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Role of a Finance Manager

Finances runs the world, yet so many people are scared to learn about it.

Crispin Nkya

MBA/ Finance student

Business Analysis 

Now that we are almost at the end of decade, 2019 has been a roller coaster in the financial sector with interest rate news, trade wars, politics and recession news it’s time to reflect.  The United States is still on the driver’s seat, but we as individuals have no time to waste but make sure that our checking, savings, investments, businesses are healthy in the years to come…. This is an opportunity to learn about your cash flow, taxes, credit management and much more.

Creating my own space in the world, one post at a time…. Crispin Nkya

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#InvestInYou #Finance #BusinessAnalyst #recruiting

 

Role of Culture on International Expansion

Crispin Nkya

MBA/Finance Student

Culture is defined as the customary beliefs, social forms, and material, traits of racial, religious, or social group. Corporations have to look at all aspects before expanding internationally as part of the strategy. Culture plays a big part in everything we do and business is no exception, there has to a great benefit and strategically sound for a corporation to take that leap. Questions like how the social dynamics work, are people educated or have the skill set to perform the jobs in those countries that are in par or even better than it domiciles country? How the social norms and forms can be part of the overall business, example one cant expand an alcohol making  product to a Muslim countries like the middle east because that will go against the social fabric. A corporation also needs to be mindful of the beliefs of the society it’s expanding its operations and how those beliefs will be part and parcel of how the organization operates on its day to day dealings. Organizations have been doing this for a while even though there are great risks involved, and they will continue in the near future as long as it’s profitable, the politics and the infrastructure keeps supporting it. Businesses small and large should really have a strategy on how to intertwine culture and business because it’s the only way to make a business successful.

Creating my own space in the world, one post at a time…. Crispin Nkya

#InvestInYou #WalkTheTalk #SiezeTheMoment #Motivation

GAAP and IFRS explained

Crispin Nkya

MBA/Finance Student

General accepted accounting principles  popularly  referred to as GAAP, encompasses the details, complexities, and legalities of business and corporate accounting  .International Financing reporting standards known as IFRS are a set of accounting standards developed by the independent, not-for-profit organization formed by the international accounting standards board that provides global framework for how public companies prepare and disclose their financial statements .

The comparable are many; they use the standard income statement, a balance sheet, and a statement of cash flows. These things make it easy for one to be able to understand regardless of what reporting one want to follow. The main difference between two is how the revenue recognition is treated. GAAP can allow delaying declaring revenue on a specific time which something that is not allowable with IFRS to hold recognizing revenue as the as recoverable costs spent. With IFRS specific procedures are followed under the entity while GAAP interpretations basically laid out for the entities to follow step by step. When it comes to asset valuation the IFRS allows assets to be re-evaluated upwards while with  GAAP assets can only be written down.  

Looking at all these factors I would recommend the company to use the IFRS rules while of course being aware of the US GAAP. The rationale behind is the future of many business now is global, yes the US GAAP system has tremendous incentives to use but with a company worth 10 billion, our focus should be what is more acceptable more globally and we can figure out how to handle the United States operations strategically.

Creating my own space in the world, one post at a time…. Crispin Nkya

#InvestInYou #WalkTheTalk #SiezeTheMoment #Motivation

The U. S. Currency 2020

Crispin Nkya

MBA / Finance Student

The United States currency is considered one of the best, most respected  and strongest currency in the world mainly because it has for generations been the main currency that most countries use in their global transactions. There are two major things known to be affecting currency that the United States has really mastered better than others and those are domestic economic performance and political stability, which drive global trading flows into, or away from, a currency. This has given the country a strong hand in everything we do, it has contributed not only our nation’s economy but to our friends and neighbors, one can even urge that it has helped spread democracy in places that wouldn’t have otherwise if didn’t have the money to spend on those areas in establishing democracy. We are more competitive in anything we do because we are able to competitive than other nations. Our ideas are respected globally because we are known to be able to afford to keep our promises. We are able to respond financial meltdown more than most other nations because in order for their economies to get back on track they need foreign currency which means American dollars. Controlling the global currency means we are almost the World Bank in terms of transactions, giving us the ability to get loans cheaper for our projects and also turn around and loan the money to other countries at a higher interest to make money off the interest they pay us. It’s a national security advantage to have a strong currency because we are able to maintain peace in other countries by infusing money in their economies so as to stop possible threats to our nation through their security forces.

As a nation it’s in our best interest to have a strong currency and thus we should always focus on making strategic economical strategies to harbor and enhance that very concept. This compliments our global super power position and guarantees generational wealth and the foundation of the American dream.

Creating my own space in the world, one post at a time…. Crispin Nkya

#InvestInYou #WalkTheTalk #SiezeTheMoment #Motivation

Trans-Pacific Partnership Free Trade Agreement

Crispin Nkya

MBA/Finance Student

An idea set to become the world’s largest free trade agreement covering 40% of the global economy was signed by the former president Barack Obama with the aim of expanding U.S trade and investment abroad, lowering consumer prices, creating new jobs with the aim of expanding United States strategic interests globally.

I think the United States of America should have joined because China is exerting more influence worldwide and the only other super power that has the means and tenacity to put China in its place. At the time of signing the anticipation would have helped eliminate more than 18000 tariffs that are on various US exports. It was also set to empower small businesses in the member countries by reducing the regularity complexities and risk of doing businesses in the member countries. It would have actually improved the intellectual property situation that has hurt more American goods than most other countries around the globe.

Looking in depth about what TPP Is and how beneficial it could be in the long run for the United States, I think it only makes a financial sense to be a part of it because we could actually be a great benefactor. Our small businesses will flourish, our patents will be protected, our relationships globally will be positive and most of all our influence in the commerce and political fields will help maintain our global dominance in all we do.

Creating my own space in the world, one post at a time…. Crispin Nkya

#InvestInYou #WalkTheTalk #SiezeTheMoment #Motivation #TheWinemaker

Leadership Action Plan

Crispin Nkya

MBA / Finance Student

 Business Leadership 

Running a business requires an action plan that works, the cumbersome that comes with running a business big or small can be costly, thus leaders accrtos the board have to have a sensible action plan for success. Below is an example a simple action plan to enhance team collaboration and efficiency.

Interdepartmental Communication

  • Collaborate with all leaders to implement cross functional projects.
  • Host small interdepartmental networking events.

Commitment to Customer Experience

  • Decipher the reasons behind current perceptions.
  • Implement plans to address reasons and reinforce desired perceptions.

Lower Attrition

  • Empower frontline managers run their teams with common sense.
  • Continue to find ways to motivate the team.

Culture and Engagement

  • Define in detail our desired culture.
  • Facilitate monthly focus group meetings with frontline managers and leaders.

Creating Efficiency

  • Conduct and informal time study to review against KPI’s and Identify areas of lag.
  • Establish goals for each KPI ad implement a plan to drive improvement.

Creating my own space in the world, one post at a time…. Crispin Nkya

#InvestInYou #WalkTheTalk #SiezeTheMoment #Motivation

 

 

Covid-19 Financial Impact

Crispin Nkya

MBA/Finance Student

It’s safe to say that Covid19 has changed the way businesses operate and interact with their customers like never before. With millions of people working from home, hospitals overwhelmed like never seen before in the last 80 years, this pandemic has definitely shown the cracks in the system. It’s just a matter of time before the elephant in the room will be the main topic. Below are few things indicators that there is a financial crisis that unfortunately some businesses might not be able to survive and as the global pandemic keeps looming, the change is here to stay.

Restaurants, Gyms, Hotels and small businesses in crisis.

-1/3 of Americans haven’t paid their rent as of 04/12/20.

-Food and medical supply chains overwhelmed.

-Unemployment skyrocketing.

-We are borrowing more money as a nation to stabilize the economy.

-The Fed is using all its nuclear options available and the interest was already low before the pandemic.

The question in executive offices even the federal government is how should we stabilize the bleeding? What can we do to protect our financial wellbeing Incase of future pandemics? What does it mean to have employees in one area?

Solutions

Use technological advancements to come up with ways predict downfalls like this.

-Invest In telecommuting strategies.

-Diversification is key.

-Hiring and training employees tot handle unprecedented situations like these in the future.

Creating my own space in the world, one post at a time…. Crispin Nkya

#InvestInYou #WalkTheTalk #SiezeTheMoment #Motivation

Why People are Loyal to Apple Products

Crispin Nkya

MBA/ Finance student

Business Analysis

I would definitely choose Apple Inc. ethical code of conduct as a guidance and take a lot of things from them to replicate in my business. Their focus on their consumers to produce better products with the best Innovation. There are a lot of good things that the company has displayed internally and externally from their security features, focus in the future, that are set to protect the customer at great costs even if it’s going against the federal government.

We currently live in the world where all your information is out there and some people are companies are not keen to respect that causing the ever growing security challenges. The fact that Apple’s ethical stand when it comes to privacy is one of its core beliefs and pillars is that privacy is a fundamental human right and it’s one of its core values is a breath of fresh air in my ears and so many in the world and I would definitely want that replicated in company. Just knowing their products protect the photos, messages, map history and throw away trackers is exactly why they have survived ad continue to be successful. Apple’s commitment to the highest standards of social and environmental responsibility and ethical conduct, labor and Human Rights, antidiscrimination, fair treatment, wages and benefits, has set the company apart from other technological companies. The fact of the matter is operating such a vast business across nations, and cultures is a strenuous job that requires a lot of effort, constant training, understanding and vision in order to maintain high ethical standards and apple for the most part has been very keen on this aspect. This shows that leadership has made this a priority in all their decision making from top to bottom.

Looking at this humongous company from an outsider and consumer and how well it has done for his stakeholders, I will definitely replicate this in my business and leadership roles because not only is it profitable in the long run, but it’s also the right thing to do and has to be done.

#InvestInYou #CreatingMyOwnSpace

Lowering Business Risk During Pandemics like Corona Virus

Crispin Nkya

MBA/ Finance student

Business Analysis 

It’s safe to say this current situation is a global pandemic. All the countries in the world are going through this unprecedent situation and there’s really no blueprint on how to move forward.

A few things a business can do to lower it’s financial risk;

1) Have IT contingency plan on how to deal with situations like this in the future.

2) Utilize the use of work from home capabilities via the internet.

3) Come up with a compensation package for situations like these in the future.

4) Communicate clearly with your employees at all times about the threat and procedures put in place.

5) Show empathy and understanding of the situation.

6) Create a fund for these rainy days in order to meet payroll.

Creating my own space in the world, one post at a time…. Crispin Nkya

#WalkTheTalk #SiezeTheMoment #Motivation

 

 

Alcohol Regulation VS Business

Crispin Nkya

MBA/ Finance student

Business Analysis

Indiana regulation for alcohol is well known for generations to be one of the strictest, and clearly after a lot of research it makes one wonder if the prohibition really ended for some parts of Indiana and Midwest as a whole. As a wine maker who has been trying for the last couple of years to get everything in place to start my own winery, the Indiana alcohol regulations for Vintners is truly a headache and should be improved. The regulation Under 26 U.S.C 5042 and the implementing regulations in 27 CFR 24.75 prohibits the sale or offering to sale of homemade wine and specifically classifies that the only type of wine that qualifies to be sold has to be produced at a fully qualifies bonded wine premises, which for many small non funded individuals like me is next to impossible (May I sell home-produced wine?, nd). I understand the control of alcohol to the masses but it seems that regulations like this along with the one passed in 2006 by the General Assembly prohibiting farm wineries from self-distributing unless they obtained a micro-wine wholesaler permit doesn’t make any sense whatsoever (Weismiller, 2013). The fact is the local and state government can make a lot of the much needed money if they can change these regulations, their job should be to confirm that these individuals are able to make wine which is safe and paying the taxes, the rest should be on them since this is a capitalist country.

The law should simply change to reflect the reality of life in 2020 both in moral and business needs and avoid as much as we from going back the old ways of thinking, or living our lives following the antiquated laws and regulations that really don’t serve anyone but the large corporations. Since the prohibition has ended years ago, I think it’s only fair that the government and state should actually find ways to work with small entrepreneurs that want to enhance the society as a whole.

Creating my own space in the world, one post at a time…. Crispin Nkya

#SiezeTheMoment  #Motivation #InvestIn You

 

Leadership Equals Influence

The leader in the room never has to say they are the leader. Always look for the main influencer, that’s the leader and not necessarily the guy/gal on the main chair in the boardroom.

Creating my own space in the world, one post at a time…. Crispin Nkya

#GoodVibes #Takingcharge