Islam and Business Finance

Image courtesy of Stuart Miles at FreeDigitalPhotos.net Hello readers, the Boston Consulting Group's growth share matrix will be used to let you know what segment of your business is performing well, so what this matrix does is to compare the annual real rate of the market growth with its relative market share. An industry is said to be attractive when the rate of its market growth is high. The matrix is easy to use, so basically you look at the rate of the market growth of your product and you compare  it to the relative market share. According to what I wrote above, if the rate of the market growth is high and the relative market share is low, then you can say the product is at its growth stage and you will just have to study the product to see if it can become a potential star. The income this product will be generating will be low. If the rate of the market growth is low and the relative market share is also low then it will be best to stop making the product as it ...

An accident that has made an individual disabled could be devastating. Basically, I believe a disability should not stop you from achieving your goals. When a disability occurs the first action you should take is to pray to Allah, thank Him cause it could have been worse, then ask to give you a strength to deal with it easily. You should also see it as an opportunity to develop yourself. Its good to note that not all disability are permane nt, so if that is the situation you should do everything you have been guided to do so you can be healed. For individuals with a permanent disability that does not incapacitate you, sooner or latter you will get used to it. You could also go for counselling to help you deal with it adequately. Afterwards start to go after your daily life as you used to, keep working if you are employed and if you are running your own business keep doing that. That could support you emotionally and mentally insha Allah (if Allah wills). Self respect will al...

Image courtesy of Stuart Miles at FreeDigitalPhotos.net Hello readers, today I will be writing about understanding your target market. Basically, before starting your business you must have a target market. Some individuals start a small business without really understanding their target market. To be able to serve your target market appropraitely, you must understand it before even developing your products. At first you must identify your target market. So how do you identify your target market? You will just have to think about the people that will most likely benefit from your products. It could a particular age group, it could be a gender, it could be a working class group. It could be the whole market. It could be based on the purchasing power of individuals. Secondary data could also be used to identify your target market by using data of those who make existing products that are similar to yours. After your target market has been identified. Mostly you will find infor...

Prayer You should pray 5 times daily (obligatory) to Allah. The non-obligatory prayers are also good. Adhkar should be read every morning and night. Exercises This is good for your body and overall well being. 20 minutes of daily brisk walk is enough. It keeps you active. Eating Fruits Taking two portions of fruits at every meal will also keep you active if you can afford it. It is also good for your overall well being. Drinking Taking two glass cups of water at every meal will also help you stay active so you can deal with those business transactions. Relaxation All work and no play makes Jack a dull boy. As such, you should find time to always relax. You should not deprieve yourself of sleep as well, if you do you might not be able to deal with those business transactions when they occur. Everything should be done for the sake of Allah. Part of doing something for the sake of Allah means hoping for a reward from Him in this life and the Hereafter. Everything happen a...

Image courtesy of Stuart Miles at FreeDigitalPhotos.net Hello readers, do you know the most financially successful individuals are business entrepreneurs. Some nations are not as financially buoyant as others, as such as unemployment rate differs in different nations. Some individuals see unemployment as a problem; rather than seeing it as a problem why not look at it as an opportunity to start your own business. No business is built overnight, however, you can start yours.  Before you dabble into any business you must understand it, do not go into a business that you do not understand. Take time to understand it, , so you can enjoy business tasks when they occur. Some individuals might find unemployment demotivating and may start to question their own abilities. Do not just sit down there and start feeling bad, your unemployment could be an opportunity to do greater things. After figuring what business you what to start and understanding the business, draw up a busine...

Image courtesy of renjith krishnan at FreeDigitalPhotos.net Hello readers, so today I will be talking about ways to make your business comfortable for workers. Really, when your employees are happy insha Allah (if Allah wills) they deliver better results. At the end of the day it benefits both the business and employees when the business environment is condusive. How do we make the environment condusive, first of all the business must be kept neat at all times. It should be nicely decorated. That creates a nice ambience and make staff members feel good at work. When they feel good they will be motivated to come to work and deliver good results. Okay, well that is just one factor, a good working relationship to a very is another factor.  As such employees must be encouraged and trained to be thoughtful of colleagues when dealing with them. They should be informed to treat colleagues the way they want to be treated, in other words treat each other with respect. A form of m...

Image courtesy of mrpuen at FreeDigitalPhotos.net Hello readers, today I will be writing about how to implement changes. At times businesses do not perform well the way they envisaged they will, when that occurs, a change might be required in the business. To make the change possible, different styles of management could be used. Here are a few - Managers can get employees to be involved in the creation of a new strategy for the business (a ll creations belong to Allah (S.W.T, Glory be to Him, the Lord of the Exalted Throne)). This is because employees could resist the change and make it difficult for it to be implemented. However, when they become part of the change by contributing to the new strategy, they will be motivated to accept it easily, thus making the whole process smooth. - Another method that can be used to implement changes is to delegate duties to senior employees like deparmental heads. Delegation will revolve around the formulation of the new strategy....

Image courtesy of xura at FreeDigitalPhotos.net 1. Canada This country you could visit for summer. There are so many places that you can visit in Canada, from Alberta to Calgary to Manitiba to Toronto. However, if you are looking for a different experience you should visit Whistler, they have lakes and parks. You can go horseback riding, jet boating, tree adventures and much more. 2. France Paris the capital city of France you could visit. It is a beautiful city and there are so many places you can visit when you are in Paris. However, a place I will recommend you visit is the Seine, it is a river with a beautiful view, you can have a cruise on it at sunset. 3. Mauritius This is a county located in East Afica, it is popular for its lagoons. A summer holiday in Mauritius won't be a bad one. Port Louis,  the capital city is the place to visit when you are Mauritius. It is located between the indian ocean and a mountain. Port Louis waterfront offers entertainmen...

Hello readers, so today I will be telling you few things to note before you decide to make your business go global. You have to make very smart decisions about your strategies and structure because once you go international they will always reflect in all the future strategies or business structure you develop. The moment your business goes international it will be difficult to change the whole strategy and structure totally. Different multinationals have different strategies that they employ. Some multinationals try to tailor their strategies to suit the taste of nationals, meaning each country will have adjusted strategies to meet the needs of nationals. Some other companies look at their international counterparts to bring in new product development designs while others do all their research and development in their headquarters while they sell and distribute their products via subsidiaries. It really depends on what strategy that will suit the type of products you make. ...

Image courtesy of renjith krishnan at FreeDigitalPhotos.net Hello readers, I hope you are great. Today, I will be writing about how to be an expert at promoting products. A research was conducted to come up with this. First of all, you have to store up enough information about the products you are selling. Most customers will like to know about the products you are selling, so you must be able to answer all their questions. That can only be achieved by storing more than enough information of the products. To understand a product better, you can ask managers and distributors about the product. You can also conduct a research, asking existing and past customers about the product. The user feedback is always important cause it helps you understand the product better. When a customer is interviewed you can get to know what they benefit from the products and that can be used to promote your product. Do not ask questions like what do you think about the products. Ask questions li...

Image courtesy of start08 at FreeDigitalPhotos.net Hello readers, the way you communicate with customers play a role as to whether your business will be successful or not. You should communicate with them effectively. A guy was trying to transport his baggage from one city to another, because he had food in it he was spoken rudely to. If it is against the rules of the company to allow customers to transport food then he should have just being told nicely. Companies should invest in training their staff on how to treat customers. When you are communicating with customers you should listen to them carefully and avoid interrupting the conversation. Questions should be encouraged and answered carefully, remember no question is stupid. A feedback form can also be made available so they can contribute to the growth of your business. I also believe that customers should also treat staff well. All complaints should be treated promptly and appropriately. If the customers is in the wr...

Get a second source of income. When your source of income is diversified you increase your chances of winning. If one source of income goes bad, you have another source that will still be providing you with income, as such it will soften the impact of the loss of the other income.