Manage Yourself

Management is a challenge for many business owners.You have everything but only for proper management system your business may go down day by day. But everything changes when you're in charge. Cause I know you can do it.

Instead of following orders, you must generate them. Being in charge also means wearing many hats, such as operator, accountant, visionary and heavy. This constellation of far-flung skills has generated plenty of literature and a name all its own: Management. In this article we walk through one of the most essentials elements of effective management for business shortly. 

The essence of effective leadership is motivating your team to consistently perform while instilling a desire to improve, as well as cultivate employee loyalty to colleagues, yourself and ideally, the company. It can seem daunting, but it doesn’t have to be if you approach it with the right attitude and priorities.If you want to dive deeper into productivity then try it. 

MANAGING STAFF: COMMUNICATION AND MOTIVATION 

1. Communicate Intelligently & Motivate 
Strong communication skills can improve the performance and productivity of a team and benefit an organisation. Some managers mistakenly believe that barking orders and instilling fear in your staff are the hallmarks of managerial success. But if this is your strategy, you're likely to only succeed in creating a unmotivated, antagonized staff. Instead, take the time to learn how to effectively communicate with each of your employees. Indeed, some may require firm, though respectful, directives, while others will respond best to a soft tone and congenial attitude. Adjust your management style to each employee, and don't expect them to conform to yours. Regardless of how you communicate, the one thing that must remain consistent is that you are straightforward and honest. Don't try to beat around the bush or avoid explaining exactly what the problem is. For example, is the cash flow of your business not being accurately recorded? Then explain the issue to those responsible and let them know you will hold them accountable for the areas that you pinpoint. Find out how to motivate a team, develop loyalty and manage conflict.Valued staff may be more highly motivated and likely to remain with the organisation. 
2) Build Positive Working Relationships
It’s important to get to know members of your team individually, not only on a professional level, but on a more personal level too. When you put the effort in to get to know a bit more about how your colleagues are doing and what they are interest in, it will build a much better rapport among the team. 
3) Acknowledge Good Work 
Don’t be one of these bosses who only provides feedback when you’ve got something to criticise! By providing your staff with positive feedback it will help to build their confidence and encourage them to get more involved in the future, so it’s vital that you acknowledge their achievements and the effort that they are putting in. Encourage creativity and ensure that everyone is clear about what is expected of them. 
4) Be Real 
Your team don’t expect you to be superhuman, so if you’re feeling the pressure and need a helping hand, don’t be afraid to admit it and if you make a mistake, own up! By showing the human side of yourself and allowing your staff to get to know you a bit better, your staff will feel more relaxed and comfortable approaching you. 
5) Be Decisive 
A good leader needs to be able to assert their authority and make important decisions for the team. There is no space for flakiness in a leadership role, so it’s crucial that you stick to your guns and go with what you feel is best the business.
6) Delegate Jobs To The Right People 
Part of why it is important that you establish a relationship with your team and get to know them individually is so you can assess what their personal strengths are. People perform better and are more engaged in roles where they feel they are employing their best skills, so delegating suitable roles that suit each individual will have a significant impact on the productivity of the team. 
7) Manage Conflict 
When there is conflict in the workplace, it should not be ignored. Turning a blind eye could lead to a negative atmosphere, which could have implications for staff productivity and communication among the team may suffer. When an issue arises it’s important that it is addressed straight away before it builds. 
8) Set A Good Example 
Your staff will look to you for guidance and inspiration, so it’s essential that you set a good example in order to gain their respect. If you expect them to behave professionally and commit to their work, it’s important that you do so yourself. Make sure that you are doing your job, continuing to develop your career and support your team in doing so too.

At last as a small business owner or big, its been my experience that core leadership traits stem from a place of integrity, maturity and confidence. If you feel good about who you are as a person, are interested in doing right by yourself and others and can look at situations objectively, you can look forward to developing a tightly knit team that can foster business growth.As you’ll notice, these rules leave plenty of wiggle room to apply your own personal “brand” of leadership and management. They stand as fundamental truths, considerations and principles that govern an effective management role rather than a strict instruction manual to success. Stay true to these principles in addition to your own, and you’ll unify your team in a rewarding and enriching environment.Thanks.

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Industries We Serve

Factum with the help of its professionals, have been serving various clients of different sectors from its inception till date with wide range of professional services and highest possible care. The major industries that Factum serve are as follows: 
1. Banks & Financial institutions. 
2. Insurance companies 
3. Listed Companies 
4. International and Local NGOs 
5. State owned sector corporations 
6. Private group companies 
7. RMG, Apparel, Textile 
8. Foreign companies/ Multinational Companies 
9. Educational institutions 
10. Health Sector 
11. Energy and mineral resources 
12. Government owned utility authorities 
13. Foreign donor agencies aided project

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Special Offer!

We are offering free enlistment for 2 years and giving free solutions with 20% off in every service.It is mention-able here that our 2 years customers will treat as V.I P customers and will get membership card for 1st step service whole time before expire.

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10-Step Creating The Project Plan

People involved in project development will tell you that diligent planning is critical to project success. That seems obvious. But if you ask them if most of their projects meet their target in terms of cost, schedule, scope and business goals, they would have to admit they don’t. The idea that you can’t improve what you can’t measure applies to how project success and failure are typically analyzed. One of the critical factors for project success is having a well-developed project plan. This article provides a ten step approach to creating the project plan which’s are stated below: 

Step 1: Explain the project plan to key stakeholders and discuss its key components. 
One of the most misunderstood terms in project management, the project plan is a set of living documents that can be expected to change over the life of the project. Like a road map, it provides the direction for the project. And like the traveler, the project manager needs to set the course for the project, which in project management terms means creating the project plan. Just as a driver may encounter road construction or new routes to the final destination, the project manager may need to correct the project course as well. A common misconception is that the plan equates to the project timeline, which is only one of the many components of the plan. The project plan is the major work product from the entire planning process, so it contains all the planning documents for the project.

Step 2: Define roles and responsibilities.
Not all key stakeholders will review all documents, so it is necessary to determine who on the project needs to approve which parts of the plan. Some of the key players are: Project sponsor, who owns and funds the entire project, Sponsors need to review and approve all aspects of the plan. Designated business experts, who will define their requirements for the end product. They need to help develop the scope baseline and approve the documents relating to scope. They will be quite interested in the timeline as well. Project manager, who creates, executes, and controls the project plan. Since project managers build the plan, they do not need to approve it. Project team, who build the end product. The team needs to participate in the development of many aspects of the plan, such as identifying risks, quality, and design issues, but the team does not usually approve it. End users, who use the end product. They too, need to participate in the development of the plan, and review the plan, but rarely do they actually need to sign off. Others, such as auditors, quality and risk analysts, procurement specialists, and so on may also participate on the project. They may need to approve the parts that pertain to them, such as the Quality or Procurement plan. 

Step 3: Hold a kickoff meeting. The kickoff meeting is an effective way to bring stakeholders together to discuss the project. It is an effective way to initiate the planning process. It can be used to start building trust among the team members and ensure that everyone's idea is taken into account. Kickoff meetings also demonstrate commitment from the sponsor for the project. Here are some of the topics that might be included in a kickoff meeting: Business vision and strategy (from sponsor) Project vision (from sponsor) Roles and responsibilities Team building Team commitments How team makes decisions Ground rules How large the group should be and whether sub-groups are necessary.

Step 4: Develop a Scope Statement. The Scope Statement is arguably the most important document in the project plan. It's the foundation for the rest of the project. It describes the project and is used to get common agreement among the stakeholders about the scope. The Scope Statement clearly describes what the outcome of the project will be. It is the basis for getting the buy-in and agreement from the sponsor and other stakeholders and decreases the chances of miscommunication. This document will most likely grow and change with the life of the project. The Scope Statement should include: Business need and business problem Project objectives, stating what will occur within the project to solve the business problem Benefits of completing the project, as well as the project justification Project scope, stated as which deliverables will be included and excluded from the project. Key milestones, the approach, and other components as dictated by the size and nature of the project. It can be treated like a contract between the project manager and sponsor, one that can only be changed with sponsor approval. 

Step 5: Develop scope baseline. Once the deliverables are confirmed in the Scope Statement, they need to be developed into a work breakdown structure, which is a decomposition of all the deliverables in the project. This deliverable WBS forms the scope baseline and has these elements: Identifies all the deliverables produced on the project, and therefore, identifies all the work to be done. Takes large deliverables and breaks them into a hierarchy of smaller deliverables. That is, each deliverable starts at a high level and is broken into subsequently lower and lower levels of detail. The lowest level is called a "work package" and can be numbered to correspond to activities and tasks.

Step 6: Develop the schedule and cost baselines. Here are the steps involved in developing the schedule and cost baselines. Identify activities and tasks needed to produce each of the work packages, creating a WBS of tasks. Identify resources for each task, if known. Estimate how long it will take to complete each task. Estimate cost of each task, using an average hourly rate for each resource. Consider resource constraints, or how much time each resource can realistically devoted to this project. Determine which tasks are dependent on other tasks, and develop critical path. Develop schedule, which is a calendarization of all the tasks and estimates. It shows by chosen time period (week, month, quarter, or year) which resource is doing which tasks, how much time they are expected to spend on each task, and when each task is scheduled to begin and end. Develop the cost baseline, which is a time-phased budget, or cost by time period. This process is not a one-time effort. Throughout the project you will most likely be adding to repeating some or all of these steps. 

Step 7: Create baseline management plans. Once the scope, schedule, and cost baselines have been established, you can create the steps the team will take to manage variances to these plans. All these management plans usually include a review and approval process for modifying the baselines. Different approval levels are usually needed for different types of changes. In addition, not all new requests will result in changes to the scope, schedule, or budget, but a process is needed to study all new requests to determine their impact to the project. 

Step 8: Develop the staffing plan. The staffing plan is a chart that shows the time periods, usually month, quarter, year, that each resource will come onto and leave the project. It is similar to other project management charts, like a Gantt chart, but does not show tasks, estimates, begin and end dates, or the critical path. It shows only the time period and resource and the length of time that resource is expected to remain on the project. 

Step 9: Analyze project quality and risks. Project Quality: Project quality consists of ensuring that the end product not only meets the customer specifications, but is one that the sponsor and key business experts actually want to use. The emphasis on project quality is on preventing errors, rather than inspecting the product at the end of the project and then eliminating errors. Project quality also recognizes that quality is a management responsibility and needs to be performed throughout the project. Creating the Quality Plan involves setting the standards, acceptance criteria, and metrics that will be used throughout the project. The plan, then, becomes the foundation for all the quality reviews and inspections performed during the project and is used throughout project execution. Risk: A risk is an event that may or may not happen, but could have a significant effect on the outcome of a project, if it were to occur. For example, there may be a 50% chance of a significant change in sponsorship in the next few months. Analyzing risks includes making a determination of both the probability that a specific event may occur and if it does, assessing its impact. The quantification of both the probability and impact will lead to determining which are the highest risks that need attention. Risk management includes not just assessing the risk, but developing risk management plans to understand and communicate how the team will respond to the high-risk events. 

Step 10: Communicate. One important aspect of the project plan is the Communications Plan. This document states such things as: -Who on the project wants which reports, how often, in what format, and using what media. -How issues will be escalated and when. -Where project information will be stored and who can access it. -For complex projects, a formal communications matrix is a tool that can help determine some of the above criteria. It helps document the project team's agreed-on method for communicating various aspects of the project, such as routine status, problem resolution, decisions, etc. Once the project plan is complete, it is important not just to communicate the importance of the project plan to the sponsor, but also to communicate its contents once it's created. This communication should include such things as: Review and approval of the project plan. Process for changing the contents of the plan. Next steps—executing and controlling the project plan and key stakeholder roles/responsibilities in the upcoming phases.

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5 Rules For Financial Success

In every step of our life we have to maintain some set of rules. The rules by which we go forward for success. Whom are strictly follow the rules they never left. So any one must have to set rules to achieve and touch their goals. Here are five rules you may follow or you may apply rules by the category of your business. It is you who manage your business, this is you who feel that what was wrong and what will be right. So you may try if u feel comfort to maintain and follow the rules below: 1. Bump up your savings. The fastest way to riches is to save more money. It's far more effective than chasing higher investment returns. For example, say that you're putting away 1000 a month or may be less or may be more and wanna raise it to 1200. That's a 20 percent gain in your retirement account. Where else can you get a guaranteed increase like that? 2. Use the tax code to ramp up the size of your retirement account. I'm constantly running into employees who save enough to get the company match of 3 or 5 percent of pay, and then quit. Why would you do that? Better to pack your automatic savings into a tax-deferred retirement plan. Tell your company to take more out of your pay, or sign up for automatic annual increases if they're available. Some companies offer Roth retirement plans -- you don't get a tax deduction for your contribution, but the earnings accumulate tax-free. That's a deal I'd take.If your company doesn't offer a retirement plan, create your own. Pick a low-cost mutual fund group and ask about its Individual Retirement Accounts. 3. Switch to index investing. Give up the illusion that you're smart enough to beat the professionals whose trading sets the market's price. They love you to think that way because they charge you high fees to try -- wrap fees, insurance fees, annuity fees, marketing fees, brokerage fees, account fees, etc. You can't help but under perform, after all those costs. Tons of research shows that mutual fund managers don't beat the market either, over time. They might ride some hot stocks for three or five years, which is when they'll roll out the advertising and get you to invest. Then those hot stocks cool and they fall behind. You'll be paying your manager to miss. 4. Divide your money between stocks and bonds in a way that's appropriate for your age. One useful diversification rule is to subtract your age. The number that results suggests how much of your total, long-term investments you could reasonably allocate to stock funds. So for example, say you're 60. Subtracting that number from 110 gives you 50. You might put as much as 50 percent of your money and into bonds. At age 40, you'd put 70 percent in stocks and 30 percent in bonds.Alternatively, invest in a target-date retirement fund, where the asset allocation will be done for you. 5. Re-balance your investments. It's important to maintain your chosen division of stock and bonds. For example, say that your target is 60 percent stocks and 40 percent bonds. If the market rises by so much that you're now 65 percent in stocks, sell some of those shares to bring the percentage back to 60 percent and invest the proceeds in bonds. If the market drops so that stocks now make up only 55 percent of your portfolio, sell some of your bond shares and reinvest the proceeds in stocks. Emotionally, re-balancing is hard because you're going against the herd. But financially, it's a winner. You're always selling high, buying low, and managing your risk. Don't bother re-balancing on small dips, though. Do it only if your target percentages fall 5 percentage points out of line. It's impossible to re-balance intelligently if you own individual stocks and difficult with managed mutual funds, since it's never clear which ones you should sell or buy. So here's another advantage of working with index funds -- they make re-balancing simple. And target-date funds are re-balanced for you automatically. Using this five-point program, you can forget about fickle individual stocks, complicated annuities that carry high fees, wrap accounts and all the other offerings that will make only your broker rich.

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Corporate Secretary

We provide services of registration address, name change, Bank account opening, Trademark, Patent etc.

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Business Turnaround

In order to be successful we need to grow your company, increase revenue, streamline operations, manage risk, build new sales channels and develop new marketing ideas.

Our goal is to fortify your business and see you succeed.

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