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Author: seline

How to create a personal financial plan

Posted on by seline

Howdy, hope you are holding up well. January is a month where most people create resolutions and plan for the year. Financial success usually appears in most people’s goals for the year. We all know the 1st step to working towards your goal is creating a plan and today I’ll walk you through how to create a financial plan. Here is a step-by-step guide to help you build a personal financial plan that will see you achieve your financial goals and maintaining financial stability

Step 1: Determine your financial goals

The first step in creating a personal financial plan is to determine what your financial goals are. These goals could include buying a house, paying off debt, saving for retirement, or building an emergency fund. Be specific and realistic with your goals, and set a timeline for achieving them.

Step 2: Assess your current financial situation

Next, assess your current financial situation by reviewing your income, expenses, and debts. This will give you a clear picture of where you stand financially and help you determine which areas you need to focus on.

Step 3: Create a budget

Once you have a clear picture of your income and expenses, create a budget that will allow you to meet your financial goals. A budget will help you keep track of your expenses, and ensure that you are saving enough money each month to reach your goals.

Step 4: Make a plan to reduce debt

If you have a lot of debt, creating a plan to reduce it should be a priority. Identify which debts have the highest interest rates and focus on paying those off first. You may also consider consolidating your debt or exploring debt management options.

Step 5: Invest for the future

Saving for retirement and other long-term goals should also be a priority. Consider setting up a retirement account or enroll to a pension scheme if you are not on any. If you have money left over after paying your bills and saving for your goals, invest it in low-cost index funds, which can provide a good return over the long-term.

Step 6: Review and update your plan regularly

Your personal financial plan is not set in stone, and it should be reviewed and updated regularly to ensure that it is still on track to achieving your goals. Life changes, such as a new job or the birth of a child, can have a big impact on your finances, so it's important to keep your plan current.

Today I would like to keep it brief and to the point, so I’ll finish at this point. By following these steps, you can create a personal financial plan that will help you achieve your financial goals and maintain financial stability. You may also seek the help of an expert to help you plan and execute a solid financial plan that will work to your benefit. The I&M Wealth Management team are knowledgeable and well experienced to help plan your finances and make your money work for you. You can reach out to them on [email protected] or telephone: +254 (20) 322 1000, +254 719 088 030 or +254 719 088 032

Regards,

Seline Awuor

Holiday budgeting tips

Posted on by seline

Howdy, hope you’ve been holding up well…Myself I have been great. We have reached that time of the year where the environment is filled with joy and happiness from friend and family. We all love the festivities and the good vibes it brings… the down part is if one is not careful, they can quickly end up broke.

To save you from this, here are a few tips on how to budget this festive season and only spend on what you can afford

1.Stick to your holiday budgeting

Same way you usually have a budget that you work with in other spheres of your life, you should have a budget for the festivities. Figure out how much you want to spend and how much you can afford before you begin shopping. Don’t forget to factor in home décor as they tend to be very pricy around the festivities.

A good plan shouldn’t take away from the holiday shopping experience, which many people understandably enjoy. Instead, it will keep you focused on the presents you want to give and make you think twice before going off budget.

2. Set a budget for each person

Set a budget for each person you’re buying gifts for and don’t go over. Gift-giving is about the thought and sentiment, not the price, so resist the urge to escalate beyond your budget. Perhaps ask family members to agree on a spending limit for holiday gifts. Or use a Secret Santa or a similar type of exchange to reduce the number of gifts each individual has to buy while ensuring fairness around the number of presents each person receives.

3. Shop around and look for deals

Although you shouldn’t set your holiday budget expecting to find big discounts for the items on your list, deals and items on sale can save you some money. You can research online for prices, and consider online retailers that might have better prices and/or offer free shipping. And if some item is continually coming up more expensive than you thought it would be, consider if your friend or family member would be just as happy with a different, more reasonably priced present.

4 Consider homemade gifts

If your holiday budget turns out to be tighter than expected, consider alternative types of gifts that are easier on your budget and often more meaningful than something from the store.

The possibilities for homemade gifts are unlimited! Make a Christmas ornament or decoration, bake a tin of cookies, or even offer to take your friend out for dinner after the holidays. In many ways, these gifts are more appreciated and memorable than a store-bought present. Remember, for many people, the holiday experience with loved ones is what makes this time of year great—not necessarily the presents they receive.

In conclusion, always remember there is life post the festive season. It is pointless having an epic holiday season only for you to suffer come January. It makes sense balancing things out. Ensure you budget well for the festivities and put money aside for January, that way you are guaranteed of comfort post the holiday season. With that, have a Merry Christmas and happy new year

Regards,

Seline Awuor

The 6-step financial planning process for small businesses

Posted on by seline

Howdy, hope you have been holding up well since our last encounter. Last time I took you through financial planning and why it is a must for your business. Today I want to share with you a 6-step process guide to assist you come up with a financial plan for your business.

Step 1: Understand your financial circumstances

To start off, you should have a clear understanding of your current financial status. You should know what are your current assets and liabilities, insurance coverage, cash flow, taxes, risk tolerance, mutual funds and net worth. Understanding your financial circumstance will give you a base to build a solid financial plan.

Step 2: Review Your Business Plan

Your business plan greatly informs your financial plan. Your financial plan should be in harmony with your company’s mission, vision, and other components of your business plan.

Step 3: Develop Specific Financial Goals

To shoot or score a goal, you need to first aim. Same applies to your business’s finances. The success of your financial goal is highly dependent on your financial plan. To have an effective financial plan, your financial goals must be SMART – specific, measurable, achievable, relevant and time-bound

Document fixed expenses and anticipate your variable costs based on existing data. Create financial projections for your weekly, monthly, or annual planning process. The projection scope and timeframe you should use depends on your cash flow.

It’s a smart move to go over your financial decisions with a financial advisor or an accountant.

There are many variables to consider, so your plan needs to be flexible. But you should also be careful to remain within your risk tolerance and capabilities.

Step 4: Evaluate Risks and Plan for Contingencies

The best way to bulletproof your business against unplanned life events and potential difficulties is to gauge risks and think of solutions in advance.

As you are budgeting for estate planning, ensure you plan for an emergency fund and insurance.

Some decisions require a low level of financial risk, while others may be worth giving an extra thought.

Step 5: Develop and Implement a Financial Plan

This is the part where you turn all your goals, analysis, and evaluations into a working strategy.

In the development stage, you convert your data into a game plan. Implementation is following through on that plan to get your desired results.

You can lay out an excellent plan with or without a financial professional’s help. But it takes grit, discipline, and zeal to put it into action without procrastinating.

Even if you’ve been working through the previous steps on your own, you may need the help of a financial planning professional to help with your plan.

Step 6: Monitor, Reevaluate, and Update Your Financial Plan

As time goes by, your current course of action, perspectives, and financial circumstances will evolve.

That’s why you should never stop adjusting your financial plan. A good financial plan is highly flexible while it sticks within the limits of your risk tolerance.

There are foreseeable life events you can plan for, such as childbirth, marriage, and moving to a new city. Usually, when such events happen, they make a significant difference in your relationship with money and your business.

Re-evaluation is a crucial and infinitely repeated financial planning step. Continue to monitor and update your financial plan throughout changes in tax laws, interest rates, economic recessions, and other events beyond your control.

Regards,

Seline Awuor

Financial planning for small businesses

Posted on by seline

Low starting capital and good profit-margins make small businesses relatively easy to start. Unfortunately, the vast majority of small businesses still fail.

Two of the biggest reasons why these businesses fail is

  • Lack of proper financial planning
  • Cash flow problems

Having a solid financial planning process for your business is vital so that you can be able to keep your business a float and grow it over time.

Financial planning and analysis is the process of budgeting, evaluating, predicting, and planning the expected economic outcomes of a business to achieve its financial goals. The financial planning process assists in wealth management and business growth forecasting.

A financial plan is a document that paints a comprehensive picture of your business’s current finances, its financial goals and any strategies you've set to achieve those goals. Good financial planning should include details about your entity’s cash flow, savings, debt, investments, insurance, and any other elements of its financial life

The process of financial planning and analysis should be all-inclusive and tailored to your business’s financial goals, risk tolerance, and existing situations in your planning cycle.

Financial planning for your business will help you:

Define your financial goals

A financial plan empowers you to build a streamlined workflow that guarantees more customers, a high rate of return, and a profitable financial future. Financial planning knowledge helps in the development of strategic performance management systems.

Check the viability of your financial goals

A financial planning process prevents you from setting non-realistic financial and business goals.

Avoid a negative cash flow

Financial planning advice and strategic decisions help ensure proper money management.

You could be making a lot of sales in your business. However, if you do not have a financial plan to check cash inflow and outflow, you may be spending more than you earn. 

Create yardsticks to measure your process

With a financial plan, you can set monetary goals to measure your business’s achievements. 

Your goals serve as touchstones that let you know if you’re making progress in your online store or not. 

Reduce business-induced anxiety

When you have a financial plan in place, you get a sense of relief from financial worries. If you have done financial forecasting and strategic planning, you’ll have the confidence to get through your e-commerce website’s financial troubles.

You can decide to create an effective financial plan for your business by yourself or seek the help of a certified financial planner. As I finish off, always remember the wise words of Alexander Graham “Before anything else, preparation is key to success”. Just as you plan for other facets of your life, you should prioritize planning financially for your business.

Stress & Resilience; The Perfect Balance in the Workplace

Posted on by seline

Stress in its simplest definition is the physical, emotional and mental reaction to what is going on around you. While it has become a common occurrence in this modern world, it is something that can be managed given the right reaction, understanding and support.

The current local and global events are having an impact on everyone be it the high prices, lack of commodities or insecurity and with this comes a lot of stress which eventually finds its way into the workplace. Stress resilience is very key right now because it allows employees to skill-fully adapt to the changes while at the same time keeping a healthy mental balance and focus which does not affect their productivity or performance.

Stress in the workplace needs to be managed well because every employee is key to the successful running of any business. These are just a few of the main causes of stress in many offices

The Workplace Organisational Culture

If you find it difficult to interact with your bosses or colleagues, then it will be next to impossible to have any work done and you will be stressed. There must be a very well defined, interactive and open communication channel that everyone feels comfortable to tap into at any time.

Job Content and Demands

Are you constantly feeling under pressure to meet deadlines or maybe feel like everything is collapsing around you? This is a clear sign of stress and the best way to manage it, is to pace yourself. Create a good work plan with mental breaks and most of all a few minutes of pure silence to reboot and get your brain running fresh again.

Role Conflict

Finding yourself working in a department or role that you did not interview for or feel overqualified for may bring stress. We grow when we are working in the positions that we are best qualified and skilled in and making unwelcome changes without consultation will often throw people off balance and greatly reduce work productivity.

Poor Workplace Relationships

Work is like a second home, and everyone needs to get along, seeing that we spend many hours under the same roof. If there are any disagreements and issues, resentment can arise affecting a person’s productivity positive energy and most of all joy in the role. Everyone must feel appreciated and part of the company, any form of discrimination or tension can create conflict that must be avoided.

Did you know that I&M Bank is among the best banks in kenya and could be one of the best place to bank and even work? Check out some of opportunities you can apply for.

Conclusion

Having a positive mental outlook will go a long way is helping you to become resilient to the various stressors around us. We cannot avoid stress, but we can find ways to handle and manage it in a way that does not affect the normal running of the business or important work relationships. How we deal with stress will help us become resilient to it.

Start by getting a good night’s sleep, eat a well-balanced diet, find someone that you can talk to when things feel out of hand, keep a positive outlook to life and most of all be grateful for what you have. Thanksgiving has a way of making one realise that it is not as bad as it seems, because if you checked keenly someone out there has it worse off than you.

Self-care starts with you and then spreads out to your colleagues and then creates a healthy stress-free workplace.

By Omido Joshua

Candid Corporate Culture

Posted on by seline

Howdy,

I hope you have been great; myself I have been doing well. It is always a pleasure to catch up with you and discuss various issues and topics.

Honesty in communication is vital in any organisation. It helps strengthen trust and instil confidence as well as create room for constructive feedback. Corporate leaders must be able to identify the symptoms of the lack of candour and be determined to change the rules of such behaviour.

According to the World Economic Forum, candid and open conversations at work are a crucial part of psychological safety in the workplace; when employees are able to have candid conversations and know that they will be heard, and not punished or victimised, they are more engaged with and committed to their work.

Freedom to be candid doesn't mean it's okay to be disrespectful. One-sided conversations cause hurt feelings, sap morale and hinder resolution. When providing feedback, there are definitely positive ways in which honest feedback can be relayed without hurting the feelings of the other person. Here is a guide on how to have effective and candid conversations in the workplace.

Focus on the good of the company. The aim of feedback should be finding ways to solve problems or improve situations to build a better business together. At no point should the objective be to punish others or get the other person in trouble. The goal should be to improve the team dynamic, not foster division.

Stick to the facts. Favour verifiable statements over judgments. Stating “We received 10 customer complaints this week…” promotes thoughtful investigation as opposed to “Customers are complaining about you…” That encourages defensiveness.

Assume best intentions. No matter how much you may disagree with individual coworkers, it’s always a safe bet that everyone in the workplace wants to do a good job. Keeping this in mind can help prevent conversations from becoming too personal or accusatory. In the event that you happen to have the facts wrong or speak before knowing the whole story, you won’t look like a bad person when the truth comes to light. Always state your concern in a manner that recognises effort, such as “I think it’s great that you’re tackling the issue of X, but I worry that Y might happen if we approach it that way.”

Get to the point. Sugarcoating your feedback can raise anxiety and often muddles your message. Being polite but succinct shows others on your team that you value their time and know that they are professionals who can handle the truth when it’s presented properly. “I found a number in your report that seems off” may not be what someone wants to hear, but they’ll appreciate quickly knowing.

Be considerate. Candour does not mean disregarding other people’s feelings. Take a moment to gather your thoughts and composure before presenting negative feedback, and remember to keep language and tone civil. Likewise, avoid embarrassing someone in front of others. Leaders should be treated to this courtesy as well, meaning they shouldn’t be blind-sided during a meeting or subject to public belittling. If a topic needs to be discussed in a larger group, avoid singling any one individual out without first talking it over with them in private.

Don’t kill the messenger. Finally, realise that it requires courage for someone to come forward with unpleasant news. Take an individual’s comments seriously, but not personally, and remember that they are only trying to make the company better.

As I finish, I would like to remind you that the success of any enterprise is predicated on people working together effectively to produce great results. Candour gets everything out in the open and allows for productive, adult conversations. Great alignment and coordination demand the free flow of ideas, plans, and information.

Yours faithfully,

IMBA

Managing Credit

Posted on by seline

We are smack in the middle of the year, hope so far all has been well for you. For the longest time, taking loans or getting a credit card has been deemed as sin, but today I want us to revise that. Yes credit can be risky, but it doesn’t mean it can’t work for you and should be avoided like plague.

The number one rule of responsible credit use is to always pay your bills on time! Late or missed payments have a big impact on your ability to secure new credit. But, there is more to being a better borrower than making timely monthly payments. Lenders consider the full financial health of an individual who is applying for a credit product, so you will want to make sure that your credit portfolio isn’t lacking in any key areas.

Borrow only what you need! With all types of credit, including your student loans, make sure that you aren’t borrowing any more than what you truly need. Always consider the impact that swiping your plastic can have on your future finances.

Pay your credit card bills / monthly loan payments in full every month. This will help you not carry forward owed money. Carrying forward will in the long run make the monthly payment sum a bit too heavy for your pocket to handle. Once the sum is big, chances of you not honouring the payments terms will be higher

Build a budget. Developing and sticking to a realistic personal budget will help you to better understand what you can and cannot afford and can even help you to plan and save for large future purchases, like a house.

Focus less on your credit score, and more on developing positive, lifelong habits. You are more than a number, and it is more important to be in good financial health than it is to have a perfect credit score. Work on reducing your spending and eliminating your debt.

Make credit work for you! If you’ve been borrowing money and repaying on time, then your credit score should be good over time. You can make use of your good credit score and apply for unsecured personal loans. These loans require no collateral or guarantors. The I&M Unsecured Personal Loan for instant is easy to get. All you need is to do is download the I&M OTG App to apply. You’ll have the cash you need in 24hrs!

As I finish off, my final advice would be only go into debt if the money you are borrowing will be put to good use. This is because misused or unnecessary credit will for sure hurt you financially.

Yours Faithfully

IMBA

SURVIVE INFLATION WITH THESE 5 TIPS

Posted on by seline

Kenya is currently experiencing a high rate of ‘inflation’ and the cost of living, goods and services, is rising quickly, believe it or not, much faster than our wages. The sudden sharp increase in the cost of basic needs like wheat flour, maize meal flour and cooking oil, just to mention a few, is creating daily unending conversation among Kenyans.

From many interactions on social media, you can tell that most Kenyans are increasingly worried that, at this rate of economic instability, their living standards will be highly impacted. We have not mentioned the distress created in the transport industry, a real headache, because of high fuel prices.

What is Kenya’s inflation rate?

According to trading economics April 2022 report, the annual inflation rate in Kenya has accelerated to a seven-month high of 6.47% in April of 2022, from 5.56% in the previous month. The main upward pressure being food & non-alcoholic beverages at (12.15%), wheat and basic goods, transportation at (6.88%), and thanks to another increase in fuel prices, housing & utilities at (5.47%).

These statistics create worry for the common mwananchi, but even so, these worries are justified. Inflation can have a negative impact on the quality of life, especially for those with lower incomes. However, we can make some adjustments in our choices like, how we budget, where we shop and where we choose to stash our savings, which can help you survive the effects of high inflation.

How to survive this inflation

High inflation Is clearly a cause of financial stress to many. It’s the high time for people to diversify by Increasing their monthly income to align It with current prices in order to survive the inflation, but that’s easier said than done for many reasons.

Here are some other ways to manage soaring costs if making extra money isn’t an option right now:

1. Focus on needs and reassess the wants

Start by determining your wants, (things you spend on but you can do without) from your needs, to ensure that only essential needs, (things you cannot do without and must spend on) are covered, like rent, groceries, transportation and utilities.

For many, this reassessment may result in pressing pause on wants like dining out, subscription services or gym memberships, etc.

2. Be wary of taking on new debts

Although some banks in Kenya reduced loan interest rates during the pandemic, these rates, increased post pandemic in Kenya, for this reason take on new debts sparingly, even if they have crazy low interest rates. New debts add to new constant monthly expenditure on your monthly budget which reduces your financial freedom during this inflation period.

You can also opt to consolidate the unpredictable high interest credit card loans into personal loans with fixed payment periods

3. Be a sale shopper

Talking about essentials, now is the time to get more serious about becoming a bargain hunter. This doesn’t mean you go crazy on coupon hunting, but rather pay more attention to discounts, offers, promo sales and allow them to guide you when you set out for shopping.

You can also opt for alternative free payment options for your day to day transactions. This will highly cut on transaction costs for common payments, that when accumulated, hit hard on your expenditure.

Check out how I&M On The Go facilitates transactions like paybill, sending money, bank to bank transfers and so much more that are FREE or have extremely low rates compared to other options

4. Maximize on loyalties and reward programs

This is the time to be on the lookout for shopping mall loyalty programs like the Carrefour My Club points, Naivas Card points and many more and convert them to cash before you go on that shopping spree.

Don’t forget about your best credit cards or best debit card rewards and points accumulated over time and redeem them for cash backs, travel discounts and more deals.

Check out some I&M Bank deals here

5. Invest your savings to get higher returns

We all know that time in the market beats timing the market. You don’t need to wait for the right time in order to begin investing for you to grow your income. From our best knowledge, you can invest your savings through the I&M Capital Limited and earn income in the most sure and secure way. This not only gives you a safe way of earning but also comes with professional advisories through the Wealth Management Advisory Services (WMAS) on below.

  • Money market fund
  • Offshore trading
  • Lending against government bonds
  • Client portfolio advisory

This is the moment where you not only need to save but also need smart and secure investments options that are beneficial directly to your financial security.

6. Look for alternative sources of income

This is easier said than done, but not impossible. When the pandemic hit, most Kenyans realized that over dependence on one source of income is a risky path because of the many uncertainties. It prompted many to look for more flexible alternatives for income and Online jobs played a huge role.

What are we saying, since we have cut back on the wants, we've got more free time on our hands, why not add an extra online job to compliment your daily job and save the difference in your earnings. Online jobs can be found on Upwork, Fiver, employment and many more

You can also opt in for affiliate programs like Jumia KOL & Amazon affiliates or referral programs that add you that extra income to help survive this tough times.

By Omido Joshua

Digitizing the Banking Industry in a Fast-Moving World

Posted on by seline

The banking industry has faced the fastest transition, jumping head first into the unchartered waters of the digital world. Who would have thought that the Covid-19 pandemic would stream roll every aspect of life into embracing digital skills and services, but here we are now; much wiser and better as we horn in our skills to ensure that our bank throws that essential life line to our customers keeping them afloat in ever changing times.

Digital Banking Services

If someone had told you that in 2022 we would have almost phased out the busy bank halls and queues and embraced faster more efficient technology, you would not have believed it. Not every bad thing is bad for you. On the contrary, the challenges we have faced in the past 3 years have taught us to be resilient, adaptable and welcoming of the technology around us.

Mobile money, digital cards, electronic signature, secure online document wallets, free cash transfers and convenience, the last one rings true. We have moved with the changing times to ensure that our customers experience convenience in banking. One no longer needs to come to the bank for a meeting, not with many platforms offering online meetings, face time, chats and conference calls. The world is your oyster, you just have to define your ceiling to see it.

Is the world ready for this transformation?

The new normal is nothing like what we are used to. The sudden catastrophic events like the Covid-19 pandemic, sudden stock market crashes, the Russia-Ukraine war and generally political instability have created a heightened consumer demand for digital services. We live in a world where you can operate your life without leaving the comfort of your home and this must, one hundred percent be entirely facilitated by the banking industry. Good out of the bad? well this time, yes.

Technology, innovation and new ideas have been born and with that our customer numbers have grown while we work day and night to ensure that they are safe within our digital platforms. The switch to mobile and digital banking has become the single most embraced strategy since the beginning of modern banking, and much more awaits us ahead. No matter where you are around the globe, in lockdown, at home, on a hike so long as you have access to the internet and a mobile device, there are no limitations, you can access your financial services at the click of a button.

Have we mentioned authorizing transactions by facial recognition and fingerprint scanners? Digital banking is here to stay, what we need to do is research and innovate to protect our customers as we navigate through this journey together.

I&M and the Digital Frontier

I&M has launched an extensive shift to digital services aimed at making our clients lives easy. What’s better than your own personal online banking platform, 24-hour online teller support, online loans access and repayments and most of all our best and trusted Global credit and debit Cards?

The uncertainty in the current times requires an excellent partner and I&M is determined to walk with you every step of the way through innovation, research and development until we are in sync with all our customer needs.

Digitizing essential Services (I&M On The Go)

Providing online banking for fast, accurate and easy service delivery, easy mobile payments, access to loans that allow people to access bank services from anywhere. We do not have to run into the bank and fill excessive paperwork for anything as it's all in one package, the I&M On The Go mobile App and Web, where you can carry out bank transactions from the comfort of your house.

Introduction of the new I&M Debit and Credit Mastercard

If Covid, wars and sudden disasters have taught us anything, it’s the power of an excellent bank card that’s global and easy to access. With 24-hour online customer care, we are able to authorize payments, transfer and even give access to urgent finances where needed. You have it all in your hands wherever you go. I haven’t even mentioned the benefits of using these cards. I&M bank offers some of the best debit, prepaid and credit cards that are widely accepted in Kenya and beyond.

We create financial solutions with our customers’ needs in mind. Trust us as we navigate this digital journey together, because we are on your side.

By Omido Joshua

5 Simple Ways to Save Money

Posted on by seline

Saving money for a rainy day is a necessary practice that most people know they should, yet they find it hard to do. Sometimes the hardest thing about saving money is just getting started. Today I have a step-by-step guide that can help you develop a simple and realistic strategy, so that you can save for all your short- and long-term goals.

Record your expenses

The first step to start saving money is figuring out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip as well as regular monthly bills. Record your expenses whichever way that you find easy to do. Grab a pencil and paper, a simple spreadsheet or a free online spending tracker or app. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your bank statements to make sure you’ve included everything.

Include saving in your budget

Now that you know what you spend in a month, you can begin to create a budget. Your budget should show what your expenses are relative to your income, so that you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Include a savings category in your budget and aim to save an amount that initially feels comfortable to you. Plan on eventually increasing your savings by up to 15 to 20 percent of your income.

Find ways to cut spending

If you can’t save as much as you’d like, it might be time to cut back on expenses. Identify nonessentials, such as entertainment and dining out, that you can spend less on. Look for ways to save on your fixed monthly expenses, such as entertainment or cell phone plan, as well. Other ideas for trimming everyday expenses include:

  1. Search for free activities: Use resources, such as community event listings, to find free or low-cost entertainment.
  2. Review recurring charges: Cancel subscriptions and memberships you don’t use—especially if they renew automatically.
  3. Examine the cost of eating out vs. cooking at home: Plan to eat most of your meals at home, and research local restaurant deals for nights that you want to treat yourself.
  4. Wait before you buy: When tempted by a nonessential purchase, wait a few days. You may realize the item was something you wanted rather than needed—and you can develop a plan to save for it.

Set savings goals

One of the best ways to save money is to set a goal. Start by thinking about what you might want to save for—both in the short term (one to three years) and the long term (four or more years). Then estimate how much money you’ll need and how long it might take you to save it.

Determine your financial priorities

After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. For example, if you know you’re going to need to replace your car in the near future, you could start putting away money for one now. But be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Learning how to prioritise your savings goals can give you a clear idea of how to allocate your savings.

As I conclude, review your budget and check your progress every month. That will help you not only stick to your personal savings plan, but also identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.

Yours faithfully

IMBA

Breaking The Bias – International Women’s Month

Posted on by seline

Howdy, how are you and how have you been holding up? Myself I am great. Today I am excited because the message I have for you is a little bit different from the usual. It is not only celebrating certain people but also, encouraging our women to Break The Bias and our men to give them the necessary support they need to stay winning. International Women’s Month.

International Women's Month offers an opportunity to reflect on progress made, to call for change and to celebrate acts of courage and determination by ordinary women who have played an extraordinary role in the history of their homes, organizations, countries and communities.

This year’s theme is #BreakTheBias!! And it focuses on gender equality today for a better tomorrow. This helps start bold conversations and actions to help forge positive change for women and men!

In line with I&M Bank’s Brand Promise - We are on your side! We understand the importance of having a healthy and capable workforce where everyone is celebrated and valued regardless of their gender. In the spirit of togetherness and in an effort to celebrate women this year, while educating ourselves on gender equality to #BreakTheBias, we would like to focus on equality in the work place. Here are some of our staff’s thoughts and on gender equality for a better tomorrow and how we can #breakthebias to ensure women continue to thrive.

Ruma Shah | I&M Bank Group Chief Audit Executive

Breaking The Bias – International Women’s Month

Zipporah Gitau | I&M Bank Group Chief Risk Officer

  • Breaking The Bias – International Women’s Month

Maureen Wasike | I&M Bank Manager - Alternate Banking Channels

Breaking The Bias – International Women’s Month

Reila Islam | I&M Bank Malindi Branch Manage

  • Breaking The Bias – International Women’s Month

Patricia Wabwire | I&M Bank Kisii Branch Operations Manager

Breaking The Bias – International Women’s Month

Pinky Pravin | I&M Bank Bancassurance Operations

Breaking The Bias – International Women’s Month

Verrah Kwamboka | I&M Bank Kisii Customer Service

Breaking The Bias – International Women’s Month

I can’t add anything to what these exceptional women have stated. They have said it all. Let us join our hands together and advocate for gender equality because collectively we can all #BreakTheBias and ensure the women in our lives #StayWinning

Your bank buddy

IMBA

We Are On Your Side

Reputational Risk

Posted on by seline

We all want to be perceived in a certain way by those around us. That affects how we present ourselves to others and how we carry ourselves when we are around them. This is because we understand the importance of creating a good perception about ourselves that ensures we have a good reputation.

When it comes to business, it is not any different…Every business has a brand persona and that determines how it operates which eventually creates a certain perception about it. A good reputation is good for business, a bad one, can be crippling. It is therefore very important for stakeholders to create and maintain a good brand reputation.

Reputational risk is a threat to the positive perception others may have about your brand in general, a product or service you offer. Reputational risk can be categorised into:

  • Direct risk: This is as a result of a company's actions or internal issues.
  • Indirect risk: This results from actions of the employees of a company
  • Peripheral risk: This arises from the actions of business partners.

So what are some of the causes of reputational risk?

  • Poor workplace operations and conduct: Misconduct of employees, management and third-parties you work with can affect your reputation. It can lead to your business receiving negative media coverage and consequently affect your reputation.
  • Inadequate quality of products and services: Faulty products or substandard services by a company may make its customers lose confidence in their ability to offer quality products and service. This in the long run will create a negative perception about your brand and customer will opt not to buy from you.
  • Misleading investors or the public: Companies that intentionally mislead investors and the public with fabricated claims of product success and capabilities or falsified financial reports risk damaging their reputation
  • Poor data security and privacy: Data breaches are a major source of reputational risk. Companies whose customer data is stolen by hackers experience significant repetitional damage as consumers lose confidence in their competency to safeguard sensitive data.
  • Poor regulatory compliance: A company with poor compliance could be publicly investigated, convicted of crimes, and forced to pay hefty fines – all of which negatively impact the brand’s perception in the marketplace.

How to manage reputational risk

1. Make reputational risk part of strategy and planning

Start by brainstorming with your employees at different levels the potential scenarios that could damage your brand’s reputation. Determine the indicators for each scenario and possible solution to mitigate it before the issue gets out of hand.

2. Control processes

Standardisation, technology, policies, and procedures reduce the likelihood and severity of events that could cause reputational damage. By focusing on consistently supplying quality products and services, it’s much less likely that there will be a harmful mistake.

3. Understand all actions can affect public perception

Your company should have well spelt out policies and procedures to ensure all employees at all levels know how to behave and respond appropriately in any situation.

4. Understand stakeholder expectations

Make sure it is clear and you understand what customers, shareholders and employees expect from the organisation and management, and strive to satisfy these conditions. Don’t set expectations too high by promising offers that you cannot deliver.

5. Focus on a positive image and communication

Customer service, transparency, good governance, and steady growth are some of the most important messages to convey. It’s not possible to please everyone at the same time, so focus on satisfying your most important stakeholders first.

Consistently send out positive communications. Over time, this will build up your reputation in the public mind, lessening the impact of future damages. Always inform clients and employees what’s happening and how you are responding to incidents in the organisation or environment.

6. Create response and contingency plans

What’s the worst that can happen to your organisation and how will you respond to it from a reputation perspective? You should think of the worst-case scenario and how to appropriately respond to it in case it happens.

In conclusion, while in some organisation reputational risk may be underestimated, its potential side effect can hugely harm your business. Without an effective reputational risk management, it may take an organisation a long time to recover from an otherwise minor incident.

Yours faithfully

IMBA

Steps to Building a High-Performing Organisational Culture

Posted on by seline

Howdy,

Someone once said people with good intentions make promises. People with good character keep them. I believe I have both good intention and character, so as promised in the previous piece, today I would like to guide you on how to build a high-performing organisational culture.

Creating a great organisational culture requires developing and executing a plan with clear objectives that you can work towards and measure. The below steps should serve as a roadmap for building a culture of continuity that will deliver long-term benefits across your company.

Recognising the contributions of all team members

When everyone on the team recognises the accomplishments of others, individuals start to see how they’re part of a whole. According to experts, when an organisation makes appreciating employees part of its culture, important metrics like employee engagement, retention, and productivity improve.

Employee recognition however shouldn’t be preserved for major milestones and anniversaries only, it should be a regular occurrence for it to be part of your culture. Your culture should encourage team members to practice frequent social recognition in addition to monetary recognition.

Monetary recognition is very valuable. Generic mugs trophies and certificates will only gather dust on a shelf. Monetary reward means employees can spend the extra cash on something much more meaningful to them. This will motivate them to go an extra mile to achieve their goals.

Enable employee voice

Create a culture that listens and values feedback. This can be done through surveys and discussions on certain issues. A culture where there is room for feedback makes employees feel their voice is essential and this contributes to employee satisfaction.

Creating a culture that values feedback and encourages employee voice is essential, as failing to do so can lead to lost revenue and demotivated employees.

Make your leaders culture advocates

For your organisations culture to succeed, your company’s leadership should be on board for them to be able to cascade to their juniors. Your leadership team can help build the culture you need by prioritising it in their work lives. percent of employees agree. When employees see leaders living your culture, they’ll follow suit.

Live by your company values

The foundation of your company’s culture is your company values. Your company’s values should not just be a mission statement, you should strive to weave it into every aspect of your business.

Forge interpersonal connections between members

Your organisation’s culture should be accommodative of team members’ cultural diversity. It should also promote communication and connections between team members. Provision for team building activities can be one way to promote this.

Focus on learning and development

Workplace cultures that tend to succeed are those that are have provision for  employees to continually learn and employer willing to continually invest in staff development. Training initiatives, coaching, and providing employees with new responsibilities are all great ways to show your team that you’re invested in their success.

Personalise the employee experience

In as much as team work makes the dream work, each employee has individual needs. You can take surveys to find out what your employees’ value and what their ideal corporate culture looks like. You can use feedback from the survey to tailor your actions to personalize the employee experience for your team. Treating your employees with the same individualism and care you treat your customers will translate into a culture that motivates each individual at your organisation.

As I finish, note that organisational culture will develop even without the employer’s input, but in the absence of that guidance, it may not be healthy or productive. When developing your organisations culture, keep these three basic techniques in mind:

  • Improve communication with employees
  • Start creating a culture of recognition
  • Ensure that all members of your team put your culture into action

IMBA

We Are On Your Side

Importance of Organisational Culture and How to Build One

Posted on by seline

Howdy,

We all know how culture is close to our hearts. Most of us do certain things in a certain way despite our level of education or status in the society because it is our culture. We feel it is what defines who we are and gives us a sense of identity.

Most of us spend about 8 hours per day working. This mean means most of our time as adults is spent at work. It is therefore important for our work environment to be friendly and conducive.

Your organisation’s culture will set the tone for your organisation’s work environment. Let’s start by defining what is organisational culture? Organisational culture is a collection of values, expectations, and practices that guide and inform the actions of all team members in a company. It is more like a collection of traits that make your company what it is.

So is organisational culture the same as organisational goals or a mission statement? Of course not! Culture is created through consistent and authentic behaviours, not press releases or policy documents. A company’s culture comes to play when you see how a CEO responds to a crisis, how a team adapts to new customer demands, or how a manager corrects an employee who makes a mistake.

Importance of culture to your company

It defines your company’s internal and external identity: It defines how your organisation does business and how the team interacts with one another, your customers, partners, suppliers, media and all other stakeholders.

Organisational culture is about living your company’s core values: A strong organisational culture keeps your company’s core values front and center in all aspects of its day-to-day operations and organisational structure

Your culture can transform employees into advocates: The greatest advantages of a good organisational culture is that it has the power to turn employees into advocates.

Employees look for something more than just a steady pay-check and good benefits; they want to feel like what they do matters. And when your people feel like they matter, they’re more likely to become culture advocates—that is, people who not only contribute to your organisations culture, but also promote it and live it internally and externally.

Employee retention: employees who feel like they’re part of a community, rather than a cog in a wheel, are more likely to stay at your company.

Your culture transforms your company into a team: The culture at your organisation not only sets expectations for how people behave and work together, but also how well they function as a team.

Culture impacts performance and employee wellbeing: A healthy culture addresses employee’s performance and wellbeing and ensures there is an appropriate balance of both. A culture that stresses performance to such a degree that employees feel like their physical and mental health are being overlooked is a dysfunctional one.

In conclusion, as an employee, the above should be the beginning of a conversation of what does your company bring to the table over and above your pay-check and benefits vs what you offer your company. As an employer, the this should be the beginning of a conversation of what is your organisational culture and how to better it. With that said, let’s meet on the next article where I will guide you on how to build a high-performing organisational culture.

Your bank buddy

IMBA

We Are On Your Side

Don’t be scared, be prepared – Managing Social Media Crisis

Posted on by seline

Howdy, hope you’ve been well. Personally, I have been good, I can’t complain

Most of us, have social media accounts and use various platforms present to communicate, share, entertain, learn, seek resolution to our queries plus so much more. Over the years, social media has grown from just being a platform for us to connect and engage with friends and family into one that brands can use to connect and engage with its audience.

As we speak, most businesses regardless of size have a presence on social media. While your brand being on social media has its advantages, it can also be the pin the bursts your brand’s bubble. When all hell breaks loose and people are attacking your brand on social media, what are you supposed to do?

Today I would like to share with you the 3 key pillars of managing social media crisis

Halt normalcy

Start by halting all scheduled posts prior to the crisis. This way your brand doesn’t come off to the public as arrogant or playing pretend. Continuing with scheduled post is as good as giving a gun to your enemy to shoot you. This is because trolls will use your posts to leave provocative comments.

Acknowledgement

Acknowledge the issue but don’t commit to responding to questions yet. You can do this in form of a post. Whether you disagree with the allegations or you are not sure of the facts pertaining to the issue, you can always let the general public know that yes you are aware of abc… but the issue is under investigation and you’ll keep them posted once the facts are clear.

Communicate

After you’ve gathered all the facts internally in relation to the issue and have agreed on the response you want to give your audience, you can start responding to questions. Use visuals and graphics along with words to signal a change in standard operating procedure. As you respond to individual comments, give definitive responses, that way you protect yourself from a never-ending tit for tat conversation with one person yet your comment section and DMs are overflowing. Don’t forget to loop in your staff managing other communication outlets so that in case a customer asks, they are in a position to answer with the right information

Once the storm is over, you can now resume business as usual on your social media pages. Just like any other form of crisis, remember to keep calm and try not to panic. Bad press on social media can spread like wildfire but hey, that’s when your crisis communication plan comes in.

These are just but a few red flags indicative of fraud that a merchant should pay attention to. Remember that as you It’s always a pleasure touching base with you, till next time. Adios!

Yours faithfully

IMBA