Monthly Archives: January 2017

Information Technology and Textile Industry

Today, Information technology (IT) plays a vital role in the field of textile industry. Any manufacturing unit employs four Ms that is, Men, Material, Machine and of course Money. To get organizational success, managers need to focus on synchronizing all these factors and developing synergies with in and outside organizational operations. With the increased competition, companies are taking support of IT to enhance its Supply Chain Management (SCM) and using it as a competitive edge. In short, many textile companies are leveraging the technological power to adding value to their business.

Supply Chain Management includes: sourcing, procuring, converting, and all the logistic activities. It seeks to increase the transaction speed by exchanging data in real-time, reduce inventory, and increased sales volume by fulfilling customer requirements more efficiently and effectively.

Why Textile Industries Need IT Support?

Lack of information on demand and supply aspects

Most of the decisions a manager takes are related to demand and supply issues. But unfortunately very few are able to get it, as a result decisions taken carries risk and uncertainty. Excess inventory is one of the most common problems faced by managers which further results in long cycle-time, outdated stock, poor sale, low rates, and reduction in order visibility and finally leads to customer dissatisfaction.

Long procurement time

In a traditional textile industry, procurement process takes a much longer time. So, the retailers need to forecast demand and identify consumption trends at a much earlier stage. Lack of clarity about future can either result in early stock out, delay or overstock.

Supply chain in-competency

With the urge for getting global, apparel and textiles are facing hurdles of inefficiency in carrying out various processes involved right from designing, developing samples, getting approval, manufacturing, dispatching to payment procedures. The total time taken can get extended to one year or even longer. If we calculate, production actually accounts for just ten to twenty percent of the total time. Rest of the time is taken for the information processing from one end to the other.

The trajectory of development of Information Technology has intersected every application in textile industry. From enhancing performance of textile manufacturing and tighter process control, IT has inserted intelligence at every node of textile supply chain.

Step into the global trade

It is a fact that a company going global is opened with lot of opportunities as well as threats in terms of competition, changing trends, and other environmental changes. It necessitates managing every kind of information efficiently and at much faster speed.

Interaction of Information Technology with Textile Supply Chain

Sharing of Information

Proper flow of information among supply chain member is very crucial. Such flow of information can influence the performance of overall supply chain operations. It includes data about customers and their demand, inventory status, production and promotion plan, shipment schedules, payment details, etc. Bar coding and Electronic data interchange are the two information technology tools which can facilitate information integration.
Bar coding facilitates recording of detailed data by converting it to electronic form and can be easily shared among members through EDI system. EDI with its high efficiency is able to replace the traditional ways of transmission like telephone, mail and even fax. EDI enables managers to analyze and apply it in their business decisions. It also helps in expediting order cycle that reduces investment in inventory. EDI based network enables Company to maintain quick response and closure relations with suppliers and customers, who are geographically dispersed. Manufacturers and retailers can share even new designs developed through CAD / CAM.

Supports planning and execution operations

Planning and coordination are very important issues in supply chain management. The next step after sharing information is planning which includes joint design and implementation for product introduction, demand forecasting and replenishment. Supply chain members decide their roles and responsibility which is coordinated through the IT system.

Various software tools like MRP, MRP-II, APSS facilitates planning and coordination between different functional areas within the organization.

Material Requirements Planning (MRP): It helps in managing manufacturing processes based on production planning and inventory control system. Proper implementation of MRP ensures availability of material for production and product for consumption at right time optimizes the level of inventory and helps in scheduling various activities. MRP system uses computer databases to store lead times and order quantity. MRP includes mainly three steps: first assessing the requirement of how many units of components is required to produce a final product; here it applies logic to implement Bill of Material (BOM) explosions. Second step includes deducting the stock in hand from gross to find out net requirement. Finally, scheduling manufacturing activities such that finished goods are available when required, assuming the lead time.

Manufacturing Resource Planning (MRPII) system is a logical extension of MRP system which covers the entire manufacturing function. This typically includes machine loading, scheduling, feedback and Software extension programmes in addition to material requirement planning. It provides the mechanism to evaluate the feasibility of a production schedule under a given set of constraints.

A textile company which has multipoint manufacturing and engaged in global business necessitates something more than MRP and MRP-II like Distribution Requirement Planning (DRP), it has ability to solve both capacity and material constraints and quickly propagates the effects of problems in both backward and forward direction throughout the supply chain.

The Advance Planning and Scheduling (APSS) system includes both material focus of MRP and rapid response scheduling power of MRP-II.

Coordination of logistics flows

Workflow coordination can include activities such as procurement, order execution, implementing changes, design optimization, and financial exchanges which results in cost and time efficiency. The results are cost-effective, speedy and reliable supply chain operations.

IT contributes towards the maximizing the value of textile supply chain through integrating supply chain operations within and outside the organization and collaborating the acts of vendors and customers based on shared forecasts. Internet adds to IT contribution towards supply chain management through coordination, integration and even automation of critical business processes. New system of the supply chain game emerges as a result of business innovation fuelled by the Internet.

Many supplying companies maintain demand data by style, size, fabric and color to replenish inventory at retail outlet. Level of replenishing is predetermined by both parties after reviewing history of sales by product and buying behavior of the community.
New Business Models:

Data mining and data warehousing

Data mining is the process of analyzing data from different viewpoints and summarizing it into useful information that can be used as a basis of monitoring and control, enabling companies to focus on the most important aspects of their business. It allows users to analyze data from many different dimensions, categorize it, and summarize the relationships identified. In short it is the process of finding correlations or relationship among dozens of fields in large relational databases.
Data warehousing is the repository of data and can be defined as a process of centralized data management and retrieval. Centralization of data maximizes user access and analysis.

E-commerce

E-commerce can be B2B (Business To Business) and B2C (Business To Customer). B2C commerce is the direct selling to consumers through Internet. While B2B marketplace can be defined as neutral Internet-based intermediaries that focus on specific business processes, host electronic marketplaces, and use various market-making mechanisms to mediate transactions among businesses. B2B appears to be more prospective than B2C.

E-retailing

The textile-retail giants are adding an Internet shopping-component to their offering. It has affected their distribution and warehousing infrastructure. As a result of going online, retailers have changed their supply chain strategy. High volume products with stable demand are stocked in local stores, while low-volume products are stocked centrally for online purchasing.

Companies prefer a direct route to consumers by closely scrutinizing individual customer's tastes, preferences, habits, and buying patterns. Instead of waiting for consumers to visit their stores, retailers simply send them e-mails with offers. Internet has facilitated quick response system. With the use of web-enabled technology it is possible to have automatic customer replenishment system.

The Millionaire Mind Money Management Plan

One of the most important books that I 've read during the past year is T. Harv Eker's Secrets of the Millionaire Mind. I want to review and share a savings plan that Eker shares in Chapter 14 called the Millionaire Mind Money Management Plan. Eker begins his chapter with these words:

Rich people manage their money well, Poor people mismanage their money well.

It's an excellent chapter, and I'm going to share with you a summary of the financial management plan that will set you on the right path to building wealth. It's important in all things resulting in success that you take action. So, no matter what you can start with, even if it's a dollar a month, you must take action and begin to manage your money.

Some people say, "Well, when I get ahead financially, I'll manage my money." That's a poor person mindset! The millionaire mind begins to manage now, because if you can manage a little, then you'll begin to manage a lot. I was SO into this way of thinking in the past. When I turned it around and began to manage money, I started to get wealthy!

Before I share the money management plan, here are some wealth principles from the chapter and that Eker teaches at his Millionaire Mind Intensives.

  • Until you can handle what you've got, you will not get any more!
  • The habit of managing your money is more important than the amount.
  • Either you control money, or it will control you.

So, how exactly do you manage your money? Here's a great plan from the book. Remember, it's important to start, not the amount. Start with $ 1 if you must; just start! Get the habit going!

Prepare 6 jars ( "Jars" can be literal, or bank accounts, or categories on a spreadsheet).

Place the following amounts in each of the jars every month after taxes.

  1. Financial Freedom Account (10%) – used only for investments and buying or creating passive income streams. Money is never spent, only invested. Also, have a Financial Freedom Jar where you deposit money each day ($ 1, $ 10, loose change). Do something daily.
  2. Play Account (10%) – Use this money to nurture yourself. Use it for extra-special things in your life. The only guideline is that you must spend the money every month. Use it each month in a way that makes you feel rich!
  3. Education Account (10%) – Set aside money for your education (school, seminars, etc.) Or your child's education.
  4. Long-term Savings for Spending Account (10%)
  5. Giving (10%)
  6. Necessities Account (50%)

Start the plan and let the universe know that you are ready for more money.

Factory Accident Risks and Injuries

Factory environments usually include a very large space filled with heavy machinery, specialized equipment, and a large factory worker base. Factory areas can often be crowded, with many activities being performed at once, so following safety protocols and operational procedures is crucial to a smoothly run, accident-free workplace. The high frequency of workers interacting with machines means that, if proper precautions are not taken, disastrous accidents may result.

Safety Hazards

Factory workers are put at risk of injury whenever safety procedures are not followed. The following potential hazards may lead to serious accidents when not dealt with appropriately:

  • Intentionally "cutting corners" on regulations to cut factory costs
  • Accidentally overlooking a safety violation
  • Operating machinery without using proper safety equipment and safeguards
  • Not regularly maintaining heavy machinery and equipment
  • Improperly storing equipment or chemicals
  • Using defective machinery

Potential Factory Accidents and Injuries

When the above safety hazards are not addressed, workers are put at risk of being involved in an accident. Running an unsafe factory leaves open the possibility of accident and injury occurring, which may include:

  • Heavy machinery malfunction
  • Slips, trips, and falls
  • Exposure to toxic chemicals or other hazardous materials
  • Falling objects or overturned equipment
  • Explosions
  • Emergency exit blockage

Most factory workers understand that there is a certain level of risk in their daily work, but like all workers they are entitled to a safe work environment that meets safety regulations. Factory companies are obligated to meet safety standards to keep workers free from harm. If you are a factory worker and have been injured in a factory accident, your employer or the property owner may be liable and you may be entitled to compensation for your injuries and related damages.

Learn More

More information on For factory accidents and injury liability, please visit the website of experienced factory accident injury lawyers at the Charles D for sale. Hankey Law the Office, PC today.

Sekonda & Seksy Watches – A Brief History

The history of Sekonda watches began in Moscow in 1930 with the founding of the First State Watch Factory, the Soviet watch manufacturer. Created under orders of Stalin, the First State Watch Factory was the first Soviet attempt at manufacturing watch movements and watches. During World War II the factory was briefly evacuated but upon it's return to Moscow it was renamed the First Moscow Watch Factory. During the Soviet era this factory manufactured many watches, notably Poljot watches. These watches were used by the Soviet Armed Forces and were required to be of a very high quality as a result. The factory also manufactured the air force standard issue 'Navigator' watch worn by Yuri Gagarin on his historic first manned space flight.

The Petrodvorets Watch Factory is the oldest factory in Russia. The factory, located in Saint Petersburg, was founded by Peter the Great in 1721, and since 1962, has manufactured Raketa watches.

In 1966, Sekonda was founded in the United Kingdom. Sekonda imported the Poljot and Raketa watches from the USSR and re-badged them with the Sekonda name. These high quality, reliable watches were relatively cheap and were very successful. Due to the introduction of quartz movements, Sekonda moved production to Hong Kong and began making more fashionable watches with this new technology. Excellent marketing skills and a range of great watches led Sekonda to sell more watches than any other brand in the UK in 1988. This position has been held ever since due to an ever expanding, innovative range of watches.

In 1998, the watch market began to expand with a number of fashion watch brands designing and manufacturing their own fashion watches. Instead of increasing the overall sales of watches, this led to market share being spread more thinly across all the watch brands and it became clear that Sekonda watches would need to diversify in order to maintain its market leading position.

In 2004, Sekonda watches added the stylish and contemporary ladies Seksy watch line to it's range. The Seksy watch range was to be Aimed at the 25 to 35 age group and would build on the well known and Successful Sekonda watch brand name. This brand recognition would instil customer confidence in this new range of ladies Seksy watches. The initial Seksy watch range consisted of eleven watch models and with some excellent marketing campaigns and some very clever and innovative watch designs, a number of these Seksy ladies watches quickly became best sellers. The success of the Seksy watch brand prompted Sekonda to expand the Seksy watch line to around thirty models within a year.

A year after the launch of the ladies Seksy watches, Sekonda introduced the Sekonda One range of watches. The Sekonda One watches are fashion watches aimed at men and, similarly to the ladies Seksy watches, stick to Sekonda's winning philosophy of offering excellent quality watches at a low price point. Both lines have since been heavily advertised.

A very popular Seksy watch line is the Seksy Hidden Hearts ladies watch, a polished chrome plated bracelet watch comprising of interlinked heart shapes forming the bracelet and case, a mother of pearl dial and Swarovski crystals set in the case and dial with a high quality Japanese quartz movement. Another popular Seksy watch is the Seksy Eclipse ladies watch, a Swarovski stone set chrome plated quartz watch with an 'eclipse' design incorporated into the case and each watch link. Other ladies Seksy watches include the Seksy Curve ladies watch and the Seksy Electra ladies watch, both chrome plated, stone set contemporary designs with beautiful shapes.

Sekonda's main line of watches consist of numerous gold and chrome plated dress watches for men and women with almost every style imaginable. Many watch lines use popular expanding bracelets for convenience and standard bracelet watches and leather strap watches are also available in abundance, all with the same high quality and standards of workmanship that have led to a less than 1% return rate.

Due to their outstanding value for money, Sekonda watches have been the UK's best selling watch brand for the last two decades. The Sekonda range includes numerous stylish dress watches for men and women in gold plated, stainless steel and bi-colour designs as well as contemporary or classic stone set watches. Sekonda also manufacture SEKSY watches, an exceptionally popular and modern fashion brand also available on our site. All our Sekonda watches feature a high quality movement and come with a 2 year Sekonda guarantee.

What Are High Security Locks?

I have discussed high security keys and locks in the past, but what makes a lock and key high security? A lot of manufacturers consider at least some of the locks they manufacture high security. So how do you know that you are getting what you pay for? Because you will pay far more for one of these locks than a regular lock that you can buy at your local big box store.

Here are some of the things to look for in a high security lock:

  • The locks and keys will be precision made, usually with a CNC machine rather than die casting
  • They are usually made out of brass or steel
  • If brass, they will have hardened steel pins embedded into the lock face for drill protection
  • The keyway and key should be protected with US and foreign patents
  • The key blanks should be restricted to Service Centers and Locksmiths that are under contract to the manufacturer for the purpose of key control

The above list is not all inclusive but meant to provide the major points. There are a few items that I will explain further in an effort to give definition to some of the words used above that may not be familiar to all.

Keyway: In the simplest form, a keyway is a design on a key such as key cuts, spacing and angles and the matching design that is manufactured into the lock cylinder. Some manufacturers use a combination of cuts, spacing and angles along with grooves cut into one or both sides of the key. These side grooves will match the grooves in the lock. When applying for a patent these are the items that are usually patented.

Key Control: This is the ability to control not only the key blanks but also the cut keys. To demonstrate this let's assume that the manufacturer sends 10 key blanks to one of their Service Centers. That service center cuts 10 key blanks to a secure code for one of their customers. That customer receives the 10 cut keys and records to whom they give them to. Throughout this process the keys can be accounted for all the way to the end user.

All of this comes at a price that will be at least 50% higher than a standard lock used for the same purpose. This goes back to that same question; what are you trying to protect and how much is that worth to you.

The Importance of a Balance Sheet

An individual has two primary tools for managing personal finances. The Personal Balance Sheet is ignored and the Budget is the darling of Financial Consultants and the media. The key to understanding personal finances is that you have to understand your Budget and Balance Sheet individually and also how they work in combination to give you a complete snapshot of your personal finances.

Your balance sheet is extremely important because it shows you where the gold is. It is your personal Fort Knox. It is also extremely important because you need to have a stash of gold in your personal financial picture. The gold in your Balance Sheet is not the Assets. They are the positive side of your Balance Sheet but the real picture of how much gold you have in your Fort Knox is your Net Worth. So just as important to your Balance sheet is your Liabilities. The total of your Liabilities is subtracted from the total of your Assets to give you your Net Worth.

You fill out your Balance Sheet and total up your Assets and Liabilities. You subtract the total of your Liabilities from your Assets. That number, your Net Worth will come out to either a negative amount, an amount of or near to zero, or it will be substantially positive. These are the only 3 scenarios possible.

• If your net worth is a minus number, you are not managing your financial resources properly. Your Balance sheet is your report card and you are failing. It is that simple. If you are managing your money to deal with life's challenges and planning your personal finances with your retirement in mind, your Net Worth should be positive and growing. If your Net Worth is positive, you can ride out financial storms like the current situation. At the time of your retirement, your Net Worth must be substantially positive so that you will be able to keep costs down and have investment income to replace your working income. During your working years, your Net Worth should be growing steadily because a retirement nest egg does not grow without years of nurturing.

• There are circumstances where it is acceptable to have a Net Worth of Zero or near Zero. The first is when you are just starting out. It just makes sense that it would be zero. You may have student loans but that is offset by some form of education that will allow you to make more money in the course of your lifetime. The key is that this is the best time to start building your net worth. It allows the principal of compounding value to work its magic on your assets for decades. That saves you a lot of work later in life. However, most of us are not that wise and we find ourselves in our 30s and 40s with little or no Net Worth. This means you have less time for compounding to work. So you have to work harder and especially manage your money smarter to prepare for the financial challenges you face going forward. The nice thing is that you have probably made some mistakes that have made you much wiser. You should be able to recover much faster than you would have in your undisciplined youth.

• If you have a positive net worth that means that you are building assets. Just as important is that you are controlling your debt. This is the key that has probably gotten you to this situation. The key to a positive Balance Sheet is that debt offsets the value of your assets when you look at your personal finances as a complete picture so your debt / equity ratio should be less than one and get smaller and smaller. Debt servicing saps cash flow on your budget that could be used to build assets that can be used to produce income in your retirement years. Clear title ownership of assets such as your home reduce cash draw and this is incredibly important as you approach retirement.

The financial crisis we are in now is described as a Balance Sheet crisis. We are in this crisis because nobody was paying attention to their Balance Sheets, not even at the towering heights of our financial infrastructure. The symptoms were everywhere. The while researching the I found That the top sites on the internet for Balance Sheet are On Those WHO COMPLETE want to sell you something so they 're That can gain access to any Assets on your balance sheet That Might be left after this disaster. Before the disaster, the only thing that had any importance was whether a potential buyer of anything could afford to make the payments on whatever he was buying assuming he made 120% of his stated income. The most outrageous symptom was that people would take appreciating home equity and borrow against it to buy depreciating assets and consumer goods. They overbooked their budgets and now they have gutted their balance sheet.

The resulting loss of home values ​​is the disaster we have now where people have either a zero or minus Net Worth. The other aspect is that we are now wiser. For the good of our society and our financial infrastructure we had better be. Going forward we must pay attention to our Balance Sheets and recognize that is where the gold is. You must save and protect your gold. Net Worth is where financial power is and that is the Importance of a Balance Sheet.

The Pains of Doing Online Business in Africa

Take it or leave it, Africa is a great continent. It is my beloved continent with an estimated population of 1.216 billion people.

There are about 7 billion people with unique skills, talents, knowledge, and experience. God bless humanity.

So, if you think of the right market to sell your goods or services, come to Africa.

This is the optimistic part of this story. It is good to begin 2017 on a positive, optimistic level.

Now, let us come down to reality. The world has gone digital. But, Africa is still slow in moving from analogue to digital age.

Corruption, illiteracy, poverty, lack of social amenities, lack of trust, lack of knowledge on what it takes to run a business online, are some of the factors militating against Africa and Africans.

Internet penetration is 28.7 percent in my beloved continent. Compared to North America with 89 percent penetration level, this is a far cry.

This means North America with an estimated population of 579 million people is more digital than Africa. But, Africa has the market. In fairness, businesses are striving in the continent.

Lots of Africans know little or nothing about online business and think that people who do businesses online are either fraudsters or criminals.

This is not true. There are genuine and fake business owners everywhere, internet inclusive.

Trust has also made it impossible to do business online. With the world becoming a global family, business owners do not need to meet physically to transact business. There are no limitations in this digital age to running businesses.

Everything and anything could be sold online and money in local and foreign currencies transferred from one part of the world to the other.

But, my good friend in Lagos, Nigeria, who has masters degree from one of the oldest universities in our country know little or nothing about running an online business.

We were discussing yesterday and he told me bluntly that he knows next to nothing about online business.

So, he is comfortable moving his vehicle parts from one place to the other in search of customers.

This is the pains some of online business owners are going through in Africa with great potentials.

But, the pains of not getting enough customers from Africa for your business are a passing phase. Even as the Bible says, this will pass away.

Therefore, in 2017, I am positive that more and more business owners will overcome the pains of going from analogue to digital in Africa.

I get the feeling deep down that ten years down the line, the story will change for the better and internet penetration in Africa will rise.

Oracle Production Scheduling Vs Manufacturing Scheduling

After Oracle's acquisition of JD Edwards in 2006, Oracle has been promoting the best-in-class Production Scheduling (PS) software for all the obvious reasons. While more and more customers are adopting Oracle Production Scheduling to remove bottlenecks and improve performance on the shop floor, some manufacturing companies are still wondering why they should switch from Oracle's Old Manufacturing Scheduling to Production Scheduling?

Here are the main reasons:

· Oracle PS is a versatile application that can be stand-alone or integrated with Manufacturing Planning and Execution Systems as opposed to Manufacturing Scheduling which mainly works in conjunction with the manufacturing execution system – Work in Process (WIP). With Production Scheduling's close loop integration with Advanced Supply Chain Planning (ASCP), shop floor jobs can be best scheduled to both optimize resource planning and maximize service levels.

· Oracle PS with its powerful Key Performance Indicators (KPI) can be used as a tool to ensure that the scheduling scenario is meeting the corporate end objectives. Comparison of different schedule scenarios are instantly displayed in the Oracle Production Scheduling KPIs with Service Level, Inventory, Resource and Manufacturing utilization details. This makes decision analysis rather effortless. Many savvy schedulers using Oracle Manufacturing Scheduling had long wished for such powerful functionality.

· Oracle Production Scheduling can automatically detect resource floating bottlenecks as they move within a schedule. This understanding helps PS Solver deploy the most appropriate

Scheduling strategy to maximize the throughput and optimize the resource utilization.

On the other hand, resolving the bottleneck required a lot of constant tuning of the rules in the older Oracle Manufacturing Scheduling.

· Production Scheduling provides a number of views which can provide users with powerful analysis to support their decision making. Some of these views and user interfaces are:

o Production Pegging (Supply / Demand pegging with easy to drill down alert and root causes)

o Resource and Operations Gantt

o Resource and Item Graph

o Resource Gantt and Multi-Capacity Resource Graph

o Operations Editor and Graphical Routings

o Change over Editor

· Performance: Oracle PS uses smarter technology for constraint directed search which achieves the advantages of constraint-based scheduling with much better performance over traditional tools like Oracle Manufacturing Scheduling. This is another reason Production Scheduling becomes a tool of choice when production volume or production constraints are higher.

· Oracle PS is much simpler to setup yet delivers powerful scheduling strategies to optimize production without much trial and error. This reduces the total cost of ownership.

CONCLUSION

Oracle Production Scheduling is truly the best of breed next generation software which provides huge advantages over Oracle's past Manufacturing scheduling tool. There are a number of additional PS capabilities (not covered in this short blog) that if implemented well, can make scheduling really productive.

Commercial Property Management – Checklist for Property Management Handovers

When you take over the management of a commercial or retail property today, the information that you gather from the outgoing property manager or landlord will be critical to the establishment and future success of your property management processes.

Information is Critical

Lack of information in the handover process means problems and potential errors in the future. On that basis you should have a specialised handover process that you can implement on and with the handover of every property type within your local area. A checklist will help your activities as you bring in the new property to the management portfolio.

Here are some ideas to incorporate into your handover checklist:

  1. Get complete and comprehensive details of all leases and licensed occupied areas within the property. You will need to check these against the tenants physically in occupancy and the rental invoices that are raised for tenancy payment. Everything has to cross relate accurately.
  2. Copies of lease documents should be checked against the original documentation. Also look for side agreements for any extension or variance documentation relating to the original lease.
  3. Copies of correspondence relating to existing tenancy matters should be handed to you. Ask for this specifically and drill down on the details of each matter.
  4. Get copies of the current rental invoices and cross reference these to the tenancy schedules for the property. It is not unusual to come across in errors in the tenancy schedule or the rental invoices.
  5. The tenancy schedule should be checked against the actual leases and other occupancy papers and the signed documentation between the landlord and tenant.
  6. Check all outgoings charges and expenses that are applied to the tenancies within the managed property. The charging process should be shown on the rental invoices; you will need to check this amount and the process of recover that is adopted. It is not unusual to see errors in the outgoings recovery with tenants in managed properties. The process of checking will involve you getting copies of the current outgoings budget and the recent outgoings reconciliation.
  7. The arrears that apply to the property and any tenancies should be identified as part of the handover. They are sometimes discharged at the time of settlement, although the question should be raised in case you are taking over the ongoing pursuit of the arrears with any existing tenants. If that is the case you will need copies of all previous correspondence and claims.
  8. Current vacant tenancies within the premises may be the subject of lease negotiation. You will need copies of the lease offers that are or have been made and the status of the existing negotiations.
  9. Details of the maintenance issues within the building will be required. The essential services within the building will be critical maintenance contracts to identify early in the Handover. Any threats to the stability and function of essential services should be identified and addressed immediately. The maintenance contractors for the building will understand the function of the existing plant and machinery; get details of these contractors and then set up meetings as quickly as possible.
  10. Ask about any orders or notices that apply to the property or any part thereof. Check out any encumbrances, rights of way, or easements that apply to property usage.

So these are some of the main items that apply to the property management handover process. There will always be more issues and items to look at although these items listed above are the big ones to immediately get under control.

The Importance of a Balance Sheet

An individual has two primary tools for managing personal finances. The Personal Balance Sheet is ignored and the Budget is the darling of Financial Consultants and the media. The key to understanding personal finances is that you have to understand your Budget and Balance Sheet individually and also how they work in combination to give you a complete snapshot of your personal finances.

Your balance sheet is extremely important because it shows you where the gold is. It is your personal Fort Knox. It is also extremely important because you need to have a stash of gold in your personal financial picture. The gold in your Balance Sheet is not the Assets. They are the positive side of your Balance Sheet but the real picture of how much gold you have in your Fort Knox is your Net Worth. So just as important to your Balance sheet is your Liabilities. The total of your Liabilities is subtracted from the total of your Assets to give you your Net Worth.

You fill out your Balance Sheet and total up your Assets and Liabilities. You subtract the total of your Liabilities from your Assets. That number, your Net Worth will come out to either a negative amount, an amount of or near to zero, or it will be substantially positive. These are the only 3 scenarios possible.

• If your net worth is a minus number, you are not managing your financial resources properly. Your Balance sheet is your report card and you are failing. It is that simple. If you are managing your money to deal with life's challenges and planning your personal finances with your retirement in mind, your Net Worth should be positive and growing. If your Net Worth is positive, you can ride out financial storms like the current situation. At the time of your retirement, your Net Worth must be substantially positive so that you will be able to keep costs down and have investment income to replace your working income. During your working years, your Net Worth should be growing steadily because a retirement nest egg does not grow without years of nurturing.

• There are circumstances where it is acceptable to have a Net Worth of Zero or near Zero. The first is when you are just starting out. It just makes sense that it would be zero. You may have student loans but that is offset by some form of education that will allow you to make more money in the course of your lifetime. The key is that this is the best time to start building your net worth. It allows the principal of compounding value to work its magic on your assets for decades. That saves you a lot of work later in life. However, most of us are not that wise and we find ourselves in our 30s and 40s with little or no Net Worth. This means you have less time for compounding to work. So you have to work harder and especially manage your money smarter to prepare for the financial challenges you face going forward. The nice thing is that you have probably made some mistakes that have made you much wiser. You should be able to recover much faster than you would have in your undisciplined youth.

• If you have a positive net worth that means that you are building assets. Just as important is that you are controlling your debt. This is the key that has probably gotten you to this situation. The key to a positive Balance Sheet is that debt offsets the value of your assets when you look at your personal finances as a complete picture so your debt / equity ratio should be less than one and get smaller and smaller. Debt servicing saps cash flow on your budget that could be used to build assets that can be used to produce income in your retirement years. Clear title ownership of assets such as your home reduce cash draw and this is incredibly important as you approach retirement.

The financial crisis we are in now is described as a Balance Sheet crisis. We are in this crisis because nobody was paying attention to their Balance Sheets, not even at the towering heights of our financial infrastructure. The symptoms were everywhere. The while researching the I found That the top sites on the internet for Balance Sheet are On Those WHO COMPLETE want to sell you something so they 're That can gain access to any Assets on your balance sheet That Might be left after this disaster. Before the disaster, the only thing that had any importance was whether a potential buyer of anything could afford to make the payments on whatever he was buying assuming he made 120% of his stated income. The most outrageous symptom was that people would take appreciating home equity and borrow against it to buy depreciating assets and consumer goods. They overbooked their budgets and now they have gutted their balance sheet.

The resulting loss of home values ​​is the disaster we have now where people have either a zero or minus Net Worth. The other aspect is that we are now wiser. For the good of our society and our financial infrastructure we had better be. Going forward we must pay attention to our Balance Sheets and recognize that is where the gold is. You must save and protect your gold. Net Worth is where financial power is and that is the Importance of a Balance Sheet.