Thursday, 30 June 2016

Inventory control: A guide for all

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, I am assuming you all prepare financial statements for your businesses. After that being said, in order for you to control your inventories (stocks). The purchases and sales let you know the inventories bought and the ones sold. The inventories on your statement of financial position will let you know the value of inventories you do have. However, you have to compare what you have on your statement with what you have that physically exist. 

In order to be able to ascertain if the inventories you have written on the financial statement correlates with what that physically exist you have to carry out a physical inventory count. You might not be able to carry out your inventory counts yourself it depends on the volume. Inventories should be prioritized based on its value, as such the expensive inventories must be identified first and be given the most attention.

Inventories should be tided up and marked while counting them so as not to lose tracks. All damaged and obsolete goods must be discarded. Once it has been counted by one individual it should be counted again by another individual to ensure accuracy. After the inventories have been counted, they should be compared with what you have on the financial statement. If there are discrepancies it should be investigated. If the inventories are not found and cannot be accounted for then they should be adjusted for on your system so that it can reflect on your financial statements.

Counting your inventories every 3 months will ensure accuracy and minimize the risks of your goods being stolen.

Keep checking my blog regularly, Cheers!



Wednesday, 29 June 2016

Nuiz of the day



Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
China has released its first modern jet, it began operations yesterday. Chengdu Airlines is the one behind this development.

Tuesday, 28 June 2016

5 qualities your supermarket should have


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1. The name of the supermarket should be memorable and catchy.

2. Your supermarket should be close to a busstop, that way individuals that do not have cars can easily access your shop/store.

3. You should always have goods that complement themselves. For example if you sell bread it will be reasonable if you sell butter or olive spread or chocolate spread

4. Your products should be arranged in ways that customers can easily locate them.

5. An ATM should be located near your shop, that way customers can easily pick up money for shopping at yours.

6. Your shop/store should be located on a busy street.

7. Lastly, prices should be reasonable

Keep checking out my blog regularly.


Nuiz of the day



Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
Canada, Germany and USA have encouraged Britain to keep trading with them the same way it was before UK left the European Union. 

Monday, 27 June 2016

You want to start a business: Here are 4 business ideas


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Hello readers, so today I will be looking at 4 business ideas. I think you should explore one of them.

1. Halal Beauty Products
This are products that need to be fully explored. Yeah some companies make halal beauty products, however, there is still room for more investors. Beauty products could range from make up to facial scrubs to body cream and much more.

2. Globalization
Okay, that term sounds bogous, but these days people like to buy products from countries they do not reside in. So what your business will be doing is to be the middle man. They buy products for customers in one country and deliver it to their doorsteps in another country. It is a good one.

3. Manufacturing
This is one industry that can bring you a lot of income and it is quite sustainable. However, you will need to manufacture a product that falls into the basic needs of life which are food, water, shelter and clothing. While focusing majorly food, water and shelter.

4. Purchasing
This is a business idea that just popped into my head. A lot of people are busy at work these days and they need someone to take care of their grocery shopping. Okay some supermarkets deliver them to your house, but what if you need them from the open market. I am sure people at the open market won't be willing to deliver your groceries. A company that supplies individuals that will pick up your groceries and drop them at your crib will not be a bad idea.

Keep checking out my blog regularly. Cheers!

Thursday, 23 June 2016

Some discounted items!!!!

Image courtesy of digitalart at FreeDigitalPhotos.net

Enzo Angiolini - Pixie girl
Original Price:      N7,875
Discounted Price: N3,150

Michael Antonio - Lazare
Original Price:       N10,500
Discounted Price:  N5,775

Michael Antonio - Lima
Original Price:       N11,000
Discounted Price :  N6,050

MIA - Livi
Original Price:      N14,000
Discounted Price: N9,800

All of them are available for sale at heel.com.ng Keep checking my blog regularly. Cheers!


Nuiz of the day



Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

Azimo has suspended business activities, this is because of Britain's uncertainty to remain within the EU. Operations were suspend this morning but will continue tomorrow after the situation has been settled. There goal is to protect the money of customers.

Wednesday, 22 June 2016

Are you thinking of internalization: Here are 5 tips


Hello readers, internalization is a situation whereby a company sells goods or provide services to another country (a country that is different from where the business headquarter is domiciled. In other words it involves a sale between one country and another, this includes giving out a franchise to another company in another country.

Image courtesy of jscreationzs at FreeDigitalPhotos.net

- Perishable goods are provided by companies that are present in the same country as you, as such, if you are planning to explore internationalization you should not go into a business that will involve making perishable goods as they will be difficult to transport to other countries as they spoil easily. 

- Small scale services such as dry cleaning, car wash services and other similar services are not easy to transport from one country to another. Therefore, if you are thinking of internalization then you should not go into such businesses.

- When you are into a business that the products you make can be easily exported, if the taste of the consumers in the other country is not different from the taste of the consumers where your head office is located then it will best to use exportation as your medium of trading with them only.

- When you provide services such as having a restaurant or a chain of hotels then it will be best to have a branch of your business in that country. When products need to be differentiated to meet the needs of consumers in other countries then it is best to have a branch of your business there.

- When products cannot be easily transported then both exportation or having a branch of your business can be explored.

Keep checking out my blog regularly, cheers!


Tuesday, 21 June 2016

Defining business hierachy


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Hello readers, so today I will be talking about hierachy in business. I am sure most individuals have been employed before. One of the challenges individuals do face at work as to do with positions. Someone said to me yesterday, a HOD (Head of Department) sent for her, however, she is also a HOD (Head of Department). So she did not respond, she called (by phone) a superior colleague to report the situation and the superior colleague told her not to respond.

This HOD that called her has just been promoted (Director), however, she is still holds the HOD position. Because, she has been promoted as a Director she feels she is now superior to the other HOD. However, the other HOD does not feel that way, this is because 1. They are both HODs and 2. She feels her department is more important, as she and two people that are superior to her at work are the ones that take the important positions during meetings.

That is just a scenario, some individuals do face that at work too. One person thinking they are the superior and the other person not thinking the same way. This does cause conflict at work, in order to make work move smoothly, business owners should have a clearly defined structure. That way each individual will be ascertained about their position, and will also know who can control their action at work.

That is all for today, keep checking my blog regularly. Cheers!

Monday, 20 June 2016

Registering the name of your business: guidelines for sole proprietors



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Hello readers, the weekend has come and gone, hope it was good. Registering your business is an important aspect of your business. We all know that. So today I decided to let you know how to register your business name as a sole proprietor. I will be looking at 4 countries today, they include USA, UK, India and Nigeria.

In USA in order to register your business, you will have to visit this website by clicking this link http://business.usa.gov/knowledgebase/register-your-business-name. According to the page the link will take you to, you will have to register your business name if you do not plan to trade with your personal name. This process is known as "Doing Business As" DBA name. The registration could be done at your county's clerk office or with your state government.

In UK in order to register your business as a sole proprietor, you must have a national insurance number. Then you go ahead and register for assessment with the tax office (HM Revenue and Customs). Just like USA you can either trade with your name or you use a business name. For further guidelines, check https://www.gov.uk/set-up-business-uk/register-your-business-in-the-uk

In India in order to register your business you will need one Id Card as well as a proof of address. This could be your residential address if you do not have an address for your business yet. If you will be providing services you will have to obtain a service tax registration certificate, however if you will be selling goods, then you will have to register for VAT/CST. Open a bank account (halal) for business and start trading.

In Nigeria, the Corporate Affairs Commission is the body responsible for the registration of a business. This website www.new.cac.gov.ng/home/ will provide you with all the information you need. Basically, upon opening the page you will see a link telling to register your company and another link telling you to carry out a public search to see if the business name you want to use is still available. Ofcourse, you will carry out your search first before going ahead with the registration. It costs only N500 ($1.8) to secure just the name. Payments should not be made using a credit card as that will make you pay interest, and paying interest is a sin. There are other forms of payment like debit cards and others. It is best to visit a branch of their office for registration.
Halal means anything lawful Islamically.

Well, what are you waiting for ? Keep checking out my blog regularly. Cheers!

Saturday, 18 June 2016

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
By 2020, it has been forcasted that there will be 10 million self-driving cars on the road as companies like BMW and Mercedes Benz are already in the process of making them. For individuals that love driving is that good news or not? (smiles)

What airline offers the best prices?


Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, so today I decided to pick 5 airlines. It is good to note that other airlines were not checked. It is basically the airline that offers the best prices amongst these five. The competition is actually between BA and Virgin, this is because at times Virgin offers better prices than BA while BA does the same in other situations. However, I will be giving the number one position to.....

5. Fly Emirate
This airline is the most expensive based on my research. For those that enjoy connecting flights whereby you will land in one airport before embarking on a plane that will take you to your final destination, Fly Emirate will most likely take you to one airport before taking you to your final destination.

4. Arik
This airline is also expensive. According to research their service is not one of the best. They offer direct flights to your destination.

3. KLM
This airline takes the number 3 position, however, it will most  likely take you to one airport first before taking you to your final destination.

2. Virgin
I have decided to give Virgin the number 2 position. This is because I personally prefer the service provided by BA.

1. BA
The number one position goes to BA. 

Coming up soon!!!

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Morning hot chocolate with donuts.

Image courtesy of Mister GC at FreeDigitalPhotos.net



Thursday, 16 June 2016

Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
400,000 students will wear uniforms made out of plastic bottles. Yes, plastic bottles. Unifi's Repreve recycling center collect clear plastic bottles, shreds them before converting them into small pellets which is then melted and after other processes converted polyester yarn. 

Wednesday, 15 June 2016

Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net


Mtn group will be spending more money in 2016, their total expenditure will increase by over 100%. Expenditure in 2015 was N65.2 billion ($327.8 Million) However, it intends to spend N144.8 billion ($728 Million) in 2016.






How to prioritize your business tasks


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Hello readers, today I will be looking at how to handle your business tasks. You should plan first when you have several tasks. While planning you should assess you tasks first. When tasks do carry equal weights, the task that requires the minimum time to execute should be carried out first. You do not want to get stuck carrying out a task that requires time and a lot of mental effort to execute. You carry out the less tedious tasks first. The most challenging one which will require more time should be carried out last.

When tasks do not carry the same weight, then it is a different ball game when it comes to prioritizing. A task that has a close deadline  and is of high importance must be executed first. A task that is of high importance and minimal urgency can be executed secondly, you can divide the tasks into smaller parts. Execute them in such a way that you meet the deadline.

Tasks that are of little importance but are required to be executed urgently should be delegated if possible, if not you should find a time efficient way to execute the tasks. Tasks that do have minimal importance and are not required immediately should  be executed last. In a situation whereby you have one task, importance and urgency does not matter. It is best you execute the task immediately. Procrastination is bad for business.

Keep checking my blog regularly, cheers!

Tuesday, 14 June 2016

Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
Microsoft has purchased Linkedin for over $26billion. There is a potential for more takeovers.

Better treatment yields positivity in business

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Hello readers, Your human resource is one the most valuable resources in your business. With your capital and machineries, your business cannot exist without your work force. The way you treat your staff is the way they will treat your customers. Well, the theory works well at times. Positivity could be contagious so is negativity.

I do expect you to cut your clothes according to your size in business as well. Always ensure your staff are comfortable, for example if you provide tallies to your customers at your carpark. The staff providing it should be provided with a facility to prevent excess cold or heat.

If you can afford more benefits for your staff without jeopardising the existence of your business then you should. All of these will help you retain high quality staff and attract new ones.

Keep checking my blog regularly, cheers!

Monday, 13 June 2016

How to create value in business


Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, today I will be looking at how to create value in business. The value chain will be used to explain how to create value in business. The primary activities goes from the inbound logistics to operations to outbound logistics to marketing and sales to services.

Inbound logistics
This has to do with bringing in goods into the organisation. In a manufacturing organisation you will be bringing in raw materials. Whether you are manufacturing or not they must be of good quality. The goods must be delivered and stored in a way that does not cause any defect to it. This will contribute to the value you are planning to create.

Operations
Basically, this has to do with the daily activities of an organisation. Thus, it is the process whereby raw materials, labor and capital are converted into end products. You must ensure that all the products are free of defects. That is the goal and that will help you create value.

Outbound logistics
Another way this value can be created is through fast and efficient forms of delivery. If products are going to be delivered to houses, you should use the fastest possible medium and it should be delivered with no defects. If you are taking goods to stores it must be delivered on time. You should read this article on inventories. Stores should be located close to your customers. All of that will contribute to the value creation.

Marketing and Sales
The way you market your product must reflect how you want your business to be perceived by customers. You also build the reputation of your company through that medium. Thus, value can also be created.

Services
This is a medium that can be used to maintain value after goods must have been sold to your customers. A one year warranty can really add value, technical support can also add value and others.

All of these activities discussed above will lead to the creation of value, thus, all of them must be treated with caution.

Keep checking my blog regularly, cheers!


Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
Apple believes that India is going to become the world's fastest growing smartphone market and as a result the managers of Apple have made a request to the Indian government to open stores in the country. However, the Indian government requested that they bring manufacturing facilities into the country first to ensure that they are committed to the task.

Saturday, 11 June 2016

Beaches for this summer!


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Hello readers, not everyone will be travelling out of their country of residence this summer. Well, if you are not going to travel I have a list of beaches for you. Sorry if your country is not included but you can look for one. Beaches are good for relaxation. Here they are:

1. Arambol Beach

This is one of the best beaches in India, it is located in Goa. The beach is not overcrowded and it is also cost efficient.

2. Bournemouth Beach

This is one of the best beaches in UK, it is located in the South coast of England. It has a lot of facilities for fun. You should check it out.

3. Coconut Beach

This is one of the best beaches in Nigeria. It is located in Badagry. From the name coconut, you can tell it is exotic. It is definately a fun place with different amenities. You should check it out.

4. Nishihama Beach

This is one of the best beaches in Japan. It is located in Hateruma. The water is really clear. It is a beach you should check out.

5. Kauna'oa Bay

This is one of the best beaches in USA. It is located in Hawaii. It is breath-taking they say. However, you have to get there on time to get a parking space if you do drive. Hawaii is known to be exotic. You should check out the beach.

6. Sunset Beach

This is one of the best beaches in UAE. It is located in Jumeriah, Dubai. The beach is beautiful, it is definately good for relaxation.

Keep checking out my blog regularly, Cheers!

Thursday, 9 June 2016

Some discounted Items....

Image courtesy of digitalart at FreeDigitalPhotos.net


Adidas

Adidas Originals Kiel Canvas Trainers
Original Price:      £47.00
Discounted Price: £32.50

Nike

Nike NT/F T-Shirt 723971-100
Original Price:        £30
Discounted Price:  £19


Reebok

Premium Lux High Top White Trainers
Original Price:       £70
Discounted Price: £32


All of those items are available at asos.com. Keep checking out my blog regularly. Cheers!




Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net


Saudi Arabia is planning to issue an islamic bond for its real estate development by the end of 2017/2018 financial year.











Businesses that are sustainable


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Hello readers, these days some businesses do start up and due to major competition they fold up. Some businesses do have a higher chance of being sustainable than others. The industry is more profitable and more patronised, as such most of the time there is always income for all. After that being said, the marketing mix still matters such as price, product, place and promotion. Here they are:

1.Supermarket
Have you noticed supermarkets tend to have a longer life span. Every individual goes to a supermarket, I am sure you do. For you to stay competitive you must have the right product mix, most of the time customers want to buy every item at one spot if possible. Well, at times customers do come around for one item or the other. It is a definately a good one.

2. Restaurants
A lot of people like to eat, they want to hang out with family or friends. A restaurant is a good place to that. People working, during their breaks they eat out if the company they work for does not provide such facility. As long as your food is safe and tasty then you will do well in the industry.

3. Mobile Phone Dealers
Individuals are into phones this days, they do want the best phones at good prices definately. Some  like the latest phones, the moment it comes out they want to be the one to tell others about the phone. Most individuals have a phone. What does that tell you? It tells you the industry is good. You could spice it up with phone repairs and more.

4. Transportation
Uber is competing majorly in the market and it is doing well. Transportation is a neccessity, I am not expecting you to operate on the same scale has Uber. You could get few buses and employ drivers or a few cabs and employ drivers. It sounds capital intensive but you would not go wrong.

Keep checking out my blog regularly. Cheers !

Wednesday, 8 June 2016

Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
The price of oil per barrel is now $51, the highest the market has seen for a period of one year. That is good news for countries or businesses that deal with oil. 

Ethics in Business



Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, today I will be writing about ethics in business. You should be ethical in your business dealings. This will help you serve your stakeholders appropraitely and thus help your business achieve success

- You should be honest in your business deals. Do not conceal the truth

-  Fulfill your philantrophic responsibilities. Thus, you should be charitable. Make sure customers are able to return goods if they do not like it.

-  Do not deal with usury (interest) 

- Prices should reflect the quality of the product being sold.

- Treat your stakeholders  (shareholders, customers, employees and others) righteously.

- Make sure the products you are dealing with are not forbidden islamically.

Keep checking my blog regularly. Cheers!



Tuesday, 7 June 2016

Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
This summer, the gas price is expected to drop by 13% when compared to that of the previous summer. This price will be lowest in 12 years.

Qualities of diversification that you should consider



Image courtesy of Stuart Miles at FreeDigitalPhotos.net


Hello readers, today I will be writing about diversification. This could be seen as a situation whereby a business enters a new market by developing a new product (goods or services). Diversification in business is also done to minimize risks just like when you diversify your investment portfolio. However, it is also done to create more profit as well as a competitive advantage for a business.

Some researchers say that diversification could destroy as well as create value. As such caution must be taken to ensure that the business is entering a market that they fully understand. The business must also ensure that they possess the tools to compete in the market. That way value will be created rather than destroyed. Businesses in a declining industry tend to diversify their products, with the goal of mitigating the risk associated with a declining industry. 

Porter's essential tests can also be used to know if diversification will add value or not. This includes three tests which are

- The attractiveness test: The new market being entered must possess some qualities your business will find attractive. It could be the market size or the market growth or the profit being made in the market.

- The cost of entry test: The barrier to entry must be low, the cost to enter the market must not consume all your financial resources.

- The better off test: A competitive advantage must be gained when a business decides to diversify its products. If no competitive advantage will be gained then the business should not diversify.

Among other factors will be the condition of the market such as the legislations governing the market, is it practicable by your business if not do not enter the market and other factors. The financial capability of the business will also matter. When all of these factors have been considered and they all seem positive then a business should go ahead and diversify. That is all, keep checking my blog regularly. Cheers!


Monday, 6 June 2016

Task of the month (June 2016)

Invest in one commodity, it could be gold,oil or amethyst. Make sure zakat is paid on it

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

The national referendum I informed you about has been held, unfortunately, the government of Switzerland has decided not to increase the minimum after tax income of citizens.





Thursday, 2 June 2016

Some Discounted Items!!!!!!!


Image courtesy of digitalart at FreeDigitalPhotos.net

Argos

ColourMatch Lime Eyelet Curtains- 117x137cm
Initial Price:£14.99
Discounted Price: £7.49

Argos

Heart of House Egyptian Cotton Chocolate Fitted Sheet
Initial Price: £14.49
Discounted Price: £7.49

Argos

Morphy Richards 102020 Accents Traditional Kettle
Initial Price: £49.99
Discounted Price: £24.99

TG Hughes

Benross 16 Inch Stand Fan
Initial Price: £24.99
Discounted Price: £14.99

TG Hughes

Lacoste L631S-424 Sunglasses
Initial Price: £120.00
Discounted Price: £29.99


Keep checking out my blog regularly. Cheers!

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
Tata steel has transferred its ownership to Greybull Capital, this transaction has saved 4400 jobs in the UK. The name British Steel is now back as a result of the sale.

Wednesday, 1 June 2016

Identifying strategic strengths and weaknesses in business

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, so today I will be writing about identifying your strengths and weaknesses in business. For a business to thrive it must know its strengths and its weaknesses. When you identify your business strengths, it helps you to gain a competitive advantage. You use the strength to compete in the business market. Identifying your weaknesses will also help you stay competitive, as competitors will be looking for your weaknesses so they can use it to have an edge over you. But when you do identify them, then you are able to work on them and eventually eliminate them or turn them into strengths if it is convertible. Today, I will be mentioning some factors that you should consider to see if your business has such strengths or weaknesses.

Factors you should consider

Prices
When products are too expensive you capture just a little percentage of the population but when they are reasonably priced you attract more customers. As such businesses whose products are reasonably priced  can identify their prices as a strength.

Reputation
The reputation of your business and products also matters. If your business is known for high quality products and excellence then you have identified another strength.

Brands
A business with one brand will not be able to perform the way a business with two brands or more will. With more brands you attract more customers and your business will be diversified thus reducing your business risks.

Business Relationships
In order to stay competitive, a business must build a good working relationship with its customers, employees, suppliers and other stakeholders. If you do have good business relationships then you have identified another strength.

Flexibility
A business must be able to respond to the changes in a business market as fast as possible. The question you will be asking is, how fast is your business able to respond to the changes in the business market. If you are fast enough which reflects flexibility then you can say you have identified a strength but if you resist changes then it should be identified as a weakness.

That is all for today, keep checking out my blog regularly. Cheers!

Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net

Japan had considered increasing its sales tax but decided not to despite the recent growth in its economy. A previous increase in their sales tax yielded a negative return as such the Japanese government is skeptical about increasing it and has decided to wait till late 2019 to increase the sales tax from 8% to 10%.