Islam and Business Finance

Hello readers, today I will be telling you about the 5  richest states in USA. I have done my research for you. All the figures provided were gotten from a survey that used the data that were obtained at the end of 2015. Here are the richest states: Connecticut This state is located in the northeastern US. It is one of the richest states based on a survey carried out by the end of 2015. Its median household income is $71,346. The population of the state is 3,590,886. Its unemployment rate is 5.6%. New Jersey This state is located in the northeastern and mid-Atlantic parts of the United States. It is the 11th most populated area with 8,958,013 individuals living in the state. It has a median household income of $72,222. Its unemployment rate is also 5.6%.  Alaska This is a state that is located in the northwest of the Americas. It is the largest state in USA by area. There are 738,432 individuals living in the state. It is the 3rd least populous state. It has...

Hello readers, I hope your week has been good so far, today I will be telling you about the success factors for your restaurants. Here they are: Products Your menu and quality of food will go a long way in helping you achieve business success. When the menu of your food is unique and the quality of your food is good, you will get a lot of customers. A good chef and good quality ingredients will help make the quality of your food good. Price The quality of your food and services provided must be in alignment with the price of the food. You should provide value for money. Value for money will help you compete better. You will have to control your cost appropriately so as to be able to achieve this goal. People The customer service provided must be good. The way your staff members make customers feel will contribute to the success of your restaurant. Your staff members should be trained to be nice to customers. When customers feel good about your service then they wil...

Hello readers, today I will be writing about the division of labour. Division of labour is a situation where production processes are divided into parts and these parts are assigned to individuals. These individuals only assume parts that have been given to them to undertake. Benefits of making workers do only one tasks include efficiency. They are able to do their jobs faster.  Jobs are assigned to employees based on their skill and experience. As the employee repeats the task he or she becomes an expert at it. As a result of division of labour the quality of the work the individual does improves. It contributes to the success of your business. Division of labour encourages the production in large scale quantities which helps to reduce the cost of production which eventually adds to the success of the organisation. It also encourages workers to come up with better ways of carrying out their part, thus increases invention. However, some individuals believe that  d...

Hello readers, today I will be writing about tangible assets and intangible assets. Tangible assets are physical by nature. You can touch them. Example of tangible assets are Land, equipment, machinery and others. These assets are used by company to carry out daily activities. Tangible could become damaged as a result of an accident. Tangible assets depreciates in value. It is easier to sell them when compared with intangible assets There are two types of tangible assets which are the non-current assets and the current assets. Current assets are assets that are coverted into cash by the end of one year. Non-current asset are long term by nature.  They are not converted into cash within one year. However, they can be liquidated when the company needs money. The non current assets are normally not expected to be sold. Intangible assets on the other hand cannot be seen or touched. They are invisible. Example of intangible assets include copyright, patent, business logo and ot...

Hello readers, today I will be telling you about how to eliminate pride.  1. Believe in the oneness of Allah 2. Pray 5 times daily and ask Allah to help cleanse your heart from pride. You submit yourself in humility to Allah when praying 3. Giving out zakat and sadaqah (optional) is another way your heart can be cleansed of pride 4. Fasting during the month of Ramadan and fasting every month (3 times or like every monday and thursday). Only fasting during Ramadan is obligatory. This will also strengthen you spiritually insha Allah 5. Go for Pilgmrage if your physically and financially capable. 6. Be always thankful to Allah.

Hello readers, today I will be telling you about places you can visit with your family. All work and no play makes Jack a dull boy. Its best you do something fun every week. I have done my research for you , here they are: Aquadom and Sealife This is a place where kids and adults can explore the submarine world. You get to have a breathtaking  ride through the Aquarium. They carry out a demonstration of feeding animals, They are opened between 10 am and 7 pm, however, the latest time for entry is 6 pm. It is located in Berlin. Prices start from €10.90. Holiday Park This park is meant  for the family, as it has family rides,  thrill rides, child rides and water rides. It is best you choose rides you will be comfortable with meaning you are sure you can handle it. It is located in HaBloch. It is one of the most popular theme parks in Germany. Individuals ticket <85cm are free, however, the priced tickets start from €9.99.   Jaderpark It is a park ...

Hello readers, today I will be telling you about outsourcing. Outsourcing is a situation whereby a company gives another company a portion of their work to  execute on their behalf. The benefits of outsourcing include: Cheaper Cost Outsourcing helps your company to reduce cost, the capital being saved will help your company execute other business transaction which will in turn make your company more attractive to investors. Attend to core area When you outsource an aspect of your business it helps you focus on the core areas of your business as you have free energy and time to work on those business task. Increased efficiency When you outsource that aspect of your business. You are giving it to an expert to help you execute the task. Since they are expert then it is most likely they will do the job better than you do, thus it will increase productivity and efficiency. Reduced Risk The risk your company faces such as risk from the government or your b...

Hello readers, today I will be writing about the appraisal system. An appraisal system must be designed in such a way that it will help you achieve your business goals. It must be in alignment with the goals of the organisation. I will be telling you about the different types of appraisals available. I have done my research for you. Here they are 360 - Degree Appraisal This is a type of appraisal whereby the individual carrying out the appraisal will interview managers, other employees, customers about the employee being appraised. The more information the individual carrying out the appraisal get about the person being appraised, the more accurate the appraisal will be Rating Scale Appraisal This method of appraisal is simple to use as employees are graded on a 1-5 or a 1-10 basis with 1 being the lowest and 5 being the highest if you are using 1-5 basis. While 10 being the highest if you are using the 1-10 basis. You can use it to appraise different area such as communic...

Hello readers, today I will telling you about choosing your business name. Your business name could help your business achieve growth. A business name must portray the image you want your business to exude,  choose a name that will portray the image you will want the world to associate with your business A business name must be competitive, as such it must be a name that will be easy to remember and spell so that potential customers can easily recall it whenever they require your services and then can easily find you. All customer not only potential customers need to be able to recall your business name easily so that they can refer other customers to the business. The business name will always give the first impression, it will let your customers know if you are aware of your business environment and it will also let them know if you are attentive. When the right name is chosen you will only have to explain what you do a little cause the name speaks for it self. However, ...

Hello readers, today I will be writing about sadaqah. Sadaqah is a voluntary charity. It is not obligatory, however, it is good for you. There is no fixed percentage when it comes to Sadaqah. You will give out based on what you have. Allah loves charity, "Indeed, the men who practice charity and [they who] have loaned Allah a good loan. It will multiplied for them and they will have a noble reward." Quran, Chapter 57:18. "They ask you [o Muhammad], what they should spend. Say, whatever you give should be for parents, close relatives, orphans, the needy and travellers. God is well aware of whatever good you do." Quran, Chapter 2: 215 From above, you can infer that sadaqah is good for you even though it is not obligatory. You get blessed for it anytime you give out sadaqah. Make sure you do give out for the sake of Allah. That is all for today. Thank you for reading this article. Keep checking out my blog regularly, Cheers!

Hello readers, today I will telling you about some countries you could visit. Here they are: Australia It is located in the Australian continent. The capital  of this country is called Canberra. The language they speak in  the country is English.You can visit the Sydney harbour bridge and the bondi beach which are both located in Sydney, New South Wales, Australia France This country is located in Europe. The capital of this country is Paris which is a beautiful city. You should visit paris when you travel to France. It has a lot of tourist attraction but I will recommend you visit Seine, it is a river which you can cruise on at sunset. Eiffel Tower is another place you could visit in paris United Arab Emirate It is located in Asia. The seven largest cities in it are Dubai, Abu Dhabi, Sharjah, Ajman, Fujirah, Umm al- Quwain, Ras al -Khaimah. Dubai is the largest city in United Arab Emirate while Abu Dhabi is the capital city. Their official language is Ara...

Hello readers, today I will be writing about the corporate social responsibility (CSR).  Corporate social responsibilty  is the continuous action of a business to participate in the sustainable development of a society by providing benefits to all stakeholders of a business. The CSR pyramid will be used to describe the CSR further. The CSR covers four responsibilities which are the economic responsibility, legal responsibility, ethical responsibility and the philanthropic responsibility.  Economic responsibility Businesses were created with the aim of providing goods and services to meet a need in the society so as to be able make profit. It is the responsibility of managers to provide investors with good dividends as well as an increase the share price of their stocks. Employees also want a good salary and customers want goods and services at fair prices. Thus, it is the responsibility of the business to meet this economic needs. Legal responsibility A busin...

Hello readers, today I am going to be writing about ways you can price your products. The pricing of your products will contribute to the success of your business. Prices must be high enough to cover your cost as well as make you profit. Your price must cover your costs if not you will be making losses and you definitely do not want that to happen. Some individuals put a markup on their costs, some use a profit margin, others use similar prices to that of the competitors. The most popular method used is the profit margin. A situation where profit is calculated as a percentage of the sale price. A 20% profit margin on a sale price of  $150 will give you $30. If you just have your cost price which we can infer from this is $120. Your sales price will be $120/(100%-20%) . You will get $150, from there you will know your profit will be $30. This is one way to price your products. The second method you can use is the cost markup, which is a situation whereby you add a fixed per...

Hello readers, so today, I will be telling you about information technology. Information technology plays a vital role in making it possible for managers to make decisions easily as it enhances communication within an organisation. Communication is made easier within firms and with other outside bodies. Someone in USA can communicate with someone in Germany. You can communicate with anyone in the world as a result of information technology. Examples of information technology include telephones, computers, flash drives, internet and others. It enables work to be done efficiently within a business organisation. Jobs are executed in a fast way as a result of information technology. Automated process is developed as a result of information technology; which makes employees carry out their work fast. These enables them to execute other tasks since they can finish other tasks quickier. It also enables employees to work from home if the need arises. Without information technology, s...

Asalam Alaykum, today I will be telling about taking a pilgrimage to Mecca. It is the 5th pillar of Islam. The pilgrimage is a once in a lifetime obligation if you have the physical and financial capability to carry it out. However, you can perform the pilgrimage more than once " There are clear signs in it, it is the place where Abraham stood. Anyone who enters it will be secure. Pilgrimage to the House is a duty to God for anyone who is able to undertake it. Anyone who disbelieves should remember that God is independent of all creatures." Quran, Chapter 3:97 The pilgrimage also known as hajj (which means intend to journey) brings you closer to God, it also helps you clear your sins. It is largest annual gathering of people in the world. It occurs between the 8th and the 12th (sometimes 13th) of the last month of the Islamic calendar. The date changes with the Gregorian calendar, this is because the Islamic calendar is 11 days shorter than the Gregorian calendar.  I...

Hello reader, today I will telling you about the countries with the highest GDP (PPP) per capita income. I have done my research for you as usual, here they are: Qatar This Islamic country is the country with the highest GDP (PPP) per capita income in 2015. It had a GDP (PPP) per capita income  of $143,788 as at 2015. It is located in Southwest Asia. Its main source of income is from their natural gas and oil reserves. Luxembourg This country  is the second highest when it comes to the GDP (PPP) per capita income in 2015. As at 2015, it had a GDP (PPP) per capita income of $101,926. It is located in Europe. It is a diversified industrialized   country. It exports machinery, steel, foodstuffs, diamonds and other products. Singapore This country takes the third position when it comes to the GDP (PPP) per capita income in 2015. As at 2015, it had a GDP (PPP) per capita income of $85,209.  It is located in Southeast Asia. Singapore exports refined...

Hello readers, have you considered delegating tasks to your subordinates. It is one of the ways to help your business grow. No matter how good you are, the growth of your business will be limited if you do not learn to delegate duties to others. This is because you cannot do everything yourself, so you will have to trust your subordinate to make good decisions when it comes to making decisions about duties you have delegated to them. You will have to train your staff well in order to be able deliver result according to your own standard. You do not just delegate duties to just anyone, you should delegate duties to staff that have the skills to deliver results. Delegating duties to your staff can help your staff develop their skills which will be good for the business. You may be thinking they might not be able to deliver result the way you will do, this may be true, however, training them well will help your staff deliver results the way you like them to. Its good to aim for exc...

Hello readers, today I am going to be telling you about how your business goals should be set and achieved. You should have long term goals and short term goals. There must be an alignment between your long term business goals and your short term business goals. Your long term goals should be broken into short term goals. Both set of goals will be achieved that way. Long term goals are goals that should be achieved after a period of 1 year. It could 2 years or 3 years or 10 years while your short term goals are to be achieved within a year or below. The acronym SMART should be used when setting your goals. Your goals should specific, measurable, achievable, relevant and timely. For example do not say you want to make money, say I want to make $20000 within one year, selling 40 products monthly, this will allow my business to grow. I want to make $20000 within one year, that is specific and timely. Your goal will be measurable by keeping track of the money you make per month. It wi...