Business talks, A wealth Creation Cycle

In Wealth Creation there are five aspects to consider:
Generate income/profit – The businesses’ main aim is to generate a source of income and to maintain a profit. A business cannot survive without a profit. The profit pays for expansion (growth), development, wages, and salaries and provides better conditions for employees. Added value is a major factor in determining profit. Increasing your income is often seen as the way to having more money. (Jeff Cartridge, 2009)
Manage expenses – The manager of the business is in charge of managing expenses and implementing cost cutting initiatives in order to creating larger profit margins. The expenses are things that cost the busy and are usually deducted from the income of the business, if money is left over the business made a profit. However if there’s no money left over it’s referred to as a loss. . Keeping track of where your money goes is an important part of wealth creation. (Jeff Cartridge, 2009)
Maintain and Increase assets – By maintaining and increasing the assets of the company you are creating wealth for the business. The goal of a person looking to create wealth is to increase their assets so they can generate an income off their assets. The starting point is to recognize what is an asset. The true definition of an asset is that it puts money into your pocket. Anything that takes money out of your pocket is considered to be a liability. Many of the things that people consider to be assets are in fact liabilities as they cost them money. Assets can be classified into two categories lifestyle assets and investment assets. The car the house and the boat are all lifestyle assets, while rental property, shares and cash are considered investment assets. (Jeff Cartridge, 2009)
Managing Liabilities – Debt is not good or bad. It is how the debt is used that will determine whether the debt is of benefit to you or detrimental to your financial well being. Liabilities are things that take money out of your pocket, things like rental and other expenditures. (Jeff Cartridge, 2009)
Manage your Risks
Managing risk is about reducing the impact on your financial situation when things do go wrong. Risks fall into two categories, insurable risks and uninsurable risks. Most people have insurance for their house, car and contents, but fewer protect the things that can have a huge impact on your financial well being. Most people’s major asset is their ability to earn income. This can be protected with income protection insurance which will replace an income if you are unable to work for any length of time. Life insurance becomes important if you have children or a partner that depend on you for their lifestyle. Health insurance may be of benefit to you to cover large medical expenses that could occur. (Jeff Cartridge, 2009)
Insurance can be used to minimise the impact of unforeseen events, however there are some things that cannot be insured against. Insurance is not as readily available against your business having a severe downturn or being sued because of a traffic accident. To protect your assets and income in the situation where you are uninsured requires the use of structures to isolate different activities and to hold assets away from creditors. (Jeff Cartridge, 2009)

PR Chapter seven

A Summary of Chapter 7 - Coping with an Uncertain World: The Relationship between Excellence and Complexity Theories

• According to the Excellence Theory:
Public Relations – is one of the key components in helping businesses/organizations to deal with an uncertain world, therefore it is of utmost importance to have “Strategic PR” within your organization.
• The Excellence Theory deals with:
Anticipating issues, identifying key publics, building and maintaining relationships that lessen conflict.
• Complex Adaptive Systems (Complexity Theory)
Deals with multiple individual agents, each agent performs a particular function only that contributes to the final product/objective. Both theories complement each other and are very similar.

Through the study of both Theories I was able to create a formula called the Infinite Theory.

Benefits of interaction with stakeholders

Strategic Stakeholder Plan and the benefits of reaching out to stakeholders. Quality input leads to quality decision making. A broader perspective reduces group think, helps to challenge traditional thinking and sparks creativity in problem solving. Greater stakeholder satisfaction with the final planning product comes from their involvement in shaping it. The chances of successful implementation increase as more stakeholders feel committed to the plan or project’s goals and take ownership of the plans design. Good Governance, transparency and open communication are served when Boards communicate and receive feedback from stakeholders, instead of being guided by personal agendas.

The power of Love is in you

LOVE is the only emotion that is able to turn something negative into something positive and give you the will to carry on living.
Jealousy, envy, hatred and unforgiveness only causes bitterness and strife and many who experience these often wish that they were dead.
Fortunately there are many who, having experienced these unpleasant emotions, have allowed LOVE to come into their hearts and change them. And they have never looked back. LOVE not only changes your heart, it changes your whole life! But it has to be nurtured.

A generous person

I often wondered why it is that some people get born with a silver spoon in their mouths and others just get a raw deal in life. Some people are born with love in their hearts and others are born always looking for love. It was only recently I discovered how much a persons love can change a heart. My mother does voice training with boys from the Ottery Youth Centre. Majority of these boys don’t have families that love and care for them and are also low in self-confidence. The time that my mother spends with these boys has really made a difference in their lives as well as in mine. The boys are so surprised that a stranger really cares and loves each and everyone of them. To me the love that they are getting is the norm in my life and is often taken for granted. Seeing the boys at practise and how much fun they have makes me feel good inside. This is probably the very same feeling that my mother gets every time she practises with them.
It truly is a demonstration that shows that the smallest form of kindness can change a heart without you even realizing the impact that you make on others around you.

Friendships

We must be very careful what type of friendships we have with others. Even though we might not be aware of it, our friendships mould, shape and affect who we are. People are often judged on the friendships they keep as they so often say “birds of a feather flock together.”
Good friends bring out the good in us and bad friends bring out the bad. Sometimes good friends can influence us to do bad things and sometimes we can influence bad friends to do good things.
So what do you do when friends you truly like continue to do things and act in ways you do not agree with? Instead of making excuses and staying away from them, a true friend would speak to them and let them know how they feel. Should they then have the same, or any regard for your friendship at all, they would at the very least consider changing their ways.
Should they choose not to, the friendship was doomed anyway. It is better for you to be a good influence on others than for you to allow others to be a bad influence on you.

Utilizing Time and the Management of the process.

How can I utilize my time to my advantage? Always be on time. When you have to attend an event make sure that you leave timeously taking into consideration the time needed to travel to your destination. You can never make up for lost time and no amount of rushing or cutting of corners will enable you to do so.
Make sure that you start work on time. Try to arrive at least ten minutes before your starting time as this allows you some time to settle in before you have to start working.
Have you ever noticed how much smoother your day runs if you are early? When you arrive at work late, you start your day at a disadvantage as you are rushed and thrown off balance. And it is at times like this that everything seems to go wrong. When you are on time, you are calm and relaxed and able to cope with the pressures of work. People who are constantly late are always flustered and rushing around trying to make things happen. They scream and shout and bark out orders to other people in an often disrespectful manner leaving a bad taste in the mouths of the people they have to work with. As a result they overlook important things. Plan your day in such a way that you also have time to do nothing. In this way you will not feel as if you are wasting time.