Life's Strategy Part 2

Step 5 – We would get an idea of our possible strengths and weakness. We have to again list it out, like for example, we are very good in dealing with people, in speaking, and our weakness may be poor in organizing. Let us use the data and fuel our strengths and consider outsourcing our weaknesses.
Step 6 – Developing the possible strategy. Having the data and the understanding, there could be only a few possible outcomes. If the external environment is doing well, in growth, adopt a plus strategy, example spend to upgrade you. If the external environment is stabilizing or maintaining, adopt an equal strategy, example to take chances to spend or focus on cutting back. If the external environment is not doing well, on a decline, adopt a minus strategy, example in a retrenchment stage consider downsizing your personal expenses. Just minus away the dessert, if you had originally planned to have an expensive meal.
Step 7 – Implement your strategy or take action. Confucius had a saying “ If you know something and don’t act upon it, is as though you know nothing. Take action reflecting the goals that you originally desired to achieve. If it does not do according to plan take action to control and alter your course of action.
Step 8 – Monitor and evaluate your progress. Is this what you truly want. If things do not go according to plan, what you should consider is to revisit you original goals and objectives and repeat step 1 to step 8. Before you know it, you would see a fantastic change in you and looking forward to a newer happier you. Say this mantra in the mirror 50 times, I Like Myself, I Like Myself, And I LIKE MYSELF.

Life's Strategy Part 1

lease bring out the CEO in you and take charge of life. We are all winners, as we beat hundreds and hundreds to come into the existence of a human body. Claim our birth right, our throne, as we step forth on this beautiful place called earth, whatever we wanted, we just had to cry, with our diapers or without our diapers, and we will be attended to. Let’s live life the way we should live it. Life is great, Life is beautiful. Now let me draw to the point, there are eight steps in strategically managing our life.
Step 1 – Identify or write down our goals, our dreams, our purpose in life, what we plan to achieve, how much, by when, doing what. Write it down. Don’t just think about it, ink about it. Like a pilot knows exactly his destination, we should also have clear, visual goals that we would want to achieve. Now, don’t get too carried away, write down smaller goals in life. Do baby steps, as every drop of water makes an ocean and a small leak can sink a great ship, let’s build this new and beautiful habit of writing it, reviewing it and changing it if necessary?
Step 2 – Analysing the external environment, we have to know what are we up against or what would be in our favour. Like for example, there might be more focus on the tourism or service sector, or falling interest rates would make it unattractive to keep money in the banks.
Step 3 – We would get an idea of the possible opportunities and threats out there for or against us. From the raw data of step 2, we could list down all the possible pros and cons. That would mean more possible job openings in the service sector, which we should equip ourselves, like for example the certified service professional course, and falling interest rates would make us think of whether to keep the money in the bank or money under our pillow or purchasing investments.
Step 4 – Analysing our resources or our internal environment. We have to list down our finances, what we own, such as assets, car, house, what we owe, such as credit cards, what we earn, our income and what we spend, our expenses, we should also list down the people that mean to us, our family, our friends, our academic qualification, our skill sets.

Some examples of planning

For example, planning involves:
• Determining the present position of the organisation
• Carrying out environmental scanning
• Formulating objectives/goals
• Identify specific activities to be carried out
• Set standards for each activity

Be Responsible

Responsibility refers to the obligation of an employee to complete all the assigned duties. The job activities are normally spelt out in a document called job description. Responsibility is made specific, by dividing the job activities. By assigning specific individuals for the completion of specific job activities, manager can hold an individual responsible.
Managers must make sure that no more than one person is held responsible for the completion of same activity.

The Plan that you can manage

Planning is about deciding organisation’s goals. Managers think and agree on specific goals and actions. Planning is also about identifying strategies for achieving the goals. Planning is considered as the primary function, because it provides the basis for all other three activities.

• Planning involves short-term and long-term.

• Planning provides directions for the activities of the organisation and coordinate the efforts of various departments.

• Planning is aimed at making an organisation work more efficiently towards the achievement of goals.

• For example, when a manager decides to increase the sales by 15 per cent during the next 12 months by introducing new range of products is involved in planning.

Purpose of Planning

Planning has many benefits. Planning forces managers to look at the future. Without planning, managers may be too occupied with the day-to-day operation and problems.

With planning managers anticipate future problems while pursuing the goals. This helps to reduce uncertainty.

Planning enables the organisation to direct its resources to make things happen

Planning encourages greater cooperation and coordination among the various groups in the organisation. This improves better utilization of organisational resources.

Planning reduces waste and eliminates duplication of activities.

Planning sets standards that can be used for purpose of controlling.

Wealth Management Strategies

Many Singaporeans in the present age are caught up with their day to day work that they do not focus on the most important pillars in their lives. There are four major pillars when it comes to a business;

A) Marketing Function
B) Production Function
C) People Management
D) Financial Management

The same four pillars are very applicable to an individual who also has these applications in their lives.

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