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

 

3 Leadership lessons learned during this pandemic

#Leadership

Crispin Nkya MBA/Finance student

1. Everybody is not Alright.. You need to talk to your people in a personal level (A simple call may change someone’s day).
2. Clear, concise, and consistent Communication is vital… Since you are not in the same building clarity is key.
3. Humanistic leadership plays a huge part to success… Try to understand from their point of view and lead accordingly.

Creating my own path to success is why i started this journey.

5 Things Successful Leaders Do During The Pandemic

Crispin Nkya

MBA Finance Student

My dad always told me and my siblings, “Tough times is priceless education”. And it really never downed on me till I became an adult and had to adapt that myself in my daily life. Well, leaders have to constantly adapt and make things work in a fly, but as the world came to a halt in 2020 leader got not only the wrench but a whole sink in new territory. Suddenly millions of people with no desire, experience, or proper attitude to work remotely had no choice but to work from home. This removed the personal touch, follow through that most leaders where used to for decades. Leaders had to adapt through these times and still make it work in ways never thought possible. Below are 5 things that make a successful leader in 2021 and beyond:

1. Keeping lines of communication open, while being clear and concise at all times.
2. Using technology to make work flow fluid I.e using Microsoft teams, Zoom, Video conferences.
3. Asking feedback from direct reports on how to better communicate and implementing what is advised.
4. Trust but verifying every step of the way.
5. Finding ways to increase team engagements by doing things like throwing online parties, playing virtual games as a group, sending online vouchers for movies, gas cards, takeouts, Uber, DoorDash etc.

Creating my own path, one post at a time.

Delta and Business Dilemma

Crispin Nkya MBA/Finance Student

Food for thought: Taco Bell is selling fries, movie theaters have a full alcohol bar, McDonalds is facing massive competition on breakfast and Amazon planning to open retail stores.

Businesses are going through situations that no book, guru, or strategies could ever foresee and if someone is telling you they did then I have a fresh water body in the middle of Vegas and I’ll sell it to you on a discount rate. Question is what can a business do to fight this wave of uncertainty? The answer is more clear now that it has ever been… Adaptation is key, successful businesses have known this since the history of time and those few that are keen, not only will they survive these hard times, but will eventually come out on top and even thrive.

Is your business on survival or thriving trajectory?

Creating you own Financial path

Delta Variant and Business

Crispin Nkya

MBA/Finance Student

Newton’s third law of physics simply stated for every action, there is an equal and opposite reaction. One might ask what does this have to do with my business? Well, the delta variant further pushes the likelihood of going back or close to what we deemed normal. Meaning that if your business was affected due to pandemic, you still have more to worry about. But like Newton’s law shows us, the input you have on your business could be the difference between your business closing for good, surviving, or profitable.

What can you do?

• Know your finances to the T
• Plan ahead
• Research and enhance your branding
• Keep up with the federal/state updates
• Focus on growth strategies.
  Creating my own spot in the world … Crispin Nkya #Business #Strategy

Is there hope for the travel business?

Crispin Nkya

MBA/ Finance student

The hospitality industry has gone thru so much before this COVID-19 pandemic and somehow it has survived thru it all. Question is can they survive this? Talking to anyone in the hospitality industry, the conversation turns to almost desperation. One even said “You can have all the financial backing, business and financial plans, but nothing prepares you to losing move than 80% sometimes even 100% of your business for more than 12 months”. Expenses like taxes, utilities, insurance, employee benefits, payroll, branding don’t stop. One lodge owner who depends 100% on out of town tourist said “The future is bleak”. This not only affects the business owners, but also the employees, cities etc.

The questions that I get a lot at this time are; Should we close the business? Should we mortgage our house? What else can we do? Is there assistance from the government? How do we pay our bills? Should we just change our type of business? Should we looking for more investors? The answer is not simple, considering that no one really knows when the world will open up back for business.
My advise is decide what’s best for your business, do your research, see how much risk you are willing to accept, always have a financial consultant by your side and go with your gut.

Creating my own space in the world .. Crispin Nkya

#DareToTry

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 across  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