Common Pitfalls In Business Dealings
In terms of the different pitfalls in business, the first is in terms of succession planning and family businesses so generally we notice that a patriarch or the head of the business Works day and night they put their heart sweat, and toil into the business and they build a very successful Empire only to find that because they haven't done proper succession planning that once they pass on the entire Empire crumbles to the ground so what is the benefit of building such a huge Empire business Empire Financial Empire and that everything comes to the ground.
So if we have family businesses we have you know wealth in our family then we should ensure that we have proper succession planning which means that let us take advice on the take advice from external advisors from tax advisors legal advisors in terms of ensuring that our business dealings are 100 Sharia compliant also so if we do that inshallah there will be Baraka there will be blessings in terms of ensuring that our dealings are you know 100 Sharia complied and that way our wealth is also predicted
Remember that another important point is when we pay our zakat then our wealth goes into the protection of Allah so a big part of succession planning or family businesses Etc is to ensure that you pay our zakat also sometimes when it comes to succession planning certain family members have different ideas in terms of the business you know probably want to innovate in terms of the new technologies Etc.
So how do you know such a you know how does such a you know family or family business ensure that the business is stable so they should be external advisors they should be ulama that guide the business in terms of these types of issues sometimes it could lead to friction where the older members they have a certain way of doing business the younger members now they may be educated in a university Etc and they have a particular idea in terms of how they wish to conduct their business dealings.
So the concept of making mushroom and consultation with a junior from a senior to a junior is also established in the Quran itself remember that Allah talks about the incident of Ibrahim and it's that asked his son is that what do you think of my dream I had these dreams that I'm slaughtering you and consultation and inquire from his son and what is your opinion simply said that I have seen that I'm starting you so I am commanding you now that I will be slaughtering you you could have done it that way but the correct approach in our Affairs is let us consult with each other that will not be such that we develop an autocratic methodology of conducting our business dealings it should be a consultative approach in terms of how we conduct our dealings so in that way there's Mubarak there are more blessings.
We all know that when there is consultation the peers in the Hadith that the hand the power of Allah is what that person is with the JAMA and with the group so if there is a jamad if there is a group involved and bashful and consultation is taken that there is Barack and blessings so we should also be open to suggestions and ideas in terms of innovation from the younger generation because they may have certain ideas that we don't have as the older generation so inshallah through that also our businesses can also achieve growth.
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