Managing Work Related Stress

Executive Summary This study seeks to provide knowledge about workplace stress management.   Literature is reviewed to provide an overview of the existing studies regarding stress management in the work environment.  Specific stressors are identified describing how they affect workers.  The impact of stress on decision making is also examined showing how stress among managers and workers affect impede effective decision making. Strategies that can be used…

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The Benefits and Threats of Artificial Intelligence (AI) and Machine Learning

Executive Summary This research seeks to explore the benefits and threats of artificial intelligence (AI) and machine learning. A deep literature review is carried out bring to light the current status of AI.  AI is defined, and the two main types of AI discussed. The myths and facts about AI are discussed to clear the misconceptions surrounding AI.  Technological singularity is then explored to show the…

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How Small Businesses Can Overcome the Lack of Capital Problem

Lack of capital is a common problem facing most small enterprises. The ability of a small business to grow into a large company depends on the availability of capital. Saving capital is therefore vital in these enterprises to make them realise organisational goals using minimal capital. Protecting the working capital is imperative to ensure the business continuesoperating despite the low capital injection. Working capital refers to…

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Human resource management in a small business

Human resource management in a small business is concerned with ensuring the enterprise benefits maximally from its workers. People are the most critical resource due to their massive contribution to the realisation of organisational goals. Below is a list of six areas that can help small businesses to effectively manage their workers to be on the path of growth and profitability. Hire the Right People Small…

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Why Small Businesses Fail

Small business fails due to many reasons, and it is necessary to evaluate some of the main reasons to guide entrepreneurs. Evidence shows that over 90% of start-ups fail which warrants investigating the forces driving the high level of failures among small businesses. Below are some of the main reasons why small businesses fail. 1.Poor management Management is concerned with using people and other resources to…

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Engaging in Profitable Macadamia Farming in Kenya

In the past one decade, farmers of traditional cash crops such as coffee, tea, sugarcane, and cotton have remained a disappointed lot due to the dwindling prices. The collapse of these cash crops has led to farmers exploiting other farming ventures to fill the financial gap. One of the best ways of fixing this mess is macadamia farming which has proved to be a lucrative business.…

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Business/Company Profile

   A company profile is a document that gives information about an organisation.  Providing organisational information is vital as it helps external stakeholders to understand the company.  It plays an essential role in bringing crucial stakeholders on board by providing positive information about the firm. A company profile varies in size as organisations differ regarding age, size, product portfolio, and geographic dispersion among other factors.  A…

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Exploiting the Blue Ocean Strategy

Blue ocean strategy was advanced by Chan Kim & Renée Mauborgne  in the year 2004. This strategy emphasises on creating and exploiting uncontested market spaces. In other words, it makes competition irrelevant since a firm moves into new market segments that never existed before that are characterised with zero competition.  Applying this strategy requires a firm to not only create new products but also differentiate the…

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8 Key Sources of Competitive Advantage for Small and Medium Enterprises (SMEs)

The world’s largest companies started as small businesses and exploited different sources of competitive advantage leading to sustainable growth. The ability of a micro-enterprise to grow into a medium enterprise and eventually a large company depends on how best sources of competitive advantage are utilised.  There are many sources of competitiveness, and it is the manager’s responsibility to monitor the environment to identify these sources.  The…

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The Importance of Internal Audit

Internal audit is the process of evaluating the organisation’s internal controls, risk management, and governance to give an independent opinion whether the organisation is operating effectively.  It, therefore, provides a basis for improving processes and system that supports organisational growth and sustainability. It involves a detailed examination of a business process to identify innovation opportunities that make an organisation competitive.  Internal audit is essential in both…

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The Role of Emotional Intelligence (E I) in Management

Emotional intelligence refers to the ability to understand and manage own emotions as well as those of others.  The work environment is characterised by complex relationships that impact organisational performance. Positive relationships that are based on mutual understanding lead to cooperation that supports the realisation of organisational goals. On the other hand, constrained relationships that stem from the absence of emotional intelligence in leaders and followers…

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The Importance of Societal Marketing

  Societal marketing is a marketing concept that gives priority to safeguarding society’s interests. Other marketing concepts focus on promoting profitability, and satisfying customer needs that puts the human welfare at stake. Societal marketing, therefore, seeks to address the shortcomings of other marketing concepts. The concept is based on three pillars which are company, consumers, and society. Company (Profitability) A business is created to increase the…

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What is market research?

  Market research is the systematic process of gathering information about market needs and preferences. The long-term success of a company depends on the ability to align products and services with the prevailing market needs.  Successful marketers monitor potential and actual customers to identify the dynamics in needs and preferences. All marketers desire to grow the market share which necessitates implementation of strategies that seek to…

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Social Media Threats to Businesses

Social media threat  remains a hot topic in today’s business environment. Social media is a valuable communication tool that is used to not only improve corporate communication but also to cut communication costs. Businesses create social media profiles to collaborate with different classes of stakeholders. The social media provides a means for reaching a large number of stakeholders at a minimal cost and within the shortest…

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Characteristics of a Good Business Opportunity

An opportunity is an opening in the environment that when exploited can create economic value. Exploiting an opportunity involves risk and resources commitment that makes it necessary to make informed decisions when committing to an opportunity. Low capital requirement A good business opportunity should be cheap to finance.  Access to capital is a major impediment to entrepreneurship implying that entrepreneurs should focus on ideas that are…

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BCG Matrix for Small and Medium Enterprises

SMEs face the challenge of implementing an effective growth strategy. BCG matrix is a strategic planning tool developed by the American firm, Boston Consulting Group to aid businesses in implementing a growth strategy.  The matrix provides a sound basis for evaluating products and strategic business units(SBU) thus helping a firm to ascertain the current and future value of each unit. As a result, a business can…

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The Product Life Cycle Concept

The product life cycle concept follows the stages of a product from its inception to its decline. This cycle guide strategy formulation as each stage calls for a different action.  The concept provides valuable insight to companies that introduce a new product as it supports the comprehension of profit, cost, and revenue trends in a competitive environment. The Product life cycle plots revenue and profits in…

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Outsourcing Payroll Processing: Kenyan SMEs

Payroll processing refers to the process of computing employee pays. Its inputs are the total worked hours, deductions, and pay rate among other elements. The end products of the process are net pay figures, statutory deductions and their submission to the relevant authorities, and summarised reports. SMEs in Kenya face the challenge of processing payroll due to their inability to hire professional accountants on a fulltime…

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