Talking about Bookkeeping


Everyone knows intuitively, if not experientially, that good bookkeeping is good business. If you don’t keep track of your business’s money matters—what comes in and what goes out—you will be in the dark as to how well or poorly your business is doing, and hence how well or poorly you’re handling certain aspects of the business. After all numbers do not lie. If they indicate that all is well, you’ll be able to capitalize on your success by, if nothing else, continuing to do with confidence whatever you’re doing right. If the numbers reveal that all is not well, you will be able to take appropriate measures to solve problems which if left unchecked could land you in failure zone. Just as with certain physical diseases, early detection means early cure and increased chance of survival. Lastly, it goes without saying that slipshod recordkeeping can cost you time, anxiety and even money when tax time rolls around. In sum, while its understandable that people are inclined to avoid and neglect bookkeeping matters, its fundamentally inexcusable.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Market Sales Potential


Market sales potential is a quantitative approximation of effective demand. Specifically, market sales potential is the maximum level of sales that might be available to all organizations serving a defined market in a specific time period given 1) the marketing mix activities and effort of all organizations, and 2) a set of environmental conditions. As this definition indicates, market sales potential is not a fixed amount. Rather, it is a function of a number of factors, some of which are controllable and others not controllable by organizations. For example, controllable marketing-mix activities and marketing related expenditures of organizations can influence market sales potential. On the other hand, consumer disposable income, government regulations, and other social, economic, and political conditions are not controllable by organizations, but do affect market sales potential. These uncontrollable factors are particularly relevant in estimating market sales potential in developing countries.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Basic Thinking Patterns


Teamwork can be managed into existence by teaching people to use consciously and cooperatively four basic  patterns of thinking they already use unconsciously and individually. These four basic patterns of thinking are reflected in the four kinds of questions managers ask every day:

  1. What’s going on? It begs for clarification. It asks for a sorting out, a breaking down, a key to the map of current events, a means of achieving and maintaining control. It reflects the pattern of thinking that enables us to impose order where all had been disorder, uncertainty, or confusion. It enables us to establish priorities and decide when and how to take actions that make good sense and produce good results.
  2. Why did this happen? This indicates the need for cause and effect thinking. It is the pattern that enables us to move from observing the effect of a problem to understanding the cause so that we can take appropriate actions to correct the problem or lessen its effects.
  3. Which course of action should we take? This implies that some choice must be made. This basic pattern of thinking enables us to decide on the course of action most likely to accomplish a particular goal.
  4. What lies ahead? This pattern looks into the future. This is used for thinking when we attempt to assess the problem that might happen, the decision that might be necessary next month, next year, or in five years.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Determining Training Needs


When a supervisor sees evidence of inadequate job performance, assuming the individual is making a satisfactory effort, attention should be given to raising the worker’s skill level. When a supervisor is confronted with a drop in productivity, it may suggest that skills need to be fine-tuned. Of course it would be related to other factors, too—lack of resources or equipment malfunctions. That’s why it’s imperative to pinpoint the problem precisely.

In addition to the productivity measures, high rejection rate or unusual rate of wastage may indicate a need for employee training. A rise in the number of  accidents reported can also suggest some type of retraining is necessary. Furthermore, the changes that are being imposed on workers as a result of a job redesign or a technological breakthrough demand training.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Service Culture


Any policy, procedure, aspect, action, or inaction of an organization contributes to the service culture. This includes employee appearance, the way employees interact with customers, and their knowledge, skill and attitude levels. It also encompasses the physical appearance of the organization’s facility, equipment, and any other aspect of  the organization with which the customer comes into contact.

Service culture has following elements:

  • Service philosophy:  Direction or vision of the organization that gives you day-to-day interactions with the customer.
  • Employee roles and expectations: Specific communications or measures that indicate what is expected of you in customer interactions and define how your performance will be evaluated.
  • Policies and procedures: Guidelines that define how various situations or transactions will be handled. These can help or hinder service delivery depending on your flexibility in interpreting and applying them.
  • Management support: Availability of management to answer questions and assist you in customer interactions, when necessary.
  • Motivators and rewards: Monetary, material items or feedback that prompts you to continue to deliver service and perform at a high level.
  • Training: Instruction or information provided through a variety of techniques that teach knowledge or skills, or attempt to influence your attitude toward excellent service delivery

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Strategic Management


Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives. It comprises nine critical tasks:

  1. Formulate the company’s mission, including broad statements about its purpose, philosophy, and goals.
  2. Conduct an analysis that reflects the company’s internal conditions and capabilities.
  3. Assess the company’s external environment, including both the competitive and the general contextual factors.
  4. Analyze the company’s options by matching its resources with the external environment.
  5. Identify the most desirable options by evaluating each option in light of the company’s mission.
  6. Select a set of long-term objectives and grand strategies that will achieve the most desirable options.
  7. Develop annual objectives and short-term strategies that are compatible with the selected set of long-term objectives and grand strategies.
  8. Implement the strategic choices by means of budgeted resource allocations in which the matching of tasks, people, structures, technologies, and reward systems is emphasized.
  9. Evaluate the success of the strategic process as an input for future decision-making.

As these nine tasks indicate, strategic management involves the planning, directing, organizing, and controlling of a company’s strategy-related decisions and actions.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Checklist for Evaluating a Franchise


The Franchise

  • Did your lawyer approve the franchise contract you are considering after he or she studied it paragraph by paragraph?
  • Does the franchise give you an exclusive territory for the length of the franchise?
  • Under what circumstances can you terminate the franchise contract and at what cost to you?
  • If you sell your franchise, will you be compensated for your goodwill (the value of your business’s reputation and other intangibles)?
  • If the franchisor sells the company, will your investment be protected?

The Franchisor

  • How many years has the firm offering you a franchise been in operation?
  • Has it a reputation for honesty and fair dealing among the local firms holding its franchise?
  • Has the franchisor shown you any certified figures indicating exact net profits of one or more going firms which you personally checked yourself with the franchisee? Ask for the company’s disclosure statement.
  • Will the firm assist you with:

A management training program?

An employee training program?

A public relations program?

Capital?

Credit?

Merchandising ideas?

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Writing Useful Instructions


When you need to explain in writing how to do something, a set of step-by-step instructions is your best choice. By enumerating the steps, you make it easy for readers to perform the process in the correct sequence. Your goal is to provide a clear, self-sufficient explanation so that readers can perform the task independently.

Gather Equipment

  1. Writing materials (pen and paper, typewriter, computer)
  2. Background materials (previous memos, policy manuals, manufacturer’s booklets, etc.)
  3. When necessary, the apparatus being explained (machine, software package, or other equipment)

Prepare

  1. Perform the task yourself, or ask experts to demonstrate it or describe it to you in detail.
  2. Analyze prospective readers’ familiarity with the process so that you can write instructions at their level of understanding.

Make your Instructions Clear

  1. Include four elements: an introduction, a list of equipment and materials, a description of the steps involved in the process, and a conclusion.
  2. Explain in the opening why the process is important and how it is related to a larger purpose.
  3. Divide the process into short, simple steps presented in order of occurrence.
  4. Present the steps in a numbered list, or if presenting them in paragraph format, use words indicating time or sequence, such as first and then.
  5. If the process involves more than ten steps, divide them into groups or stages identified with headings.
  6. Phrase each step as a command (“Do this” instead of “You should do this”); use active verbs; use precise, specific terms (“three weeks” instead of “several weeks”).
  7. When appropriate, describe how to tell whether a step has been performed correctly and how one step may influence another. Warn readers of possible damage or injury from a mistake in a step, but limit the number of warnings so that readers do not underestimate their importance.
  8. Include diagrams of complicated devices, and refer to them in appropriate steps.
  9. Summarize the importance of the process and the expected results.

Test your Instructions

  1. Review the instructions to be sure they are clear and complete. Also judge whether you have provided too much detail.
  2. Ask someone else to read the instructions and tell you whether they make sense and are easy to follow.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Diet and Fitness


Growing evidence indicates that reduced intake of salt and saturated fats and increased consumption of fiber – and vitamin-rich fruits and vegetables are steps that can greatly increase the body’s ability to cope with the physiological effects of stress. Regular exercise also helps. People who exercise regularly obtain many benefits closely related to resistance of the adverse effects of stress. Fitness reduces both the incidence of cardiovascular illness and the death rate from such diseases. Similarly, physical fitness lowers blood pressure, an important factor in many aspects of personal health. It is not surprising that growing numbers of companies are taking steps to ensure that their employees engage in regular exercise.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

Generic and Grand Strategies


Many businesses explicitly and all implicitly adopt one or more generic strategies characterizing their competitive orientation in the marketplace. Low cost, differentiation, or focus strategies define the three fundamental options. Enlightened managers seek to create ways their firm possesses both low cost and differentiation competitive advantages as part of their overall generic strategy. They usually combine these capabilities with a comprehensive, general plan of major actions through which their firm intends to achieve its long-term objectives in a dynamic environment. Called the grand strategy, this statement of means indicates how the objectives are to be achieved. Although every grand strategy is, in fact, a unique package of long-term strategies, some basic approaches can be identified: concentration, market development, product development, innovation, horizontal integration, vertical integration, joint venture, strategic alliances, consortia, concentric diversification, conglomerate diversification, turnaround, divesture, and liquidation.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

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