Category: Business Management

Management is the art of doing work by others and with others. Management is thus the art of managing the things. There are many questions about management within the minds of the inquisitive entrepreneurs. The work of managers is to make plans regarding the achievement of the various goals of the organisation.

Management comes through experience as well as leadership. It is a well known fact that a man is known by the company that he organizes. Kenji Trotter suggests it is very important for the managers to have a positive approach about management. It is also said that the management is the efficiency of the managers itself. The efficiency of any firm or the organization entirely depends on the kind of the management.

Business & market consist of the various types of the management requirements. Business and market is one of the wide worlds that are used in the corporate world. Business can be defined as an organization that deals with the buying and selling of goods as well as services and the aids to trade.

The business management defines the height of any enterprise or the organization and how far it can progress in the near future with the given managerial and organizational structure. The business can be of profit motive as well as for non profit motive. There are also various kinds of the businesses like the sole proprietorship, company or the partnership firm. There are also various kinds of the aids to trade like the service, banking etc.

Similarly marketing is also one of the most important aspects of any business organization. Marketing is also the process of understanding the customers in order to provide the finest goods as well as services to the customers. Marketing is also the wide function of the business. The marketing involves the market analysis, market segmentation, marketing strategy etc.

Marketing can also be direct marketing as well as the indirect marketing. Marketing mix is also popular these days. It involves the product, price, place as well as promotion. Advertising media is one of the most important aspects of the marketing business. Business marketing altogether includes the institutions, the government as well as the business to promote the products and the services to the other companies for various purposes.

The business marketing is also known as the industrial marketing. Business and market has secured a great demand in the world of today. Therefore the management of such a business & market is one of the most important aspects nowadays.

Payroll software is a software to compute employees salary based on their basic income, overtime with other allowances & deductions. And the payroll software must able to compute the income tax details at the end of the year and monthly provident fund contributions, etc

In Singapore there are few mandatory monthly contribution must be made to relevant departments like CPF (Central Provident Fund), FWL (Foreign Workers Levy), SDL (Skill Development Fund) CDAC, SINDA, MBMF.

CPF: This fund is management by a Singapore government body called Central Provident Fund. The objective is, to provide retirement income & housing options to the Singapore Citizens & residents. This CPF amount varies depends on the employees income & age. There are different set of percentage set by the CPF board to calculate the employees & employers portion.

It is mandatory that the employee must deduct the employees contribution from their salary and must send it to the CPF board together with the employer contribution before 14th of the every next month. It is a basis function that any Singapore payroll software should able to compute the CPF details as per CPF board regulation and should have the online facility to send it the CPF board directly.

SDL : This SDL (Skill Development Levy) is contributed by the employer only. Currently 0.25% of the employees salary up to S$4,500 must be contributed by the employer. This fund is managed to provide quality training to the Singapore employees workforce. Now the government is offering up to 90% subsidy to the qualified skill & training programmes. The payroll software should have the capable to calculate and should have the online facility to send the details to the CPF board.

CDAC, SINDA, MBMF: these are the community funds independently managed by the relevant ethnic organisations. Singapore government makes it mandatory that the entire employees must contribute to the respective organisations. The employer should deduct the relevant ethnic funds and must contribute to the CPF board every month. So the payroll software should have the option to calculate and online facility to contribute to the CPF board.

IR8A : It is a employers duty to send the employees yearly income to the IRAS (Inland Revenue Authority of Singapore). And the IRAS make it mandatory that the entire Singapore employers should contribute it via online method called Auto Inclusion. So the payroll software should able to combine the whole years employees income and should able to print out the IR8A forms which can be given to the employees for their reference. And the payroll software should have the Auto Inclusion online facility to send the income details directly to IRAS.

In addition to that good payroll software should have the option to print out the payslip. It must clearly show the employees basic salary, allowances, deductions and CPF & other ethnic fund deductions. At the end the payslip should have the net salary for the months and option to view the Year to Date details as well.

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According to “Fortune Magazine,” the third most admired company in world is Berkshire Hathaway. When we think of Berkshire Hathaway we think of its head one of the wealthiest man in the world Warren Buffett. What business principles we learn from Warren Buffett? What is his magic?

Strategic Approach

Warren is one of the best investors in the world. His approach is simple. He does not buy stocks as much as he buys businesses. He focuses on a companys value, its stock price and its risks. He looks for companies with strong brands, simple business models, a good return on equity with a lot of debt.

If the price of a firm is less than its value, Warren is interested. In doing his homework, he studies the firms competition, ignores what analysts have to say, and pays little attention to fluctuating market trends. In fact when the market is down, he believes that may the best time to buy.

Jim Collins’ Lens

Let’s start by looking at Warren from a perspective of what Jim Collins teaches in his seminal book “Good to Great.” The book was the result of Jim’s research, where he led a team in a five-year study in which they “scoured a list of 1,435 established companies to find every extraordinary case that made a leap from average results to great results.”

Jim describes the best leaders of the companies that became great as “level 5″leaders. They are ones who built “enduring greatness through a paradoxical blend of personal humility and professional will.” A level 5 leader is first and foremost ambitious for the cause.

Humble Style

Warrens humble style is refreshing. He has simple tastes. He doesnt wear expensive suites. He lives in the same home he bought in 1958. And, he drives his own car. Warren also is famous for how he makes fun of himself. One of his one-liners is, “I buy expensive suits. They just look cheap on me.”

Professional Will

Warren is driven as demonstrated by his almost incomprehensible wealth. Warren looks not only for businesses that are a good deal, but he looks for leaderships who have long tenures of success in their business and who are deeply passionate for the business.

Back to Jim Collins – the Hedgehog Concept

Jim’s team came to simple but powerful conclusions. One important point they make is referred to as the “hedgehog” concept. A key to greatness is finding the intersection, referred to as the sweet spot, between your talent, passion,and economic opportunity.

When we look at Warren from the “hedgehog” framework, we find simple insights:

Passion: What are you deeply passion about?

Talent: What you can be the best in the world?

“I was wired at birth to allocate capital and lucky enough to have people around me early on-my parents and teachers and Susie [his late wife]-who helped me make the most of it,” Buffett told Carol Loomis of Fortune magazine in the June 25 issue.

Economics: What drives your economic engine?

Finding great companies and leaders and investing for the long-haul.

Warren found his passion and talent in life and focused. He became one of the most successful and richest investor in history.

The reinvention of global business education may just be in India. The business school sector is booming and many future CEOs graduate from B-schools like IIM or ISB. Leveraging the lessons learned by the Western world’s business schools, Indian B-schools are creating a niche management education system that will prompt economic growth. This has given them a unique opportunity to become the ultimate state-of-the-art laboratory for global business education innovation.

Many foreign universities are finally seeing the light and are collaborating with Indian institute and are sharing their experience. Some examples being Oxford, Cambridge, Harvard and Wharton and now adding to the repertoire of foreign universities is Wigan and Leigh College which is a Manchester based college now forming ties with India in Pune, Nagpur and Bombay.

There are many advantages of having an education especially in business management from a foreign university. Although India has produced some of the best entrepreneurs from IIM and IIT and other such institutes, most of them don’t have a global perspective to how business works and have learned the hard way.

Giving the students an education with global perspective will not only give the advantage of an international level education in India, but will also help in the prevention of brain drain phenomenon, retaining the best talent in the country itself. The Indian economy will also remain stable as the money utilized by the foreign universities will be spent on the development of courses for the Indian students.

The Wigan and Leigh campus in Mumbai offers a prime business management program for students who cannot afford to or would not prefer to go abroad and complete their higher education. Not only does the college has world class faculty with years of experience and foreign exposure in various sectors like fashion, advertising, business management, media and design but it also offers to train experienced professionals who want to gain a perspective on global business opportunities.

In business, the aim is expansion, and elimination of competition. If the senior management has a fixed and logical strategy they will be able to effectively guide their employees towards a brighter future, both for the company and employees. Indian B-schools do not only teach management education but they teach ethics and human resource management in order to actually understand their employees.

India has emerged as the second-largest producer of management graduates in the world with more than 100,000 graduating every year. With many entering this field, this number is expected to go up further. This trend started with Indian B-schools opening up campuses abroad to cater to the demand of Indians settled abroad. A number of B-schools are setting up offsite campuses in the Middle East and South East Asia. In the Middle East, Dubai is a favourite location for Indian B-schools, considering that it is home to numerous Indians as expats or workers.