Skip to main content

Posts

Showing posts from December, 2015
Wishing you all a happy new year! I hope you have made plans for the year. Do have a successful one. Cheers!

Tips on carrying out an effective market research

Wow! New year is around the corner, excited much. I know I am. Yippee! Today, I will just be giving few tips on carrying out a market research. Every business must carry out a market research before starting their business. This will help the business figure out what products to make. The data that you want to obtain should then be determ├Čned. Data can be gotten from the internet, questionnaires, focus groups, surveys or interviews or databases.
The amount of money you will be willing to spend on the research should be determined, that will be one of the factors that influence your decision on the type of data you will be using. Secondary data are readily available since they have been previously collected and can be obtained easily from databases. Primary data are collected directly from the sources through interviews or questionnaires or focus groups. Both primary and secondary sources can be used to obtain data. If you are going to collect data via primary sources the next thing wou…

5 Industries to invest in

Hello readers, today, I decided to give you a list of industries you can invest in. These industries are profitable as such you can start a business or buy the shares (halal) of companies that exist in the industry.
1. Healthcare Industy
This is one of the largest and growing industries in the world and it takes at least 10% of the GDP  (Gross Domestic Products) of most developed nations. The industry had a net profit margin of over 18% in USA (2015).
2.  Finance Industry
This industry is also a very good one for investment. Everyone deals with money. The industry had a net profit margin of over 16% in USA (2015). However, your products should be halal
3. Transportation Industry
Individuals always move about, thus it is a good industry to invest in. The industry had a net profit margin of over 8% in USA (2015).
4. Communication Industry
This industry is also a good one, individuals always communicate either from one city to another or from one continent to another. Thus the business is a lucr…

Guides on learning a skill

Anyone can learn a particular skill, it takes determination, commitment and the right mindset. Henry Ford says" if you think you can then you can but if you think you can't then you can't. In other words to learn a new skill, you have to break some emotional barriers that you might have such as I do not want to make an error in front of others, what if my work comes out bad. All of those things are blah blah blah. Everyone makes mistakes.
This new skill you want to learn, if you have to know why you want to learn it, this will serve as a motivational factor. Is it something you are passionate about and any other reasons you may have.
Afterwards, figure out where you can learn this skill, do you need to attend classes or workshop. If subjects being taught are optional, focus on the ones that are the most important to the skill you want to learn. Make sure you understand what you are being taught.  Do ask questions if you do not understand and do not miss your classes or work…

How to prevent fraud in business: Part 2

Previously on this blog, I wrote an article " How to prevent fraud in business: Part 1" , so today I decided to write part 2. The risk of fraudulent activities exist in all companies. The use of CCTV camera works very well, use sophisticated cameras that can still reveal the identity of an individual in the dark. Yes, the CCTV camera is quite effective at preventing fraud. This will be applicable to companies that can afford such facilities

If you receive a lot of money in cash on a regular basis, your staff must be instructed to take some amount to the bank (halal) once it reaches a particular threshold. Only authorised personnels can take the money to the bank. When purchases need to be made by the company, it must be approved by 2 to 3 persons depending on the amount that needs to be spent.

A sophisticated information system must be used once they can be afforded, they must be re-evaluated frequently for loop holes so they can then be adjusted to prevent fraudsters from tak…

COMMUNICATION IN BUSINESS

Yay! I promised you all two paragraphs from my book "How to become a successful entrepreneur" Here they are
The way individuals communicate with others depend on their perception of the other person they are communicating with, their past correspondences with the other person and their emotional state. Personally, I believe that the way an individual communicates depend on how they perceive things. People interpret things differently, what might upset one person might not even bother another. Thus, you as an entrepreneur or a potential one will have to develop your reasoning skills.
An individual might mean another thing some other individual might interpret it as another, thus, reasons should be given when necessary and appropriate. For example, a bricklayer might be told to set some blocks in a particular way, the bricklayer might not understand the reason behind it and might just decide to bypass that order. However,  if the bricklayer is told that it will make the building…

100 posts...Wow!

Wow, I have written 100 articles. To celebrate this with you all and say a big thank you to all my readers. I will be posting two paragraphs from my bookHow to become a successful entrepreneurtoday. 
Keep checking my blog, regularly. Cheers!

Dealing with rejection in business

Hello readers, everyone have been rejected in business at one time or the other. Either you do not pass an interview or a client turns down your proposal. Rejection should not bring you down, I know some individuals might find it devastating, do not let it be that way. Once you get the rejection keep going do not stop there, just keep going. 
At the end of the day it is just one person's or a group of people's opinion, as such a few NOs should not stop you, you have to keep pushing till you succeed in business. At times lack of skills could be a reason for a rejection but then these skills can be developed. Afterwards, the same goal can be pursued again after the required skill has been developed. If you try achieving a business goal using one method and it does not work, you have to try another method cause if you use the same method again there is high likelihood that you will fail at it again. Get up, do not let the first no or second no...put you down, look for the next ava…

..... a quality of a good manager

As a good manager you do not have to know everything. All you have to do is to manage the resources available the best possible way in order to achieve the best possible results. I was listening to someone talk, she went to the manager to get something signed. He actually did not know what to do so he asked for her advise. She said she felt so irritated, however she told him what to do. The manager was new.  A manager should understand a business but does not have to know everything. A good manager must be willing to learn from subordinates in other words he did a good thing by asking. Just because an individual is a subordinate does not mean they won't know something you do not know. A manager is part of a team, yes you are leading the team, your main goal is manage resources efficiently and effectively (which include human resources) in order to achieve great results.
Someone once said to me that if people's expectation of him are high then he won't be able to deliver res…

Calculating the UK income tax : a continuation

In a previous post Calculating the UK income tax, I showed you how to calculate the UK income tax while focusing on the employment income, read the post before reading this one. Today, I will be looking at other sources of income which includes the trading income the investment income. 
When you have various sources of income lets say you have gotten income from employment, trading and investments then the employment income will be taxed first, followed by the trading income, and then the investment income afterwards. For example let's say Ahmed has gotten an employment income of £34,000, a trading income of £10,000, an investment income  of £5,000. The personal allowance of £10,600 will be deducted from £34,000. It will remain £23,400. It will be taxed at 20%, that will give you £4,680. From the previous post on taxes you must have noted that the basic rate band falls between 0 to £31,785. So £31,785 minus £23,400 you will get £8,385. Thus part of the trading income falls into the…

Managing Stakeholders!

The shareholder's theory stipulates that agents of a company (managers) should only aim at increasing shareholder's wealth. However, the  stakeholder's theory came around and challenged the shareholder's theory. This theory states that the needs of all stakeholders must be taken into consideration. Stakeholders include the shareholders, managers,  employees, creditors, government and the community at large. There are times when the need of one stakeholder might conflict with the need of another stakeholder.
Mendelow theory has dealt with such challenges. The theory suggests that stakeholders should be classified into four groups and this should be based on their power and interest in the company. Stakeholders with high interest and high power must be treated carefully, the stakeholders with little power but high interest in the company should be kept informed because they have the ability to influence more powerful groups. The group that has high power but are not reall…

The prudent mind

In order to be successful financially, you have to be prudent. One of the principles in accounting is to not overestimate your assets and revenues as well as not underestimating your liabilities and expenses.  That way you can thrive well financially as it will prevent you from spending more than you can afford to. This should be applied in businesses as well, it will help owners to know the true position of the company, thus promoting growth as well as preventing debt problems.
A prudent mind would avoid potential business problems. Thus, if you see a major red flag when you are about to enter a business. Do  not enter the business deal, thinking you will deal with the problem when it occurs. You will end up with losses and probably even debts. Some individuals will say they saw the red flag but they ignored it, do not ignore it. In other words if their is a huge risk the problem will occur and the impact will be high on the business, avoid the risk. Thus, reject the business deal. 
Ke…

4 suave actions of successful individuals before they sleep

Hello readers, what do you do before you sleep. Do you watch tv before sleeping or do you browse before you sleep, you should not do all of this before sleeping. They could affect the quality of your sleep. As we all know an individual requires 6-8 hours of sleep everyday to be emotionally healthy. 
So the first suave action they carry out is not to work at least 1 hour before bed time. You should not associate your bed time with work because that way your mind might find it hard to relax when you want to sleep.
The next suave action is they clear their brain before bed time after they have a written a plan for tomorrow. So how do they clear their brain. I have an exercise that I stumbled on while researching, it will help you clear your brain. Thus, sit on your bed with your back straight, close your eyes. Then breathe in, hold your breathe for 10seconds then breathe out while tilting your body to the back. Then do it again.
The next suave action they carry out is to spend time with the…

How to prevent fraud in business: Part 1

Both small and big companies have to put controls in place to prevent fraud. I have heard a lot of stories about people living in one country and starting a business in another country. They leave the business underneath the supervision of another, at the end of the day all what the business does is to make losses. I was talking to an individual, apparently, the person started a business in haulage, and all the staff were reporting were losses. The person then decided to close down the business and the staff started begging (how funny). I told the person it is a small business you have to be there in person that is the only way your business can become successful. 
Even, when the owner is present at the business there are still some individuals that will try to defraud the business, talk-less of you being far away. When your business is small it is clear that you cannot put control of very high quality that will prevent fraud cause it is expensive. Once your business has now grown bigg…

5 practices of financially successful individuals

- Individuals that are financially successful, think in a productive way. Thus, they always think before they act and they always take responsibility for their actions.
- They do not procrastinate, they carry out action when they are meant to.
- They apply the pareto principle, the 80/20 rule, as such they figure out the 20% of their financial activities that makes the 80% difference and focus on it.
- They go after their goals no matter how challenging it may appear.
-They aim for excellence not perfection with a great sense of gratitude.
Keep checking my blog regularly, Cheers!