Monthly Archives: February 2017

Why Electronics and Technology Are Important

People today live in a world that relies greatly on electronics and gadgets to make our everyday activities easier and faster. Most of us could not fathom what life we be like without computers, cell phones, iPods, televisions, or electronic toys. Over the years, technology has continued to advance, improving the quality of life for people who use electronics and gadgets to make their lives more convenient.

When we wake up in the morning, we are often greeted by our alarm clocks. How many people would be late for work if they had to rely on their internal body clocks to wake them up at the same exact time every weekday morning? Once up and out of our bed some people may enjoy a cup of coffee or espresso from the convenience of their own kitchen coffee making appliance. Others may head to the bathroom to start getting ready for the day. This may include using a hair dryer or curlers to style their hair, or maybe an iron to de-wrinkle their clothes. All the while, people may be catching up on the day’s news by watching their local news station on television. All this use of technology and electronics and they haven’t even left for work yet!

The list goes on and on. The advancement of technology has allowed us to enjoy our favorite music while we exercise via the use of an MP3 player, warm our food in seconds with the convenience of microwaves, and even read our emails from anywhere in the world with the use of smart phones and laptops. This is just the tip of the iceberg. While most people understand that electronics and gadgets are important, they don’t take the time to really comprehend just how much we use this type of technology in all aspects of life. Certain electronics and equipment have made medical procedures easier, not to mention just plain possible. Life expectancies have increased with the advancement in technology and suffering has lessened due to the invention of medical equipment and technologies.

Whether it’s the coolest new GPS gadget to help you located and get to your favorite vacation destination along with every restaurant, store, and gas station in the area, or the newest sonar machine that can allow a doctor to see any possible development issues with a mother’s unborn baby, technology and electronics means more to us than we can realize. New products are developed every single day and the more people shop for fun gadgets and electronics, the easier and more fun life will become!

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 U.S. 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.

What Are Panchaloha Idols and How Are They Manufactured?

As one of the oldest religions in the world, Hinduism carries a broad set of traditions, rituals and worship. Hinduism in the real sense is a way of righteous living and professes the unity of worship and the concept of a formless divine. But these are abstract concepts for many and the best way to help relate is through images. Over time, this was how the concept of various ‘Gods’ and ‘idol worship’ was developed, giving the free choice of worship ultimately to the individual. In this regard, Panchaloha idols play a key role in this regard.

Silpa Shastra is an ancient Hindu text dealing with arts and crafts and contains various design rules and standards. All idols whether stone or of metal have to be sculpted and manufactured according to these rules and prescribed rituals have to be followed both during manufacture and installation in order to obtain the correct benefits. Panchaloha idols are traditional idols of Gods fashioned from an alloy of 5 metals (silver, gold, copper, zinc and iron). The percentages in which these metals are used in the alloy varies between different regions in India.

The idol manufacturing process involves 2 steps. The first is the construction of the mould and the second is the actual creation of the idol. Initially, an image of the deity is created in wax with all the details. This wax is prepared by mixing paraffin wax, resin from the tree Damara Orientalis, and ground nut oil. Since wax produced by this method is quite hard, softer bee’s wax of high purity is mixed to make it easier to bring to life finer details.

To create a mould, the wax model is covered in layers of fresh clay and soil and then allowed to dry. Once the clay dries, it is heated to melt the wax and create a hollow mould. The melted Panchaloha metal alloy is then poured slowly into this mould to allow air bubbles to escape. This is then allowed to cool and solidify into the idol or deity. The cooling period varied between a few hours to a few days depending on the size of the statue and is judged based on experience. Finally, the craftsmen break the clay mold starting from the head of the statue to get the preliminary image. This image is then worked on to produce the final product.

The process has remained the same since the time of ancient dynasties like the Chera and the Chola and it is heartening to note that the art continues to thrive in various corners of India even today.

Why Corporate Video Production Is Effective For Business Growth

In business, videos are used for marketing, education and even entertainment. They are powerful tools that can be used for a multitude of purposes. For these chief reasons, competitive companies allocate a sizeable portion of their operational budget to corporate video production. This has become an effective tool for business growth.

Indeed, a lot of experts say that videos are very effective in building brand awareness. In fact, marketing studies prove that businesses that have video content in their website get visitors to stay longer than business websites that don’t use videos.

In addition to that, people generally prefer marketing content in a visual format, and this is the reason why online content views average 50 billion each month. Your business can attract even more people online, or even on TV, if you present your brand and its value through videos.

And when it comes to setting a good impression, videos also work extremely well on target audiences. Businesses can really make a mark and appeal powerfully to the aesthetic sensibilities of many people. Corporate film production, expert marketers say, is one of the best ways to tell the beautiful story of the business so it can become more relatable to a lot of people. It’s one obvious demonstration of competitiveness because everybody knows how big a budget is allocated for video production, as well as how much work is involved in order to achieve the best final output.

People have this idea that if you’re doing the same thing as the big players are, then perhaps you’re an important player as well. It can be educational, as well as an effective means for businesses to expedite their processes. Many large companies actually use corporate videos in order to clearly demonstrate to their clients or customers how to complete certain processes without the assistance of support personnel.

Lastly, the videos can simplify and speed up operations by going beyond the usual hassles and mistakes of day-to-day business activities. A video can provide a fresh perspective of the business, generate more interest, appear more approachable, and perhaps, lock in more clients so that business income is increased.

Video production actually has many other benefits for business because creativity with videos depends greatly on the nature of an enterprise’s operations. So all in all, if you wish to boost your business’s performance and ensure your competitive advantage, it’s imperative to opt for corporate video production.

A Compaq Guide About Business Setup in Dubai

Dubai is the one of the fastest growing business hub with the state of the art facilities available for local and international business. Dubai is an integral part of business world and is leading with innovation. Dubai is politically stable and has strong economic culture and government of Dubai offer friendly business regulations which attracts the investors from around the world. This article will provide you a Compaq guide regarding business setup in Dubai. Before you start your business in a unbeaten economy like Dubai first you need to under the culture of it. Dubai being an international city is a multi-cultural city, people from all around the world are present in Dubai. After familiarizing yourself with the cultural you must learn about the rules and regulations and kind of the business you can start.

Legal structure of business setup in Dubai is according to UAE Federal Law No. 8 of 1984, and after the amendment in Federal Law No. 13 of 1988 – the Commercial Companies Law, and its by-laws regulate the function of foreign business in Dubai, United Arab Emirates. In wide terms the requirements of these regulations are: The Federal Law requires a total local equity of not less than 51% in any commercial business and describes seven categories of business organizations which can be established in the UAE. This regulation explains the requirements in terms of shareholders, directors, minimum capital requirements and business incorporation processes. This law further lays down the requirements of governing conversion, merger and dissolution of companies and businesses.

In Dubai, you are given plenty of opportunities; you get benefits of best economy based on strong administrative foundations. Authorities of Dubai have divided the city in different economic jurisdictions. You can start different types of businesses in Dubai bases on type of business and location; types are divided in three main categories which are Mainland, Free Zones and Offshore. Another thing to remember is that Dubai welcomes foreign investment but there are rules and regulations that must be followed. In order for you to enter in Dubai, UAE you need to have sponsor, a sponsor will take your responsibility. Importance of a sponsor can be determined by the fact that for any purpose if it is business or you are just visiting you must have a sponsor. When it comes to start a business in Dubai you are require having a sponsor, any kind of business needs a sponsor or service agent. In mainland a local resident or a of United Arab Emirates based company act as a sponsor, for professional service you need service agent as sponsor and for setting up a free zone business you also need a sponsor, in this case free zone acts as your sponsor.

Business setup in Dubai mainland requires you to have a valid license issued by the administrative authority. The name of the authority is Dubai Economic Development (DED); it is a government agency responsible for issuing the business licenses. Renewal of the license, cancellation and up-gradation are also handled by Dubai Economic Development (DED). To ease the investors Dubai Economic Development (DED) operates for different localities, thought scrutiny process of the application is strict but department ensures the quick application processing. In Dubai mainland, Dubai Economic Development (DED) issues four types of licenses, commercial, professional service, Branch office and industrial license.

To setup your business in Dubai mainland under commercial license you are by law mandated to have the help from local UAE resident which is also called local sponsor. Local sponsor is by law hold the 51% shares of your business and you will hold only 49% of shares. However you are given full administrative rights. You can draw contracts with local sponsor and allocate a yearly fee for being a sponsor. Local sponsor sometimes work as silent partners. Local sponsor can be an individual or it can be a UAE based company or group.

However, if you are setting up a business which involve professional services you don’t need to have a local sponsor, in that case you only need a service agent. Service agent works on your behalf and helps you deal with the local administrative authorities to start your business. You are allowed to hold 100% of your professional business and service agent will only be paid once for the service he offered.

Free zones are special economic zones in Dubai which are specially designed to attract the foreign investment. Free zone based business are fully owned by the investor and there are plenty of options to choose with. Every free zone in Dubai has a governing authority or free zone authority. For business setup in Dubai you would need deal with the free zone authority. You may be asked by the authority to provide different legal documents before you finally give the go ahead in form of license by that authority.

Free zone offers different attractive options for foreign investors such as you are given 100% of ownership of your business. There are many options free of tax you can avail like no personal income tax, corporate tax exemptions. There are different types of business setup options in Dubai free zones like you can start of your business enterprise as a limited liability company or service provider organizations, there are different licensing options. Business setups in free zones are allowed to perform international trades. When time comes you can easily wind your business. There is less paper work involved when it comes to end your business from a free zone.

Offshore is another type of business setup offered in Dubai and has been very famous. Offshore means a business entity setup outside of the resident country in an offshore jurisdiction. Dubai offshore jurisdiction provides number of benefits to your business in terms of asset protection, tax optimization and business expansion. Businesses setup in Dubai offshore jurisdiction must abide the offshore companies rules and regulations and is not allowed to trade inside the offshore jurisdiction.

To sum up, after making decision with the kind of business you are willing to start in Dubai you need to deal with the concerned authority. The best way is to hire a professional help. You will be able to find number of consulting firms who are willing to help you deal with the paper work and the authorities. You will be asked by regulating authorities to provide different documents and submit paper work.

Here are few steps you may follow, first of all do research and decide the type of business you are willing to embark, choose jurisdiction and follow through. It is recommended to get the help from a professional when it comes to business setup in Dubai. Ready your paper work for the licensing and get a guide on licensing terms and conditions as there are certain activities you are allowed and certain activities you are not allowed to perform. There are license you can choose which allows multiple business activities.

Eleven Key Attributes of a Good Property Manager

Property Management is a career profession. The industry allows for employment growth, continual learning experiences, and the opportunity to work with diverse people and income groups. The Property Manager can work either directly for an owner of real estate properties, or for a property management company, contracted by an owner or legal entity to care for the real estate over a specific period of time.

The Property manager has a fiduciary relationship with the management company and property owner. A fiduciary relationship is one that is based on a mutual trust and complete confidence in one another.

The Property Manager is provided an owner's real estate portfolio to manage to its "highest and best use" in exchange for an employment contract or salary. Real estate assignments for the property manager includes apartment buildings, condominiums, hotels, storage facilities, shopping centers, office buildings, government subsidized properties, rooming houses, abandoned buildings and plots of vacant land, to name a few.

I have managed almost all of the above types of properties for over twenty years. I have managed public and private housing, for non-profit organizations, for the federal government, and for private developers and real estate investors. I also owned my own property management company for eight years. I now teach, speak, and write about property management standards and techniques. Here are some crucial skills, which I know from first hand experience, must be accepted as required attributes and learned skills in order to be a good property manager.

1. Must Know and Stay Current on Local Ordinances and State Laws

Managers are required to perform their work according to the laws of the land. The government (city, state, and federal) dictates how real estate is to be managed, from requiring a real estate license (depending on the state), to the use of the real estate (such as rent control laws). From proper trash removal to how and where we must keep security deposits, the manager has to keep abreast of the many legal requirements of managing real estate. If a mistake is made or a task is forgotten, it could cost the owner his or her property, and / or a management company's reputation, loss of the account, or even the loss of real estate licenses.

2. Must Be Highly Ethical and Honest

Property Managers work on the Honor Code when they handle other people's money. By collecting rent, security deposits, laundry machine money et al, the property manager holds a fiduciary relationship with the property owner and / or management company. The owner entrusts the property with thousands of dollars each month, plus the value of the real estate itself. The manager is hired to perform at his or her highest level of integrity. On a daily basis, the property manager's good judgment and sense of what is right and wrong is called into play.

3. Must be Detail Oriented and Organized

Managers collect the rent daily, and must ensure that each rent is paid and posted to the tenants' account as received. Financial records detailing each and every rent transaction are kept, either by rent cards, or on the computer. Lease expirations and renewals, rent increase letters, and rent invoices must be mailed on time. lines for court appearances must be kept, and clients must receive their written monthly report of operations. A skilled property manager is able to multi-task, keep site files organized, and prioritize repairs and assignments.

4. Must Have Good Communication Skills

Managers must be able to communicate with people from all walks of life, cultures, ethnicities, and personalities. Managers must be able to articulate their cases in front of judges, talk to the owner, negotiate with vendors as well as speak appropriately with tenants, who are often frustrated, upset, or angry. A good manager must be able to stay calm, and communicate in a professional manner. Familiarity speaking in other languages ​​is always a plus.

5. Must have Good Computer Skills

Computer competency is a technical skill, like driving, typing, etc. The use of email, mail merge, and faxing through the computer is at the heart of property management today. This is especially true if the property is on one part of the city or state, and the home office is a distance away from the site. If a manager does not have a solid command of the computer and its basic programs, such as Microsoft Word and the spreadsheet Excel, you may be hard pressed to find an administrative position in this field.

6. Should Like Working with the Public

If everyone paid the rent on time by the fifth day of each month, the manager would not have rent collection work to do. If a property never had problems, such as toilet overflows, lost keys, or defective smoke detectors, a property manager would have little to do. Therefore, it is important that a manager enjoy dealing with people with problems. A manager should at least like helping tenants with dignity, and in a responsible manager. If you do not like being interrupted several times a day with a dilemma to solve, this type of job may not be for you.

7. Must Be Patient and Have a Sense of Humor

There is some pressure involved working with the public. There are days when nothing seems to go right, and if you happen to have a headache that day, it could be a long 9 to 5. A calm personality or a good sense of humor will take you a long way in property management. If you tend to be high-strung, anxious, or become angry or impatient while working with tight deadlines or with people with problems, you may want to re-consider taking on this profession.

8. Must Like to Read and Conduct Research

There are many types of leases, agreements, forms, and other legal documents that must be signed between tenants, the manager, government agencies, the site attorney, and / or the owner. Real estate and governmental regulations change; the manager must be willing to read up on them and stay current. Documentation must be read and checked before submitted to tenants, agencies, the owner, etc. If you do not like to read in order to keep up with the latest trends, legal and industry changes and terminology used, you will not be able to properly do your job.

9. Must Have a Strong Sense of Duty and Commitment

Ensuring that the tenants under your control are treated with respect, have heat and hot water, are not subjected to or committing illegal activities or disruptive behavior of their neighbors, are some of the managers' duties. Tenants depend on the manager's sense of obligation to the property and the families or professionals who live in it. The manager may not always have the funds to do everything all the time, but what can and should be done, such as keeping the building clean, and having a sense of urgency to get work completed in a timely manner.

10. Should be Flexible-Minded

Property Management is a fluid profession, in that it follows economic, governmental, industry, and societal changes that impacts how a property is managed. Managers who still like the "good old days" of mistreating tenants and making rental applicants jump through unnecessary hoops to get an apartment (or the opposite, by not checking anything), will find him or herself out of touch, and maybe out of a job. The ability to accept changes of law, obey fair housing laws, have a positive, or at least a neutral, attitude about people who are different, and above all, to be open-minded, is a key element of a successful manager.

11. Must Be an Excellent Follow-Up Person

A manager can never assume that a repair or rent payment plan will happen on its own. Our mantra is: "Follow Up, Follow Up, Follow Up!" This is one of the most critical skills of a good property manager. The ability to multi-task, keeping several balls in the air without dropping any of them is challenging, and difficult at times. The ability to successfully multi-task is often rewarded both financially and in promotion decisions.

Three Types Of Marketing Strategies

There are three basic types of marketing strategies that all businesses, big and small use. All marketing plans can be broken down into one or all of these types. They are:

  1. Online or internet marketing.
  2. Offline marketing.
  3. Word of mouth or relationship marketing.

There can be some cross over of these categories mostly between online and relationship and as we get into our topic you’ll see how this is. Also, you’ll find that there can be a wide range of marketing costs between these different types and I know that this is important to all people who are just starting up a new business. Remember that marketing can be the most exciting part of a business start up because you can see your business grow and become successful.

Online / Internet Marketing

Many people today are starting businesses online. Like all business start ups, online or brick and mortar stores, not all who start will succeed and what will determine if they do is their marketing plan. Online marketing combines creative and technical aspects of the internet, including advertising, design, sales, and development. It also uses search engine marketing (such as Yahoo and Google), banner ads on websites, search engine optimization, and email marketing strategies. There are some definite advantages to online marketing. Internet marketing is fairly inexpensive when you compare it to the cost of reaching your target market with traditional marketing techniques. There are many companies that have found that they can reach a very large audience for a significantly lower cost than their standard offline advertising methods. Offline Marketing This is the traditional type of marketing strategy. If you are old enough, if not ask some old guy you know, think back about 20 years, before there was an Internet. All the types of marking that was used then fall into this category.

  • Newspaper ads.
  • Radio.
  • Television.
  • Bulk mail.
  • Billboards
  • Magazine ads.

As you can imagine offline marketing will be the most expensive type of marketing because unlike online marketing, every time you want to get your name out there, you’ll have to pay. So keep in mind how much of a budget you have to commit to marketing. You may want to concentrate more of your efforts to internet and relationship marketing but as always the choice is yours.

Word of mouth or Relationship Marketing

This type, if you commit to it, can and will be your most important marketing strategy. You will build trust in your customers that can’t be built by the other ways. Think about your own experiences when purchasing a new (fill in the blank). If what you want to buy is recommended by a trusted friend the chances you’ll buy is greater than if you just see an advertisement. Trust is HUGE in any marketing strategy. The trick here is building networks of people who know and trust you.

Offline Relationships

  • Friends.
  • Relatives.
  • Business Acquaintances
  • Community Involvement Coworkers
  • Fellow Churchgoers
  • Anybody you meet in town.

When the opportunity presents itself, talk about your business! Tell them what you are doing, your plans, your dream of eventually want your business to look like. Opportunities present themselves all the time, all you have to do is recognize them and put yourself out there! As these people get to know your business and like what you have to offer, they will tell their friends, who will tell their friends and so on.

Online Relationships

Since the advent of the internet and depending on the nature of your business, (if it’s local or more far reaching in who your customers are) this could be the greatest part of your marketing strategy. I’m not telling you anything you probably don’t already know but today the internet is built on relationships. People reach each other on:

  • Facebook
  • Twitter
  • LinkedIn
  • MySpace

And this is only the tip of the iceberg! There are more places to meet and get to know people than you can shake a stick at. Like online marketing. These are the 3 types of marketing strategies and they will work for you and your new business but you must commit yourself to them. It is work but you can do it. Believe in yourself! (if you made it this far, I believe in you too because you have proven that you have the will to succeed) You believe in you and so do I. That’s 2 people – see, your plan is already growing!

Transportation Management System – An Introduction

A Transportation Management System (TMS) is a software that is aimed at helping business and organizations to effectively manage its logistics supply chain, it helps organizing and tracking the movements of the products and materials. A Transportation Management System also helps in managing shipping units, outbound and inbound shipment scheduling, transportation mode selection, freight bill auditing, payment and processing of loss and damage claims etc.

Some of the basic functions and advantages of a transportation management system are shipment load planning and shipment routing optimization, routing guide, execution management and carrier communication, shipment tracking, freight bill audit & payment, business intelligence and reporting, claims management, returns management, appointment scheduling etc.

The shipment load planning and routing optimization helps the shippers to plan the loading and then find a suitable and optimized routes as per their requirements. This helps to save a lot of money and time and as a results makes it easy for the shippers to manage.

The routing guide is another feature of a TMS which helps the vendors to get an idea about the inbound routing guides for better cost management. The execution management and carrier communication helps the shippers to find the tools needed to help them in selecting the right carriers along with shipping cost calculation. The TMS also helps you in getting an accurate freight bill audit and also in implementing the payment part. As with any other tools, a transportation management solution also offers business intelligence reporting, which helps you to get more idea about your business and ways to improve it.

A TMS or a logistics management system can also be used as an effective vehicle routing software which helps you in the effective utilization of vehicles used for your transportation purposes. It identifies areas where the vehicles can be utilized effectively without spending much time and money. Since the TMS identifies the shortest route, it will result in reduced fuel consumption and enhanced fleet management and utilization.

For small companies which have a remarkable small transportation operations, the use of such a tool is not recommended, as they might not have any difficulty in managing all their transportation activities manually. But for a big company with a large number of vehicles and transportation activities, it is a better idea to avail the services of a transport management system, as it will ease their management activities and help them to save a lot money.

More and more companies have started using logistic management system and hence the demand and competition have increased considerably. So the number of companies providing customized transportation management system or freight management systems has increased. Some of the software offered are not having the expected quality and one must be sure to select the right and the best transportation management system for their company. There are also many software having advanced options such as GPS vehicle tracking or GPS fleet tracking system. So while purchasing the transportation scheduling software, make sure that you have spend the money on the right tool.

Management of Risk – An Art or a Science?

BUSINESS RISK is a term that explains the difference between the expectation of return on investment and actual realization. In CAPITAL BUDGETING, several alternatives of investments are examined before taking an investment decision and only then the Managing Director of the firm along with financial executives gear up for investing in a project that is sound and feasible. Even then the project may not become viable and may not work to our expectations owing to the fluctuations in the economic environment.

So, the million dollar question arises, Whether to invest and if invested, will it fetch me profit? See, you cannot have the cake and eat it too. Risk factor prevails in all kinds of environment and we try to over react in a business arena since it involves huge investments. But remember, MONEY WILL MULTIPLY IF YOU MANIPULATE IT WITH CARE.

Business firms commit large sums of money each year for capital expenditure. It is therefore essential that a careful FINANCIAL APPRAISAL of each and every project which involves large investments is carried out before acceptance or execution of the project. These capital budgeting decisions generally fall under the consideration of highest level of management.

Factors of risk to be considered before investing:

  • Time value of money
  • Pay back period
  • Rate of return on investment(ROI)
  • Uncertainties in the market
  • Cost of debt
  • Cost of equity
  • Cost of retained earnings

Factors to be monitored after investing:

  • Maximising profit after taxes
  • Maximising earnings per share
  • Maintaining the share prices
  • Issue of dividends
  • Ensuring management control
  • Financial structuring

Cost of capital refers to the opportunity cost of the funds to the firm i. e., the return to the firm had it invested these funds elsewhere. Thinking businessmen like RATAN TATA, DHIRUBHAI AMBANI and the like have also mastered the art of capturing the market by INNOVATIVE THINKING THAT PROVES GOOD TO THE MASSES.

While making the decisions regarding investment and financing, the Finance Manager seeks to achieve the right balance between risk and return. If the firm borrows heavily to finance its operations, then the surplus generated out of operations should be sufficient to “SERVICE THE DEBT” in the form of interest and principal payments. Th e surplus would be greatly reduced to the owners as there would be heavy Debt Servicing. If things do not work out as planned, the situation becomes worse, as the firm will not be in a position to meet its obligations and is even exposed to the “DANGER OF INSOLVENCY“.

Considering all these factors, we have to come to the conclusion that FINANCIAL MANAGEMENT is like the BACKBONE of a business firm and WORKING CAPITAL MANAGEMENT will be the blood flow infused into the body. Risks arise ONLY IF WE MISMANAGE, otherwise in a business everything goes as planned and I feel that luck does not favor anybody who is poor in planning and not ready to work hard.

A Career As Restaurant Owner Vs Restaurant Manager

There is a big difference between a career as a restaurant owner and a career as a restaurant manager. Restaurant managers sometimes go on to own their own restaurants, restaurant owners often do a great deal of managerial work and both are heavily invested in the success of the restaurant and involved in its daily operations, but the general similarities end there. The specific roles and responsibilities of a restaurant owner vs. a restaurant manager will be explained in further detail below.

A Career as a Restaurant Owner

Restaurant owners are responsible for overseeing the entire operations of a restaurant, even when they hire someone else to manage it. They make an initial investment and either buys the restaurant from someone else or starts his or her own restaurant. Owners must make additional investments down the line when the restaurant needs new equipment and supplies, or when the business has outgrown its location and needs to move or expand, and they will also be responsible for cleaning up the mess if the business fails. The owner has a vested interest in the success of the restaurant, not just because it’s his or her job, but because it’s his or her investment, brainchild and often a dream come true. The owner takes the most financial risk, but he or she also gets the biggest payoff if the restaurant is a success.

They vary in their level of responsibility in the kitchen and on the floor. Some owners hire other people to do everything and trust they will make the right decisions, while others are there every day, interacting with customers and staff and taking on managerial duties. Many of them must work long hours every day of the week as they get their business off the ground, but if it becomes a success, they get the opportunity to sit back and relax a bit.

A Career as a Restaurant Manager

They work closely with restaurant owners to ensure that the business runs smoothly. They also have a vested interest in making sure the restaurant is operating at a profit; in fact, this is their primary concern. The manager has pay increases, bonuses and profit shares to entice him or her to succeed, and the fear of losing his or her job to entice him or her to avoid failure. This career requires skills in budgeting, leadership, communication, analysis and planning, as well as a knowledge and appreciation of the culinary arts and customer service.