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 balance scorecard: an introduction
Hello readers, today I will be writing about the balance scorecard. The balance scorecard helps measure business performances. It looks at 4 different perspective of the business, they are the financial perspective, the customer perspective, the learning and growth perspective and the internal perspective.
The financial perspective looks at financial data such as sales revenue, cost and income to understand the financial performance of the business. Customer perspective measures the degree of success in satisfying customers. The quality and price can be used to determine customer satisfaction; feedback are also gotten from customers to know if their needs are being met.
Learning and growth perspective sees how business responds to changing circumstances. It looks at how employees are being trained, and how they use the knowledge obtained to create a competitive advantage for the company. The internal perspective looks at how efficient the business systems and procedures are; if goods are being manufactured well.
The balance scorecard can be used to achieve the goals of your business. It has its root in 8 different objectives which are a balance between short range and long range objectives, employee attitude, market share, personnel development, product leadership, productivity, profitability and public responsibility. 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…