Islam and Business Finance

Hello readers, today I will be writing about your corporate plan. A corporate plan is a neccessary tool needed to achieve business success. A corporate plan focuses on a strategy for a long-term period. When I say long-term in this context, I am talking about a period of 2 to 5 years, it can exceed 5 years, however, it must not be lower than 2 years. A corporate plan looks at the actions employees should take in order to achieve the business goals of an organisation. The actions which were written in the corporate plan that employees will take must include the ways they should deal with business challenges when they occur; the corporate plan should also denotes training employees in order to be able to excel while carrying out the day to day business transactions. Corporate plan breaks larger business goals into smaller goals. Your corporate plan must ensure that there is an alignment between all the departmental actions within your business organisation, All your staff have to be...

Hello readers, the marketing mix will be used to discuss the marketing activities that a telephony company should adopt.  Marketing mix helps to implement the marketing strategy. The mix includes product, price, promotion and place.  • Product: Telephony companies should provide services of high quality; they should also provide physical goods to customers by serving as an intermediary between mobile phone makers and final customers.  Products (goods and services) should be optional to customers. Resources should be used to provide maximum satisfaction to customers. Your telephony company should offer different form of services thereby offering customers flexibility. The composition of the product should provide customers with various mobile phone options, information services and discounts which will help differentiate the product. All of this contributes to the competitive advantage of any telephony company. • Price: The price charged by your telephon...

Hello readers, today I will be writing about brand recognition.  There are some products that are of good quality but they are not selling as they should because the brand is not really known. I am sure you have gone to buy bottled water (in a developing nation) and have seen a funny name and you were like I do not know this product so I won't buy it and you end up going for the famous brands like Eva, Mowa or Swan. Individuals whose product(s) are not famous or who are about to start a business could learn from this article. You have to create a buzz about your product(s). The best way to create awareness is to advertise on tv. Most people watch tv if not all. Cut your clothes according to your size, go for the television station(s) whose advert rates you can afford. Also advertise your product(s) on radio stations. This will also make your product(s) famous. The packaging and the name you attach to your product(s) also helps your product(s) sell. The name you use w...

Allah is the Greatest. One of the 99 names of Allah is Al Ghaffar which means The Repeatedly Forgiving. Allah is the Most Forgiving and the Most Merciful. There is absolutely no one like Him. "Lo! men who surrender unto Allah, and women who surrender, and men who believe, and women who believe and men who obey and women who obey, and men who speak the truth and women who speak the truth, and men who presevere (in righteousness) and women who persevere, and men who are humble and women who are humble, and men who give alms and women who give alms, and men who fast and women who fast, and men who guard their modesty and women who guard (their modesty), and men who remember Allah much and women who remember-Allah hath prepared for them forgiveness and a vast reward" Quran Chapter 33:35 We all commit sins, it is very possible to avoid the major sins. When you avoid the major sins, Allah says He will overlook your minor sins. Allah loves charity, when you give out charity...

Hello readers, the largest companies in the world by revenue are going to be provided to you so that it could influence your decision about what industry you want to start a business in. Here they are: 1. Walmart Stores, Inc. This is the largest company in the world with a revenue of $ 482 billion as of January, 2016. It operates in the retail industry. The company is owned by a family. Its headquarters in USA. They are present in 28 countries. 2. China Petrochemical Corporation This company is also reffered to as Sinopec Group. It is the second largest company in the world by revenue. As of 2014, it had a a revenue of $455 billions. They operate in the oil and gas industry. 3. China National Petroleum Corporation This is a state-owned oil and gas corporation. It is the 3rd when its comes to the largest companies in the world by revenue. As of 2014, it had a revenue of $428 billion. 4. Saudi Aramco This company is also known Saudi Arabian Oil Company. It is the...

Hello readers, so really you have an accountant that helps you with the preparation of your financial statements, however the financial statements of your company are also your responsibility. Today I will be telling you about 6 characteristics needed when it comes to preparing the financial statements. We have the fundamental qualitative characteristic and the enhancing qualitative characteristics. The fundamental qualities are the main ones while the enhancing qualities enhances the main ones. Here they are: Fundamental Qualitative Characteristics Relevance A financial statement should be prepared in such a way that it will meet the decision making needs of its users. The financial statement should also be prepared in such a way that it will correct any wrong information that has been provided in the previous statement. An information is said to be relevant if the omission and misrepresentation of it will affect the decisions of its users. Faithful Represention The f...

Hello readers, today I will be writing about the goodwill of a company. Goodwill is an intangible asset that is calculated upon the acquisition of a company by an individual, a group of individuals or a company. Goodwill should include  the good reputation of a company, going concern (whether the future of the company looks prosperous or bleak) of  a company, employee relations and customer relations and others. As such , the goodwill can not be separately identified without the sale. There are some other intangible assets but they are not part of the  goodwill, this include the patent right, licenses, trademarks and others. Goodwill could be negative, this happens when the fair market value of the company is lower than the value of the total asset. Then a loss is made by the seller, this represents the negative goodwill. When a sale is made  to a buyer and the seller makes a gain from the sale, a situation where the fair market value is higher than the value of...

Hello readers, there are some places you go to and you realise they do not have what you want despite the brand being a reputable one. You prefer their product, however, the supply chain of the maker of the product is not on point. Today I will be writing about how you can improve your supply chain so that your goods and services will be supplied in an effective and efficient way. A supply chain focuses on the creation and sharing of products within a network. It starts from when you buy the raw- material to its conversion into finished products and finally delivering it to customers. Some world market leaders have attained such a position through an enhanced way of supplying goods. Supply differentiation is one way to stay competitive, some world market leaders (company) use technology that will help you them know the right time to deliver goods and services to their customers. This helps their business do well. Even after a market leadership position has been attained you mu...

Hello readers, you should be careful about the movies you watch because some movies make things that are evil appear good. Most movies should not be watched.  What cartoons are you also exposing your kids to. Cartoons may not be innocent as they appear to be. Did you know that watching a cartoon movie or a regular movie that has fairies in them is evil. A lot of people do not pay attention to them.  However, fairies, superheros and  any movies that portray super powers and magic you must not watch or expose your children to them because they are evil. Christian movies should not be watched as christians associate partner(s(with God. Jesus is not the son of God. He has no son. It is evil to call Jesus the son of God. He is a Prophet of Allah, Messenger of Allah, a slave of Allah and he bows down to Allah. The holy spirit is  angel Jubril (Gabriel). He is also a slave of Allah. Cartoons that are educational can be watched, the ones that denotes idol worshi...

Hello readers, today I will be telling you about some healthy drinks that you should be taking to stay active. This drinks include: - Aloe Drinks This type of drink helps the body to regulate its blood sugar. It also help the skin to stay radiant. It aids digestion . It cleanses your body as well. It can also help your body against diseases. It also has antioxidant which helps with stress levels. Cranberry Juice This is one healthy drink as it provides benefits such as antixodants. It also helps with respiratory disorder, stomach disorder, gum diseases and much more. It also prevent a lot of health problem. It is a good one, so at least 1 cup a day will not be a bad idea. Hot Chocolate This is another drink as it provides a lot of antioxidants, antioxidant increases in the hot chocolate the moment it is heated up. It helps improve the blood flow. Thus, contributing to a healthy heart. It also contributes to having a healthy mind. Vegetable Juice This is a t...

Hello readers, so I will be writing about airlines. Air Asia which is the largest airline in Asia started with 2 aircrafts and as today they have 82 aircrafts. Strategies employed by Air Asia includes offering cheaper fares while providing quality at the same time. They have a large target market of 500 million individuals or more. Their distribution channels were designed in such a way to make booking and travelling easier for their customers. They use marketing and brand development to stay competitive in the market. They promote a culture that encourages a strong team which in turn provides excellent customer services. They are also make customers know their fleets are safe and reliable. Pricing strategy used by airline companies includes the peak user pricing, where prices are higher at during peak periods and lower during non-peak periods. It should also be noted that the individual that travel for less distances are more sensitive to prices as compared to i...

Hello readers, so today I will be writing about corporate governance. According to BPP Learning Media, Corporate governance is a system by which companies are directed and controlled. The directors of a company are responsible for corporate governance, however, not one size fits all. Not all businesses can be managed the same way. Corporate governance is designed to monitor managers, it promotes the right of shareholders, it also states that all shareholders must be treated equally. The role and the responsibilities  of the board of directors is also stipulated by corporate governance. Corporate governance framework must be designed to disclose the financial situation of the company accurately. It is also meant to strategic guidance while making the brand of directors accountable for their actions.  Since all companies cannot be ran the same way because of the difference in legislation framework and culture. The corporate governance has different models, as such it mu...

Hello readers, today I will be writing about product champions. This has do with incorporating the creativity of individuals into your business processes. Basically, staff members are given opportunities to come up with an idea(s) as an individual, then convince other staff members to buy the idea. After other staff members have been convinced about the idea, the company will then appoint a product manager with some capital as well as a team to help the staff member that came up with the idea execute the tasks. This staff member must be meeting a particular need of customers, that should be a criteria of the idea because it is one of the goals of a product champion. Minutes of team meetings on the product must be kept has this will help them to achieve the product development goals. However, the product champion (the individual that came with the idea) is responsible for the success of the product. Thus, he or she must understand the target market and their needs. The product ch...

Hello readers, today we will be talking about the brain. The way your body requires exercises to stay fit is the same way your brain also requires exercise to stay fit. That is why you need the average daily stress, like having a task to carry out everyday. This could include going to school, or to work or running your own business.You have to carry out a task regularly to keep your brain fit. Now that is one part. There are games designed to keep your brain fit, they could be puzzles or just regular games, they challenge different areas of your brain and it helps those areas stay active. 75% of the brain is made of water, so taking the adequate 6 glass cups of water (two at every meal) helps keep your brain active. Fruits and vegetables also have water components in them, so consuming will also help keep your brain stay active. The required amount of sleep which is between 6 to 8 hours daily will also help keep your brain active. It should not be lower or higher. When you s...

Hello readers, so today we are talking about businesses. Why do individuals create businesses? Well, your aim is to create value for yourself, for others and for the society at large. If your business is not adding value then you should close it. You can either provide goods or services. At times services come with goods, however, goods always come with services. You will be exchanging this value you are creating by Allah's leave for something and that is money which is the quantifiable worth of your goods and services, as such, the prices of your products should always reflect the value you are providing to people because that is the only way you can thrive in business Apart from providing value to customers you should also have to provide value to other stakeholders now this include your employees, government, the community at large, if you are not the owner of the business but you are running it then you will also have to provide value to the owners of the business. At ...

Hello readers, hope your weekend was good. How will you know if you will fail or pass, when you are scared of taking a risk. So what you fail at it? Is that the end of the world? Just because you failed at one task does not mean you will fail at another task. You learn from failed tasks. Successful leaders take calculated risk. You are want to do something and it is good for you, it is good for others and it is good for the community. You would not start that business because you are scared you will fail at it but what if you pass? Some individuals have missed out on great opportunities because of fear of failure. You should move far away from fear and tend towards positivity. Instead of saying what if I fail you should say things like what if I put in the work and I succeed. You would not only be adding value to yourself but to others and your community. Try to visualize what life will be like after you have succeeded. Believing in yourself is good, believe in your attrib...

Allah is Mightier than we think. "There is no God except Him, Ever living, the One who sustains and protects all that exists. Neither slumber nor sleep overtakes Him. To Him belongs whatever is in Heaven and whatever is on earth. Who is he that can intercede with Him except with His Permission? He knows what happens to them (His creatures) in this world, and what will happen to them in the Hereafter. And they will never compass anything of His Knowledge except that which He wills. His throne extends over the Heaven and the earth and He feels no fatigue in guarding and preserving them. And He is the Most High, the Greatest" Ayat Kursi. The Ayat says alot about Him. He is the Most Compassionate, the Most Merciful, the King, the Holy, the Peace, the Granter of Security, the Controller, the Almighty, the Irresistible, the Majesty, the Creator, the Evolver, the Fashioner, the Repeatedly Forgiving, the Subduer, the Bestower, the Provider, the Opener, the All-Knowing, the R...

Hello readers, today I will talking to you about smooth cars. Basically, I will be telling you about companies that produces a lot of fuel efficient brands. I have done my research for you as usual, here they are: BMW Group This German automotive manufacturer states that its incorporate efficient dynamics into all of its cars. All its cars has a minimum of 19 when it comes to the highway mpg. However, BMW i3 BEV is the most fuel efficient car sold in USA with an highway mpg of 111. It has other fuel efficient cars  which include the 2016 BMW 328d x drive with 42 highway mpg. 2016 BMW 328 d x Drive Sport Wagon with 40 highway mpg; 2016 BMW 535d with 38 highway mpg and the 2015 BMW 328d with 45 highway mpg. Of course they have other brands whose highway mpg are above 30. However, I cannot list them all. But now you know if you did not know, BMW Group produced a lot of fuel efficient cars. Chevrolet A division of General Motors Company an American manufacturers has ov...

Hello readers, hope you are doing good. Yes, you!. I will be writing about inflation today. Some weeks back, I was asking my cousin about financial challenges individuals are facing. I wanted to know what financial challenges youth are facing. I fall into that bracket too, however, I cannot know it all. The only One that knows it all is Allah. So send me mails about financial challenges you are facing, you never can tell I might be able to help. My email address is on the right-hand side of my blog. Today you buy an item $5, the next two months the same item is going for $10.  It does not only happen with that product but it happens to all other products, however, your salary/income has remained the same so what do you do to provide for such situations.  I am not going to tell to save up money in a bank and start collecting interest because it is a major sin. Yes, it is a major sin. God does not like interest. It is a major sin to pay or collect interest. Don't do that, h...

Hello readers, today I will be looking at strategies you can use to expand your business. When you hear business expansion the first idea that might pop into your head is open a new branch in another location. Well, you are not far from the truth if that pops into your head, however, I will be giving  you other ideas Diversify A business can expand by making another product, it should be totally different from what it usually produces. However, it could be complimentary. That way you can attract more customers which will then help foster your business growth. Diversification also helps you minimize your business risks. Most market leaders employ diversification. Franchise Another way a business can expand is by providing franchises to individuals. Most fast food restaurants use that medium to expand their outlets and make money as it saves them from the cost they will incur if they decide to open another branch. A franchise is a situation whereby a business gives an...

Hello readers, today I will be talking to you about the life cycle of your products this includes goods, services or both. Did you know Nokia is back? Yes they are back, so let us see what they will be dishing out to us. Today, I am going to look at every stage of a product then I will be giving you ways to bounce back after your product has reached its final stage. Here they are: The Introduction Stage This is the stage whereby you have seen an opportunity in the market and you are ready to introduce your product to your target market. At this stage, the demand for your products will be low, as such, the income will also low. This stage could be seen as the stage whereby you penetrate your target market. Strategies I will recommend during this stage are the rapid penetration strategy for all products except technological products and the rapid skimming strategy for the technological products.  The rapid penetration strategy implies that the promotion for your produc...