Business people and their corporations need to be reminded about their role and responsibilities. The following issues need special attention today:

1. Globalization should mean that all people are considered to comprise one family. All human beings should be treated with respect, equality, and fairness. Exploitation of one group by another should stop. There should not be any division among people because of their race, color, nationality, gender, or faith.

2. The resources of the Earth are not only for us, we share this biosphere with other species, and so we take care not to waste or destroy them.

3. We should use the Earth’s resources with great care and should remember that we have a duty to leave this world in a better condition for the generations to come after us.

4. Human beings are one family, although we have our differences. Diversity is natural and beautiful. We should try to understand other people’s religions and cultures and we should be sensitive to their feelings and emotions.

5. The universal golden rule states, “Love for others what you love for yourself.” We should try to empower others and work to eradicate poverty, hunger, illiteracy, disease, and unsanitary conditions in the world in order that all people can live in peace and happiness.

6. Businesses should promote ethical and moral behavior in their corporations, as well as in the world at large. People involved in business should always be honest, truthful, and fulfill all promises and commitments. We must eliminate fraud, cheating, and cut-throat competition.

7. We should also promote more political freedom, open debates, participatory democracies, and representative governments.

8. We must encourage and support an educational system that promotes openness, dialogue and that guards against fanaticism. Our educational system should not teach every view in the absolutist terms. Our children should be taught about the multitude of perspectives and one should be open to other points of view.

Source: Zaharuddin.net.

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Feel the emotions of current financial crisis. Sad Guys on Trading Floors.

The value of money resides in the confidence of those who use it.

Historically, the value of money has been vested in an object and has taken many forms: cattle (source of the word “capital”), iron, gold, silver, diamonds, shells, and numerous other things. Nowadays, vast amounts of money are not even objects – they are merely computer entries in a databank.

Whether an object or a computer entry, money is based on a social agreement to recognize value. This allows the entry in the computer or the object to be accepted in exchange for goods and services or for the settling of debts.

Today, our main means of exchange are coins, bank notes, and bank accounts. Cheques, credit cards, and debit cards are frequently used to transfer money. The various forms of money, institutions, and markets are part of a country’s financial system.

Money has three principal roles. It is:

A means of exchange - Without money, we would have to exchange goods and services directly - what is known as barter. Money simplifies these exchanges.

A unit of measurement - As a unit of measurement, money allows us to compare the value of goods and services. It is both the standard for pricing goods and services and the means of buying and selling them.

Money also allows us to compare costs, income and profit across time. As such, money is the foundation of the accounting system, which allows us to plan and make economic decisions.

A means of storing purchasing power for future use - As a reserve, money allows us to accumulate savings over time and to lend those savings to someone else. It makes it much simpler for us to make contracts - promising to do something now for payment in the future.

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The world economy is heading for a financial crisis; however, your business doesn’t have to suffer during these hard times.

Some businesses thrive during a financial crisis while others slowly wilt away. Believe me, your business can thrive too, but it doesn’t happen by accident. It all starts with attitude, attitude drives behavior, and you become what you believe. The ability to respond to economic changes - separates the capable business owner from the rest.

Consider these simple business plans:

1. Increase the frequency of communications with existing clients - Listen for changes in budgets and proposed spending levels. Be aware of clients’ perceptions of pricing and quality of work performed.

2. Anticipate market changes - Stay informed about projected industry spending and purchasing trends.

3. Evaluate market opportunities - Explore ways to position services that meet perceived client needs.

4. Promote, promote, promote - When everyone else cuts back and you maintain your investments in promotion, you may effectively double your exposure. You must inform prospects how your products and services satisfy their perceived needs.

5. Manage cash - Review existing collection policies for needed revisions and speed up procedures to increase collections.

6. Use resources effectively - Implement efficient methodology and eliminate waste and non-profitable areas. Get rid of “dead-wood”.

7. Insure profitable operations - Lenders, buyers, or investors are not sympathetic to large losses incurred - even in difficult economic times.

8. Plan carefully - Prepare budgets and analyze operational variances routinely.

Stay focus!

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