This blog aims at equipping individuals with business and finance tools in simplistic terms. It convers both business finance and personal finance. It also looks at the actions that can help you run a business successfully. It has some juicy flavour in it. It also aims at getting individuals closer to Allah (SWT) Enjoy!
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The decision making process
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As a business owner or manager you are going to be making decisions. The process of making decisions involves planning, implementing decisions and putting controls in place to enhance decisions. Before any business action can be carried out a plan has to be made. This plan will stipulate the objectives of the business and strategies that will be used to achieve the objectives. For a plan to be more realistic, it is always good to look at the performances of the past so as to be able to predict what can be achieved in future. Long term plans must be made and broken into short term plans.
After objectives of a business have been stipulated, a business owner or manager will have to evaluate various possible medium (strategies) of achieving the objectives of the organisation. Reliable information should be used, so that the best option is chosen. After the strategy needed to achieve the business objective has been chosen (a decision has been made) then the strategy should be implemented, thus you will be implementing the decision you made. In terms of control, the actual result is compared with the expected result to observe variances periodically, thus enabling a business to revise its objectives accordingly. Keep checking my blog regularly. Cheers!
Hello readers, today I will be writing about work-life balance. According to businessdictionary.com, work-life balance "is a comfortable state of equilibrium achieved between an employee's primary priorities of their employment position and their private lifestyle." All work and no play makes Jack a dull boy, thus, you should find a balance between work and play. Here are some tips to help you achieve it. 1. Do not check your email (work) after working hours, this will help improve the quality of time you spend with your family and friends. Thus, you should not be distracted by work when spending time with your family and friends. 2. When you decide to improve the situation of your work life balance, take it one step at a time. For example if you do not get to spend time in the evenings with your family during the week days due to coming back late from work, you should decide to spend one day a week and gradually increase it to two and then three till you get to spend the…
Hello readers, it has been a while. Hope you did not miss me much, the good news is I am back now. Today, I will be writing about competence. Competence is the ability that enables a company or an individual to deploy its resources effectively. It is neccessary for a company to have a competence target in all its business activities so as to deliver value to its customers. This will help create a competitive advantage for the company. Competencies must provide value to customers. It must be unique or able to develop greatly or be better than that of competitors. New products and services must be able to be developed as a result of the competence. It must be difficult for other competitors to obtain or imitate. Continually producing high quality products can make a company become a market leader (which is a core competence) as it provides a company with a competitive advantage. With high quality, higher prices can be demanded by the company from customers and the company will also be able…