KNOWLEDGE CENTRE, CULTURE & INTERVIEWS

How to Create a Roadmap of Business Success through Strategic Planning

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1 year ago

November 11, 2022

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A business needs constant tweaking and analysing past results to unite the strategies and embrace success. Creating a business roadmap is not easy; you need to analyse the performance of the business and assess the potential threats, opportunities, and key performance indicators. Business roadmaps help organisations of all sizes to innovate and scale. Regardless of the market or the industry, the roadmap is a crucial tool that helps everyone in the organisation evaluate the key objectives, take respective actions, communicate status, and more. A business strategy online course offers guidelines to help create a well-drafted business roadmap.

What is a business roadmap?

A business roadmap is a certain plan of action helping to achieve goals and meet deadlines. The roadmap reflects your future path and how you are getting there. It is a detailed visualisation of the bigger picture and illustrates your major goals and key strategies.

A well-designed strategic roadmap is like a navigator and justifies the name well. It tells you where you are and directs you to reach where you are supposed to go. It serves as your plan for accomplishing the overall business objectives. Good strategic roadmaps are well-thought-out papers enabling entrepreneurs to make informed decisions. Irrespective of what the business plan serves, it is essential to make it detailed and easily navigable.

Why do you require strategy roadmaps?

Strategy roadmaps are practical and agile teams often outline the plan to meet the goals. However, several leaders often lack the means to achieve the vision. This is where strategic roadmaps are useful for your team members to make informed decisions. A strategic planning course lays the stepping stones for a concrete roadmap to attaining business success.

Tips for creating a strategic roadmap

Ascertain the mission and objectives:

This is the first step that helps in the planning process. It decides the mission of the company, the vision, and the goals to understand its objectives. Then, guided by the business vision, the measurable objectives can be defined to measure the earnings growth, the market share, the business position of the company, and the organisation’s reputation. A business strategy course helps you assess the mission and objectives well and to proceed with the next step without facing any challenges.

Create a roadmap that is visually clean and compelling:

It is crucial to create a roadmap that is a powerful way to help you acquire buy-in on the strategy. A few teams care profoundly about creating the right impression through their roadmap and understand the value of the visual. In today’s agile world, updating a graphic or spreadsheet every time the roadmap is updated can be tedious. Hence, it is ideal to be strategic in choosing the right tool to build the roadmap. An executive strategy course offers insights to create a roadmap that is visually clean and compelling.

SWOT Analysis:

This is a technique for understanding and analysing brand positioning. Now that you know the strengths, you must determine the benefits of the products/services. Analyse the best way to build a marketing campaign by finding the weakness. Next, assess how you can make the product better. Continue exploring the business as this can help you enhance the product or service. This helps to eliminate all errors and makes it more complete, and is essential to help you move forward and comply with your target market. From offering the target market a unique customer experience to creating a feature, it will outperform the competition. The analysis helps you reveal the crucial elements to create a concrete, clear plan to help you succeed. Enrol in an executive strategy online courseto avoid common mistakes that can break the roadmap.

Competitor analysis:

It is also essential to analyse the activities of competitors, which might be equally beneficial to the business. With most businesses using similar marketing strategies, competitor analysis helps to save you a lot of time and work in the future. In addition, the competitor analysis provides you with statistics to back up the assumptions that can improve the product. If you find it challenging to do a competitor analysis, an organisational strategy course can be helpful.

Plan your courses of action:

Once you have laid down the capabilities, it is high time to take the actions that bridge all the gaps. It is necessary to consider organisational changes whilst implementing new channels integral to digital marketing and popular for fuelling your growth. Initiate the process by identifying the priorities and focusing on those of high priority.

Generation of strategic options:

It is crucial to develop several different strategic options which might be available to the organisation. One of the most common mistakes in this process is that options are often not brought to the table as they are not perceived to be valuable enough. In addition, it is essential to convince the leadership team to articulate the logic behind a strategic option instead of moving directly to an evaluation stage. Therefore, enrol in a business strategy program to develop several strategic options.

Give a strategic justification for every item on the roadmap:

A roadmap is not just the feature list; instead, it must provide a persuasive case to build the product. With this in mind, it is recommended to have the roadmap include the reasoning behind each of the epics, themes, and other initiatives. This approach offers several benefits and enables your team to be more strategic in product decisions.

Set milestones in the strategic roadmap:

For team members working on the project, it is essential to prioritise milestones, especially for longer-term projects. They offer an opportunity to track progress whilst honouring the effort of the teams. The strategic roadmap is a journey that never ends, and the paths created might need to pivot with changing business trends. Create a concise business plan with a senior executive strategic programme that keeps communication and vision on track.

Conclusion:

Your business roadmap needs to be relevant, realistic, and visionary, and formulate a strategy to meet the goals and objectives. Having every detail on paper can scale the company’s success. It is important to craft a strong content plan and finish it by setting milestones that create a unified culture around the business and is the core for the business’s longevity. A business strategy online course can help you to design the ideal roadmap and give credibility to your strategic plan.

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KNOWLEDGE CENTRE, CULTURE & INTERVIEWS

What is Zakat al-Fitr and When to Pay it?

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3 weeks ago

April 9, 2024

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As the holy month of Ramadan draws to a close, Muslims around the globe prepare for one of Islam’s most significant acts of charity – Zakat al-Fitr. This pivotal practice not only marks the culmination of a month dedicated to fasting and spiritual growth but also emphasizes Islam’s deep-rooted principles of community support and compassion. But what exactly is Zakat al-Fitr, and when is the ideal time to fulfill this important Islamic duty? Dive into our comprehensive guide to understand the essence, timing, and impact of Zakat al-Fitr, ensuring you’re well-prepared to participate in this act of kindness and solidarity.

The Essence of Zakat al-Fitr

Zakat al-Fitr, often simply called Fitrana, is a form of charity given to the poor at the end of the Islamic holy month of Ramadan. Think of it as a purification tax for the fasting person, cleansing minor transgressions committed during the month. But it’s more than just a corrective measure; it’s a proactive step towards fostering community spirit and ensuring that everyone, regardless of their financial situation, can join in the joyous celebrations of Eid al-Fitr.

Timing is Key: When to Pay Zakat al-Fitr

The timing for Zakat al-Fitr is quite specific – it should be given before the Eid al-Fitr prayers. This precise timing ensures that the charity reaches those in need in time for them to make use of it for their Eid celebrations. Imagine you are preparing a banquet and want to ensure everyone has something to bring to the table. Paying Zakat al-Fitr just before Eid is akin to inviting everyone to join the feast, ensuring no one is left out of the celebration.

Who Should Pay Zakat al-Fitr?

Zakat al-Fitr is obligatory for all Muslims who have the means to do so. This includes adults and children, with the head of the household often paying on behalf of the young ones. Imagine if every member of a family plants a seed in a garden; over time, these seeds grow into a lush oasis. Similarly, when each family member contributes to Zakat al-Fitr, it strengthens the communal bonds and spreads happiness far and wide.

How Much to Pay?

The amount of Zakat al-Fitr is not measured in currency but in the staple foodstuff of your community – be it wheat, barley, dates, or rice. The Prophet Muhammad specified it as one Sa’a (approximately between 2.6 kg to 3kg) of food for each person. In today’s terms, many scholars suggest translating this amount into your local currency, making it easier to fulfill this obligation. Picture filling a basket with enough food to feed a family; that’s the spirit you are aiming to replicate with your contribution.

The Beneficiaries of Your Generosity

Zakat al-Fitr is intended for the poor and the needy, a means to spread happiness and allow everyone to celebrate Eid with dignity and joy. It is like sending out invitations to a grand dinner where everyone is a guest of honor. By giving Zakat al-Fitr, you are ensuring that the less fortunate are not forgotten but are instead an integral part of the communal celebration.

The Impact of Zakat al-Fitr: A Ripple Effect

The beauty of Zakat al-Fitr lies in its immediate and far-reaching impact. It is not just about the act of giving but about the connections and community it builds. Like a single lamp lighting others, your act of generosity can brighten the lives of many, creating a ripple effect of kindness and compassion that echoes beyond Eid.

Personal Stories of Zakat al-Fitr

Let us consider a story to bring this to life. Imagine a small community where every household sets aside a portion of their staple food for Zakat al-Fitr. As the collection grows, so does a sense of unity and anticipation. On the day of Eid, this collective effort translates into a shared celebration, with everyone -regardless of their economic status – joining in the feast. It is a beautiful illustration of how individual acts of kindness can weave a tapestry of communal joy.

Making Zakat al-Fitr Part of Your Ramadan

Incorporating Zakat al-Fitr into your Ramadan practice enriches your spiritual experience, reminding us that Islam is a religion of balance – between personal devotion and social responsibility. As we seek closeness to Allah through fasting and prayer, we are also called to extend our compassion to those around us.

Embracing the Spirit of Zakat al-Fitr

As we approach the end of Ramadan, let’s embrace Zakat al-Fitr not just as a duty, but as an opportunity to express our gratitude for all we have been given by giving back to those in need. In doing so, we not only purify our own fasts but contribute to a wider celebration of love, compassion, and communal solidarity.

Zakat al-Fitr is a beautiful tradition that encapsulates the essence of Ramadan: reflection, renewal, and generosity. By understanding its significance and meticulously observing its practice, we not only comply with a religious obligation but also contribute to a more inclusive, compassionate, and joyful Eid celebration for everyone. Let’s carry the spirit of Zakat al-Fitr in our hearts and actions, making it a beacon of light that guides us from the sacred month of Ramadan into the rest of the year.

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KNOWLEDGE CENTRE, CULTURE & INTERVIEWS

Exploring Iftar Traditions Around the Globe

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4 weeks ago

April 1, 2024

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By Aamer Yaqub

As the crescent moon marks the beginning of Ramadan, Muslims worldwide prepare for a month of spiritual reflection, community, and of course, delicious food! Every evening at sunset comes Iftar, the time to break the fast and enjoy a shared meal with loved ones. But Iftar traditions vary greatly across the globe, offering a fascinating glimpse into different cultures. From savory dishes in Morocco to sweet treats in Indonesia, join us on a delicious journey as we explore Exploring Iftar Traditions Around the Globe!

The Essence of Iftar: Exploring Diverse Traditions Around the World

Imagine the Maghreb call to prayer echoing through the city as families in Morocco prepare for Iftar. The table is a colorful mosaic of dates, harissa (a savory tomato and lentil soup), and chakra (flower-shaped cookies coated with honey and sesame seeds). The act of breaking the fast with a date isn’t just a Moroccan tradition; it’s a practice deeply rooted in Islamic teachings and followed across many countries, symbolizing the simplicity and purity of the Prophet Muhammad’s (peace be upon him) own practices. This gesture, as small as it may seem, embodies the essence of Iftar: a return to simplicity, gratitude, and unity.

A Feast Under the Stars in the Middle East

Journey with me to the Middle East, where the Iftar scene transforms into a lavish spread under the stars. In countries like the United Arab Emirates and Saudi Arabia, families and friends gather in majlis tents to share Iftar, reflecting a sense of community and generosity. The air is filled with the aroma of spiced lamb, kabsa, and the sweetness of kunafa. The majlis, traditionally a place of social gathering, becomes a symbol of togetherness and hospitality during Ramadan, embodying the spirit of sharing and giving.

The Simplicity and Serenity of Southeast Asia

Our next stop is Southeast Asia, where the essence of Iftar shines through the simplicity and serenity of its observance. In Indonesia, the world’s largest Muslim-majority country, the breaking of the fast is often preceded by the consumption of kolak, a sweet coconut milk-based dessert with bananas and sweet potatoes. This humble dish highlights the importance of gratitude and moderation, reminding us that the spirit of Ramadan lies not in the extravagance of the meal but in the sincerity of the gathering.

The Communal Harmony of South Asia

In the bustling streets of South Asia, Iftar brings a moment of calm and togetherness amidst the chaos. Pakistan and Bangladesh are known for their Iftar bazaars, where streets come alive with vendors selling a variety of snacks and sweets. Samosas, pakoras, and jalebis are shared amongst neighbors and friends, illustrating the communal harmony that Ramadan fosters. It’s a scene where the rich tapestry of South Asian culture is on full display, with Iftar serving as a bridge between diverse communities.

The Global Melting Pot

As we journey from one country to another, exploring the traditions of Iftar, we realize that it is more than just a meal; it is a global melting pot of traditions, flavors, and stories. Each dish, each gathering, tells a story of heritage, faith, and unity. The essence of Iftar lies in its ability to bring people together, transcending geographical and cultural boundaries. It is a time when differences are set aside, and the universal values of kindness, generosity, and compassion are celebrated.

As the sun sets, signaling the end of the day’s fast, millions worldwide gather for Iftar, embodying the essence of Iftar: exploring diverse traditions around the world. This meal, far more than just nourishment, marks a time of joy, reflection, and community. Spanning from Cairo’s liveliness to Indonesia’s tranquility, Iftar traditions showcase a rich cultural tapestry. In embracing these varied customs and flavors, we uncover the unity and diversity of the Muslim Ummah. The essence of Iftar reminds us of Islam’s beauty and diversity, urging us to appreciate our global community’s shared values of community, gratitude, and reflection as we break our fast, infused with the spirit of Ramadan.

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KNOWLEDGE CENTRE, CULTURE & INTERVIEWS

How Does Ijara Financing Work?

Published

1 year ago

January 2, 2023

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Ijara financing is a type of Islamic financing that is based on the principles of profit and loss sharing. It is a popular financing option in countries with a large Muslim population and is also used by non-Muslim businesses and individuals who are interested in ethical and socially responsible financing.

In an ijara financing arrangement, the lender provides the borrower with the necessary funds to purchase an asset, such as real estate or equipment. The borrower then pays back the loan in installments, which include both the principal and a profit margin for the lender. The profit margin is calculated as a percentage of the asset’s value and is determined based on market conditions and the lender’s risk assessment.

One of the key benefits of ijara financing is that it is based on the principles of risk sharing. This means that the lender and the borrower share the risks and rewards associated with the asset. If the asset increases in value, the borrower benefits by paying a lower profit margin. On the other hand, if the asset decreases in value, the lender bears a greater share of the loss.

Another advantage of ijara financing is that it is considered a more ethical and socially responsible form of financing. In traditional financing arrangements, the lender charges interest on the loan, which is considered to be forbidden by Islamic law. Ijara financing avoids this issue by structuring the financing as a profit and loss sharing arrangement, rather than a loan with interest.

There are several types of ijara financing, including ijara wa iqtina (lease-to-own), ijara muntahia bitamleek (diminishing musharaka), and ijara thumma al bai (lease and then sale). Each type of ijara financing has its own unique features and benefits and is suitable for different types of assets and borrowers.

To participate in ijara financing, borrowers must meet certain criteria, including having a good credit history and being able to provide collateral or a down payment. Lenders may also require the borrower to have a long-term lease or purchase agreement in place, to ensure that the asset will generate sufficient income to cover the profit margin.

Overall, ijara financing is a flexible and ethical financing option that is suitable for a wide range of assets and borrowers. It provides a way for borrowers to purchase assets while sharing the risks and rewards with the lender and is a viable alternative to traditional financing arrangements that involve interest.

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