Friday, 29 July 2016

The benefits of being thankful to God


Allah is the greatest, I read an article which gave examples of how some people have the best things in life and are still ungrateful and unhappy. After reflecting on the examples, I thought to myself if you do not have a good relationship with Allah you cannot be happy. He blesses you with the emotions. Part of having a good relationship with Him is being thankful to Him for all the blessings He has bestowed upon you. When you are grateful for His blessings upon you He blesses you with more. That is the truth. A negative mindset attracts negativity which ungratefulness is an example and when you are ungrateful you attract worries, anxiety, depression and the likes. While a grateful heart attracts joy, love, happiness, peace and the likes. A positive mindset can also help you achieve business growth, personal growth and help you increase your wealth. This all depends on your relationship with Allah (SWT).

The Islamic prayers which is the only acceptable prayer by God is one medium that helps you remain thankful to Him. While making the 5 daily prayers (obligatory prayers and some of the so many ways you can use to pray to Allah), you always recite  Surat Al-Fatiha, quoting verse 2 of the Surat its says 'Praise be to Allah, Lord of the worlds'. Thus, you are always thankful. You also always recite Alhamdulillahi 33 times at the end of every prayer. So you will always be thankful when you pray 5 times daily, however, you must concentrate and pay attention to your prayers while remembering Allah (SWT) in your heart during your prayers. Allah loves those that are faithful to Him and He blesses them abundantly. The fact that you are emotionally stable is not by your might but by His grace, as such, you should always be thankful to Him. Blessings come in so many ways, the air that you breathe in is a blessing, the water is a blessing and you should be thankful to Allah (SWT) for them. Even when challenges occur you should be thankful to Allah for the challenges because they make you a better person while strengthening you. 

satan wants you to be ungrateful, and you know he is all about evil. As such being ungrateful is evil. Find something in your life that makes you happy and be thankful for it, even the challenges be thankful to Allah (SWT) for it and He will bless you more and change the challenges to blessings. You do not want satan to win. A verse in the Quran we were informed by Allah(SWT) that satan said "Because You have sent me astray, i will sit and wait against them (human beings) on Your straight path, then i will certainly come to them from before them and from behind them, and from the right-hand side and from the left-hand side, and Thou (Allah) shall not find most of them thankful" (Quran, Chapter 7: Verse 16,17). satan also said "By Your Might, then i will surely mislead them all. Except Your chosen slaves amongst them (i.e faithful, obedient, true believers of Islamic Monotheism)" (Quran Chapter 38, Verse 82, 83). You do not want satan to have power over you, so be always thankful to Allah (SWT)

Allah (SWT) says "And if an evil whisper from satan tries to turn you away (O Muhammad) from doing good, then seek refuge in Allah. Verily, He is the All Hearer, the All Knower" (Quran, Chapter 41: Verse 36). Anytime you find yourself ungrateful, seek refuge in Allah from satan the outcast. Allah also says "And whoever fears Allah and keeps his duty to Him, He will make a way for him to get out of every difficulty. And He will provide him from sources he never could imagine, Allah suffices for anyone who puts his trust in Him. Allah will surely bring about what He decrees. He has set a measure for all things" (Quran, Chapter 65: Verse 2,3). Be thankful to Allah when facing any challenge and He will strengthen you, bring you of it and bless you. Always reflect on blessings regularly. 

Thank you for reading this article, keep checking out my blog regularly, Cheers! Do enjoy your weekend.


Thursday, 28 July 2016

The control system you put in place



Hello readers, today I will be looking at control systems you put in place in your business to safeguard your assets. A control system is the actions you put in place to record and protect the assets of a business organisation. A control environment can be seen as one of the five components of the internal control system. In other words, it is not responsible for the overall effectiveness of the internal control system but it contributes positively to it. A strong control environment includes the attitudes of the directors and management. They must be full of integrity; they must communicate and enforce integrity when it comes to dealing with employees. This will increase the confidence of the individuals charged with governance (directors) and management that their financial statement will be free from false information. In other words, it will reduce the risk of theft within business organisations.

A strong control environment also encourages competency. Your staff must not be given responsibilities that are beyond their level of competence, this will help minimize errors during the execution of business activities, as such enabling the business to achieve its goals easily. When staff are given tasks beyond their level of competency, there is a high possibility that they will not achieve the goal of the task. The way duties are assigned to all level of management and staff must be planned properly, the plans must be executed and enforced. Directors must also be a part of the business, in other words they must contribute to the managerial activities of a business organisation.

Another component that encourages an effective control system is the segregation of duties. When the accounting processes are segregated into smaller business tasks it also minimizes the risk of fraud and errors within an organisation as it will be difficult to carry out fraudulent activities or make errors that way. Maintaining records by using the appropriate information system is another component that ensures an effective and efficient control systems. Transactions should be recorded appropriately. The information system must record and report the business transactions correctly, following all the accounting policies and procedures. 

A business must also carry out risk assessment processes. Risks must be assessed, the likelihood and the probability of the risks must also be analysed. When likelihood and probability of the risk occurring are high the risk should be avoided, however when one of them is high and the other is low the risk should be mitigated for example you can get insurance. When the likelihood and probability of the risk are both low, they can be overlooked. The last component of a control system is the monitoring of controls. You must monitor your controls to ensure that they are carrying out the goals they have been instilled to achieve. This will help you know when it has a loophole, thus, actions can be carried to eliminate such loopholes. In other words, businesses must review their control systems to ensure they are effective and efficient.

Keep checking out my blog regularly, Cheers!


Wednesday, 27 July 2016

Suave Leadership

Hello readers, today I will be writing about suave leadership. Can you remember in school, they gave you the qualities of a good leader? If you can remember a good leader must be honest, confident, tolerant, committed and emotionally stable. Well, a good leader must have these qualities.

A suave leader must have all those qualities and much more. You must believe in the organisational goals. You must know that you and your team can achieve your goals if you work hard enough to achieve them. The decision still rest in Allah's Hands and hopefully He will enable you. However, He rewards hardwork. You must be able to communicate clearly to your team members.  You must also be able to delegate duties to your staff members.

A suave leader has self control and empathy. They enjoy building good working relationship. A suave leader does not have to know everything but must be willing to learn from other team mates; encouraging contributions from team members. A suave leader must exhibit a positive attitude, thus there must be a good balance between work and play at the office. A good leader must also be able to inspire others, thus motivate others without having to resort to force. That is all for today. Keep checking my blog regularly. Cheers!

Tuesday, 26 July 2016

The act of training your staff



Hello readers, some companies end up changing ownership over and over again. By this I mean that some companies are sold over and over again. Simple actions like equipping your staff with the right tools to serve customers  appropraitely is one of the reasons for such collapses within business organisation. You only sell your business if it is not profitable

When an individual calls a customer service agent, the individual expect them to provide him/her with solutions to their challenges. In a situation whereby an individual knows more about the products of a company better than the customer service agent then there is a problem. Poor customer service is one of the reasons why businesses fold up. This is because when the customer service is poor most customers switch to other brands. Without your customers you will lose a lot of income as such as you need to train your staff.

Training your staff adequately at the initial stage of employment is neccessary. At least one month should be dedicated to training your new employee. Training should also be continuous, you should train them at least once a year so that your staff are up to date with your new products. That way they are able to provide value added services to customers. The good news is you get to keep your customers, yay! 

Thank you for reading this article. Keep checking out my blog regularly, Cheers!


Suave Finance in a Glamorous Business Box


video

Monday, 25 July 2016

Product development: a focus on product design



Hello readers, so I will be looking at 4 processes of product development today. This includes the initial stage, product design stage, product implementation stage and the final stage.

Initial Stage
This looks at what the product must be like in order to meet the needs of their target markets (potential customers). I have written an article on meeting the needs of target customers

Product Design Stage 
During this stage is when the product is created and it also the stage that will contribute a lot to reducing the cost of the company. Minimal cost incurred can help you stay competitive in the market. You must focus on making sure your operating cost are low enough. When products are produced in larger quantities you fixed costs can easily be convered. Thus there must be no underutilization of your resources in order to minimize cost effectively.

The way you must not underutilize your resources you must also not overutilize them as this will lead to a fall in the quality of your products. Market leaders use both quality and price to compete in the market. They are usually not the cheapest in the market but the one that offers customers good quality products at good prices. Thus, when you overutilize your resources you will have more defects. Having to pay a premium price for overtime services provided by staff will only also increase your cost as well as tamper with the work-life balance.

Your cost of supply should be reasonable low. Your bargaining power also matters as you must be able to buy from a cheaper supplier. Another factor that might affect cost is technology 

Product Implementation:
This is a stage where the product designed will tested to know if it meets the requirements specified.

Final Stage
This stage helps with introducing the products to the market. It scans for opportunities in the market  and analyses them. Afterwards ideas are developed on the efficient and effective way to introduce the product to the market.

Products are goods or services or both. Keep checking my blog regularly. Cheers.

Thursday, 21 July 2016

The technology you choose today





Not only can technology help you with logistics, it also helps you with keeping your financial records promptly, it can also help you with proximity, as well as minimizie the risk of fraud in your business. It can also help with all other business activities. 

How do we get the best set of technological facilities but I am sure it may be capital intensive but I am sure there will be some way around it. So let us find out, the best cost efficient technology is the internet which is mostly free, sites like facebook, google, linkedin and yahoo have made businesses easier and they are free except of-course you go for their premium services. You want to work with comfortable computers as well  as with software that will make your tasks easier. I can of course say google maps as made my journeys easier and I am sure you feel the same way, that is the type of technology you want to be working with , if you understand want I mean.

The best set of PCs are provided by Apple, Asus, Dell, Hp and Lenovo. It is best to buy them at once, but some outlets do allow you to pay for them in installments especially if you are buying them in bulk, however, I will only support this if the price you will pay if you are paying for it at once will be equal to the total sum of the payments made via installments. This is because you do not want to pay any form of interest on it, if they are not equal my dear you are paying a fee on a loan (that is what it is) and it is a sin.

Accounting software like Freshbooks (small businesses only), Quickbooks and Sage  are good and are not expensive while the Wave accounting is free and good but can only be used in a very small business (10 or below staff members). For human resource responsibilities, software like Zenefits (free),  the SumHr is another one are good and not expensive. For scheduling, software like ABC roaster which is free, Clockit (free if there will be only three users) should both be given a try. Booking software such as Bookers and Sagenda (free) can be given a try. 

There are obviously more sophisticated software that you can use but as your business gets bigger you can dabble into them I am assuming they will be more expensive. The better the software the more efficient and effective your business processes will be. Its good to note the most expensive does not necessarily mean the best in town. I will definitely be against any ridiculously priced product. You have to cut your clothes according to your size. That is all for today. Thank you for reading this article. Keep checking my blog regularly. Cheers!

Wednesday, 20 July 2016

Managing yourself in business



Hello readers, running a business is like running a marathon. You want your business to last for a very long time. Most companies last for at most 50 years. However, some have been in existence for over 300 years. We all know to be able to run a marathon  well (like I have ever participated in one, but we all can relate to a marathon) you have to manage yourself well. For you to run a marathon clearly you have to carry out some actions in order to do well at it. No business will be existence forever, however, they can last long, you do not want your business to crumble so soon, here are the actions you carry out.

1. Pray to Allah 5 times daily, He is the greatest. Ask Him for guidance.

2. Fast for 3 days for the sake of Allah.

3. Understand the business you want to go into, you should not dabble into a business you do not understand.

4. Get additional training that will help you stay competitive in business, so you can be an expert in that field.

5. Write your business plan and raise your capital the halal way

6. Start your business.

Now you know what to do before you start your business so as to manage yourself well over the long course of your business. What do you need to do after you have started your business.

7. Keep praying  5 times daily to Allah

8. Fast 3 times monthly for the sake of Allah, it strengthens you.

9. Always pay zakat on your personal income, which is just 2.5% of it.

9. Treat your staff nicely, that way they can feel comfortable and happy at work. When they are happy, their provide good services.

10. Always  respond to changes in the market as fast as possible with competitive results.

11. Stay up to trend in your business, by attending courses that will keep you up to date.

12. Changes does not only mean changes to your product but structural changes, make your staff comfortable.

By the grace of Allah, it will last long. Keep checking my blog regularly, Cheers!


Tuesday, 19 July 2016

Starting a business: Bottled water


Image courtesy of Danilo Rizzuti at FreeDigitalPhotos.net

Hello readers, today I will be writing about starting a company that produces bottled water. So really we all know the basic ingredients for starting a business, well if you have been reading my articles you will know what you need to do. You have to draw up a business plan and raise capital for your business. You will also have to register your business with the appropraite body. Water is a basic need of man, however, there are already other companies in the market so how do you get a part of their market share

First of all, you look out for the weaknesses of your competitors. It could be the price of the water or the quality of the water or the bottle itself or any other reason. After you have figured out what you want to use to compete in the market, which could be the use of small bottles to market your water and acompetitive prices or any other strategy. Next action you will be thinking of is setting up your business. You will have to rent or buy a factory space it depends on your capital. After that, you will have to think of how to produce your bottles for the water

You can buy the machine for making bottles or have them supply you with the bottles. Machine used for making bottles are expensive, the price of the machine starts from  $8000, however, it will save you cost over a long period of time. You will also need to get an automatic water bottling plant.  It will help you put the water into the bottle and seal it up, prices start from $8000 as well. You will have to get a source of water which will help you be competitive in the market. This could be spring water, in that case your factory space must be close to the source of water. Now you have an idea of what your capital expenditure will be like.

The shape of your bottle must be in a way that it must be comfortable for people to hold and drink. The label on the bottle must be attractive. You must market your product and make your marketing exude the impression you want your customers to have about your product. That is all for now. Keep checking my blog regularly. Cheers!





Saturday, 16 July 2016

Two Sail Cruise lines


Image courtesy of marcolm at FreeDigitalPhotos.net

Hello readers, whatsapp? Hope you are all good. Sailing can be a form of relaxation, however, it should be done once in a while. I will be looking at two lines today. One will be the Norwegian Cruise line and the other one will be the Princess Cruise line.

Norwegian Cruise line
This line is a lovely one as they offer cruises across many countries. They have so many cruise line ships like Norwegian Sky, the Norwegian Sun and others. However, I will be focusing on their Norwegian Epic line whose products include The Bahamas to Florida Cruises, Carribean Cruise,s Europe Cruises, Transatlantic cruises and prices starts from $299. Cruise comes with entertainment  and food.

Princess Cruise Line
This one is a also a lovely one as it offer cruises across many countries. They belong to a Parent Company called Carnival Corporation & PLC. Princess Cruise Line which is a subsidiary have different cruise line ships like the Crown Princess, the Golden Princess, the Ruby Princess and others.  The Ruby Princess offers products like the Pacific Coastal, West Coast Getawau with  Catalina Island and others. Cruises comes wih entertainment and food. Prices starts from $105.

Keep checking out my blog regularly. Cheers

Thursday, 14 July 2016

Saving money on fuel


Image courtesy of think4photop at FreeDigitalPhotos.net

Hello readers, so today I will be telling you how to save money on fuel. I had to carry out a brief research for you all. I also learnt from it. Here are what I came up with

1. Do not speed up your car cause it burns fuel  so try not to drive your car too fast.

2. Do not warm your car for more than 30 seconds. Anything more than that will waste your fuel.

3. Do not use your brakes excessively, cause that will also help you burn your fuel.

4. You should buy your fuel in the morning,  cause as the weather condition gets hotter the density falls  therefore reducing the amount of fuel you get from the pump.

5. Diesel is more efficient than petrol.

Wednesday, 13 July 2016

Developing your staff


Image courtesy of Sura Nualpradid at FreeDigitalPhotos.net

Hello readers, so some of you are not getting the adequate training at work and because of that you feel underdeveloped. Hopefully, business owners will learn from this. Really, your staff are one of the most important asset your company has got. And if you are not concerned about helping them develop their career then you might lose them. High staff turnover is bad for a business. I am sure you know that

Yes,  you are paying them well but you are not giving the adequate training. First of all, not every individual wants to work for a business through their whole life some want to start their own businesses and if they are not learning much from the job, they might be thinking of a way to leave the job.

Among their peers they also feel lost as they are not up to date with the development within their field as your company does not expose them to such. What if a situation whereby they have to leave that job, they know it will be difficult to get another job as they cannot compete with their peers whom have been trained properly. As such, they will be thinking of moving to a company that will make them feel secure about their competency if an unexpected situation warrants them to leave that job.

Well staff members, if your bosses are not training you properly on your job. You could attend courses by yourself till the situation changes.

Keep checking out my blog regularly. Cheers!

Tuesday, 12 July 2016

Your property rights when it comes to innovation


Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, today we are talking about intellectual rights. You have innovated a product but you are thinking others might copy your ideas. You do not want that to happen yet cause you want to recover cost of research and the likes. Here are the property rights you can obtain.

Patent
You can obtain this type of intellectual property right when you have invented a product (goods and services).  This will prevent individuals from making use of your invention for a period of time. It is usually for a period of 20 years, at least I can tell you that for sure when it comes to USA, UK and Nigeria. You have to register for it.

Trademarks

This are designs that helps seperate goods from other goods. It could be a logo or a word. It helps potential customers identify your brand. You can register your trademark but it is not compulsory.

Copyrights
This is obtained by artists, writers and the likes. It covers music, literatures, drawings and the likes. The moment you create the work you have the copyright so you do not have to apply for the copyright.

Trade Secrets
This protects your company's coded formula. By that I mean the process you adopt to stay competitive in the market. It could be a recipe formula. Trade secrets can only kept if you adopt measures to protect as they cannot be registered. I guess it, it would no longer be a secret.

Keep checking out my blog regularly. Cheers


Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
According to the Labor department, USA added 287,000 jobs in June. Quite impressive is it not?

Monday, 11 July 2016

Measuring efficiency and effectiveness in business



Image courtesy of Stuart Miles at FreeDigitalPhotos.net


Hello readers, we commonly hear sentences like we have to be effective and efficient in business. Today I will be writing about ways to measure effectiveness and efficiency. Most of us know what efficiency and effectiveness mean but anyway I will still define them.

A business is said to be effective when the established goals and objectives of the company are achieved. Thus, effectiveness is said to be achieved when an individual meets its organizational target. While efficiency deals with your ability to use the resources available to the maximum. 

Effectiveness measures the achievement of objectives, thus we can measure effectiveness using a quantitative key performance indicator that are tailored to measure your objectives. For example if a business decides to provide excellent customer service, the amount of customer compliants can give you an ideal of how satisfied your customers are. Another example will be an objective to increase production. Comparing the number of units produced last year to the number of unit produced next year will let you know if production has increased.

Efficiency on the other hand measures maximum utilization of resources. Quantitative attributes such as the cost used for production or production time will help measure efficiency. Basically you figure out a quantitative attribute to measure your efficiency.

Keep checking out my blog regularly. Cheers!



Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
John Lewis has planned to increase the price of its goods next year, as a result of the fall in the value of the Pound Sterling.

Friday, 8 July 2016

Zoos that you should visit

Image courtesy of pazham at FreeDigitalPhotos.net

Hello readers, so a brief research was carried for you. Today is friday, personally I believe friday evenings should be used for relaxation. So today I will be telling you what zoo you should visit. I have picked  zoos from few countries, here they are:

Chester Zoo
This is one of the best zoos in the world with over 20000 animals and 500 species. They open between 10am and 5pm averagely. As their closing time varies. Prices vary between £13 to £24. It is located in the UK. Check it out.

Emirate Park Zoo
This zoo is located in United Arab Emirate. It is a zoo in a park resort, this resort is equipped with a place called funspace, a restaurant as well as a hotel. They open by 9.30am and close by 8pm or 9pm it depends on the day. Do not go for the magic show because magic shows are very sinful. It has 1700 animals.

Omu Resort Zoo
This is located in Nigeria with over 40 animals. Prices paid to enter the zoo ranges from N1500 to N5000. It is one of the best in Nigeria. You should check it out.

Riyadh National Zoo
This zoo is located in Saudi Arabia with over 1500 animals and 40 species. Opening hours vary, however, they open by 9am latest. They are closed on saturdays. You should check it out.

Tierpark Hellabrunn Zoo
This zoo is located in Germany with close to 20000 animals and 800 species. They open by 9am but closing hours vary. Prices start from €5. It is one of the best zoo in Europe.

Toronto Zoo
This zoo is located in Canada. It has more than 5000 animals and 460 species. They open by 9am but closing hours vary. Prices start from $14.

Zoo Miami
This zoo is located in USA. It had 3000 animals and 500 species as at 2015, so there might be more now. Prices start from $15.95. They are available between 10am to 5pm during the weekdays and 9.30am to 5.30pm during the weekends.



Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
On the 12th of July (2016), Starbucks will increase the price of some of its products by 30cents.

Wednesday, 6 July 2016

Happy Eid ul Fitri


Eid-ul-fitri is here, yay! A celebration that marks the end of ramadan. Ramadan is a period when we muslims fast. Fasting is really good for everyone, it purifies and strengthens you.

This is one of the medium you can use to get closer to Allah. This pleases Him and He rewards you for it. You should try it during ramadan. Yes you.

Tuesday, 5 July 2016

Strategies used in mobile phone companies

Image courtesy of mapichai at FreeDigitalPhotos.net

Hello readers, I can remember I mentioned that I was going to carry out a research on Samsung to know how they became the market leader in the mobile phone industry. I have always said that you should understand the needs of your customers and supply them with what they want.

However, with Samsung they make you want their products. Meaning they are innovative, if you all can remember when blackberry came out all other mobile phone companies struggled. It was quite challenging for them. Nokia was sold out to another company, well Samsung was able to find its two feet and then eventually became the market leader. So what made the company pop?

Really, I do know Android belongs to Google which is the software they use on their phone which was one of the factors that enabled them to stay competitive. From this I can tell you that outsourcing a part of your business from a company that is an expert in that field you need can really do well for your business.

The marketing strategy also used by Samsung was also excellent. The cost price of their products appeals to most nations. The product itself is attractive (most of their phones are sleek and they come in black, gold and white. You get to pick the colour you like. I mean the company is creative with its products. Their phones are easy to use. They also offer sponsorship to other organisations for example the jersey of Chelsea football club had Samsung written on it, till the sponsorship ended in 2014. However, they have other organisations they sponsor. They make their products known through tv adverts. I have been informed that their customer service is quite good.

They also move with trend, they are quick to respond to the changes in the market. Like Galaxy s6 came out when?  s7 is now out. They release a phone every year. There are some individuals that don't like to change their phones at the snap of their finger like me, however, you will be surprised that some individuals want the next latest phone immediately. Thats bad bad. You have to stay innovative to remain competitive in the mobile phone industry. Alright I hope you have gained a thing or two.

Keep checking out my blog regularly. Cheers!

Nuiz of the day

Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
Baidu is planning to provide anyone that is interested in getting information about China. It has a huge amount of data and will process the data to provide information about China. Information provided will range from employments to consumer spendings to imports and exports.

Monday, 4 July 2016

A basic concept for the manufacturing industry


Image courtesy of Sura Nualpradid at FreeDigitalPhotos.net

Yay, I have another article for you today. So I am going to explore the manufacturing industry. This is one of the best industries. What you should do to thrive in that industry is what I am going to be writing about today. Hope you gain a thing or two. First of all, lets talk prices. Prices that you affix to your products must be reflected in the value of the product.

Your product must meet the needs of the customers in your target market. You should serve their needs appropraitely. You have to define your target market, then you have to understand your market and then you manufacture products that will meet their needs. I said in a previous post, product that focuses on food, water, shelter and maybe clothes are the best in the manufacturing industry.

Having developed a product, you must diversify as well as have different brands for a particular product. For example Three crown milk and Peak milk belong to the same company. The product here is milk but of different qualities so ofcourse of different prices, they appeal to different markets. Individuals that buy Peak can as well even go for Three crown when they are short of cash or Peak milk is not available. With milk, you can diversify into making sugar and the likes. I guess you get the scope.

After production you should make your product known. If you are targeting the youth. You can put posters in universities, it depends on your budget. Treat your staff well so that they can treat your customers well. Make sure they are trained properly as well as dressed properly.

Keep checking out my blog regularly, Cheers!


When you should recognise revenue in business



Image courtesy of Stuart Miles at FreeDigitalPhotos.net



Hello readers, hope your weekend was good. Today, I will be writing about recognising revenue in business. Some individuals do recognise revenue when it has not been received. The prudency concept in accounting states that you should not overestimate your revenue. This will prevent you from spending the money you do not have. By that I mean an individual might spend this money because they are expecting that money and that money might end up not coming in.

Most products, goods especially get their revenue once they are delivered to the customer in good condition and the customer pays promptly. You can easily recognise your revenue except in situations whereby customers are allowed to pay on a later date. Do not charge interest, it is a sin. Prices should be the same whether they are paying now or later.

While a business that builds product like a car or a house takes time to build such products. As a result profit recognition can be tricky. Its best not to wait till the end of the  project before you collect your money. You should collect them in installments as the production progresses. Revenue should be recognise once you receive the money except in situations whereby you already a long time relationship with the customer and you are convinced they will pay when their installment is due.

Some will say that you should recognise profit as you progress on the project. I will say that you should collect your money first and then recognise it so that you can spend accordingly. Meaning you do not spend money because you are expecting that money. Except in situations whereby you have established a long standing relationship with the customer and you are convinced that the person will pay as at when due.

This has nothing to do with the prepartion of your financial statements, it focuses on helping you manage your finances in business.

Keep checking out my blog regularly, Cheers!

Task of the month (July, 2016)

You should walk briskly for 20 minutes a day.

Saturday, 2 July 2016

Nuiz of the day


Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
Britain is going to be trading highly with China, India, USA and the Commonwealth nations as it sets to start separation actions from the EU

Some Discounted Prices!!!



Aldo Women's Clock Cross Body Bag
Original Price:       £45
Discounted Price: £27.97




Aldo Men's Caliva Derby
Original Price:      £34
Discounted Price: £85




Bjorn Borg Unisex-Adult Core Day Top Handle Bag
Original Price:      £39.90
Discounted Price: £25.09




New Look Women's Tilly Round Tassle Flapover Purse
Original Price:       £12.99
Discounted Price: £5.85



Russell Hobbs 18943 Colours kettle - Cream
Original Price:       £49.99
Discounted Price:      £19.50

Friday, 1 July 2016

Nuiz of the day



Image courtesy of Salvatore Vuono at FreeDigitalPhotos.net
Individuals that do want to driver for Uber and Lyft but do not have a car can now rent one from Hertz.