday, 1 May 2016

Some Discounted Items

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Hello readers, so summer is around the corner, no wonder some fashion stores have stocks on sale. So I will be looking at 3 stores today

This top is being sold at H&M, it used $29 but it's now going for $14.99. It comes in various sizes.

Lara Wool Look Parka


This coat is going for £20, it used to be £50. It is available for sale at boohoo.com. Unfortunately the only size available is £10.


This top used to costs £24 and it is now going for £12. They have size 6 - 12 of each top. Its being sold at Top Shop.

Keep checking my blog regularly. Cheers!