Business Plans…

Month: November 2019

3 Things you shouldn’t compromise on when buying a commercial property

Buying a commercial property can be quite tricky especially if it is your first time. Most of the time people get themselves into twists during or after a purchase because of compromising on a number of key aspects.

It is always advisable to create room for flexibility when conducting any business. However, not everything can be compromised. Sometimes it is important to maintain a strong ground especially for these three things; negotiation, budget, and diligence.

The only reason you went on to buy the asset is that your evaluation was satisfactory. This is why you should aim at getting the best out of the offer when purchasing a commercial asset. If certain needs aren’t met, then you are better off not buying the property.

We will go through 3 things you shouldn’t consider compromising on when purchasing a commercial asset.

1. Your budget

When purchasing commercial property the first thing you should be conscious about is your budget. It is important to always stick to your budget. This will give you more negotiation power with the seller because you will not spend more than you had planned for.

Your budget has to cover more than just the purchase but also include other costs such as due diligence, moving, renovations, tax among others. During the purchase, hold your ground on the amount you had set aside for the asset.

You should also avoid compromising on repair costs. You should not spend too much money on repairs. Avoid negotiating on the repairs and let the vendor account for that. Spending too much on repairs means you have little or no money left for renovations.

2. Your needs

The most important aspect of the property you are purchasing is the fact that it is the solution to your needs. If you want to get the best out of an offer, you should always have your needs in mind when buying the asset.

This way you can see what you need from the asset and what you don’t need. If the positives are more than the negatives, you can improvise on what is missing. However, if you are lacking important features from the deal, it is better to avoid it.

Compromising on certain issues will not only cost you more on compensation but will also cost you a part of your business. If you miss a major part, this means you will not do a certain part of your planned business as planned. If your needs cannot be fully or at least sufficiently met by the asset, opting out early enough will save you a lot.

3. Due diligence exercise

This comes as you finalize the purchase. Before you close the deal, do a thorough due diligence exercise. A comprehensive due diligence exercise keeps you off unnecessary trouble and future costs.

Make sure you ask for the tax statements, utility bills, permits, a list of recent repairs and capital improvements. This way you can determine the quality, dos, and don’ts of the property. Also, ask for any assessments done on the property and confirm the validity.

When doing the due diligence exercise, avoid compromising on any issues identified. Compromising on major issues you identify might make your bank refuse to provide financing for the asset after reviewing it.

Conclusion

Commercial property is one of the best investments to venture in. Whether buying or renting, you should be precise and cautious before completing the transactions. Maintaining a flexible and open mind will give you a lot of options when buying a property. However, you need to keep in mind that you should get the best out of the deal.

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Unique Ways to Get From Place to Place

While cars and public transportation are the most common methods of transportation, it doesn’t mean that they’re the only ways. There are other forms of transportation that offer health benefits, a more exciting lifestyle and many other perks. Consider changing the way you commute to one of these unique vehicles.

Ride a Motorcycle

If you have edgier tastes and enjoy taking risks in life, invest in a motorcycle. Whether you’re young or old, you can learn how to ride a motorcycle at any point in life. In order to ride a motorcycle on the open road, you need to go through a similar process to driving a car. The process varies from state to state, but in New York, you need to take a written test to get a motorcycle permit and road test for a motorcycle permit. Once you do own a motorcycle, make sure to get search “motorcycle insurance Orlando” or wherever you live to protect your motorcycle.

Use a Bicycle

If you are an active person or trying to live a healthier lifestyle, travel using a bicycle. Cycling has numerous health benefits like fitting in cardio, strengthening your muscles, improving joint mobility and even lowering stress levels. Plus, it gets you from place to place quicker than walking and is great for the environment. If you live in a big city, you can rent a bike or you can invest in your own bike that you can also use leisurely.

Look Chic in a Moped

Mopeds are similar to motorcycles except they cannot exceed 30 miles per hour, only has an automatic transmission and has a less powerful engine. This is a great compromise for people who want a safer option to motorcycles. They’re also a more stylish and European method of transportation.

However you choose to get around, you will be sure to make your life more interesting and won’t be missing your car.

 

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Security Best Practices for IT Project Managers

Today, project managers are expected to become experts in their field and be up-to-date and in the know of current affairs as well. However, this implementation is necessary and has a direct impact on the success of the project. Information security is one of the topics of many project managers. Information security issues must always be a priority when planning and managing project risks, although they do not have to be IT experts in an organization, they do need to know the accurate requests to inquire about. Therefore, many organizations forced their employees to enroll in PMP online training course along with the best information security certifications to avail the perks of both worlds. However, IT managers are also responsible for implementing new projects and upgrading the existing structure.

Thus, considerable attention has been paid to integrating security best practices into the software development lifecycle, that is, integrated security code in many ways. Nevertheless, many IT projects are not software development projects, and security professionals will certainly monitor the success of clean security efforts, such as updating network components, but the project implementation methodology may not. By including security issues at all stages of the project, project managers can provide more secure systems. However, IT company executives should follow the practices below to overcome the complexity and diversity of computer systems and reduce the risk of the costly redesign.

Develop a Standard Process

Setting up an iterative approach might sound like project management-101 and because failure to follow a simpler approach is a common mistake that increases the risks associated with IT projects. Unless you have defined minimum standards and steps for project promotion, you cannot measure or even define the success of the project. The standardized project methodology eliminates many problems that cannot be resolved at a later stage, such as the inability to define the scope of the project, the roles required and the responsibilities. However, well-defined project goals and requirements are the basis of a realistic plan between successful team transitions and the work phase required to achieve project success. If your problem is not defined, you will not be able to create a project to crack it.

Reinforce Your Process

Once your workflow is streamlined, invest in its construction technology and software. Tool for project management professional certification integrates all project-related data, increase the project’s visibility, and provide valuable historical information. However, such systems help IT project managers and team leaders see what everyone is doing, therefore, they know if there are ongoing projects or additional projects can be separated. This visibility also enhances communication and allows everyone to effort on a collective aim.

Thus, simple data and visual analysis can reveal important information about your project, if the project changes strategy, teams can act immediately. When the information of the project is distributed to multiple worksheets, applications, and inaccurate information, and outdated status reports are generated when downloading. Project management professional certification helps individual to utilize the software that provides a unique source of information which not only tracks ongoing initiatives but can also be used to accurately document progress and lessons learned, thus improving the planning of future project resources in the future.

Hire the Right People

Project manager, however, needs a team that can execute the project plan; in no way can planning and technology overcome the lack of skills needed. Again, the right project management professional certification or information security certification platform can help better to see the skills and workload of the team, as well as evaluate the performance and skills for upcoming work. If you do not have the necessary skills, consider outsourcing or hiring a consultant to help with the project, another option is to divert money to another company if you are looking for IT professionals to add to your team.

Communicate Cooperatively

Businesses often rely on technology to gain a competitive edge, but the pressure to cut costs or reach short deadlines can lead to unrealistic expectations for the project or even fail. Rapid implementation of software can lead to poor usage, loss of work during use during busy periods, and incomplete system testing. It is, however, the responsibility of the project management professional certification holder to comply with an unreasonable deadline or scale and to clearly communicate the threats to project shareholders.

Maintain Core Competencies

Beyond all, IT project managers must be at the forefront of key project management areas: plan, cost, cost, quality, human resources, communication, risk, procurement, stakeholder and management, integration. In addition to purchasing, they are represented in all IT projects; therefore, managers must be prepared to adopt skills similar to the current needs of the project. Do not add to the frequency of recent assignments which were supposed to be failed, however, follow these best practices to successfully manage the complexity and diversity of the IT advantages. Another important technical project management skill is the ability to develop detailed project plans; it is an art, a practice and tests.

Monitor and Control Risks – Change Control

Information security certification is often emphasized only by hackers and malware, but the availability of basic systems affects much broader events, including planned and even systemic changes. Project managers tend to understand how the technology team manages technology change; however, technological change management threatens the availability and accuracy of information security. However, a decent change management plan will allow enough time for all changes and tests and will undo changes if the system does not perform practical or real-time testing at the proposed checkpoints. Also, the accuracy of the data will be diminished if there are not enough measures to back up and restore the data from the copy during editing, if necessary.

Verify Deliverables – Operational Hand-Off

Operations can be expected to provide the project implementation team with a substantially secure system, but the project team may assume that security is the operational responsibility of management after the project application system. When and how security issues need to be addressed in the most efficient and effective way throughout the life cycle of the system, not just during project implementation. Protective ownership must remain the property of the project manager as long as the original system is secure.

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