2.1 What Resources You Need For The Journey
Life is a journey divided into years
- recognize the importance of embracing Gods plan for youe life
- understand the importance of personal preparation
- beware of procrastination
- `diligence is a necessary ingredient
- Locate wisdom everyday
- Utilize the tool of prayer
- Utilize the power of fellowship/relationship
- Discipline will improved your result
- Develop a positive attitude to life
- Develop a positive work habit
- Determine the sacrifice you need to pay and keep paying it
- Locate a coach/mentor
2.2 Personal, Corporate, Public And Global Economy
Personal and corporate world is private which public (government) and global is public. However there are many correlation and interrelationship between them. What we do as individual affect businesses the government and all that affect the world around us.
In all these financial buoyancy, cash flow and financial ability is key. They all have income, expense to foot and resources to sustain basically. Now, if you dint run your life on the basis of financial accountability, you may not do well no matter the level of income.
I have discovered that people are taught different levels of finance except personal finance its shocking because its individuals that makes up the society. Similarly, all the undoing in business and government is highly perpetuated in people and home-poor record keeping, no streamlined expenses, poor budgeting or no budget at all etc. so I will help you to be a personal accountant.
- Poor record keeping: people can hardly tell for certain how much they earn or spend per week and you don’t expect your finance to fail. There are even software that help you keep tap with all the records. Record everything, recharge card, gifts, food, transport even interest on savings and investment. I mean everything.
- No budgeting: You should be able to plan and come up with a budget that itemizes your income, expenses, capital purchases, and kitchen budgeting. You see, running a home is real business, you need to segment and departmentalize your home and run appropriate administration technique with this everybody in your home will develop and learn with etiquette right from home.
- No strategic plan for yourself and home: if ask many people what they want to be in twenty years even five years they begin to look at you in amazement. Ok, what is the picture of your soon in five years nothings cogent. I believe that’s why real success is scare here
They earn it all and append it all and they are broke. Accounting practice must permeate all sphere of your life. If you have an accountant fine if not hire one. The reason, you have live is because records and statements are not enough they must be analyzed and prosperity interpreted for appropriate decision making.
- No expense limit: people only put a knife on their throat when they notice a sharp fall in their rescue. Thus ought not to be so, it actually suppose to be the first thing the dwelling reserve can be averted. You should have a threshold on spending both on capital projects and normal personal and domestic expense.
- Please, always have a plan before spending. Also never spend your income but the proceed of the investment of your earnings. This may be difficult to do especially in Africa where you holda moral obligation to provide for close family member and friends.
The major challenge business face even the most structured is slim resource as against big dreams. The missing factor is called ideas. Ideas rule the world. Fundamental to creativity and accomplishment is idea. Every empire is built on idea. It is not absence of money but lack of ideas. If you have all the money but no idea you will lose it to the man with ideas. An idea can make a lot difference in your business adventure. You can start a zero capital business and grow it into multinational venture with ideas.
But idea alone is not it. Ideas can give you a good start but adherence principles of growth or call it management etiquette –financial, human, equipment; that will make you grow and put you on the path of growth.
Below are 8 keys to attaining corporate success:
- Customer and satisfaction focus
- Understanding and satisfying customer or service-user need
- Aligning all part of an organization ti these need
- Effective leadership and strategy
- Providing ethical and strategic leadership focused on sustainable value chain creation
- Facilitating key performance drive including strong corporate value, ethical culture and organizational and processes
- Innovation and adaptability
- Innovation process and products to improve reputation and performance
- Adapting the organization to changing circumstances
- Financial management
- Ensuring financial leadership and string support sustainable value creation
- Implementing good practices in arrears such as tax and treasury, cost and productivity improvement and working capital management
- Integrated governance, risk and control
- Deploying effective governance structure and processes with integrated risk management and internal control
- Balancing performance and conformance in governance
- People and talent management
- Enabling people and talent management as a strategic function
- Applying talent management to the finance function so it better service the need of the wider organization
- Operational excellence effective and transparent communication
- Aligning resources allocation with strategic objectives and the other drivers of shareholders and stakeholders value
- Supporting decision making with timely and insightful performance analysis
- Effective and transparent communication
- Engaging stakeholders effectively to ensure that they receive relevant communication
- Preparing high quality business reporting to support stakeholders understanding and decision making
Public/governance economy and finance
The public sector refers to all organization which are not privately owned and operated but which are established run, and financed by government on behalf of the people
Public sector finance is defined as a process of recording, communicating, summarizing, analyzing and interpreting government financial statements and statistics in aggregate and details; it is concerned with receipts, custody and disbursement and rendering of stewardships on public funds entrusted
Sources of government revenue:
- Foreign investments
- Public debt or borrowing
- Sale of national assets
The entire economy private or public is controlled by the government
The international economy is a aggregate of what is happening in all nations of the world. The drive for growth and wellbeing of all nation of the world still required so that there can be mutual competiveness. Though porter’s five forces model enumerated five factors that can ameliorate the competitiveness of a strategic business unit (SBU) you still find a useful tool for government at all levels. These forces are
- Existing competitive and the rivalry between existing competitions
- The thereafter form and new entrants to the market
- The bargaining power of suppliers
- The bargaining power of customers
- The threats from substitute products
2.3 The workings of money
The main issue is not money; it’s what to do to attract money. What do you have that people will be willing to part with their resources for? So, the first question is what are your commodities? It may be a product I good, services (both professional and talent) because people will apply if it pays off, then we look at packaging. Many have what people want but cannot give it the right image that will enable them to get paid on return. So, identify the market need and tailor your product to meet that need. It has always been argued that the main essence of business is not profit making but meeting stakeholders need. As you meet their need then you get paid.
If you are not rendering services or actively involved in the manufacturing value chain then, you can’t get money. So rather than day dreaming, wishing or hoping you get to win a lottery, get to work.
Back to Table of Contents