Book pseudo-philosophical

The book of occupation is without a doubt a troublesome book (especially in light of the fact that it is organized like a sonnet, which I think made it all the all the more exhausting. ) But going past that, it makes them intrigue pseudo-philosophical conversations going on. Occupation is a courageous man, given the conditions and the general suspicions about the idea of the universe at that point (a universe where god once in a while makes his quality known through a hurricane or whatever device).Job is acceptable and daring, however I think there is a natural suppositions in his contentions that cause them to come up short (in my book): the presumption of the legitimacy of the reason behind the guidelines under which God appears to work. Since Sin is additionally, at last, God's development, I figure a fitting reaction to such a condition as Job's would have been â€Å"Why would you say you are messing with us? † When Job at last recognizes God's equity, Job gets his great l ife back! (Somebody was simply being infantile and simply needed some gratefulness, all things considered. )I don't accept that there is an immediate connection between's acceptable activities and†¦ supernaturally gave grants. A touch of work and a touch of karma are the stuff to get a decent life. With respect to Genesis parts 1-11, I can't take these as a bona fide record of verifiable occasions. While perusing, I continued getting an inclination, in the rear of my brain, that there is something inalienably wrong in the justification and clarifications of the practices of the characters (God included). The story introduced in Genesis has the makings of a legend, and is in a similar level as that of other creationist accounts of different beliefs.As Darwin says, the idea of God is very past the extent of my capacities. Beginning 1-11 is a â€Å"explanation† of the inceptions of the world, which I accept must be much more perplexing than the sections relate (at any rate on a superficial level). It likewise â€Å"explains† the starting points great and malice in current humanity. Exhausting too. Essentially on the grounds that the story has been related on many occasions, and, justifiably, the sentences are organized as uniquely as conceivable from regular discourse, while as yet holding syntactic accuracy. Be that as it may, it is as yet ideal to get old (and present day) social and strict attitude.

Night World : Daughters of Darkness Chapter 6

Whydidn't we simply slaughter her?† Kestrel inquired. Rowan and Jade took a gander at one another. There were barely any things they concurred on, however one of them was unquestionably Kestrel. . â€Å"First of all, we made a deal to avoid doing that here. Wedon't utilize our forces â€Å" â€Å"And we don't take care of onhumans. Or on the other hand murder them,† Kestrel completed the serenade. â€Å"But you previously utilized your controls this evening; you called Jade.† â€Å"I needed to tell her what story I'd simply toldabout Aunt Opal. All things considered, I ought to have arranged forthis prior. I ought to have understood that individuals are going to come and ask where Aunt Opal is.† â€Å"She's the one in particular who's inquiring. On the off chance that we slaughtered her-â€Å" â€Å"We can't simply go executing individuals in our new home,†Rowan said firmly. â€Å"Besides, she said she had family hanging tight for her. Are we going to murder all of them?† Kestrel shrugged. â€Å"We arenotgoing to begin a blood feud,† Rowan said significantly more firmly. â€Å"But shouldn't something be said about affecting her?† Jade said. Shewas sitting with Tiggy in her arms, kissing the smooth dark top of the little cat's head. â€Å"Making her overlook she's dubious or making her think she saw Auntie Opal?† â€Å"That would be fine-on the off chance that it were simply her,† Rowansaid persistently. â€Å"But it's definitely not. Are we going to influ enceeveryone who goes to the house? What aboutpeople who approach the telephone? Shouldn't something be said about teachers?You two should begin school in two or three weeks.† â€Å"Maybe we'll simply need to miss that,† Kestrel said without lament. Rowan was shaking her head. â€Å"We need a changeless arrangement. We have to locate some sensible clarification for why Aunt Opal is gone.† â€Å"We need to move Aunt Opal,† Kestrel said flatly.†We need to dispose of her.† â€Å"No, no. We may need to create the body,†Rowan said. â€Å"Looking likethat?† They started to contend about it. Jade laid her jaw on Tiggy's head and gazed out the multipaned kitchen window. She was contemplating Mark Carter, who had such a courageous heart. It gave her a charmingly prohibited rush just to picture him. Back home there weren't any people meandering around free. She would never have been enticed to violate NightWorld law and begin to look all starry eyed at one. Be that as it may, here †¦yes, Jade could nearly envision experiencing passionate feelings for Mark Carter. Similarly as though she were a human young lady. She shuddered insanely. In any case, similarly as she was tryingto picture what human young ladies did when they were in love, Tiggy gave an unexpected hurl. He curved out of her arms and hit the kitchen floor running. The hide on his back was up. Jade took a gander at the window again.She couldn't see anything. However, †¦she felt †¦ She went to her sisters. â€Å"Something was out there in the nursery tonight,† she said. â€Å"And Icouldn't smell it.† Rowan and Kestrel were all the while contending. They didn't hear her. Mary-Lynnette opened her eyes and sniffled. She'd slept late. Sun was sparkling around the edges of her dull blue drapes. Get up and get the opportunity to work, she let herself know. Be that as it may, rather she lay wiping rest out of her eyes and tryingto wake up. She was a night individual, not a morningperson. The room was huge and painted dusk blue. Mary-Lynnette had put the sparkle in obscurity starsand planets to the roof herself. Taped onto the dresser mirror was a guard sticker saying I BRAKEFOR ASTEROIDS.On the dividers were a mammoth help guide of the moon, a banner from the Sky-Gazer's Almanac, also, photographic prints of the Pleiades,theHorsehead Nebula, and the all out overshadowing of 1995. It was Mary-Lynnette's retreat, the spot to go when individuals didn't comprehend. She generally felt safeinthe night. She yawned and stumbled to the washroom, getting some pants and a T-shirt in transit. She was brushing her hair as she strolled down the steps when she heard voices from the lounge room. - 252Claudine's voice †¦ and a male voice. Not Mark; weekdays he for the most part went to his companion Ben's house.A stranger. Mary-Lynnette looked through the kitchen. Therewas a person sitting on the front room lounge chair. She could see just the rear of his head, which was debris light. Mary-Lynnette shrugged and began to open the fridge, when she heard her own name. â€Å"Mary-Lynnette is excellent companions with her,† Claudine was stating in her fast, delicately emphasized voice. â€Å"I recollect a couple of years back she helped her fix up a goat shed.† They're discussing Mrs. B.! â€Å"Why does she keep goats? I think she told Mary-Lynnette it would help since she was unable to get out that much anymore.† â€Å"How strange,† the person said. He had a sluggish, imprudent sounding voice. â€Å"I wonder what she implied bythat.† Mary-Lynnette, who was presently peering eagerly through the kitchen while keeping totally still,saw Claudine give one of her slight, beguiling shrugs. â€Å"I assume she implied the milk-each day she has new milk now. She doesn't need to go to the store. In any case, I don't have the foggiest idea. You'll need to ask her yourself.† She snickered. - 252Not going to be simple, Mary-Lynnette thought. Presently, for what reason would some weird person be here inquiring inquiries regarding Mrs. B.? Obviously. He must be police or something. FBI.But his voice made her miracle. He sounded as well youthful to be either, except if he was intending to invade Dewitt High as a narc. Mary-Lynnette edgedfarther into the kitchen, showing signs of improvement view.There-she could see him in the mirror. Disillusionment flowed through her. Unquestionably not mature enough to be FBI. Furthermore, much asMary-Lynnette needed him to be a sharp peered toward, speedy witted, hard-driving criminologist, he wasn't. He was just the handsomest kid she'd at any point found in her life. He was lean and rich, with long legs loosened up before him, lower legs crossed under the espresso table. He resembled a major pleasant feline. He had deancut highlights, somewhat tilted evil eyes, and a incapacitating apathetic smile. Not simply sluggish, Mary-Lynnette chose. Foolish. Tasteless. Possibly moronic. She wasn't intrigued by great looks except if they were the dainty, earthy colored, and intriguing kind, similar to well, as Jeremy Lovett for occurrence. Lovely folks who resembled bigash-light felines didn't have any motivation to build up their minds. They were self-assimilated and vain. With IQs scarcely sufficiently high to keep a seat warm. What's more, this person looked as though he was unable to get conscious orserious to spare his life. I couldn't care less what he's here for. Ithink I'll go upstairs. it was then that the person on the lounge chair lifted onehand, squirming the fingers noticeable all around. He half-turned. Not far enough really to take a gander at Mary-Lynnette,but far enough to make it dear he was conversing with someone behind him. She could now observe his profilein the mirror. â€Å"Hi, there.† â€Å"Mary-Lynnette, is that you?† Claudine called. â€Å"Yes.† Mary-Lynnette opened the fridge doorand made slamming commotions. â€Å"Just getting a few juice. At that point I'm going out.† Her heard was beating hard-with embarrassmentand irritation. OK, so he more likely than not seen her in the reflect. He likely idea she was gazing at him on account of the manner in which he looked. He likely had individuals gazing at him wherever he went. So what, serious deal, leave. â€Å"Don't go yet,† Claudine called. â€Å"Come over here and talk for a couple minutes.† No. Mary-Lynnette realized it was an adolescent and inept response, yet she was unable to support it. She slammed a container of apricot juice against a jug of Calistoga shimmering water. â€Å"Come meet Mrs. Burdock's nephew,† Claudine called. Mary-Lynnette went still. She remained exposed demeanor of the fridge, lookingsightlessly at the temperature dial in the back. At that point she put the container of apricot squeeze down. She wound a Coke out of a six-pack without seeing it. What nephew? I don't recall catching wind of any nephew. Be that as it may, at that point, she'd never heard much about Mrs. B's. nieces either, not until they were coming out. Mrs. B. simply didn't discuss her familymuch. So he's her nephew. . . that is the reason he's askingabout her. Be that as it may, does he know? Ishe in on it with those young ladies? Or on the other hand would he say he is after them? Or then again .. . Completely confounded, she strolled into the family room. â€Å"Mary-Lynnette, this is Ash. He's here to visit withhis auntie and his sisters,† Claudine said. â€Å"Ash, this isMary-Lynnette. The person who's such old buddies with your aunt.† Debris gotup, across the board dazzling, lethargic movement. Much the same as a feline, remembering the stretch for the center. â€Å"Hi.† He offered a hand. Mary-Lynnette contacted it withfingers clammy and cold from the Coke can, looked up at his face, and said â€Å"Hi.† Then again, actually it didn't occur that way. Whenever happened this way: Mary-Lynnette had her eyeson the rug as she came in, which gave her a decent perspective on his Nike sneakers and the tore kneesof his pants. At the point when he stood up she took a gander at his Shirt, which had a dark plan a dark floweron a white foundation. Likely the image of some stone gathering. And afterward when his hand entered her field of vision, she went after it naturally, mumbling a welcome and gazing toward his face justas she contacted it. Also, This was the part that was hard to depict. Contact. Somethinghappened. Hello, don't I know you? She didn't. That was the thing. She didn't have any acquaintance with him-however she felt that she should. She likewise felt as though someone had reached inside her and contacted herspine with a live electric wire. It was incredibly not pleasant. The room turned ambiguously pink. Her throat expand and she could feel her heart thumping there. Additionally not-pleasant. In any case, some way or another when you put it alltogether, it made a sort of trembly tipsiness like †¦ Like what she felt when she took a gander at the Lagoon Nebula. Or on the other hand envisioned universes assembled into dusters furthermore, superclusters, greater and greater, until size lost any significance and she felt herself falling. She was falling at this point. She was unable to see a

How to Shift Your Mindset from Short-Term Selling to Long-Term Success

How to Shift Your Mindset from Short-Term Selling to Long-Term Success Many entrepreneurs fall into the trap of seeing and treating everyone they meet as a potential buyer. This is especially true of entrepreneurs heading a fledgling company or startup.Always in pitch mode, these entrepreneurs see everyone as a potential customer or investor.While this tenacious, dogged determination to make a sale is likely to reflect well on your monthly revenue, it might cost you something bigger in the long run.It is like grabbing a handful of pretzels and walking away when you could actually have had the whole bag if you were only more patient and strategic in your approach.From the outside, business looks like a basic profit-and-loss operation.However, if you look closer, you will realize that though profits are the prize, they are not the foundation of a successful business.If you look closely, you will realize that business is social, and relationships are the cornerstone of business success.Good times come and go, but the meaningful relationships you have culti vated with clients, suppliers, investors, and other stakeholders will stay strong and help you ride through the bad times.Look closely into the history of any business that has existed for a long time and you will find that all went through bad times, during which they might not have been profitable, but they somehow managed to survive.Their customers were loyal. Their shareholders remained loyal and didn’t sell their stock.Their best employees didn’t quit. Suppliers, creditors, and all other stakeholders remained loyal, helping the business get through the rough patch.Overall, while focusing on sales and revenue is important, building meaningful relationships with stakeholders and your network as an entrepreneur is equally important.If you focus solely on short-term selling at the expense of cultivating solid relationships with clients and stakeholders, you leave your business vulnerable.Any small setback could bring the company to its knees.THE PRESENT VS THE FUTURE: PLAY THE LONG GAMEIn business, you have to strike a good balance between minding the present and preparing for the future. If you pay too much attention to the present, you risk having a precarious future.Conversely, if you pay too much attention to the future while forgetting the present, you risk not having any future to speak of as your business is likely to fail due to present unprofitability.In other words, you must do what you have to do to keep the business afloat, and at the same time, you should not get so caught up in making the business profitable at present that you lose sight of the big picture.Short-term selling might help the business survive today, but it won’t guarantee a secure future.The best-case future scenario for any business is to have a set of tenaciously loyal customers who act as brand ambassadors, bringing in more customers through word-of-mouth.In that best-case future scenario, you don’t have to pitch and market yourself as aggressively and expensively as yo u do today.You accomplish this by cultivating relationships with your customers.Show them they can trust you, that you are reliable. It takes time, but once you have their trust, they will keep coming back to your business and bring you new customers.If one of these satisfied, loyal customers happens to be an influential person, you have it made.They will sing your praises to their followers, bringing you an influx of many new customers who didn’t cost you anything to acquire. In other words, free advertising.THE MARSHMALLOW EXPERIMENT: LEARN TO DELAY GRATIFICATION Ever heard of Stanford’s Marshmallow Experiment?This was a series of studies done by Stanford professor, the psychologist Walter Mischel, in the late 1960s and early 1970s.The experiment involved giving children the choice between getting a small reward (a marshmallow, cookie, or a pretzel) instantly or double the reward if they waited a little bit longer.The tester would leave the room, giving the children time to co nsider the options.As you might expect, some of the children ate their marshmallow as soon as the researcher walked out of the room.Some fidgeted in their chairs, trying to restrain their desire for the marshmallow, but eventually gave in to temptation.Some of the children were, however, able to wait and receive two marshmallows once the researcher came back about 15 minutes later.Here is the interesting part of the marshmallow experiment.Follow-up studies years later established that children who preferred to wait longer were more likely to do well in life.Those who waited were more likely to have higher SAT scores, better social skills, lower likelihood of obesity, lower likelihood of abusing drugs, better response to stress, and so on.While the validity of the Marshmallow Experiment is in question, it is apt as a modern parable on the importance of foregoing small rewards today to enjoy bigger rewards tomorrow.For instance, if you postpone watching YouTube videos right now and in stead focus on your passion project, you will complete it sooner.At work, if you postpone checking emails and social media till later in the day, you will get more work done during the fresh morning hours.This is the first thought that should come into your mind when you prioritize short-term selling over a long-term strategy â€" that short-term selling is instant gratification.For instance, some entrepreneurs will even dupe customers into making a purchase that is not really valuable to the customer, provided they get the sale.While this might get you a sale today, it will have lost you a customer from whom you would have earned much more in future.On the other hand, someone who has a long term mindset focuses on developing relationships, even if it means not making any sale in the present.Eventually, they are able to derive more value from the customer than they would have done if they had just focused on making a single sale upfront.THE INCREDIBLE FORESIGHT OF JEFF BEZOS AND AMAZ ON: THINK BIG NOT SMALLTo understand the beauty of long-term thinking, I find it necessary to take a look at a little online bookstore that grew up to be one of the Big Four technology companies (alongside Google, Apple, and Facebook).This little online bookstore is none other than Amazon, the online retail giant.Jeff Bezos founded Amazon on July 5, 1994 in Bellevue, Washington. Note that unlike most technology companies, Amazon is not based in Silicon Valley. Amazon’s current headquarters are at Seattle, Washington.In the early years, Amazon was not a profitable company, and stockholders raised complaints about the slow growth. It was not until the first quarter of 2001 that the company turned its first profit: only $5 million.The company made its first ever annual profit in 2003, after having been in operation for 9 years.The company focused on long-term growth, not short-term profit, a strategy that has proven exceedingly wise, as the company now makes enormous profits.Surprisi ngly, its focus on long term growth over short term profitability contributed in the company’s ability to survive the dot com bubble burst, which took down with it several other tech companies.Jeff Bezos has described Amazon’s approach as long-term strategy with “heads down” focus on the customer.From the beginning, Jeff Bezos understood that the key to lasting business success is satisfied customers.He once said his company is built on three major ideas: thinking ahead, being obsessed with customer service, and a willingness to invent.Many companies worry about the competition, but Bezos understood that once you win over the customer, you have no competition.Amazon’s most important intellectual property, said Bezos, is its brand.With this in mind, Jeff Bezos guided the company to maintain its brand image by providing fast shipping, quality service, and convenience for customers.The idea was to conduct business in a way that aligned as perfectly as possible with human want s.For instance, when you buy online, you want the process to be as easy as possible and your order to arrive swiftly.The goal Bezos set for his staff from early on was “to build a valuable and lasting company”.   Most businesses that milk short-term profits lack a long-term vision.Jeff Bezos ensured his company was different. Even today, Bezos still encourages long-term investments even when they do not guarantee an immediate return on investment.Bezos’s growth-minded approach meant that the company was willing to spend money to make money.This meant foregoing annual profit for years, as the company cut prices, introduced free shipping, and invested in developing new devices such as the Kindle e-reader.Today, Amazon is so big that its workforce is over 575,000 people â€" this is nearly the size of Luxembourg’s population.The company provides hundreds of thousands of third-party merchants with storage, logistics, loans, and a selling platform.In addition, Amazon’s profitabl e cloud computing division, Amazon Web Services, is the industry’s global leader.In the fourth quarter of 2017, Amazon reported $1.86 billion in net income. Get this: what Amazon made during that quarter alone is equivalent to what the company made in 14 years of cumulative profits since its May 1997 IPO.More recently, in the first quarter of 2019, Amazon has made a record-high profit that is more than double of what investors predicted.The company generated $59.7 billion revenue and an operating income of $4.4 billion. Net income was $3.6 billion.Today, Amazon is counted not only among the most valuable companies in the world, but also among the most profitable.It has achieved this through foregoing short-term profits early on to focus on long-term success. Clearly Amazon would have passed the Marshmallow Test.LEARN TO SPOT POTENTIAL MENTORSSometimes making a sale is not the best gain that can be made out of a business relationship. Assuming you are a fledgling entrepreneur, what you need more than profits is clarified thinking.You need the wisdom of someone else’s experience to ensure you don’t have to learn through painful experience.You can get such wisdom from business books, but the thing about books is that they are static. You can’t ask them questions. They only allow so much nuance.Books are written to express a specific point, but real-life experience is usually more complex.The only way to navigate the complexities of real-world business is to talk with a businessperson who has been there, done that.When you meet such an individual, do you focus on making a short-term sale, or do you take a pause to consider the big picture and see how you can profit from this relationship in the long-term?I am not saying that you should not make the sale.What I am saying is that you should try to take your eyes off the sale first and look at the big picture.The sale can be the starting point of your relationship, but it should not be the end.An experienced entrepreneur can give you much needed mentorship.All you have to do is build a good rapport with them and move on from there.Who knows â€" they could even transition from a customer to an investor.In many cases, struggling businesses don’t need more money.They need better strategies. Pouring money into a bad strategy will only lose you money, but a good strategy will work out in your favor eventually, provided you see it through.Sometimes, only someone who has been in that situation will be able to see the mistakes you are making and give you a better strategy.The key to winning mentors over to your side is asking yourself one simple question: “What value can I offer them?” Don’t go in with a take-take mentality. What you need to do is to adopt a give-take mentality instead.If you help them out in some way, particularly in their business, they will naturally feel grateful and admire your restraint in not asking for something right away â€" a sign of the kind of long-term thi nking and delayed gratification they know goes far in business.Having earned their attention, you can earn their respect by asking for their advice instead of their money. Respect goes a long way in the world of business.To summarize this thought, focus on giving value, building meaningful relationships, and keeping an eye on what is truly important in the long run.With this strategy, organic success is sure to follow.THE PERILS OF GIVING DISCOUNTSOne of the key business skills that lead to success in selling goods is inventory management.If you handle your inventory properly and price your merchandise appropriately, your business has a high chance of turning a profit.The problem is you can’t always predict how much merchandise is enough or too much.This is especially problematic when you are dealing in seasonal merchandise â€" for instance, Christmas lights.In such a case, determining how much merchandise to stock up is a mix of experience, instinct, and gambling.On the one hand, if you don’t have enough merchandise, your customers will flock to your competition.On the other hand, if you have too much, you might make a loss as your excess stock continues to sit in storage when the season is over.One way to get rid of excessive stock is offering discounts. Discounts are a great way to sell more goods and make more profits.However, discounts are, in fact, a short-term selling strategy and could hurt your business in the long run.The problem with making a habit of relying on discounts to get rid of excess stock and make quick profits is that you train your customers to wait for the discounts.Furthermore, discounts punish loyal customers who are more likely to have bought goods earlier on at full price.Discounts are an excellent short-term tactic, but as a long-term strategy they are risky.Discounting is dangerous because it conditions your customer into devaluing your product.A case in point is when Apple offered the iPhone XR for $4449, a price that was $30 0 less than the official sticker price.Consistency and reliability are central to good branding. To protect the long-term value of your brand, you must practice disciplined marketing and be willing to forego short-term profits.Short-term financial gains are very tempting. They are obvious and quantifiable. It is literally having cash in your pocket.On the other hand, the long-term benefits of having a strong brand can seem vague and are not easy to quantify.Nevertheless, as an entrepreneur, you must be disciplined and avoid the temptation of short-term selling, lest you forfeit long-term success.SHORT-TERM THINKING IS EVERYWHERE: DARE TO STAND OUTIn 2018, a coalition of 200 CEOS from the US’s leading companies raised alarm that short-term thinking has becoming a big threat to the US economy.Warren Buffet, CEO of Berkshire Hathaway, and Jamie Dimon, CEO of JP Morgan Chase, wrote in a Wall Street Journal op-ed that the market’s addiction to quarterly targets has led to companies s acrificing long-term strategy, growth, and sustainability for the sake of short-term profits.Nowadays CEOS are under high pressure to deliver quarterly results.Last year, one of the questions Mark Zuckerberg had to answer before Congress was about Facebook prioritizing short-term profits over the protection of user’s personal information.The allegations, whether true or false, of Facebook sharing user data with third parties have affected the company’s image.Another case of short-term mindset leading a big business astray is the Wells Fargo account fraud scandal, with the bank still under scrutiny from regulators for the creating fake accounts for clients without their consent.Similarly, the collapse of Lehman Brothers was a direct result of focusing on short term profits rather than long term success.The bank focused on risky Alt A mortgages to boost their short term earnings, but the collapse of the Alt A lending market (which was impending) led to the collapse of the bank as well.CEOS are under pressure from demands by activists and others on Wall Street who want them to boost profits from quarter to quarter.Furthermore, they also face pressure from their own boards and executive teams.However, about 75% of the US market is held by buy-and-hold investors.This type of investor is, by definition, interested in the long-term value of the companies they invest in.It can therefore be argued that CEOs should not feel so pressured to chase after short-term results.Long-term thinking is a common attribute among the most celebrated company builders â€" Steve Jobs at Apple, Sam Walton at Walmart, Herb Kelleher at Southwest Airlines, and Fred Smith at FedEx.Consider also that one of the most acclaimed investors of our time, Warren Buffet, is a long-game type of investor, so much so that his preferred holding period is “forever”.After the 2018 Parkland Shooting, Walmart and Dick’s Sporting Goods made the laudable, ethical decision not to sell guns to anyone y ounger than 21.By keeping their eye on the big picture, the two companies attracted good press and gained customer loyalty for doing what was right.Walmart had already banned sales of assault-style guns back in 2015, an even more impressive example of foregoing short-term profits.Back in 2014, CVS Health was the first national retail pharmacy chain to quit selling cigarettes and other tobacco products in all its stores.The company felt that selling cigarettes conflicted with the core purpose of a pharmacy, which is to help people on their path to better health.This gutsy move cost CVS Health $2 billion a year in revenues. The company also suffered a 7% drop in its stock price on the day CEO Larry Merlo announced the plan.Larry Merlo had his eyes on the big picture and was playing the long game.He believed that to transform CVS Health into a successful healthcare company, he needed to build credibility for the company. Time has proven him wise.CVS Health became financially strong eno ugh to acquire Aetna, the giant health insurer. Furthermore, today CVS Merlo is growing rapidly.WRAPPING UPShort-term selling is instant gratification. You might achieve some small gains at present, but this is usually done at the expense of even greater gains in future.As an entrepreneur, the question you should ask yourself is this: do you want to make money today, or do you want to build an enduring business?If it is latter, you must develop the discipline to forego short-term profits where short-term selling would harm your business’s long-term health.Note that this article does not advocate a disregard of profit-making.What we are arguing is simple: while it is important to focus on the now, don’t let the focus on short term gains derail you from your business’ long term goals.

Equity and Fixed income investments in the market - Free Essay Example

Sample details Pages: 16 Words: 4829 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The Equity Fixed Income Investment basically deals with analysis of company stock, what are investment opportunities in the company. This report undertakes an in-depth study on financial analysis .Numerous studies point out to the fact that financial analysis help investors, company to have a clear idea about their investment options. Financial Analysis Refer to an assessment of the viability stability and profitability of a business or project. This project is used for owner, investor Creditors, Shareholders, Bankers etc. For an outsider user the detail in the financial statements indicates only raw data or raw material. This Raw material needs to re-organised, processed converted into easy to understand form. Don’t waste time! Our writers will create an original "Equity and Fixed income investments in the market" essay for you Create order Kingfisher plc is Europes leading home improvement retail group and the third largest in the world, with over 830 stores in eight countries in Europe and Asia. Its main retail brands are BQ, Castorama, Brico Dpt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Ko Group, and a 21% interest in, and strategic alliance with Hornbach, Germanys leading large format DIY retailer. This report is also analysis of nature of Retail industry of Europe and what is the industry life cycle of the of retail industry. RESEARCH METHODOLOGY As the process of analysis Equity Fixed Income investment is a thought provoking process, it is totally based on the secondary data that is being obtained from the audited balance sheet of the division and then this data is being processed using various techniques of analysis. Research methodology describes the research procedure. KINGFISHER PLC Kingfisher plc is a United Kingdom-based home improvement retailer. The Company, together with its subsidiaries, joint ventures and associates, supplies home improvement products and services through a network of retail stores and other channels, located mainly in the United Kingdom, continental Europe and China. As of January 30, 2010, the Company operated over 830 stores in eight countries in Europe and Asia. Its main retail brands are BQ, Castorama, Brico Depot and Screwfix. Kingfishers portfolio of own brands includes the Colours range of decorative products, and MacAllister and Performance Power power tools. Kingfisher also has a 50% joint venture business in Turkey under the name Koctas, Yapi Marketleri Ticaret A.S., and a 21% interest in, and strategic alliance with Hornbach Holding A.G., a do-it-yourself (DIY) retailer operating in Germany. The Companys geographic segments are France, UK Ireland and Other International. Kingfisher plc is Europes leading home improvement retail group and the third largest in the world, with over 830 stores in eight countries in Europe and Asia. Its main retail brands are BQ, Castorama, Brico Dpt and Screwfix. Kingfisher also has a 50% joint venture business in Turkey with Ko Group, and a 21% interest in, and strategic alliance with Hornbach, Germanys leading large format DIY retailer. OVERVIEW OF RETAIL INDUSTRY The UK retail market is set to increase in size by 15% over the next five years, taking its value to just over 312bn (UK Retail Futures 2011: Sector Summary, Datamonitor). However this represents a slowing down of annual growth and with operating costs and the cost of credit set to raise, the retail sector faces challenging times. Companies who cannot compete against shrinking margins will suffer. The electrical sector is currently the best performer, with a predicted growth of 24% (UK Retail Futures 2011: Sector Summary, Datamonitor), while the home sector retailers face a tough period as falling house prices make people more cautious about moving home. Consumer debt, rising interest rates, inflation, house prices and job security all affect how much people shop, and the current economic climate indicates that consumer spending will slow down. Customer confidence is a key issue: if people feel optimistic about their situation, they will spend more. If they are nervous about their own financial security, they will spend less. The retail industry employs over 3 million people (data collected March 08). This equates to 11% of the total UK workforce (UK Retail Futures 2011: Sector Summary, Datamonitor). Almost 8% of the Gross Domestic Product (GDP) of the UK is generated by the retail sector. UK retail sales were approximately 265 billion in 2007, which is larger than the combined economies of Denmark and Portugal (UK Retail Futures 2011: Sector Summary, Datamonitor). ÂÂ   STRATEGIC GROUP ANALYSIS Kingfisher being at the first rank in the retail sector being highest profit gainer and sales has many competitors. The competitors of Woolworth (previous name for kingfisher) are deemed as follows:- Discounters:-those stores which have or offer stock particularly at lower prices have this unique selling point. These would Wilkinsons, asda-walmart and poundstrecher. Supermarkets:-these are the stores that used to sell predominantly only food items have now expanded their range towards other items like home decor, toiletries etc. These are basically termed as substantial non-food categories. E.g. Tesco, Sainsbury etc Departmental stores: these are the kind of stores which sell a range of items usually non-food, divides its goods into distinct areas of the stoppers known as departments. In UK this category includes MS, Debenhams, and house of Frazer etc. Catalogue stores:-in this kind of store the retailer has a large storing space which is dominantly dedicated to storing space rather than selling space. Very few goods (at times) are on display and customers select their goods from a catalogue. They select their choice of product before actually seeing it. Argos and next are most well-known in UK related to the examples of this kind of store. Specialist stores:-those who are concentrated on a specific part of product or subject in a store which corresponds on parts of Woolworth range. Foe e.g. mothers care and early learning centres for childrens clothes, BQ, home base and focus DIY for DIY products. Competition is relatively very high which has lead to ignoring or blurring of retail sector differences between the categories. Many companies are diversifying into new sectors which have for many years now had a fierce competition or are aiming high market penetration for their existing product. A good example is the supermarkets. MICHAEL PORTERS FIVE FORCES AS APPLIED BY KINGFISHER PLC As it can be seen in the above figure this is a diagram of Michael porters five force model. The explanations for these can be seen in brief as below. Rivalry:- Traditionally it is believed that rivalry drives profits to zero. But in todays advanced age rivalry is taken up in a positive attitude and it is termed as competitive advantage. In case of kingfisher PLC it had 3 major rivals focus (DIY), Homebase LTD and wolseley. Rivalry tends to be more if there are more competitors and vies versa. In case of the retail sector when barriers to leaving an industry are high, competitors tend to exhibit greater rivalry. Rivalry among kingfisher and the other retailers decreased when the buyers had high switching costs. Threat of substitutes:- In the retail sector Substitute product can be referred to as other products in the industry which could replace the existing industries product. A threat from the substitutes is known to occur when a products demand is affected by the price change in the substitute product. A products price elasticity is affected by the substitute product. In case of kingfisher PLC its substitute was mark and spencers which took the place of kingfisher in 1968 as Britains leading retailer both in terms of profit and sales. As more substitutes enter the market, demand becomes more elastic since the buyer has more alternatives or choices. The threat from a substitute comes from a product engendered outside the industry. Bargaining power of buyers:- The buying power of customers decides the kind of impact that a company has had on the markets. Especially when it comes to the retail sector the buyer is considered as the kingpin case of kingfisher PLC staff turnover led to consumer dissatisfaction. This led to decreasing profits for the industry. When the buyers side is strong he is close to what an economist calls as a monopsony. monopsony refers to a situation where there are many suppliers and just one buyer. When such a situation occurs the buyer decides the price. In reality monopsony can hardly be seen but frequently there is some asymmetry between a producing industry and buyers. Bargaining power of suppliers:- An industry which is involved in production requires certain raw material like labour, components and certain other supplies. The suppliers of kingfisher PLC were the manufacturers themselves. At the beginning the manufacturers were reluctant to give supplies to them but later on they felt that the direct supply decision that was taken was right. This requirement of raw materials leads to a buyer-supplier relationship. This kind of relation is between the industry and the firm which provides the raw material to create the finished goods. If the suppliers are powerful then it can produce an influence on the producing industry. Suppliers are powerful if the customers are concentrated, significant cost to switch suppliers etc and they are termed to be weak if there are many competitive suppliers, concentrated purchasers and if customers are weak. Kingfisher had also helped some suppliers to grow. By early 1960s duttons was one of the major suppliers to Woolworth. Threat of new entrants:- Rivals are not the only people who pose threat to the retail industry. When kingfisher was into action new entrants in their field led to a lot of stress among the kingfisher employees. Even new entrants are a certain kind of threat to the existing industries. According to theory there is free entry and exit of firms in a market. According to that the industries have to keep the profits normal. But in reality the industries work with a high profit and gain a good name which proves to be very unhealthy to the new entrants. These are barriers to entry. Other sources for the barriers to entry are government barriers, patents and proprietors service to restrict entry, asset specificity, organisational economies of scale ETC. LIFECYCLE OF KINGFISHER PLC. Introduction. Kingfisher primarily opened as a subsidiary of F.W.Woolworth and company of the U.S.on July 23 2003, 1909 the subsidiary was incorporated in England as a private limited company, F.W.Woolworth ltd with a share capital of 50,250 pounds. in 1912 the share capital was increased to 1,00,000 pounds. During the first two days of the business 60,000 people visited the shop. Between 1909 and 1919 the shareholders did not receive any dividends and following six years it issued paltry dividends. All this was not due to low profits but because the shareholders wanted to create reserves for the company. After a steady business in the US it opened its branch in Britain. Everything was priced only in pennies. GROWTH. Supplies were being brought directly from the manufacturers. In US they had a problem in making the manufacturers agree that they should supply them the materials directly but in Britain the manufacturers readily agreed and soon they found that the decision taken was right. By 1912 the chain had expanded to 28 shops 26 of which were managed by Britons. Again Woolworth started an Irish subsidiary. At the beginning of World War 1, women replaced men in the stores here. After the war the British subsidiary had become ready for a major expansion. The man who was mainly responsible for the expansion was William.L.stephenson.stephenson started working in the company in 1909 even before the first shop had opened. Later on he became the chairman in 1931.there was a flotation of chain of 444 shops which resulted in an excellent track record of the company. The Woolworth flotation was a success despite it taking place during the great depression. Since its foundation in 1909 the company had ma de considerable profits which increased year after year and continued to do so until the beginning of the Second World War. Maturity. After all the flotation and steady profits Woolworth had reached a settled position in the markets.ste phenson had brought in an important change which was that he had made properties of Woolworth instead of leasing spaces(Stephensons property investment would later prove to be a major contribution to the revival of worldworths successor, kingfisher, during the 1980s).under stephensons management Woolworth had opened many new shops at the rate of one every fortnight this remarkable growth was maintained till world war two. World war two led to a big loss for Woolworth.23 shops were destroyed and 353 were damaged by enemy in action. But again by the end of 1951 the expansion programme had resumed. Decline. Though it was a decline, it was only for a short period. The company faced many ups and downs before it was names as kingfisher PLC in 1989. A visible sign of trouble was seen when Woolworth lost its place as Britains leading retailer and marks and Spencers overtook it both in terms of profits and sales. Despite all of the modernisation programmes Woolworth still possessed a number of small and poorly locate branches with an extremely low rate of turnover and profitability. In 1971, with the profits still not coming into place, Woolworth opened new cash and wraps policy and began to convert 777 shops from conventional behind the counter service to a system of centralised payment in each shop. Despite of that profits failed to recover very strongly as a result of its heavy cost of modernisation and created a prolonged start-up problem with a new distribution centre. Despite recovery in profits, Woolworth had still not solved its problems. Woolworth had now began to reorganise by selling all the unprofitable parts of the business and finally on March 17 1989 woolworth was rechristened as kingfisher PLC. During the 90s kingfisher has made a number of acquisitions in the process becoming a much more diversified retailer. GENERIC STRATEGIES ANALYSIS In the retail sector, specifically related to the kingfishers home improvement business, the industry can maintain a high profitability specially with reference to the porters generic strategies mentioned as below:- Cost leadership:- Kingfisher was ranking first in the retail sector related to the profit and sales. One of the main reasons was their cost leadership. The company that attempts to be the lowest cost producer in the industry can e referred to as those following the cost leadership strategy. Kingfisher was run with the lowest costs but would run highest profits in the events when the competing products are essentially undifferentiated, and selling at a standard market price. Kingfisher placed an emphasis on every activity in the value chain. It must be noted that the company might be a cost leader but that doesnt mean that its products are that of lower prices. In certain instances companies have followed the company charges an average price while following the low cost leadership strategy and reinvest the extra profits into the business (lynch, 2003). The risk of following a cost leadership is that the companies focus on cutting the costs may sometimes affect the vital factors and this mistake may become so dominant that the company may lose vision on why it embarked on this type of a strategy at the first place. Differentiation. When a company makes a certain difference in its product it is often able to charge a premium for its products and services in the market. Generally speaking in the retail sector differentiation would include better service levels to the customers, better product performance, better packaging, and better after sale services etc as related to its competitors. Porter argues that a company following the differentiation strategy would incur further charges resulting in an increase in the cost of production. The high costs would be incurred for the purpose of better advertising features etc. Differentiation brings about many advantages to the firm which makes use of the strategies. Some problematic areas include the difficulty on part of the firm to estimate whether the extra costs can be recovered from the customers by charging a premium cost. Moreover successful differentiation strategy of a firm may attract the competitors to enter the market segment and copy the differentiated product (lynch, 2003). Focus. Porte initially presented focus as one of the three generic strategies but later on recognised the focus as the moderator of the two strategies. Companies follow this strategy by focussing that part or area of the market which has the least amount of competition (Pearson, 1999). Companies can make use of this strategy by concentrating on a specific area of the market and create a product specifically suiting that area of market. This is why the focus strategy is also sometimes referred to as the niche strategy as it focuses on a specific niche in the market. Therefore by employing focus strategy the company can attain competitive advantage. The company can make use of the cost leadership or differentiation approach with regards to the differentiation strategy. In that the company using the cost focus approach would aim for differentiation in its target segment only and not overall the market. This strategy provides the company with the possibility to charge a premium price for superior quality or by offering a small low priced product to a group of buyers. Compound Annual Growth Rate CAGR A compound annual growth rate (CAGR) measures the rate of return for an investmentÂÂ   such as a mutual fund or bondÂÂ   over an investment period, such as 5 or 10 years. The CAGR is also known as smoothed rate of return because it measures the growth of an investment as if it had grown at a steady rate on an annually compounded basis The compound annual growth rate is calculated by taking the nth root of the total percentage growth rate, where n is the number of years in the period being considered.ÂÂ   This can be written as follows i.e CAGR = ( Dn/Do)1/n -1 Here we know that, Ending valve in Year 2005 i.e Do = 204.8 Beginning valve in Year 2010 i.e Dn =125 n = 5 no. of years We using above formula we get CAGR = (125/204.8)1/5 1 CAGR = -0.0940 CAGR = -9.40% These are some of the common CAGR applications[3]: Calculating and communicating the average returns of investment funds Demonstrating and comparing the performance of investment advisors Comparing the historical returns of stocks with bonds or with a savings account Forecasting future values based on the CAGR of a data series (you find future values by multiplying the last datum of the series by (1 + CAGR) as many times as years required). As every forecasting method, this method has a calculation error associated. Analyzing and communicating the behaviour of different business measures such as sales, market share, costs, customer satisfaction, and performance. Absolute Valuation Models Dividend Discount Model: this model is theoretically one of the most correct valuation models. This model is also known as the GORDON MODEL named after Professor Myron J. Gordon who popularised this model. The model is effective when a company is distributing a significant amount of their earnings as dividend. This model value shares at a discounted value of the future dividends paid because share is worth the present value of all future dividends. This is a procedure of valuing the price of a stock by predicted dividends and discounting them back to present value. The idea behind this is that if the value obtained from the Dividend Discount Model is higher than what the shares are trading at, than the stock is undervalued. Returns derived from the model can be combined with risk data to construct a market line benchmark. Securities that plot along the line are considered fairly priced, the ones below the line are unattractive and the ones above the line are offer more return. The rational of the model lies in the present value rule. Two basic inputs to the model are the expected dividends and the cost of equity. Two Stage model: this model allows for two stages of growth. It states the fact the company goes through ups and downs and a high growth period will lead to face a decline in the growth rate and later the company will have a steady growth face. The initial phase is where the growth rate is not stable and a subsequent steady state where the growth rate is stable and is expected to remain same for a long time. This model allows greater flexibility in the testing of scenario for the investor looking at a firm in its infancy or in a new industry. This works on the assumption that the firm grows at a higher growth rate in the first period, the growth rate will drop at the end of the first period to the stable growth rate and the dividend payout ratio is consistent with the expected growth rate. The Formula: P=nt=1[D0(1+g1)t/(1+ke)t]+t=n+1[Den(1+g2)t-n/(1+ke)t] where: P = intrinsic value D0= expected initial period dividend Den= expected dividend during mature period ke = appropriate discount factor for the investment g1= expected dividend growth rate for initial growth period g2= expected dividend growth rate for mature period There are limitations with this model: Defining the length of the extraordinary growth period. It is difficult to convert qualitative considerations into specific time periods. The assumption that the growth rate is transformed overnight from a higher rate to a lower rate. The focus on dividends can lead to skewed estimates of value for firms that do not pay what they can afford in dividends. It under estimates the value of the firm that accumulates cash and pay little in dividends. Multi stage model: this is an advanced version of the Gordon growth model that determines the equity valuation by utilising an assortment of growth rates. This model incorporates the H-model, the two stage model and the three stage model. The model assumes growth rate which is different every year. It takes three different rates of growth- initial high rate of growth, transition to slower growth and a sustainable steady rate of growth. The present value of each stage is added to derive the intrinsic value of the stock. The main drawback of this model is the assumption that dividends will grow in perpetuity at a constant rate that can be determined at the time of the calculation. This assumption is unrealistic with companies that undergo different stages of growth. High growth: fast growth is early in companys development as it capitalizes on opportunities in new market segments or uses new approach to gain a share in the existing market. With the market expanding new clients may be easy to attract and revenues will grow. Transition: the companys initial growth slows down as the market grab period ends. The overall market might grow at a slower pace or may become more competitive reducing scope for dynamic revenue growth. Maturity: the revenue growth slows down as the market moves closer to the saturation point. It becomes more difficult to attract new clients and the firms have to compete hard on their prices and services to avoid switching to their competitors. Taking into account the different phases of the growth of the companies the multistage dividend model focuses on forecast cash flows for the high growth and transition stage. When the maturity stage is reached we use constant dividend growth projection. The limitations of this model: It remains vulnerable to minor inaccuracies in source data. It is more prone to errors in calculations which are due to poor cash flows which are estimated during high growth phase of a companys development. It is not reliable for companies that are in their early phase of growth as it is difficult for them to accurately forecast the duration of the high growth and the transition stage. FREE CASH FLOW APPROACH: this is the cash that a firm has after has managed to lay out the money required to maintain and expand its asset base. It is mandatory for a firm because it allows a company to pursue opportunity to enhance shareholder value. It is difficult for any company whether small or big to develop products, pay dividends and reduce its debts without cash. FCF is calculated as: This can also be done by taking operating cash flow and subtracting capital expenditures. A firms stock is valued by forecasting free cash flow to firm (FCFF) or free cash flow to equity (FCFE) and by discounting these cash flows back to the present at the required rate of return. These models are used when a firm pays no or little dividends and when free cash flow traces profitability. Free cash flow to firm (FCFF) is the cash available to all the firms investors including bondholders and stockholders, after the firm buys and sells products, provides services, pays the cash operating services and makes short and long term investments. Once the firm is free from meeting all its obligations to its other investors is called Free cash flow to equity (FCFE). Free Cash Flow to Equity (FCFE) = Net Income (Capital Expenditures Depreciation) (Change in Non-cash Working Capital) + (New Debt Issued Debt Repayments) Free Cash Flow to Firm (FCFF) = FCFE and FCFF Two stage models are designed for firms which are expected to grow faster than a stable firm in the initial period and at a stable rate after that. FCFE and FCFE Three stage models are for firms that have three stages of growth an initial stage of high growth, a transitional period when the growth rate declines and the period when the growth rate is stable. RESIDUAL INCOME APPROACH: it is a performance measure that consists of some measure of operating income minus capital used by the unit being evaluated. This model is designed for companies that do not pay dividends. When there is a great uncertainty in estimating the terminal value than this method is appropriate. It is designed to influence managements investment in capital assets, to undertake investments for which the net present value is positive and to let go of those where the net present value is negative. The rate used in calculating the cost of capital is the riskless interest rate in the world of certainty. The Residual income = investment centres profit [investment centres invested capital ÃÆ'Æ’- imputed interest rate] Where, imputed interest rate = firms cost of acquiring investment capital It works on the assumption that: The market value of a company should equal the present value of the future expected dividends. The change in the book value between two dates equals earnings minus dividends in the period t. The book value of equity after infinity equals to zero. Asset Based Model: we will not use this model because our company kingfisher plc does not use natural resources. The Dividend Discount Model (DDM) ( ALL VALUE IN MILLION) All value taken by financial income statement of kingfisher plc Given: D= dividend per share= 3.4p R=discount rate= 10.2759% G= dividend growth rate=0 Po=Price per share =221.5p Do=dividend that year=80 Ke=cost of equity=7.9% g= dividend growth rate=0 The value of single period of DDM as follow as Single period : Vo=Do*(1+g) / (Ke-g) Vo= 80*(1+0) / (7.9%-0) Vo= 1012.658 So value of firm= 1012.658 i.e. DDM The Free Cash Flow to Firm Given: Net Income=385 Tax rate= 31.9% Net Borrowing= -1024 Non cash charges=260 Working capital Investment= -582 Interest rate = 72 Fixed Capital Investment = -87 Cost of Equity=7.9% Equity= 4955 Total Debt= 1530 Cost of Debt= 8.15% FCFF= net income+ non cash charges working capital investment + interest (1-t) fixed capital Investment FCFF= 385+260+582+72(1- 31.9%)+87 FCFF= 385+260+582+ 49.032+87 FCFF= 1363.032 We want value of firm fist find out WACC WACC=Ke*e / e+D+Kd * e / e+D *(1-t) WACC= 0.079*0.7640+0.0815*07640*0681 WACC=0.102759 WACC= 10.2759% Value of firm using FCFF Value of firm= FCFF/ WACC Value of firm=1363.032/0.102759 Value of firm=13264.356 The Free Cash Flow to Equity FCFE= FCFF-interest(1-t)+net borrowing FCFE=1363.032-72(1-31.9%)-1024 FCFE=290 So value of firm using FCFE Value of firm= FCFE/WACC Value of firm= 290/0.102759 Value of firm=2822.137 The Residual Income Model The Residual Income =net income (Ke*equity) The Residual Income =385-7.9%*4955 The Residual Income =385-391.445 The Residual Income=-6.445 So value of firm using The Residual Income model Value of firm =RI/Ke Value of firm= -6.445/0.079 Value of firm= 81.582 ÂÂ   CONCLUSION From the above learning outcome we came to know that the kingfisher PLC has come through various ups and downs in the retail sector. Its strategy of opening various branches and making reserves rather than paying the shareholders their shares has helped the company with all its financial and expansion functions. The employees of kingfisher especially the chairmen of the company have played a very important role in the companys success. It was deemed to be the first most profitable and most selling company. These are main features of the kingfisher PLC that made it the no. 1 company amongst the retail sector. There have been certain ups and down but strategies like opening discount shops or closing down the unused branches has helped the company in many ways.

Study on Financial Performance Analysis of Milma

EXECUTIVE SUMMARY Project entitled â€Å"A Project on Financial Performance Analysis at Milma ERCMPU Edappally† is conducted to analyze the financial performance of Milma. It helped in knowing the financial efficiency and weakness of the concern and also to draw inference about the present position of the company. Kerala – Cooperative Milk Marketing Federation (KCMMF), popularly called Milma was established in April 1980 with its head office at Thiruvananthapuram for the successful implementation of the operation flood (a dairy programme launched in 1970 under the aegis of National Dairy Development Board (NDDB)). The study is done for the period of five financial years starting from 2007 – 1008 to 2011 -2012. For data collection both†¦show more content†¦* Investors: the investors are interested in the security of the principle amount of loan and regular interest payments by the concern. The investors will analyze the present financial position and study the future prosp ects of the concern. * Government: the financial statements are used to assess tax liability of business enterprise. These statements enable the government to find out whether the business is following various regulations or not. * Others: Trade associations, stock exchange and public at large may also analyze the financial statements to judge the financial position of the concerns. LIMITATIONS OF FINANCIAL STATEMENTS Though financial statements are relevant and useful for the concern, still they do not present a final picture of the concern. It suffers the following limitations: A Balance Sheet is described as a statement of all assets and liabilities. But this is not true. There are certain assets and liabilities which a Balance Sheet fails to disclose. E.g. Value of human resource. The figures given in the Balance Sheet are on a historical basis. While preparing it, the replacement cost of the asset is totally ignored. An investor who wishes to analyze the Balance Sheet is more concerned with the present and future, whereas the Balance sheet pertains to a point of time relating to past and therefore may not be quite useful. Personal judgment plays a great part in determining the figures for the Balance Sheet. Provisions forShow MoreRelatedMILMA Organization study9009 Words   |  37 PagesMILMA KOLLAM DAIRY CHAPTER 1 INTRODUCTION PADMASHREE INSTITUTE OF MANAGEMENT STUDIES Page 0 MILMA KOLLAM DAIRY INTRODUCTION The main objective of conducting an organization study is to get familiar with the nature and working of an organization. It helps students to develop a practical as well as a theoretical knowledge. It provides an opportunity to study the activities of an organization by direct observation. MILMA KOLLAM DAIRY is situated in Kollam district on the banks of Ashtamudi lakeRead MoreOrganization Study at Meriiboy Ice Cream10672 Words   |  43 Pagesgroup that started operation in the year 2003. MeriiBoy ice-cream is the brand name of Supreme Food Industries which started its first factory near Kalady in consultant with Tetra Pak Hoyer, Denmark. The organization Study at MeriiBoy Ice Creams started from 6th of May. The organization study consists of understanding the functional areas of Supreme Food Industries and analyse these functional departments. Supreme Food Industries gives importance to quality from sourcing raw materials to delivery ofRead MoreMarket Analysis Sales Development of Amul Milk11726 Words   |  47 Pages1 PROJECT REPORT ON â€Å"Market Analysis Sales Development of Amul Milk† This study was conducted from 8th June 09 to 8th August 09 At Gujarat Co-operative Milk Marketing Federation Limited BY: PRASANTA KUMAR MOHAPATRA PGDM OF ASIAN SCHOOL OF MANAGEMENT A report submitted in partial fulfillment of the requirements of PGDM (2008-10) Company Guide: Mr. PRANIL JADHAV SENIOR EXECUTIVE (SALES) GCMMF Ltd. PUNE Faculty Guide: PROF. K K BHASIN 2 PREFACE The PGDM programme is well structured and integratedRead MoreMarketing Management130471 Words   |  522 PagesThis will make the firms to be different than the competitors. Hence marketing becomes a very important functional area for every firm where the competition is very high. In a business firm, marketing generates the revenues that are managed by financial people and used by the productions people in creating products or services. The challenge of marketing is to generate that revenue by satisfying consumers wants at a profit and in a socially responsible manner. Marketing is not limited to business

National Issues in Election 2008 Free Essays

The five most important issues of Election 2008 (in no particular order) are: 1.  Ã‚  Ã‚  Ã‚  Ã‚   The economy: How will the United States correct the recession and what can be done to protect Americans from a recession in the future? 2.  Ã‚  Ã‚  Ã‚  Ã‚   The war in Iraq: How will America extract itself from Iraq? Can America extract itself from Iraq? 3. We will write a custom essay sample on National Issues in Election 2008 or any similar topic only for you Order Now   Ã‚  Ã‚  Ã‚  Ã‚   Immigration: Immigrants, primarily in the form of unskilled workers from Mexico, are arriving in the United States in unprecedented numbers. There are now over 10 million unauthorized immigrants living in the United States (Passel, 2005, pp.   4-5).   How will America address the problem of illegal immigration and the need for guest workers? 4.  Ã‚  Ã‚  Ã‚  Ã‚   Education: American high school students ranked 25th out of 30 nations in recent comparisons of math and science skills (Glod, 2007). Many American students graduate from high school without being able to read, and many others drop out of school altogether. How can America fix its broken educational system? 5.  Ã‚  Ã‚  Ã‚  Ã‚   Energy policy: Rising oil prices have underscored America’s dependency on foreign oil, raising economic concerns and concerns about security. Energy is also closely related to the environment. Can the United States find sustainable and affordable sources of environmentally friendly energy? What should be the government’s role in solving these problems? The answer depends on your political perspective. The economy Political Left: America’s economic problems are the result of the natural tendency of corporations to put their own interests ahead of what is best for the country. This problem can be solved if the government did a better job of regulating businesses and financial institutions. Political Right: Recessions are part of a natural cycle of economic activity, as the economy makes necessary corrections. Economic problems can be solved by encouraging investment through lower tax rates, less government intrusion, and the creation of new markets for goods and services. In a capitalistic economy, jobs are created by businesses, not by governments. Political Center: Some government regulation of business practices is necessary to protect American jobs and incomes. Government and private business must work together to create jobs for American workers. The War Political Left: Can’t we all just get along? International disputes are best handled through diplomatic means. America should withdraw as quickly as possible from Iraq and should avoid similar conflicts with other nations in the future. Political Right: The Homeland must be defended! Backing down sends the wrong message to terrorists and to our allies. America must be strong if we are to be respected. Political Center: War is a necessary evil, but should not be a first response. America should conclude its business in Iraq as quickly as possible, and then leave. Other nations should know that America has the capacity and will to protect itself, but will do so only if necessary. Immigration Political Left: America is a nation of immigrants. Rejecting immigrants now is hypocritical and racist. Immigrants should have the same rights as anyone else in the country and should not live in fear of being deported.   Government should make it easier for immigrants to be documented. Political Right: The Right seems to be divided on this issue. On one hand, conservatives want the cheap labor that is provided by undocumented workers. On the other hand, conservatives fear that immigration is changing the culture and – let’s be honest – the complexion of the United States. The Right argues that immigrants are taking jobs away from Americans, yet they continue to employ undocumented immigrants to do jobs that Americans will not do. These conflicts probably explain why the Right has such a hard time articulating any type of coherent policy on immigration and cannot seem to decide what the role of government should be on this issue. Political Center: Immigrants, a.k.a., guest workers, are an important part of the American economy; however, once they come to the United States, immigrants need to learn English and make show proper respect for American culture. This is the United States, not the Estados Unidos. It is the responsibility of government to help assimilate immigrates and to ensure that no terrorists cross the border masquerading as a guest worker. Education The Right: Government should not have a monopoly on education. American students are failing because schools have no motivation to improve. Privatizing education would create competition and improve the quality of schools. The Left: Schools are failing because they are underfunded. It is the role of government to invest in the future of this country, which includes investing in schools. The Center: Public schools deserve public support. The role of government is to provide funding for public education. In cases where schools are failing to teach, it is the role of government to ensure that every child has opportunity to learn, which may mean sending some children to private schools. Energy policy The Left: Green is good! It is the role of government to regulate and, if necessary, control energy production and distribution. Extreme Left would probably advocate for public ownership of all energy companies. The Right: Energy production reflects consumer demands. When people want greener fuels, companies will provide them. Government should support research on energy sources, but it is not the place of government to control prices or distribution of gasoline and other energy sources. The Center: Government should allow free markets for gasoline and other energy sources, but should intervene when profits reach extortion levels and people cannot afford to buy gasoline. Government should support research on alternative fuels. Reference Glod, M. (2007). U.S. Teens Trail Peers Around World on Math-Science Test. Washington Post (December 5, 2007), p. A07. Retrieved April 10, 2008, from http://www.washingtonpost.com/wp-dyn/content/article/2007/12/04/AR2007120400730.html Passel, J.   (2005).   Unauthorized Migrants: Numbers and Characteristics.   Background Briefing Prepared for Task Force on Immigration and America’s Future.   Washington, D.C.: Pew Hispanic Center.   Retrieved April 1, 2008, from http://www.pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Reports/Hispanics_in_America/PHC_immigrants_0605.pdf How to cite National Issues in Election 2008, Essay examples

What are the most important components of an effective high performance work system

Introduction Organizational performance remains a major concern among managers and business owners around the world. As a result, there is a continuous change in the manner in which certain things are done by the management to maintain good and competitive performance. Nevertheless, it is argued that the creation of a high performance work system is undoubtedly a significant approach in augmenting organizational change.Advertising We will write a custom essay sample on What are the most important components of an effective high performance work system? specifically for you for only $16.05 $11/page Learn More Although various strategies have been adopted by different organizations around the world, it is double noting that there are effective components of high performance work system shared across companies and organizations. This research essay explores these effective components which have been applauded by scholars and business experts in defining org anization performance. To achieve this objective, a wide range of sources have been consulted including but not limited to authentic books, journals and online articles to have a wide spectrum of arguments. For better comprehension of the concept, the analysis draws some ideas and conclusions from the human resource management of Vodafone. High Performance Work System What is high performance work system? Many researchers agree that the concept of high performance work system can be viewed from a wider perspective, allowing several definitions. However, all these definitions narrow down to the involvement of employees in management and day-to-day running of the business. High performance work system can therefore be defined as a set of management approaches within an organization which give employees higher responsibilities and involvement. According to Armstrong (2011, p. 155), high performance work system usually sets out the intentions of a company on the best ways to achieving a competitive advantage through the improvement of individuals’ performance within the organization. Such a system further spells out the exact process of ensuring that the aspirations defined by the organizations are attained. Of importance however is the fact that all these efforts are geared towards augmenting employee knowledge, flexibility, commitment and skills. This understanding is important in selection of effective components which would result into the creation of an environment which promotes employee participation and good performance (Armstrong, 2008, p. 116). As discussed below, a high performance work system comprises of:Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Participation of employees in decision making Training Employee motivation and incentives Technological advancements Respect Creation of a goal-oriented environment among others Employee Participation Employees play a major role in the overall performance of any organization in the world. As a result, many companies like Vodafone which have gained pinnacle global recognition put more emphasis on excellent human resource management. Moreover, the ability of a company to involve its employees in decision making is considered a major ingredient for not only good performance but also in promoting a high performance work system (Armstrong, 2008, p. 117). According to researchers, employees who get involved in decision making by the management get motivated and develop a positive attitude towards work and remain focused on achieving set goals and objectives. It is also a source of empowerment to workers as they end up feeling part of the management (Armstrong, 2008, p. 117). Although managers understand the need for employee involvement in organization management, implementation of this component remains a major task. The manner in which employees are involved in the process significan tly determines its impact on the entire organization. As a way of ensuring that employees remain part of organizational management, their involvement in parallel suggestion is highly considered. This involvement allows managers to incorporate the views of the entire workforce in making final decisions and strategies for better performance (Armstrong, 2011, p. 157). Additionally, allowing employees to participate in job-related processes motivates them, thus closing the leadership gap which may exist between the management and the workforce. Training For employees to perform their duties effectively, relevant knowledge and skills cannot be overlooked. Although this may seem obvious since companies assume that employees get hired when they are already competent, customized training is quite significant. Besides promoting effective performance of duties within an organization, training further imparts employees with technical skills which could give them a chance to take up other highe r responsibilities within the organization. Consequently, employees get inspired to aim for higher leadership roles by being in possession of required skills and expertise (Armstrong, 2011, p. 157). Through these training programs, employees are able to have a wider range of skills which are necessary for not only performing a single task but also to engage in other duties aimed at promoting good performance. This understanding of organizational roles allows employees to deliver within the shortest time thus saving on resources like time. Lastly, training reduces the risk of employees from being involved in accidents emanating from lack of technical knowhow and skills. This is common in production firms where machines and chemical processes make the basis of production.Advertising We will write a custom essay sample on What are the most important components of an effective high performance work system? specifically for you for only $16.05 $11/page Learn M ore Rewards and Incentives Another approach through which organizations promote high performance work system is through recognition of employee achievements and efforts. With existing variation in the productivity of employees, it is equally important for managers to identify individual and group efforts demonstrated by employees within the government. By monitoring regular performance results, it would be easy but extremely useful to appreciate outstanding performance among employees without partiality. There is always need for organizations to associate its remuneration with performance in order to motivate their employers to focus on the realization of both organizations and individual benefits (Dubrin, 2011, p. 254). Notably, there are countless incentives which could be considered as a way of creating a high performance work system depending on the nature of the organization. They may include stock options, sharing of company profits; pay hikes, bonuses in cases where perform ance targets have been achieved and money. It has been observed that a number of organizations like Vodafone employ such approaches in motivating their employees. Equivalently, non-monetary options have been considered by other organizations as a way of promoting high performance work systems. These options include special employee benefits, time offs and flexible time (Dubrin, 2011, p. 255). It is clear that these efforts augment environmental flexibility for employees who may find time to attend to other personal issues when they are away from work. This increases motivation among workers through self satisfaction and by feeling a sense of concern from managers. Free time could also be utilized by employees to advance their careers through part time studies. Technology With the advancement in technology, many organizations have considerably changed their operations in order to meet the demands of the market and promote efficiency among employees. Besides promotion of productivity, technology is viewed as a key component of high performance work system. It is a major driving exercise which has led to summit performance among companies like Vodafone in recent years with its expansion taking the centre stage for most organizations in every part of the world. Among other ways in which technology transforms organizational performance is through facilitation of communication and sharing of information (Dubrin, 2011, p. 254).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Managers and employees are able to effectively communicate and make decisions promptly through a communication infrastructure that is necessary. A part from allowing smooth flow of information, it can further be argued that a well established communication infrastructure results into a high performance work system. How can an organization perform without good communication? Any breakdown in communication of an organization broadens the gap among employees and employee-employer relationships. Based on the fundamental role played by technology, its integration in the daily operations of a company is quite essential. For organizations which may have complicated production processes and procedures, adoption of certain technological techniques could be important in promotion of employee efficiency and flexibility (Creating High-Performance Work Systems, n.d., p. 1). As a result, managers are tasked to identify existing technological needs and address them in order to develop a competitiv e advantage within the market and motivate its employees. With the role played by technology being considered to be immense, there is no doubt that any management has to appreciate the challenges which arise. Technology comes with challenges and costs which have to be incurred by individual organizations before its integration is implemented (Creating High-Performance Work Systems,.d., p. 1). Problem Solving To achieve a high performance work system, there is every need for companies to establish mechanism to handle everyday challenges. Work problems are normal and part of the running of an organization. However, the manner in which such challenges are handled has a significant impact on the performance of the entire working environment. A high performance work system therefore advocates for preparedness by having operating procedures which have to be followed in addressing particular issues (Ramsay, Scholarios Harley, 2000, p. 505). It is further important to reiterate the incompa rable role of good communication in problem solving. By establishing these channels, suggestions among stakeholders can easily be realized and communicated to employees before a situation gets out of hand. Respect An effective working environment comprises of managers and employees who hold and value respect for each other. Although many people focus on the respect between employees and managers alone, this recognition is equally significant among managers and employees. Respect among employees allows each to see other’s responsibility as important as any other. It eliminates managers from despising junior employees of the organization by promoting mutual existence within the working system (Ramsay, Scholarios Harley, 2000, p. 504). Respect promotes the virtue of cooperation towards the realization of set goals and objectives. Many of the employees are able to embrace a sense of obligation to a given organization in enhancing a friendly working atmosphere necessary for inten ded successful results. Based on the above analysis of the components of an effective high performance work system, it is more evident that the need to implement such a plan is inevitable especially in order to realize profitable performance within an organization. Many of the major organizations like Vodafone have significantly implemented these plans, causing them to rise to globally recognized peak levels. With Vodafone as a model organization, it is important to understand how the company has worked towards promoting of a high performance work system in the telecommunication industry. Vodafone Vodafone is one of the leading telecommunication companies in not only the United Kingdom but also across the world. This is measured by its annual revenues and the total number of customers who place it at second position after China Mobile (Hill, 2011). With its operations extending in more than twenty countries around the world, Vodafone continues to thrive in the market due to several factors which favor it. The company has for long remained committed to winning customers through their sustainable strategy which promotes ethical behavior, honesty and responsibility. Additionally, reduction of environmental effect drives its operation making it outstanding among other telecommunication companies. The achievement of credibility within a competitive market has been of great significance. Although these efforts have been mainly towards its success, the company has also promoted a high performance work system for its employees. Ethical Environment Vodafone employees operate in an honest working environment which has been nurtured by the company’s top leadership since its inception in the year 1982. By operating in this honest environment, employees are motivated to be devoted towards service delivery in an ethical and disciplined manner. This eliminates cases of unethical practices like bribery and corruption (Shetty, 2011). Upholding ethical business strategie s further promotes respect among Vodafone employees and managers. Managers have nurtured the art of respecting each other and leading other employees practically. Its honest history has also played a key role in winning customers through customer satisfaction through strategies which seek to establish better connection with its customers. Through surveys and feedback analysis from customers, the company prides in a massive loyalty of customers within the telecommunications industry. Training of Vodafone Employees Another important component of an effective high performance work system employed by Vodafone is training of its employees. The company holds high value for its employees, an approach which has led to the training of most of its employees in order to meet the challenges and demands of the telecommunications market. This training further aims at ensuring that every employee achieves his or her full potential in terms of service delivery and efficient productivity (Shetty, 20 11). Through continuous training programs, Vodafone Group has created a workforce that embraces diversity in skills and cultures to operate around the world. Training of employees has highly been enhanced by the establishment of a Learning Academy which offers instant solutions for learning and advancement solutions. IT Incorporation Besides an ethical environment and training of its employees, Vodafone has identified technology to be a major requirement for its global operations. Information Technology has helped the Group to gain a competitive advantage platform in the market through effective business operations which solely targets employee efficiency and customer satisfaction. This has been considered as one of the strategies of achieving set objectives. IT capabilities within the company further allow employees to have access to learning services within the company’s intranet. With a variety of online courses for the employees, advancement within Vodafone workface is hi ghly encouraged to meet the needs of employees in order to serve in other involving capacities. To address IT needs, the company has adopted cloud computing which is vital in sharing of data globally through wireless connection of personal computers. Conclusion Based on the above effective components of a high performance work system and the manner in which Vodafone Group has fully implemented these strategies, it suffices to say that a good working environment has far reaching benefits. As a matter of fact, the above effective components support the need to motivate employees in any given organization and environment (Jeffrey, 1995, p. 29). Employees who are involved in decision making, well paid, trained for new tasks and equipped with technology to meet upcoming challenges get motivated to work productively for the success of the company. It is however important to appreciate the fact that every component can be adopted depending on the existing organizational demands. It remains the role of managers to have strategies in place which should be implemented in order to achieve intended objectives. Of significance is the importance to have a harmonious relationship between the management and employees. Through a good communication and employee motivation approaches, there need not be a communication gap that may hinder company growth. Nevertheless, recognition of employee should be emphasized through a scheme which gauges employee performance. Besides inspiring employees to have a positive attitude towards their job and perform better, employee incentives create performance competition within the company. This competition is quite important in ensuring that employees give their best in terms of their abilities and skills. In addition, an understanding of the organizational culture is essential in adopting a list of components to be incorporated in the strategic plan (Armstrong, 2011, p. 165). As such, any high performance work system has to be inclined to the culture of the company. References Armstrong, M., 2008. Strategic Human Resource Management: A Guide to Action. London, UK: Kogan Page. Armstrong, M., 2011. Armstrong’s Handbook of Strategic Human Resource Management. London, UK: Kogan Page. Creating High-Performance Work Systems., n.d. Creating High-Performance Work Systems. Web. Dubrin, A., 2011. Essentials of Management. New York, NY: Cengage Learning. Hill, S., 2011. Vodafone case study. Web. Jeffrey, K., 1995. High Performance Work Systems and Firm Performance. 118 Monthly Lab. Rev. 29. Ramsay, H, Scholarios, D Harley, B., 2000. Employees and High-Performance Work Systems: Testing inside the Black Box. British Journal of Industrial Relations. 38:4 December 2000. pp. 501-531. Shetty, N., 2011. Leadership Style at Vodafone. Web. This essay on What are the most important components of an effective high performance work system? was written and submitted by user Abbie D. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.