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Property Development – How to raise the finances to get started

Muzahed I.
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Property Development – How to raise the finances to get started

Property development is one of the most exciting ways of becoming your own boss. Property development is all about buying at the right price, adding value and selling for a profit but all that is easier said than done. However you first need money to make money. Financing your first crack at property development is the hardest as it’s unlikely you have ready access to a large amount of money. In this post I’ll look at how to secure the initial finance to begin developing property.

Calculate the cost

Apart from the sale price of an existing property or the land to build on you’ll also need money for professional and legal fees associated with the purchase and securing finance, the building work, the mortgage repayments, utilities, labour costs and insurance. Depending how you get the money for the development you may need up to 40% of the total cost at your disposal already. Check out all your options below:

Mortgage companies

A mortgage is one of the most common ways to finance a first foray into property development. A mortgage differs from other loans by using property, either an existing property or the one you plan to build, as security aka collateral for the money lent. If you fail to repay the loan then the property passes to the lender.

  • A standard mortgage generally requires a large percentage of the total cost upfront i.e. you’ll still have to find around 40% of the money yourself. A good rule of thumb when calculating how much you’ll be able to borrow is to multiple your annual salary by 3.5. Ask yourself if this is enough to cover all your costs? The more secure your own situation i.e. your salary, job security and value of current property, the more likely you are to get a good rate on a mortgage. Lenders like to see evidence that lending to you will be profitable to them which includes your ability to pay back loans. Money Saving Expert has a good guide to understanding credit rating and how you can improve yours.
  • Another type of mortgage, which is less demanding, is a buy-to-let mortgage. When you apply for a buy-to-let loan you must show that your property will generate 125% of your mortgage repayments through rent once the development is complete.
  • The last mortgage type useful for raising cash is a re-mortgage. You can re-mortgage your home in order to free up the ‘equity’ held in your current property. Equity is the difference between the value of your home and the amount it’s already mortgaged for. You can then use this money to finance your development.

When seeking a mortgage it’s imperative to use a mortgage broker. There are two kinds of broker; an independent broker who isn’t affiliated with any mortgage firms and a ‘commission-tied’ broker who will only sell you a package that they will benefit from. Charted accountants can act as independent brokers, providing property investment accounting to help you secure finance at the best rates.

Alternative finance

  • Friends and family can help you either by providing the start up cash or by acting as a guarantor on a loan. You need to be sure that this person is aware of the risks associated with property development. If something goes wrong they will be worse off than you will be if they’re financially tied to the development.
  • Funding for special interest builds may be available either from your local authority or from a private investor. What deems your build to be of special interest? It should involve innovative materials or methods that may benefit the wider community by making a case for cheaper or more environmentally friendly building practices. Eco homes including strictly standardised ‘passive houses’ are very popular with home owners and investors who view them as the future of housing.
  • High street banks often have fantastic deals on loans or mortgages. As I’ve discussed mortgages already I’ll look here at bank loans that don’t involve mortgaging property. You may get preferential rates if you bank with them already. A loan specifically given for property development is usually quite short term with repayment expected in just a year or two. They can be more difficult to secure for first developers because a good track record of successful previous developments may be necessary.
  • Embarking on a joint venture will mean you share the costs and the responsibility for the project. The ratio of investment and hands on involvement should be agreed by both parties before any arrangement is entered into. Joint ventures always run the risk of your partner letting you down in some way e.g. not pulling their weight or procrastinating on joint decisions.

Risks of property development

As I said earlier, while property development is exciting it’s also risky (perhaps one of its appeals for many people). The property market is a volatile sector, made even more so by the rocky economic climate in general. When securing finance from a bank or mortgage company the state of the market and future predictions for the rise or fall in house prices will affect the rate of lending you receive. Your lender will conduct their own research into the current risks and provide better rates when less risk and greater profits are likely.

Property builds or renovations inevitably incur delays for one reason or another which can be filled with risk if your budget lacks elasticity. A tight budget is important but you must have some flexibility for cash sucks like delays. If you don’t have any stretch in the budget you may end up having to give up the project altogether, accepting a loss in profits to avoid total bankruptcy.

That said the risk can often pay off. Take time to consider the current property market, find the right development and consider how you can add value. If the conditions are right take the leap!

Image courtesy of njaj /FreeDigitalPhotos.net

Nailing A Job: A Bigger Challenge In Today’s Time For The Youth.

Muzahed I.
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Nailing A Job: A Bigger Challenge In Today’s Time For The Youth.

In recent times, apprenticeships are becoming the most practiced training system for young people. The reason is simply that the job market is becoming more and more competitive for people every day. Today, with the increasing of population, the number of eligible candidates for different jobs is increasing. As a result, more and more young people are losing their job or not even getting any. There are a lot of different reasons behind why the situation is turning to this. Understanding the reasons may help you beat the odds and get a job in your desired industry. For right now, more and more young people are moving in with their parents after completing education.

The Reasons

When the apprenticeships are looking as the way out for many young people in this jobless condition, the causes behind the situation is not changing. There are plenty of different factors behind the situation. Some of the big ones are:

If there is anything to blame the most then thats a recession. The current financial condition of the world is in a very critical stage. This is forcing every organization to limit their number of employees. This is hurting the young people mostly

According to a current research, more young people of today are lazy or depressed. The level of them has reached a stage where it requires medical attention. This is one of the reasons why young people of today are not actively trying to get a job as hard as they should

The education system has to be blamed for the condition too. According to experts, the current college education is not up to the mark of requirements. This is why the students are failing to develop the skills that they need in order to get a job. They need special trainings after getting their degree, and that can be troubling for many

There has never been more competition in the job market than today. The national and multinational companies are limiting their number of employees. This is giving them no choice but to limit the job openings for people with proper trainings and higher educational degrees only

They are also providing the jobs to people who have experience of working in the same kinds of jobs before. This is one of the reasons why young people are finding less job opportunities than ever before. For most of them, finding their first job is becoming the toughest part of it

The Way Out

Even with all these problems, there are always way out for the young people get a job. First of all, they have to be more active with their job search. They also need to understand what the current job opportunity requirements are. Higher education is surely one of the most important things to consider about. Apart from them, the young people need job oriented training. Finding the right courses is important for the trainings be effective. These apprenticeships can help them to develop certain skills which make them better candidates than others.

Becoming a landlord: Your short guide

Muzahed I.
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Becoming a landlord: Your short guide

The mortgage market is difficult right now and it doesn’t look like it’s going to ease up any time soon. But while that makes things tricky for first time buyers, if you’ve got a property – or believe you could afford to buy one – then you might be able to profit from the booming rental property market.

If you think you’re in a position to tap into the increasingly lucrative letting industry then read on for a guide to the ins and outs of the process.

Your options explained

You may be in any one of a few different situations and each will make a big difference to how you go forward in becoming a landlord. Here are the main ones.

  • You have a spare room you want to rent out

Becoming a resident landlord might be a pretty attractive policy as under the government’s ‘rent-a-room’ scheme you are permitted to earn £4,250 a year tax free from rental income.  However, you need to remember that if you do rent your room out you’ll be taking on a number of responsibilities, such as the safety standards and general condition of the accommodation.

  • You buy a property and have a company manage your rental

This option rests on your ability to buy a property that you can rent out. This means you’ll need to go through the entire house hunting process with one eye on your final rental goal. From choosing a location that will help you maximise your rental income to securing the service of a solicitor who offers conveyancing services.

When you have your rental property, and it has been renovated to an appropriate standard you can hand over the day-to-day management to a specialised company. This is the lowest-hassle option as you’ll hand over the administration of the property to the management company. They’ll take care of finding and dealing with tenants, although you’ll still retain liability on many issues and you’ll be charged for their services.

  • You buy a property and manage it yourself

This option will potentially bring you the greatest financial rewards as you don’t have to hand over any of your rental income to a management firm – although you will have to do all those administration tasks yourself. This can make the option quite time intensive but a bit of effort on your part can limit this. The most important thing can be finding good tenants so interview potential candidates and making sure you get valid references. Also, spend a bit of time understanding your legal obligations as landlord, and ensure that you are always fulfilling your role to the full – a little bit of groundwork can save you a lot of trouble in the future.

Image courtesy of jscreationzs /FreeDigitalPhotos.net

Five Things Every Affiliate Marketer Should Know

Muzahed I.
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Five Things Every Affiliate Marketer Should Know

Affiliate marketing is a popular choice for many entrepreneurs, in part because it is easy to get started with, and requires minimal resources compared to other business models. While anyone can get started with affiliate marketing, it takes a lot of skill and hard work to create a profitable affiliate business. Here are a few tips that every affiliate marketer should remember.

1. Experiment with several networks and programs

There are many scammers in the affiliate-marketing world, and even legitimate networks and programs occasionally have problems. Do not limit yourself to a single network or merchant. Instead, sign up for several programs and promote a range of related products and services. This ensures that if one of your merchants closes their program, has server issues, or decides to reduce their commission offerings, you will not lose your entire revenue stream.

2. Be honest about your work as an affiliate

Web users hate being sold to, and if they notice that you are cloaking your affiliate links or trying to pass off marketing posts as those of “an enthusiastic user”, then they will assume the worst about your posts. Be up-front about your affiliate links. Instead of trying to sell things in all of your posts, offer users valuable information, with occasional links to the products you sell. Tell your users that you get commission from those links, and emphasize that you promote only products that you would use yourself.

3. Give your users free gifts

The best way to establish a reputation and make your readers trust you is to give them something for nothing. Offer free reports, ebooks, or other downloadable gifts as a thank-you for people who sign up to your mailing list. Send out other small freebies periodically throughout the year. A week or so after giving out those freebies, send out a sales message. Your subscribers will be more receptive to your sales pitch if they have just downloaded, and enjoyed, a free product.

4. Focus on obtaining quality traffic

During the early days of the Internet, webmasters boasted about the huge numbers of hits that their websites attracted, and advertisers were awestruck by these figures. This attitude still exists today, even though hits are a meaningless statistic. Instead of worrying about attracting huge amounts of traffic, focus on bringing in visitors that will spend money on your website.

5. There is no such thing as a passive income

The lure of the passive income is one thing that attracts many webmasters to the affiliate marketing business. Unfortunately, there is no such thing as a truly passive income. It is true that your affiliate-marketing website will survive for a couple of days without updates, but you do need to maintain your website regularly.

Many novice marketers make the mistake of abandoning their websites as soon as they start making a profit, moving on to their next project and assuming that the old website will continue to attract traffic and sales. It will, for a while, but eventually the site’s traffic will fall off and it will lose its spot in the SERPs. To keep your website ticking over, be sure to update it once or twice a week. If you don’t have time to do that, you should at the very least schedule some posts so that the site looks like it is still being maintained.

Image courtesy of http://www.flickr.com/photos/searchforoffer/

When is the right time to start investing in property again?

Muzahed I.
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0
When is the right time to start investing in property again?

It is hard to believe that it is 6 years since the fateful housing crash in late 2007. In early 2006 house prices were at an all time high, it was easy to get huge mortgages to buy pretty much any house you desired (within reason) and investors were building up large portfolio’s that were earning them a plush living. Fast forward 6 months and in late 2006, early 2007 house prices began to fall leading to in 2008 the world being in the firm grasp of the worst housing crash in history.  A large amount of families then lost their homes, banks went bust, repossessions were happening all over the place and the whole economy in general was in a mess. Fast forward to 2009 when the government tried to invest $700 billion into loans for housing to stimulate the economy again and you’ll see that the rate of repossessions was still going up by 14% at the time. In 2011 banks repossessed over 800,000 in the United States and high levels of unemployment mean that it is becoming increasingly hard for people to get back on the property ladder again.

So where does that leave us now? Well, housing prices continued to fall in 2012 but appear to have bottomed out somewhat meaning that it could be the right time to invest again. The good thing about housing is that the prices WILL come back up again, it is only a matter of time, the hard thing is guessing how long that time will be and whether you can afford to have all of your assets tied up like that, if you need money quickly housing is the worst possible place to get it out of. If you do have money now then the advice would be to invest, try and get a few houses because there are so many options once you have them to make money that it would be crazy not to, most people just tend not to do the obvious.

The worst thing you can do, especially in this economy, is to buy a house and just leave it to appreciate in value. The whole buy a house, do it up and then sell it strategy doesn’t work anymore; there simply isn’t the profit margin to make it worth the risk. What you want to do is rent it out, so many families have lost their homes in recent years and all of those families will now be renting accommodation instead. If you can get a fixed tenant for a few years then they are effectively paying you mortgage repayments every month plus a little extra. You also have the added bonus that they may wish to buy it from you if they stay there for a while and when they get back on their feet and are able to get a mortgage.

I have recently bought a property myself and use some letting agents Cambridge to manage it for me. I got a mortgage to buy the property and have rented it out. By the time I have got the rent, paid the fee to the letting agents and paid the mortgage on it there isn’t any money left but I am slowly but surely buying my own property without having to lift a finger. If you have decent credit then it is a guaranteed money maker, the property will be worth 3x what it is now in 7-10 years time.

Image courtesy of Danilo Rizzuti / FreeDigitalPhotos.net

An Insight into the Indian Real Estate Sector

Muzahed I.
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0
An Insight into the Indian Real Estate Sector

The year 2013 is being projected as a bright one for the real estate companies in India. According to sources, the property market will continue to experience stable circumstances for the immediate quarter and then witness progresses that will be well coordinated with the entire economy. This article explores the current trends of the Indian real estate sector and its makers.

The Growth Curve

The Indian real estate industry is presently on a growth track. Good news for the real estate businesses in India is that this year is going to witness a total estimated growth of nearly US$ 50 billion at the rate of 20 per cent. As we evolve from the recession hit times, the worst is finally behind us and there is a vast improvement in the market conditions. India is now experiencing an incredible real estate boom as more locations have been unveiled and regional boundaries have been stretched. However, most of the demand is channeled towards the urban cities that continue to stay in demand owing to their commercial feasibility. The property sector is one of the major contributors to the nation’s GDP.

The Requirement

As we all know, there is a dearth of housing units in this part of the world. This shortage has long been a matter of concern. The housing & urban poverty alleviation ministry had calculated a scarcity of 24.7 million residential units at the end of its latest five yearly plans. Real estate companies in India are speculating a need for 2.1 million homes. The demand is expected to be created starting this year right up till 2016 in eight major cities.

The Companies

There is a multiplicity of real estate developers that are presenting new ventures that are one better than the other. These market players are setting up world-class property projects in some of the most coveted areas of the country. Some are national-level leaders, while the others are regional ones. The following is a list of Indian real estate giants:

  • DLF Ltd.: Chaired by Dr Kushal Pal Singh, this company has a past experience of 64 years. It is among the biggest property companies in India in terms of revenues, market capitalization & serviceable area. It has its ventures spread across a total of 30 cities with almost 238 million square feet of accomplished development and 413 million square feet of scheduled projects, of which 56 million square feet of ventures are under construction.  It is involved in residential projects, commercial complexes, townships, IT Parks, multiplexes and hotels.
  • Omaxe Ltd.: Headed by CMD, Rohtas Goel, this 22-year-old developer company currently has 53 projects under construction and in plan. Its ongoing ventures include integrated townships, SEZs, group housing, shopping malls and commercial complexes along with hotels.
  • Unitech: Led by Ramesh Chandra, Executive Chairman, Unitech was set up in the year 1972. Its list of ventures consists of diversified assignments from residential, retail, commercial/IT parks, and hotels to amusement parks and SEZs areas. The business has more than 600,000 registered stock holders.

Some of the other big players of this industry are Ansal, Parsvnath, Jaypee, Wave, and ATS.

Expert say

As per Sanjay Verma, CEO (APAC) at Cushman & Wakefield, the Indian property sector will see tendencies similar to the year 2012. This first half of the year will be slow yet stable, while the latter half will see rise in activity provided the political scenario remains composed. There will be ample scope for real estate companies in India to boost their accountability & reporting practices. Overall on an international level, Indian real estate is quite sturdy and is at present providing some of the finest investment opportunities.

Thus, the real estate sector is welcoming the incoming of a new breed of companies that are bringing a fresh approach towards real estate development and raising the standards of construction to a whole new level. The balanced growth in quality and quantity will hopefully attract new demand by changing the landscape of our cities.

Image courtesy of Stuart Miles /FreeDigitalPhotos.net

Forex Trading Tricks

Muzahed I.
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Forex Trading Tricks

Today Forex is the largest market in the world, according to XE.com, with around 3.2 trillion US Dollars in daily volume. The sheer size of the market means that there’s potentially a piece of the pie for everyone; from giant companies right down to private traders buying and selling currency on their living room sofas.

Getting a Grip on the Basics

Forex trading might seem less risky because you’ve only got a set number of currencies to trade with, as opposed to over 5,000 different kinds of stocks. Most trading experts however will tell you that the financial risk is still high.

Fortunes have been made and lost by misjudging the Forex market; George Soros famously made a $1billion in a day by trading currencies. Conversely the Brazilian Aracruz company lost close to $2.5 billion when it bet on the Brazilian Real to remain strong against the Dollar in 2008.

Currency trading certainly is an arena where shrewd investors can make their money – if they paid attention to the basics: from learning what jargon like asset allocation or REPO actually mean to coming to understand how and why currency values fluctuate, it’s important to understand how the market operates

Naturally most traders make mistakes every now and again; which is why a key point to bear in mind is to not risk money you can’t afford to lose; the market is just that cut throat. While it’s not too expensive to get your feet wet, the potential losses could cost you dearly so start small.

It also helps to practice first. Most Forex dealers offer free demos through which the uninitiated can practice with ‘fake’ money until they feel comfortable enough to open an account and start trading for real. Make use of them.

First Steps In FOREX offers weekly advice and information on the markets, you can listen to the podcasts for free on iTunes and they begin right from the very basics.

Trustworthy Trading Tips

ForexFraud recommends defining your risk profile before commencing trading; it makes sense to know how much you’re willing to risk and how much you can afford to lose (potentially).

If you’re going to use a Forex broker choose that person wisely; do their trading patterns suit your needs? What is their service like? After all, you wouldn’t go into business with a complete stranger, would you?

eToro recommends watching the best traders closely and learn from their years of experience and intuition.

The group also advises budding traders to plan ahead; don’t just jump at every movement in the market. Know which currencies you’re interested in and what’s going on with them.

The last tip is likely the most difficult one to put into practice; shelve your emotions. The Forex market is not an environment that rewards emotion, it works performs best when approached with a level, cool head. Emotional decision can lead to rash actions and large losses.

The Forex trading market is accessible to almost anyone but a final word of advice would be to proceed with open eyes and a healthy dose of caution.

Image courtesy of renjith krishnan /FreeDigitalPhotos.net

Coimbatore realty again Witness Demand

Muzahed I.
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Coimbatore realty again Witness Demand

Property in Coimbatore is currently going through a good phase. Buying a house in Coimbatore is now back as an agenda for many buyers and the demand for furnished and well maintained houses have increased over the years. Builders too are supplying the young buyer with options that suit the pocket and tastes. Real estate in Coimbatore is seeing good times again after a little lull.

Coimbatore is known for its industrial and commercial excellence. Being a significant contributor to the name and fame of the State of Tamil Nadu, Coimbatore remains high on a real estate investor’s list. Referred to as “Manchester of South India” the city is a major contributor to the state of Tamil Nadu’s GDP.

Coimbatore is distributed into four areas: North, Central, South and East. Known as the Textile hub of Tamil Nadu, it is the East Coimbatore that has major textile industries. Central Coimbatore is the commercial nerve of the city marked by offices, industries, shops and market places. The city is surrounded by the mountains on the west, and reserve forests towards the north. Hence properties in Central and East Coimbatore are the most expensive due to their sheer commercial nature and hence buying a house in or around these areas of Coimbatore can be little heavy on the pocket.

Property Prices

Realty prices are high due to the commercial importance and role of the city which remains the major factor of increase or decrease in the property prices. For a house in a multistory building the real estate rates are in the range of Rs 3500 per Square Feet to Rs 5500 per Square Feet (Jan 2012-Mar 2013). The prices are bound to rise as the demand for houses are increasing and a well-furnished house doesn’t stay vacant for long. But while buying a house in Coimbatore, end users and investors are more inclined towards villas, plots and independent constructions. The trend has caught on pushing the prices of standalone property to new heights and prices even match to that of Delhi and Mumbai.

Though undeveloped plots are easy on the pocket but built up villas having 1/2/3/4/5 bedrooms come in the range of Rs 17 Lakhs to Rs 2 Crores (January 2013 to March 2013). The trend is peculiar to Coimbatore as it is easy to buy land here as compared to other cities; buyers prefer independent houses to apartment or multistory kind of constructions.

Property Trends

Trends in property in Coimbatore reflect a tendency to climb. Reasons may be many; the city is an industrial, IT, BPO, textile, educational and a tourist hub. Recently the investors and buyers had withdrawn from the market, not because of lack of money, but because they knew the prices were inflated unreasonably. But the last quarter has seen the buyers coming back to the market and investors again taking interest in properties, especially in the suburbs. The last quarter i.e. January to March 2013 saw a spurt of around 5 to 10 per cent, backed by good demand and supply mechanism.

The last two years had seen a growth of 25 to 35 per cent which was due to the increased labor and construction costs. The market took a negative turn as the intelligent investors knew that this was an unreasonable growth. They decided to wait and watch and gradually the real estate market corrected itself. The major badgering was transferred to the middle class buyer who dreams of owning a house in Coimbatore but found the prices out of his reach. Now the spring is back and so are all kinds of buyers and investors.

Why Even New Traders Can Gain Easy Access To Markets With Binary Options

Muzahed I.
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0
Why Even New Traders Can Gain Easy Access To Markets With Binary Options

The recent financial crisis has turned much of the financial world on its head. Now many individuals are shunning many of the complex financial products that have previously been used to speculation on financial markets. Instead individuals want transparency when trading. This has helped to fuel the uptake of trading with binary options. It provides easy access to a large number of the most popular financial markets while remaining easy to get up and running with.

If you are not familiar with binary options then read on. Below I list the simple concepts behind this popular form of investing and the key benefits that they offer those who would like to get involved with online financial trading.

Starting Out

The first thing you should know about binary options is that they are really easy to get into. You can open an account online by simply visiting a binary option broker and completing a simple registration form. You don’t need any money to do this. It will allow you to take a look at the trading station and see what is on offer and how things work. Once you have read up on how things work you can then decide if you want to deposit some funds and start trading.

Easy To Trade

There is not a lot you need to know to trade with binary options contracts. You simply need to decide if a given asset will rise or fall over the duration of the contract. This does not involve any investigation into the long term financial outlook of the asset as you are only concerned with the price movement over short periods. Common expiry times offered by brokers tend to be hourly, daily and end of the week. You can however trade over even shorter time spans with some brokers. Fifteen minute expiry times and even sixty second contracts are growing in popularity.

High Profits

The main thing that traders are concerned with is making money. Brokers involved in the world of binary options do not disappoint. A fixed return is paid for each contract that you place in your account which finishes ‘in the money’. Therefore when you trade with binaries you will know exactly what your potential level of profit is when you first purchase your trade. This return is the same no matter how much you stake on the contract and is expressed as a percentage return on your investment amount. For a higher/ lower binary contract you can expect to earn anywhere from a 70-90% return provide you have called the market correctly by its conclusion.

Limited Risk

Unlike some methods used for financial trading, you don’t have to worry too much even if you get it completely wrong. You can never stand to lose more than you first invest on the contract when using binary options. Therefore if you stake $100 on the price of an asset to go up, and it goes down, you can never be out of pocket more than $100. This is irrespective as to which financial market you trade or how far the price moves against you.

Trading with binary options is one of the easiest ways to get into financial trading. You will find that by registering your details with a binary options broker you will be in a position to gain access to a lot good quality educational material. This you can use to quickly build your knowledge of this fascinating and potentially profitable method of trading.

Image courtesy of worradmu /FreeDigitalPhotos.net

5 Essential Project Management Tips

Muzahed I.
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1
5 Essential Project Management Tips

A large number of projects are often completed over budget, outside the original scope, and past the desired deadline. Whether a project is a complex business transformation within a portfolio, or a small one-off job, it is important for a project manager to be focused on what is to be done to enhance a project’s chances for success. As a project manager, the ability to efficiently manage various projects allows for increased productivity. It is therefore important for every project manager to master the art of project management. Here are 5 tips to help you consistently deliver excellent results.

1) Set and Manage Your Project’s Expectations

Use a detailed and well-written scope of work to set your project’s expectations. All teams should use the document to determine what is to be delivered. Individual team members can be given autonomy over their specific tasks. Before you embark on the project, sit down with the client and go over the scope of the project and the timeline. In a mining project, you may have to explain why the mining contractors need 3 weeks to come up with different drilling concepts. You have all the answers to the client’s questions since you know how long it takes to conduct the same work on other projects or you know the specific hours scoped for the work. Having this discussion at the beginning of a project makes your client aware of the amount of effort required.

2) Communicate Throughout

Good communication is vital to a project’s success. Come up with a plan that works best for everyone. Keep track of the action items, project risks, and next steps with status reports and calls. A weekly status report will help monitor your budget and process and help you to avoid costly mistakes. Choose one of the team members to keep the client informed about the project in a concise and friendly way. Select someone who is adept at giving clear information. Make sure you document everything as every single detail is important to the team. Even simple comments can turn out to be very helpful.

3) Involve the Team at the Right Time

A mining project can be quite tasking and this is why you should check with the mining contractors on the progress. Hold meetings with different members of the team who are dealing with specific project tasks. Sometimes, it is not important to have the whole team present. Know when to involve the team. For instance, if the client wants to talk about different tunnel boring systems for underground tunneling and mining, call the right people for the meeting. If the right people aren’t present, take good notes and follow up.

4) Support the Process

Keep everyone in your team in-sync and support the entire process. Bring true value to the project by supporting the client, the team, and the process. Compliment team members for good work done and keep track of the project. Understand each aspect of the project and anticipate any concerns or questions the client might have.

5) Know and Manage Stakeholders

Know what to expect from the stakeholders based on the first meetings. This will help you to choose a team that is knowledgeable about the stakeholders. Make a friend on the client’s team and form a solid relationship with them. This way, you can get informed on client-side politics and how they influence the process. Monitor potential risks that may make the project to exceed the budget or deadline. Be honest with the client about the whole process and how his stakeholders can influence its success. This way, it will be easier for you to have open conversations about why and when a project might go off course.

Image courtesy of khunaspix /FreeDigitalPhotos.net

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