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 process of formulating your strategy
Hello readers, I will be writing about strategy formulation. Strategy formulation could be seen as a process whereby the best courses of actions are chosen so as to achieve the goals and objectives of your business. Thus, achieving the vision of your organisation.
The first step to take when formulating your strategy is to define the long term goals and objectives of your business. You will then have to evaluate your business environment using the PESTEL analysis framework. You will also analyse the strengths, weaknesses, opportunities and threats of your business using the SWOT analysis framework. The PESTEL analysis will help you understand your environment. Both frameworks will let you know the competitive position of your business, which will guide your strategy.
The next step you will take is to turn some of your objectives into quantitative targets. This will help you know the value that might be added by various operating departments. These values must be identified, after-which, a business strategy will be composed for each department.
The last step you will take is to formulate the strategy. The strategy will be influenced by the goals and objectives of your company, the environment your company operates in as well as the strengths, weaknesses, opportunities and threats of your company. 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…