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Strategies To Integrate Philanthropy Into Your Corporate Culture

By
Forever Mogul Team
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Businesses are always on the move, trying to find different methods and techniques to have a unique identity in the global marketplace. In their quest to be unique, they identify many opportunities, select appropriate ones, and act on them. One such method is to integrate philanthropy into the corporate culture, as it provides significant benefits to the community, employees, and the business.

On top of that, the business community is facing tremendous change due to the actions of the public, shareholders, and employees. According to a study by America’s Charities, 92% of the companies are aware that their customers want them to be socially responsible. The same study also shows that 87% of companies know that they should support any issues and causes that are important to their employees.

Companies realize that they will be able to grow and continue to be profitable if they integrate philanthropy into their work culture. If you are one of the people who are looking to do the same, then you have come to the right place. Here are a couple of strategies that you can use to integrate philanthropy into your corporate culture:

Hold friendly competitions

When you get your employees involved in working for charities and non-profits as part of the Corporate Social Responsibility (CSR) programs, they can do wonders. If you want to get better engagement and results from your employees, you need to make these programs friendly competitions. For example, you can have cook-offs, inter-department sports tournaments, clothing drives, and quizzes to donate goods, money, and time.

When you hold such competitions in your business, whether it is for a day or a couple of weeks, it will significantly impact the bond between your employees. They will work together, set and take responsibilities, and use various strategies to achieve their goals.

Company-wide community service days         

The number of shifts or time that you set aside so that your employees volunteer to help out the locality is known as community service days. According to a survey done by CECP, 80% of the companies that held community service days found it to be extremely successful, out of all the other volunteer programs in the CSR strategy. When you hold community service days in your business, all your employees will focus on common causes.

Company-wide community service days are a great way to use all the talents of your employees. At the same time, it also allows the development of relationships between your employees.

Volunteering with the team

Another amazing way to integrate philanthropy into your corporate culture is to allow volunteering with the team as part of the CSR program. When you make this a reality, your employees will start coming up with projects to benefit the community. On top of that, you will also be able to keep track of the impact of the time invested by your employees has in the community.

According to The Millennial Impact Report, 65% of the millennials working in corporations will volunteer to see their co-workers getting involved.

How To Incorporate These Strategies Successfully?

The first step to incorporate these strategies successfully is to set targets or goals that your business needs to achieve over the course of the year. You need to find a donation or volunteering targets that go hand-in-hand with your business’s identity and strength. It isn’t always necessary that you have to donate money to the community. You can also donate the services and products offered by your business to the community.

Once you have set the philanthropic targets or goals for your business, you need to start delegating work to your employees. You can select an employee to form a group and lead your CSR programs. You can also a group of volunteers from your business to do the same.

Once you have the team to lead the CSR programs up and running, you need to start looking for projects that will match the strengths of your business. If you are finding it challenging to secure projects for your business, you can ask the community foundation to help you out. They will suggest projects that are beneficial to your business and the community.

Now that you have suitable projects for your CSR programs, you need to start working towards them. As it will be the first time you are implementing such projects in your business, you need to start small. Try engaging with a small group from the community initially. As the projects become successful, you can start engaging with larger groups from the community. Every year, you should carefully analyze these projects, collect data, and improve on them. If you want to incorporate philanthropy quickly, you should make it one of your business’s core values.

It would help if you used these strategies to integrate philanthropy into your corporate culture as soon as possible. Ensure that you include the entire business in this process and provide clear goals and targets. Soon, your business will be making a significant difference in the community, making everyone involved proud of themselves!

You Need to Hire a CEO

By
Forever Mogul Team
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Your business is your brainchild, guided by endless days and nights of persistent effort fueled by passion, ambition, and dreams alike. With all your blood and sweat put into your business venture, the very thought of handing over the keys to another person may make you anxious. But there comes a time when all founders hand over the reins (okay, a part of it) to a CEO, to ensure that the growth trajectory of the company maintains an upswing.

While the decision is surely not one of the easiest ones to make, you’d rather initiate it yourself when there is a requirement, rather than wait till the board members arrive at your doorstep announcing the same.

The budding stages

Let’s explore the growth phases of an organization to identify the juncture at which the necessity for a CEO may arise, so you can accordingly layout your corporate strategy.

The elementary stage of any business will see it operating in a hub-spoke model, where the founder makes most of the decisions and integrates the various operating departments. You may have under 40 employees at this stage, and are still in the process of figuring out what strategies work out the best for your organization to run smoothly, and are aligning your vision with the real world’s reception to give your end-product a commercial spin.

You then move onto the next stage where the teams begin engaging in cross-functional operations, sharing metrics, laying out process protocols for better coordination. This is ideally the right stage, where most founders start asking themselves questions like “Do I need a CEO?” or “Can I handle the CEO’s job myself?”

You may want to ask yourself the same questions as well, to draw a clear distinction on whether your idea is to focus on the vision while another experienced individual handles all the intricacies, or if you look forward to filling the CEO’s shoes yourself. You will undoubtedly need the assistance and advice of senior members, who’ve experience in the same or a similar field, irrespective of the choice you make at this point.

Making pitches and inking partnerships

Many entrepreneurs have ideas, vision, and products to launch themselves in the commercial market, but they fall back when it comes to making a pitch. As you begin to expand your venture, it is natural for you to look for partnerships to take your business to the next level.

No matter how brilliant your product is, sometimes, putting up a good pitch may not be your best asset. Well, there’s nothing wrong with admitting that you need a hand from a business-minded person who has a thorough understanding of your business space and can help you chalk out partnership deals.

In fact, many entrepreneurs admit that they began hunting for a CEO when their product had that market-ready edge to it, and would soon secure commercial interest.

Leading operations and business

It isn’t uncommon to find entrepreneurs and founders juggling between tasks from tackling technical queries of the Research and Development team, to handling revenue generation and marketing. Let’s face it, no matter how amazing a self-proclaimed multi-tasker you may be, managing an organization surpasses your traditional levels of multi-tasking.

You’re soon going to realize that you cannot be at a million places at once, transforming your brainchild from an idea to research, from product to a revenue-generating commercial target. There have also been cases where although founders are valuable, irreplaceable contributors, they are painstakingly bad managers.

This may just be a phase where you take a string of bad decisions or an endless phase where you’re simply a bad manager. While a technical field may be your thing, managing may not be your forte. The easiest way to conquer this is to hire a CEO who can do a better job, and make it easier for you.

Running an established business

Once your business settles down, and has the processes in place, and starts expanding, the functionality depth is going to expand further as well. Once your product meets a good reception at the market, you’ll have to keep consistency in mind to not lose out on customers. This calls for management and execution that is organized and predictable. Hiring a CEO at this juncture can ensure this.

The CEO acts as the orchestrator, directing all departments to deliver to the best of their efforts while integrating your organization as a whole. You don’t want to be buried down in emails, requests, calls, and orders, so you barely have the time to see where your organization is headed.

Your organization may be moving at such a fast pace, that you’re drowned by external factors that barely give you any time to manage the organization itself. The addition of a CEO can not only have your organization function smoothly at times like this, but also, help in enhancing the managerial bandwidth, and open your organization to new possibilities that propel it forward, and bring your vision to fruition.

The transformation from organized chaos to a successful organization can be easy if you take the leap and hire the right CEO at the right time!

Meet Future, a 318-Foot Expedition Yacht

By
Forever Mogul Team
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Project Future is the latest concept to be released by Alpha Marine. The giant 318-foot expedition yacht was conceived by the Greek yacht design describing the project as “a bold expedition yacht capable of exploring any place on earth enabling guests to enjoy the most of all climates and locations.”

The go-anywhere vessel is equipped with a hybrid propulsion system comprising an electric motor, four diesel generators, two azimuth thrusters, and the requisite battery packs.

This not only results in fewer emissions but gives those aboard more autonomy and independence. As for speed, Alpha Marine estimates Future will be able to reach 18 knots at full tilt.

Spread across five decks, she can sleep up to 24 guests and 40 crew. The owner’s suite takes up its own private deck and features a lounge to aft and a terrace to the fore.

There’s ample room for entertaining both indoors and out. To the aft of the main deck, Future sports an epic infinity pool that cascades to the beach club and swim platform below. A set of hydraulic balconies can be lowered for direct access to the water.

The upper deck comes fitted with a couple of sizable tables for alfresco dining, while the sundeck offers its own Jacuzzi with panoramic views.

Future also comes with a full arsenal of water toys, along with a helideck on the bow to facilitate comings and goings or further exploration in remote locations.

Inside a Massive $75 Million Aspen Home

By
Forever Mogul Team
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This massive $75 Million Aspen home is as good as it gets. The ski-in property, located on Ute Avenue within walking distance of Aspen’s downtown, is the brainchild of Aspen developer Leathem Stearn.

Leathem Stearn, a businessman who’s worked on a few homes in the area, including a neighboring property that sold this year for $22 million.

The seven-bedroom property spans four levels and includes a large open-plan living and dining room with stone walls, wood-paneled ceilings, and a double-sided sculptural fireplace.

Inside this sprawling 20,000-square-foot mansion a full suite of amenities, including a media room, a bar, a 60-foot lap pool—which you’ll be able to see from the glassy home office suite above, and a private bowling alley.

Outside there’s not one but three tennis courts, plus, a six-car garage with a turntable.

If it sold for close to that asking price, the home would be the most expensive ever sold in Aspen.

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Adaptive Leadership: A Comprehensive Framework for Adapting to Change

By
Forever Mogul Team
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The pandemic has brought about the need for a comprehensive reassessment of leadership methods across organizations. The old tactics are demonstrably becoming unsuitable for the demands of the new reality. Adaptive leadership that draws frameworks for adapting to change is becoming an essential skill for business leaders.

With new variants and continuous risk assessments, what’s clear by now is that the pandemic will be a part of our lives in some form for a while. The disruptions caused by Covid-19 are not going to disappear overnight. This means that adapting to change through adaptive leadership will be a crucial skill that leaders will have to develop.

What is adaptive leadership?

Introduced by Marty Linsky and Ronald Heifetz, adaptive leadership is a set of practical methods for solving business problems that identify and focus on the business’s crucial components while disregarding the insignificant. Through a functional approach, adaptive leadership helps leaders react quickly while understanding the holistic nature of the problem in front of them.

Adaptive leadership is based on the premise that there are no constants in the business world. The system, its internal and external actors, and the broader socioeconomic forces are constantly changing. A static leadership model would lead to reactive approaches that will cost time and money.

The importance of adaptive leadership

Decision-making is the fundamental duty of leadership. While it would be preferable to have all available information and adequate time before a decision is made, real life doesn’t always work in such a predictable and linear manner. There will always be an unexpected incident or situation like the pandemic reminded the world.

Since there are always a set of unknowns, leaders should be prepared to address the challenges in front of them and predict and prepare for future scenarios. This is what adaptive leadership enables leaders to do. Organizations that practice it will find it easier to adapt to change because their leaders will understand the root causes of the situation and act accordingly.

Such an understanding empowers the leadership to develop skillsets that are conducive to effectively managing unexpected changes. While adaptive leadership helps key stakeholders make impactful decisions, it also conditions them to receive feedback. This trait has a crucial role in making them nimble and agile to change directions when the need arises.

When is adaptive leadership important?

Successfully adapting to change while staying on track to fulfill long-term objectives is the hallmark of any resilient organization. Adaptive leadership is key to this since the challenges can seem overwhelming. But the changes need not be just external. Adaptive leadership is more widely used when there is an internal change.

This usually happens when an organization is in transition. It could be due to a change in its product or service portfolio, when it enters a new market, when it finds a new vendor, or when it changes its model of functioning, like, in remote or hybrid work. Adaptive leadership is also immensely relevant when there is an acquisition or expansion.

In all these cases, the business leaders will have to take a call on the values, protocols, and frameworks they need to retain and the ones they need to get rid of. When adapting to change, leaders will have to consciously decide on retaining or introducing new ideas that will be in sync with the company’s long-term trajectory.

The four pillars of adaptive leadership

Successfully adapting to change will be an important trait for leaders, as evinced by the events of the past 18 months. Business leaders who want to cultivate adaptive leadership effectively should focus on these four core areas to empower themselves to manage unexpected and systemic challenges.

Emotional intelligence

Sensitivity to others’ feelings is an essential characteristic of adaptive leaders. They understand that any transition can be challenging, even if employees don’t voice it publicly. Adaptive leaders also know that the effect of any challenge will be disproportionately felt across the system. Not everyone will be equipped at the same level to handle change.

Being emotionally intelligent helps leaders build trust within and outside the organization. Since trust and empathy are interlinked, there will be little dissonance as the constituents believe that the leadership understands team members’ unique challenges.

Organizational justice

Taking the workforce into confidence is an integral aspect of adaptive leadership. To effectively achieve this, leaders should be fair in their timely dissemination of information. They should be honest and open even in circumstances where the truth might be unpleasant.

Adaptive leaders need to share the facts of the situation with their stakeholders and employees. This will encourage them to trust and support the leadership.

Development

Adaptive leaders are not irrationally wedded to their systems and processes. They are always looking for innovative ways to solve problems even if it means failing in the process. This brings agility and openness to the system since the focus is on continuous development.

This also encourages employees to be innovative since they know that the leadership won’t discourage it.

Character

Adaptive leadership is based on transparency. By communicating what has to be shared, leaders can prepare the workforce to adapt to change and in the process, earn their trust and respect. The character of the leadership is crucial for that.

It would help if leaders openly share their mistakes and vulnerabilities when embracing new systems and processes. Adaptive leaders would also be inclusive and champion progressive values in the system.

In short

The past year and a half have been a period of uncertainty and unpredictability for the business world. This is true for all sectors, irrespective of the size of the companies. When the pandemic hit, there were several unknowns and whatever information companies could relay to their employees was imperfect at best. The leaders who managed to instill a sense of togetherness while driving productivity relied on adaptive leadership.

Are Cryptocurrencies Still a Good Investment When They Are So Volatile?

By
Forever Mogul Team
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Irrespective of the amount of hype it has generated over the past few years, decentralized finance remains a murky topic, poorly understood by many.

On top of that, the cryptocurrency market is extremely volatile, making people skeptical about investing in crypto. Earlier in May 2021, the value of Bitcoin declined by 30%, while that of Ether dropped over 40% in less than 24 hours.

But by the end of the day, both currencies had regained substantial ground.

With such steep volatility, it’s understandable for one to assume if cryptocurrencies are a good investment. Should you take the plunge despite the volatility? Let’s explore in detail.

Why are cryptocurrencies so volatile?

Cryptocurrencies are generally volatile because of their low market capitalization and liquidity.

In addition to that, the cryptocurrency market is also influenced by speculations and rumors, which usually result in a massive fluctuation in prices. Volatility can be positive or negative for investors, depending on when they decide to invest.

Here are some reasons for crypto being so volatile:

  • Decentralization: Since crypto falls under decentralized finance, the currencies are not regulated or ”printed” by a certain authority, unlike fiat currencies. Anyone can mine coins, which means there are always unknown sellers and buyers entering the market.
  • No tether: Typically, traditional investments, like diversified funds and stocks, are tied to a value-based asset. If the company does well, the stock’s value rises. Poor company performance impacts the stocks negatively. But cryptocurrency is not backed by a commodity, such as gold. The value of cryptocurrencies is determined by the general sentiment in the crypto community. Thus, volatility is rampant since the sentiment changes often.
  • Investor confidence: Investor confidence, or lack thereof, also plays a role in creating volatility in the crypto market. Often, investors are cynical about a currency in response to a change in community sentiment or another factor, bringing the price down.
  • Speculation: The prices of cryptocurrencies are largely dependent on speculation. Speculators often buy currencies in the hope that their value will increase. This results in a massive influx of capital, which causes an upward spike in prices and volatility.
  • Controversy: The crypto world is afflicted with controversy, considering coin mining uses a lot of energy. This is resulting in environmental concerns and increased costs. A big scandal can drive people away from cryptocurrencies, impacting prices.

Apart from these reasons, investors may also be concerned about the fact that they do not hold the real asset when they invest in cryptocurrency. Since cryptocurrencies are intangible, their investments only exist as digital assets on a blockchain. If this digital ledger is ever hacked or compromised, it will lose all value and become worthless overnight.

These risks combined with the lack of regulation contribute to volatility.

Is volatility always bad?

In another market or industry, volatility may have negative connotations attached to it. But many crypto investors see it as a means to make huge profits.

For example, by investing in Bitcoin early on, you could have made ten times the original sum if sold at its peak in Dec 2017. Similarly, earlier this year, when the crypto market faced a massive decline, many investors saw it as an opportunity to buy while prices were low.

They managed to make huge profits later when the prices went back to their previous positions.

If you are extremely confident about the future of cryptocurrencies and willing to take risks, then investing in this volatile market might prove beneficial for you.

However, there is no guarantee widespread adoption of cryptocurrency will become a reality, so it’s advisable to invest only what you are ready to lose completely.

Why is this good for an investor?

While volatility makes many wary of investing in crypto, some see it as an advantage. They can buy at lower prices before the bull run begins and sell just before the value drops.

The price movements of Bitcoin, Etherium, and other coins follow the same pattern action as traditional assets like stocks. Prices always move in cycles. This means that there is bound to be a bull run sooner or later once the prices drop after the market has cooled off for a bit.

Once this happens, there will be many who made money buying low and selling high. That’s why higher volatility also means greater potential profits.

Is cryptocurrency a good investment?

Considering the market volatility, investing in cryptocurrency is only a good option for people who are looking for short-term gains. Long-term investors may have to hold on to their coins for a while before their value appreciates.

In case you’ve missed an opportunity to buy cryptocurrencies at a low price, it may be wise for you to wait until the volatile times have passed.

But if you invested during these times, keep a close eye on your investments because there might be another sell-off sometime soon.

If you are willing to take risks and gamble your money, then investing in cryptocurrency may prove beneficial for you. Here are some tips to minimize your risk when investing in cryptocurrency:

  • Diversify your portfolio. Instead of investing all your money in one coin, diversify your investments. Even if you lose money from one side, the other coin you’ve invested in may go up in price.
  • Don’t fall prey to FOMO. The fear of missing out makes investors buy cryptocurrencies that are only popular at the time due to their hype and serve no value later on. A good example is Dogecoin.
  • Keep up with market news. A single tweet from Elon Musk sent Bitcoin’s price up by 10%. But then another tweet from Musk brought it down by 4.3%. When you invest in cryptocurrencies, it’s important to keep up with the news and the moves made by renowned investors, as these factors impact the coins’ prices.
  • Don’t chase the price rise. If something rises in value by 10%, you shouldn’t rush to buy it in the hope that it will rise further. Keep in mind that there is a high risk of it dropping, and once this happens, you might end up losing money on your purchase.

Conclusion

Having said that, investing in cryptocurrencies can be quite lucrative if you know what you are doing. You can protect yourself against risk by investing in different kinds of coins, keeping up with the market news, knowing the right time to sell, and diversifying your portfolio.

But if you’re not careful, you could end up losing money in the cryptocurrency market.

Mercedes-Benz Unveils Electric Car Co-Designed By Virgil Abloh

By
Forever Mogul Team
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German automaker Mercedes-Benz has unveiled a solar-cell-powered electric car with zero emissions designed with visionary fashion designer Virgil Abloh, who passed away last weekend.

First announced in October, Project Maybach is a true concept vehicle unlikely to ever go into production. That doesn’t make it any less intriguing, though.

Abloh worked with Mercedes design boss Gorden Wagener on the futuristic grand tourer, which nods to the automaker’s storied history. The striking vehicle is his second collaboration with the brand, following the G-Wagen race car.

The unveiling of the car was given the blessing of Abloh’s family and was described as being an extraordinary design to come out of Mercedes-Benz. The car was revealed at Art Basel Miami.

Project Maybach is nearly 20-feet long, most of that length coming from its transparent front bonnet with solar cells underneath it which charges the car’s batteries. The sloped and transparent roofline merges seamlessly into the rear end evoking the look of a spaceship. It is a two-seater and is designed for off-road adventuring.

The interior of the car is almost entirely in tan leather, matching the exterior. The vibe of the automobile is minimalistic, but it still found room for a cinematic infotainment screen tucked in the center of the dashboard.

The much-loved designer, owner of streetwear label Off-White, and artistic director of Louis Vuitton’s menswear, Virgil Abloh sadly passed away after a private battle with an aggressive cancer for more than two years.

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Bombardier’s New Challenger 3500 Jet Comes With ‘Zero-Gravity’ Seating

By
Forever Mogul Team
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Bombardier Challenger 350 photographed on May 3, 2019 at KTRM

Bombardier unveiled its Challenger 3500, a new super-midsize jet that’s projected to enter service in the second half of 2022.

The Challenger 3500 builds on the popular Challenger 300 series aircraft, of which the company has delivered roughly 900 units in the past 20 years.

The new 3500 takes several key technologies from the Global 7500 and its brethren, including a flight with more “baseline features” than others in the class. The 3500 will come equipped with an autothrottle, plus all capabilities currently found up front in the Challenger 350, according to Martel.

In terms of performance, Bombardier expects the 3500 to cover 3,400 nm at Mach 0.77 carrying four passengers and two crew, which equates to readily flown segments between Los Angeles and New York, or London to Dubai. The jet will also come certified for steep approaches, such as those at London City, Aspen, and Toluca, Mexico.

Powered by two Honeywell HTF7350 turbofans at 7,323 lbf, the 3500 will make a top speed of Mach 0.83, and carry a maximum of 10 passengers. Projected takeoff distance at sea level, MTOW, is 4,835 ft with a landing distance of 2,364 ft at sea level, ISA conditions.

What’s Inside

Carrying over from the 7500, as well: the Nuage seat, which features a different architecture from previous passenger seats in the class. The seat made its debut on the 7500, then went to the 5500 and 6500 before moving to the 3500. According to Martel, it’s the first time a seat of this caliber is available in the super-midsize segment.

Adding to everyone’s comfort on board, the 3500 will maintain a cabin altitude of 4,850 ft at FL 410, an improvement of 31 percent over previous metrics.

Also found in the “intelligent cabin,” Martel outlined:

  • A “reimagined” lighting plan
  • Soft-close drawers, with crystal and wine storage
  • The first voice-controlled cabin for temperature, lighting, and entertainment
  • 24-inch 4K displays
  • Wireless charging in the cabin
  • Responsibly sourced fabrics and coverings
  • Quick air replacement within the cabin

Bombardier’s new models will be assembled in facilities driven by hydroelectric power. Plus, the company plans a “carbon-neutral test flight program” using sustainable aviation fuel and carbon offsets.

Bombardier aims for the 3500 to have the lowest direct operating cost (DOC) in its class, projecting that operators will save nearly $150,000 across five years. Part of this expectation is based on the implementation of the SmartLink Plus health monitoring system for operators to connect with the aircraft while flying to keep tabs on the aircraft’s parameters.

The first Challenger 3500s are set to be delivered to buyers in the second half of next year. The cost? $26.7 million. Earlier this fall, Reuters reported that Bombardier confirmed a $534 million order for 20 Challenger 3500s.

Rebranding: How A Company Completely Changes Its Image

By
Forever Mogul Team
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Experienced business owners and entrepreneurs know that brand identity (all things visual about a business), is crucial. They also understand that a company may establish a powerful brand and brand identity only by making deliberate decisions and avoiding the trap of leaving branding to chance.

Designing and developing a brand is required when starting a new company, as well as when aiming to improve it. The issue many existing establishments face, however, is how to do so when not wanting to remake everything.

What Is Rebranding?

As one of the main representations of a business, a company’s public image is among the most important components of its existence. It essentially defines the organization’s values, objectives and message, and is likewise responsible for accurately conveying it to the public.

Over time, it is only natural for some businesses to feel as if they should embark to revamp their style and messaging, in an effort to reach more people or access potentially untapped markets.

A company’s corporate image or organization may be rebranded through the use of a new name, symbol, logo, and/or other visual assets like marketing materials in order to improve its public perception. The objective of rebranding is to establish a new and distinct brand identity in the minds of customers, investors, prospects, rivals, workers, and the general public.

A corporate rebrand can be an utter failure if a company does not manage to properly plan for it. In order to avoid common mistakes when rebranding, this article will present some key points that every business should consider before heading towards a new image. Since there are no specific standards that can fit all types of businesses, the tips outlined serve simply as suggestions and should be used with an organization’s given needs and circumstances in mind.

Why Do Companies Rebrand?         

Branding and branding changes are common occurrences that businesses must face in order to stay competitive.

This happens for many reasons. For example, a company might not find effectiveness in its logo, or your brand aesthetic. Alternatively, it might be expanding its business scope and deciding to enter a new market in which the name of the company may be too limiting.

Rebranding can work magic for any organization aiming to modernize, stand out from their competition, or more effectively reach their target demographics.

It’s not all easy, however. Many businesses are reluctant to start a rebranding initiative, appreciating the potential value of updating company identity but fearful of changing key values or outlooks. The great thing is, that although rebranding can be daunting and does pertain some risks and expenses, it can easily be employed in a way that works in favour of a company’s core values and original concept.

The right rebranding approach can invigorate your business, but it must be consistent with your overall marketing and sales strategy. It’s crucial to carefully assess whether a rebrand is right for your business, and whether or not the rebrand matches the image it should.

Rebranding doesn’t need to be an entire overhaul either. For example, you don’t necessarily have to change your business name to successfully rebrand. What you really need to institute meaningful change and success in the process is to make thoughtful decisions and adaptations through which to build a new brand identity, that revolve around your company’s actual values.

The key in such an effort is to focus on not simply changing business appearance and aesthetics, but rather employing better means through which to convey your company’s true nature. It’s very possible that while your existing marketing may pertain to your original business, it’s not the most effective way possible to communicate its message. Really, rebranding doesn’t have to involve changing a business at all, only the level of effectiveness to which it is represented.

Examples Of Successful Rebrands

A great example of a successful rebrand is Airbnb. The property renting platform underwent an overhaul in 2014 with an objective to better align with and reach its market.

The company’s old logo was changed into a new one. They replaced the logo’s font style and instigated the use of a unique colour called Rausch.

That specific colour was named in reference to the actual street where Airbnb started, effectively conveying both the identity and style of the brand.

Their new “A” shaped icon, “The Bélo” was used to represent four main principles of People, Places, Love, and Airbnb. This rebranding meant defining a clearer brand image that would be more applicable, understandable and attractive to its audiences and simply conveying their existing brand values in a more efficient and meaningful way.

Another amazing example, a successful rebrand gave Energizer a more accessible and approachable look, and likewise a chance to better stand out from its competitors.

Energizer emphasized the use of its notable pink bunny mascot and put a fresh spin on its branding approach to make it seem more reliable and understandable. The makeover itself is relatively subtle, the brand’s bunny is slightly different in appearance with more facial expressions. With this, the company has a fresher take on its campaigns, through visual branding and messaging that conveys a new hop and more of a human expression.

Things To Consider When Rebranding

If you’re currently in the phase of discussing business rebranding with your company, below are certain factors that can be taken into account to ensure a smooth transition.

Business Values

The first part of rebranding is having an understanding of your company’s true values. Consider and evaluate what makes your firm unique. Why is your business in existence, and what values are important? Such values are often integral aspects of one’s business identity, and having a strong consensus and relationship to them is pivotal.

Reputation

Along with values, it is imperative to assess your current standing. What are the current perceptions of your company among business partners, consumers and the public?

A rebranding effort can be useful in depreciating damaging images or establishing new ones for a company; however, this process requires an unprecedented commitment to authenticity and transparency.

Culture and Community

How do you engage your employees? How does this engagement affect your business and the public perception of it? Also, how does your company reach out to its community and facilitate connections with it?

A rebranding strategy should include a plan for promoting goodwill between the company and those that support or interact with it. Otherwise, it will cease to be effective in relating to its market or local base.

Products and Services

How should the rebranding strategy reflect your company’s attempt to stay current with industry changes? What can it do to modernize the business, especially in relation to technology or other advancements? A successful rebranding effort will feel right at home with its customers. If your customer base or industry has evolved, it’s paramount to consider how the company will not only keep up but become a leader in this change.

A rebrand is a public statement of your business’s commitment to higher development. It gives you the opportunity to remodel and refresh the company’s primary point of contact with its consumers. Of course, before you embark on this journey it is imperative to know exactly what you want to do and why. Change is never simple, but it can certainly be beneficial to business.

Hiring And Retaining Talent

By
Forever Mogul Team
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A growing business entails several changes; greater capital and financial management, policy restructuring, redesigning operations, and last but not least, hiring and retaining talent.

An organization’s employees are undoubtedly its most valued resource; it is essentially their efforts that translate into revenues and thus profits for the company. Therefore, having the right people on board is essential to successful business growth.

Whereas finding the right talent nowadays is an arduous task in itself, retaining that talent goes one step further.

The following must be observed when hiring and retaining the right kind of talent:

Determine Your Criteria For The ‘Ideal’ Employee

You must determine the exact skill set, strengths, and forte you are looking for in your employees. This will immensely help narrow down the list of potential hires. Examples of the right kind of skills include quick thinking and analytical skills, extroversion, a diverse knowledge base, confidence, ambition, and the ability to work under pressure, among others. You must have a clear purpose in mind at each and every step of the employee evaluation so that once you select determined, motivated individuals who are right for the job, you pave the way for a long-lasting work relationship with them and thus reduce the need for retention strategies.

Don’t Let History Repeat Itself

Every successful venture has a long trail of failures behind it. Nearly every successful business today has made several bad hiring decisions in the past, some of which they regret to this day. However, one learns and grows from one’s mistakes. Identify instances in the past where you made errors or misjudgments in the hiring process, learn from them and make sure that they are not repeated. This will require in-depth critical analysis of why some of your past hires did not live up to your expectations, where they lacked, why they lacked and what you could’ve done to avoid such situations. This practice will give you much-needed direction for future hires.

Avoid Average Performers

The cut-throat nature of the corporate world leaves no room for inefficiency. Business growth entails staffing up to meet the growing demands of expansion. This, however, does not validate hiring average performing employees just to fill this gap. As a rule of thumb, always strive for the best employees out there; make attractive offers that will lead them to choose you over the competition and convince them of the benefits your business offers in terms of career growth. Careful attention must be paid to the hiring process to screen out only those potential applicants that can best serve the organization’s needs.

Master The Art Of Hiring

Correct, beneficial hiring is a task that many have failed at, but one that can be mastered with time and experience. Avoid the traditional process of standard interviews and crossing off points on a checklist; go the extra mile to get an insight into the employee’s psyche and strengths. This is a very helpful indicator of the quality and consistency of future performance and can help determine if potential employees are a good fit for your business and can facilitate growth in a productive manner.

Once you’ve hired the right talent, you’re only halfway through the painstaking task. Retaining that quality talent you just hired is a lot easier said than done; employees generally jump at the first chance at a bigger paycheck, loyalty goes out the window. Therefore, you must implement effective retention strategies to ensure your employees are devoted to your organization. This means providing attractive salary packages, good working conditions, regular appraisals and ample advancement opportunities. The following are some steps you can take to ensure staff retention:

Align Organizational And Individual Growth

Employees are likely to have a greater commitment to your cause if they feel that it benefits them in some way as well. You must develop effective strategies for employee growth and help your employees understand how the growth of the business will, in turn, lead to their career growth. Involving them in their career development process is a real plus. You must identify what motivates your employees and ensure those factors are in place; a motivated employee is indeed a productive and loyal employee.

Loosen The Reigns, But Don’t Let Go Altogether

Although you will need to supervise your employees in the beginning, gradually lessen direct supervision by giving your employees greater authority in the work they do. This will give them a feeling of accomplishment as they will feel worthy enough to be delegated the work without being constantly monitored. You must, however, step in time to time to ensure that your employees do not exploit this freedom. Lead and guide them wherever you deem appropriate but give them the authority to execute their work on their own. This practice must be communicated to all managers and supervisors under you to ensure everyone is on the same page. An effective manager gets work done through other people, therefore, you must establish a democratic style of management to get the best out of your employees.

Appreciate Good Performance

Constantly praising your employees for outstanding work is integral to retaining them. Make it a point to commend them for exceptional or even good work; recognition of work well done and appreciating performance gives them a sense of accomplishment and moves them up the hierarchy of needs as identified by Maslow; from security to self-esteem needs’ fulfillment. Research indicates that praises and compliments are essential to employee motivation and their absence can result in a very unproductive workforce. Appreciation can take the form of monetary benefits as well verbal praises or a pat on the back from time to time. A positive environment is bound to pave the way for a hard working workforce.

Establish A Relationship Of Trust

Any successful business owner will tell you that trust is the most important factor in a successful work environment. If your employees feel that you are looking out for their benefit and well-being, they will reciprocate the effort. Treat each and every employee with respect and ensure fair treatment for everyone across all platforms; a transparent system whereby there is open and smooth communication is instrumental in achieving this. Give them training and impart knowledge wherever they lack, help them gain a sense of accomplishment by assigning them challenging yet achievable tasks and make them feel like an important part of the organization. Furthermore, by aligning the organization’s goals with their individual goals, you give birth to an inner motivation in your employees to excel and perform to the best of their abilities, as they feel that the organization’s success is in fact their own.

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