Business Manager – Vital Cog in Business Enterprises

A Business Manager is a professional who is entrusted with the job of managing a business firm or a corporate enterprise or a private enterprise on behalf of a company or individual with the outcome of earning profits and revenues. There are several areas where a Business Manager can use his or her knowledge and expertise to serve – accounting, auditing, budgeting and taxes, data processing and analysis, finance, HR and personnel, marketing and public relations, operations analysis, purchasing and so on. Besides there are also specific technical areas in which a Business Manager can have specialized knowledge and skills like computer programming, e-commerce, law, science etc.

Even small businesses or home businesses sometimes typically have Managers doing multiple roles that focus on the company’s marketability and reach. In such a scenario, the Business Manager shares much of the owner’s duties and responsibilities in running the business successfully and in some cases, earning a share of the profits.

There is no doubt that the role of a Manager is very essential and crucial to a business. As we have seen in the modern era, even artists and private individuals like musicians, dancers, painters, writers, sportspersons etc. have Managers who manager their business affairs, professional commitments and financial matters. Hence, the role of a Manager cannot be taken lightly. In the context of a governmental agency or a military agency, the position of Business Manager would be equivalent to that of an Executive Officer or a Chief of Staff.

Functions or Role

Overseeing the operations in small, large or private enterprises involves many specific functions. Generally, the duties of a Business Manager extend to:

• Developing and implementing budgets
• Fixing business goals and targets
• Hiring, training and evaluating employees
• Supervising and overseeing duties of support staff
• Handling payments and contracts
• Managing business commitments, travel schedules etc.

Qualifications

Most Managers require a basic qualification of a bachelor’s degree in Business Management which has many in-built modules in tandem with the duties listed above. They also need to have excellent communication skills, great inter-personal relations, be adept in promotional and marketing abilities and have contacts with media agencies and networks. In many businesses, salespersons who have worked through the company for many years handling several responsibilities are promoted to Managers levels and entrusted with greater responsibility.

Public profile

In a private enterprise such as a Manager handling the portfolio of an artist or sportsperson, the role of a Business Manager is very much in the public eye. Several past business managers have been caught in financial and personal scandals ranging from negligence of professional commitments to fraudulent practices in financial matters, illegal and unethical management of assets, swindling of revenues etc. which can be a serious setback to professional enterprise.

Important Steps In Commercial Property Success

Commercial properties are a great addition to any investor’s portfolio. Investors buy commercial properties and rent them out for monthly income. However, buying commercial property requires skill, knowledge, and perseverance. Buy commercial property by following six main steps:

Select Property Type
First, determine why you want to buy a commercial property. Buy a property that fits your needs. For example, if you need a business headquarters, consider an office building within city limits for proximity to employees, suppliers, and customers. If you need to own a farmhouse outside the city, consider buying land. Below are other types of commercial property:

• Apartment building
• Retail buildings
• Warehouse
• Mobile home park
• Marina
• etc

Manage Financing
The second step is to arrange financing for your property. Commercial properties are relatively expensive compared to residential properties, so you should budget fairly. Set aside a reserve and find out the total amount of the loan you agreed to in advance. Know the total capital outlay required to cover. Banks and individual lenders cover loans primarily based on the property’s Loan to Value (LTV) and debt coverage ratio (DCR) and secondly based on the borrower’s eligibility and experience. You will need to prepare a comprehensive loan package to “sell” your property and yourself to loan officers.

Find a Commercial Agent
The third step is to find a commercial agent to help with your property hunt. Commercial agents are liaisons between sellers and buyers. Veterans agents will likely have a list of “pocket” properties available. The agent should listen to your needs, make the right suggestions and help you avoid mistakes.

Make an Offer
When your agent gives you a list of properties, be sure to take a short list from him. Get seller income statements, cash flow statements, and rental rolls. After selecting several properties that meet your criteria, send a letter of interest (LOI) to your agent, who will forward it to the seller. Each LOI will outline general terms such as price, financing, due diligence period, amount of good faith deposit, etc.

Do Due Diligence
Once your offer is accepted by the seller, do your due diligence to make sure the profit and loss (P&L) and cash flow figures are accurate. Verify income and expenses. Be on the lookout for upcoming tenant vacancies, rising “pro forma” numbers, deferred maintenance, ambiguous or burdensome contract clauses, and local commercial property competition. Be aware of the cycle of the commercial property market as a whole. Ask a qualified commercial real estate attorney to review all contracts.

Manage Manager
After you close escrow, be sure to manage your manager or management team. A great manager will keep an eye on expenses while maintaining or increasing revenue. Keep or replace existing managers. In fact, choose a manager long before you close the property. This way, you can have an almost seamless ownership transition.

Tip – You don’t want to be in the management business. That’s what managers are for. Your job is to sit back and let the manager handle the day-to-day operations. You have to get out of the picture and just collect the checks. Better yet, find the next commercial property for your portfolio.

Things to Consider Before Buying a Commercial Property

Choosing to buy commercial property in the UK is a big decision; Here are some helpful tips to ensure that you don’t make a costly mistake.

1. Choose a Special Commercial Area Agent

Anyone who is really ready to buy commercial real estate in the UK should make sure that a specialist real estate agent is selected. It is not advisable to go to an agency which is a one-stop shop for real estate, selling residential, commercial and even international properties. You’ll get a much better level of service and a wealth of experience from an established real estate agency that specializes solely in offering commercial properties for purchase.

2. How Many Commercial Property Lists in Your Part of the UK?

Do your research; find out the best location to buy commercial property. Often you will find that certain areas will have a high density of commercial real estate for sale, be careful with the pockets so you don’t buy tickets on a sinking ship. While it may sometimes cost you more money, make it your mission to find areas where a company like yours has a proven track record of doing well.

3. Always Do a Thorough Check Before You Buy Commercial Real Estate

To ensure that you do not make mistakes in your commercial real estate transactions, you should ensure that you do a thorough inspection of the offices for sale or rent. Many people feel that a thorough inspection is not necessary as they will not be staying there, this could not be further from the truth, as this is a business premises inspection, it is just as wise to thoroughly inspect a residential property.

4. Are You Buying Rural or Urban Commercial Property?

The type of development in which you buy commercial real estate is very important, for example if you are in a rural setting then you will be looking for very different features than if you are looking for a warehouse for sale in an urban setting. Another thing to consider if you are in a rural setting is the cost, you can expect to pay less to be in a less developed area but if you are in a more developed district, especially retail stores for sale or rent within your city center can expect to pay a premium.

5. Would you buy this Commercial Property for Release?

It is also important to consider whether you will be buying commercial property in the UK for your company to actually move, or whether you will be renting it out to someone else. If your goal is to own commercial property to let go, then don’t get hung up on what you want to see when buying commercial real estate, but find out what the widest possible market is looking for in commercial properties for rent and get something that fits that description.

Ian Clark is a real estate consultant and advisor in the UK. He has extensive experience in all aspects of Real Estate Investment built over 20 years. He is also the Director of Midas Estates, an online real estate website offering property investment opportunities in the UK and abroad. Midas Estates is a property investment company which also deals with the sale and Purchase of Commercial Properties with the aim of providing maximum capital growth for clients as most clients seek financial security in the shortest possible time. Ian’s candid presentation of the real estate investing business, including the advantages and risks is respected for his genuine and honest approach. He is highly regarded as one of the most reliable and dependable sources for the specifics behind the sometimes complex and urgent aspects of real estate investing.