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 importance of planning in business
Hello readers, today I am going to be telling you about the benefits of planning. It is important to plan before embarking on any project as it will help you formulate strategies you will use to achieve your business goals. Planning in this context can be defined as a situation that predetermines actions to be taken in order to achieve business goals. Without a plan, you might not achieve your business goals. As such planning is essential to the success of your business. Thus, managers and business owners should always make plans.
Planning in business helps you to know what actions you need to take in order to improve your business. It also helps management allocate resources appropriately, as a plan will let you know what projects are likely to succeed. It will also let you know the ones that are likely not to succeed. Thus, it encourages management to spend adequate funds on the projects that are likely to succeed. It contributes to the management of finance within an organisation.
It also helps management communicate with subordinates, as the plan made by the management lets subordinates know the actions they will be taking to contribute to the overall success of the business. Thus, employees can feel good about their own contributions, so in all a plan can serve as a motivational tool. It also reduces conflicts within a team as each team member knows what tasks they are suppose to execute in order to contribute to the overall success of the team. When tasks have been allocated to each team member by management, no conflict will arise over tasks being carried out.
It also helps a business to see opportunities which it can embark on. When opportunities are spotted, taking advantage of it helps the business to grow. Strategies for this opportunity can be developed as a result of the plan. Then it will also encourage the business formulate ways to implement the strategies as well as direct the business activities, so that the opportunities will contribute to overall success of the business.
Planning provides a medium through which a business can see if it is performing well as the target defined in plans serve as a yardstick to compare result with. A company will do better eventually if they can compare there result with the planned result. A favourable variance (actual result exceeds planned result) will show that a company is doing well and they will motivated to keep it up, however, when planned result exceeds the actual result it will motivate the business to do better. That is all for today, thank you for reading this article. Keep checking out 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…