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Why Cash Flow Management Is Crucial To Start-up Success

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Forever Mogul Team
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If you’re looking for one area to focus on that will significantly impact your business, it’s cash flow. It’s simple, you can be as profitable as possible and have many investors lined up, but you won’t get your business off the ground without cash flow management.

In fact, cash flow management is one of the many reasons it’s so hard to get a new business running and why so many businesses fail.

But what exactly is cash flow management, and why is it crucial for any business? More importantly, though, how can you improve your cash flow? This article delves into these questions in more detail and aims to give you some guidance to improve your business’s cash flow.

What is Cash Flow Management?

So, what is cash flow management exactly?

Your cash flow is the amount of money traveling into and out of your business. This means a positive cash flow is when more money comes into your business than it flows out. In contrast, a negative cash flow means that you’re spending more than you’re bringing in.

You calculate the cash flow by deducting the amount of cash you have available at the end of a specific period from the cash you have available at the beginning of the period. If this is a positive number, you’re showing a positive cash flow, and a negative number will indicate a negative cash flow.

You shouldn’t make the mistake of confusing cash flow with profits because you can earn a profit but have no cash flow. To understand your cash flow, you should look at things like your inventory, accounts payable, accounts receivable, debt, and expenditures.

Ultimately, cash flow management is the process you use to track all the cash that comes into and flows out of your business.

Why You Need Cash Flow Management

When you look at the definition of cash flow management, it’s easy to understand why it’s important. Cash flow is simply the lifeblood of your business. According to a study by U.S. Bank, 82% of businesses fail because of poor cash flow management.

This is simply because, without adequate cash in hand, you won’t be able to survive. Cash allows you to cover your monthly expenses or expand your business to help it grow.

Tips To Manage Your Cash Flow Better

If you want to manage your cash flow better, there are some tips you can use to make sure you don’t run out of money because, let’s face it, trying to run a business without money is like trying to paddle upstream without an oar.

Tip 1: Know Your Break Even Point

Although knowing the point at which you break even doesn’t necessarily give you better cash flow, it gives you a goal to work towards and gives you a target you can use to decide where your cash should go. In other words, when you have a target you’re working towards, you will be smarter about the way you spend your capital along the way.

Tip 2: Don’t Focus On Profits Too Much

Sure, making profit is important, but you should focus on cash flow and spending too.

For example, say you made a quite healthy profit, but you don’t invest that profit back into the business. This ultimately means that although you’re making a profit, you don’t have any cash flow to take care of your business’ day-to-day expenses.

Tip 3: Always Have Cash Available

Let’s face it, shortfalls happen to everyone. Although they don’t impact your cash flow directly, how you deal with them does. So, it’s always better to have cash reserves for when there is a shortfall so that you can lessen the blow and the stress and distractions that come with it. Instead, you will be able to focus on growing your business.

Tip 4: Manage Fund Better

In as far as possible, you shouldn’t handle the money for your business and rather hire an accountant or CFO to do it for you. If you can’t afford someone to help, designate a trusted employee to be your cash flow monitor.

Tip 5: Immediately Collect Your Receivables

Try to make your invoices due immediately and limit the use of payment terms longer than 15 days. By doing so, you make sure that there’s always some cash available in the business. Even better, if you can, delegate the task of keeping an eye on your receivables and customer follow-up to get the money in as quickly as possible.

Tip 6: Offer Discounts To Get Paid Earlier

If you don’t want to wait out the payment terms, offer your customers a discount if they pay early. But remember not to make it a free-for-all and set strict guidelines about customers’ eligibility for discounts.

Tip 7: Extend Your Payables

While you want your payments to come in as soon as possible, the opposite is true for your accounts payable. Work with suppliers and vendors and, where possible, extend payment terms to 60 days or more.

Tip 8: Cut Costs

As part of your forecasting, you’ll see the necessary expenses you’ll have to pay in the future. Apart from those necessary expenses, minimize your spending and eliminate any costs that aren’t strictly necessary for the running of your business.

Tip 9: Be Clever About Hiring

Instead of hiring two or three employees with lower salaries, consider recruiting a highly skilled worker who is likely to be able to tackle the work of two or more less-skilled workers. Sure, you’ll probably spend a bit more to hire have a highly skilled employee, but you will still spend less than you would on multiple employees doing the same thing.

Tip 10: Use Technology

Technology’s out there, so why not use it. For example, think of using invoicing software to stay on top of your receivables or use mobile payment solutions to help you get paid faster.  Also, always back up your files and cash flow spreadsheets to secure cloud storage that will make it easier for you to gain access from anywhere and keep your files safe.

7 Easy Ways To Monetize Your Blog

By
Forever Mogul Team
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Starting a blog is only the first step towards creating a regular income stream. Blogging is the most common form of passive income for people who have a consistent online presence. Ideally, every blogger should regularly optimize their content to rank higher on the search engines. This means you’ll have more unique visitors per month, which is important if your final goal is monetization.

Why monetize and when to monetize your blog with adsense

Many well-established bloggers who rack up unique visits in the tens of thousands per month don’t need dull nine-to-five office jobs. This is one of the major reasons why people start blogging. They seek to turn their blog into the main income stream as it gradually grows and gathers a substantial amount of monthly visitors.

You don’t need to have tens of thousands of monthly visitors or a long email list to start monetizing your blog. No one expects a new blog to have that many visits right out of the bat. Your first goal should be to generate steady traffic of a thousand monthly visitors. After that, you can think of monetizing your blog.

Once your traffic is steady in the few thousand range, use these simple ways of blog monetization.

Write e-books

Selling short e-books on Amazon Kindle is one of the most popular ways for bloggers to generate regular passive income. The best aspect of self-publishing on Amazon is that it is already a globally trusted brand with a huge customer base.

All you have to do is write quality material, and Amazon will handle the rest. Choose an area of your interest, which you feel you can write about with enough expertise that turns people’s curiosity into readership.

Start freelance blogging

If you are already writing about a specific niche for your blog, it’s only natural that you would have the required knowledge on that niche. Businesses are always on the lookout for bloggers who can write for their own websites. Use your blog to advertise your freelance blogging services and market yourself in a way that makes businesses want to reach out to you.

Your blog doesn’t need to make gigantic traffic; as long as you can write good quality optimized content, you’re good to go.

Sell an online course

There truly is no limit to what you can sell online. A common misconception about selling online courses is that most bloggers believe they need to be experts in a particular niche. They don’t. All you need is more knowledge on the topic than the ones you’re going to sell the course to.

You wouldn’t believe how many people are open to learning new skills and if you can help them, it’s a win-win for both. An online course can be about anything from cooking to financial planning. If you think you have ample knowledge on a particular topic or if you’re ready to learn a skill to teach others, starting designing an online course ASAP.

Start affiliate marketing

Bloggers use affiliate marketing side hustle as one of the most common ways to make money online. The affiliate marketing industry is one of the largest online revenue sources. As an affiliate marketer, you will have to promote a company’s products on your blog.

The target is to turn visitor clicks into sales for the company.

Once a company makes a sale using your affiliate link, you will receive some commission for the same. This is a very lucrative way of making money from your blog. All you need to do is choose companies and products from your niche and market them in a way that doesn’t seem pushy. Bloggers tend to have a loyal audience, so regular visitors would feel inclined to try a product that you swear by.

Become an online coach

There will always be some blog readers who would want something more than a regular online course. Coaching comes as a follow-up step to e-books and selling an online course. You can choose to coach or offer counseling as an extension of your online course.

As a result, people who liked your online course would also be interested in receiving a more detailed and personalized session. Since you’re offering customized guidance on a topic you’re already familiar with, coaching becomes easier and more profitable. Coaching sessions also cost more than regular online courses, and so it would mean more income for you.

Write sponsored posts or product reviews

To create an income by writing sponsored posts or product reviews, your blog would have to have a considerable online presence, audience trust, and credibility. Since companies pay a fee to have their products sponsored, they generally look for well-established blogs with a large fan base. You wouldn’t be able to start receiving sponsorships as a new blog, but it would be possible once you create a regular readership.

To make this happen, you have to work towards generating regular traffic and creating credible content.

Use Google AdSense

Many blogs use the Google AdSense feature as their primary source of passive income. If your blog generates enough traffic, your ads will also be more likely to create a larger income. How your blog performs in terms of monthly visits has a direct effect on the level of income created through smart ad placement.

Bloggers can gain a set amount through impressions for every thousand views or so. On the other hand, revenue can also be generated through ad clicks. If a visitor clicks on an ad on your page, you will receive a small cut of the ad revenue.

In conclusion, blogging is one of the most popular ways of generating revenue online. Even a well-established small-time blog can create considerable income if used wisely. All it depends on is how you use your discretion to make the best of all the features available. It is a trial and error, but once you gain the hang of using blogging strategies to their fullest extent, you will have a successfully monetized blog.

Home Of The Week: $76M New York Dream Penthouse

By
Forever Mogul Team
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Terrace View Of New York Dream Penthouse

Perched high above Midtown Manhattan and only a block away from the Empire State Building is a five-story New York dream Penthouse known as ‘Le Penthouse.’

Featuring 11 bedrooms, 14 bathrooms, and 4,500-square-feet of outdoor space, the over-the-top penthouse sits atop a luxury high-rise located at 172 Madison Avenue, not far from Madison Square Park and the Flatiron District.

Designed by the firm Fischer + Makooi Architects with interior design work by Shamir Shah Design, the 33-story skyscraper houses around 70 total apartments, including ‘Le Penthouse.’

Each one- to four-bedroom residence features corner views benefiting from floor-to-ceiling windows and dramatic ceiling heights of 11 to 23 feet, maximizing light and air and enhancing views of multiple exposures.

The residences have been meticulously fashioned. The kitchens feature Miele and SubZero appliances, while en-suite bathrooms and powder rooms feature Dornbracht fixtures and luxurious natural stone surfaces. All homes have been pre-wired for future smart home customization and electric shades.

Principal Karl Fisher describes his design intention on the project’s webpage: “My inspiration for this building was the glamour, not to mention the understated elegance of the mansions that lined Madison Avenue in the late 19th and early 20th centuries.”

The final design favors natural light from a curtain wall of glass along the facade, ensuring that each apartment comes with its own corner views. Glamor and views are no doubt in short order within the five-story residence featured here.

The luxe penthouse also comes with a nearly 3,000-square-foot wraparound private roof deck, which has a 67-foot salt-water lap pool, as well as a jacuzzi.

Other building amenities at One Seventy-Two Madison include a 24-hour doorman and in-house concierge services, a private elevator, and a state-of-the-art spa and gym. As well as a sun-lit lounge and adjacent outdoor plaza for reflection and relaxation.

Additional amenities include a 67-foot saltwater pool, a spa and steam rooms, a fitness club, a children’s playroom, and a club room on the Health and Wellness floors. A pet spa plus additional storage and bike storage are also available.

The New York penthouse was first listed in 2019 with a whopping asking price of $98,000,000. Now it’s available for $76,000,000. Even with the price cut, the 19,815-square-foot unit is one of the most expensive properties listed in New York City.

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Skills And Qualities The Leaders Of Today Need To Thrive In A Post-Covid World

By
Forever Mogul Team
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Whether you’re a founder, manager, team leader, or entrepreneur of any sort, there are some key skills and qualities that are invaluable to your success in a world emerging from coronavirus.

Anyone in a position of influence should have basic leadership skills and qualities. Still, there are a few skills that you can finesse to best help your team navigate the challenges presented by today’s economic climate. And while everyone seems to have an opinion on the various leadership styles, we think the skills and how a leader uses them is much more important, allowing you to change your leadership style depending on your audience.

So, whichever leadership style you choose to use, be sure to have a fundamental understanding of the following skills and qualities moving forward:

  1. Able to take criticism
  2. Remain passionate about your cause
  3. Able to form connections and relationships
  4. Relentlessly positive perseverance
  5. Able to pivot at the drop of a hat
  6. Experience managing a remote team

And don’t worry, we’ll expand upon these points with some examples and how you can make these skills and qualities work in any leadership style.

Able to take criticism

This goes both for being able to take criticism from important people in your life like investors, mentors, and those close to your organization, and for knowing when to shrug off the “criticism” from “haters,” internet trolls, and/or those you are not aligned with your mission and vision. There will be plenty of criticism from people who do not understand your business or its purpose, but knowing when to take criticism (and take it seriously) from your respected peers and advisors, is a different thing entirely.

This can be a tough skill to refine, but realizing you aren’t always right and putting your business’s needs ahead of your ego can truly expand your business globally, and you will be respected for it. Keeping a record of useful feedback from clients/customers, those directly involved with your business, and remember that everyone deals with criticism. But some choose to use it productively, and some choose to ignore it or meet it with a headstrong opinion.

Remain passionate about your cause

Don’t let one bad day be the maker or breaker of your business. There’s a fire alive deep within many of the world’s strongest and most effective leaders. And in the face of coronavirus, those who do not give up on their mission are the ones who will prevail.

Being an entrepreneur or even a team leader within a larger organization can sometimes beat you down. There are days, weeks even, where things seem harder than they really are. Or maybe things are as bad as they seem, but we know one thing for sure, it’s that leaders don’t give up.

Able to form connections and build relationships

Part of being a leader is being relatable and building rapport with your team. Your business or your team will not be successful if you cannot communicate your mission and help others understand why it is relevant to their lives.

Communication is one of the building blocks of success and arguably, one of the more important skills to have as a leader. Leaders can form meaningful relationships (or teach others how to form meaningful relationships) with their clients/customers/team and peers.

Relentlessly positive perseverance

This point goes along with your passion. By remaining positive and persevering through adversity (including events like Covid), your team and your company will be seen in the light that you shine through your passion.

Persevering through adversity (when it makes sense to do so) is a quality that not all people possess.

Able to pivot at the drop of a hat

Collectively, the human race has seen more pivots this past year than ever before. One reason is that there are more businesses and workers globally than ever before, but mostly due to the events associated with the Coronavirus pandemic in 2020.

Taking a completely offline brick-and-mortar business online by building a store or offering a completely different suite of services to help the new horde of remote workers are examples of pivots that were 100% necessary (but definitely difficult to pull off).

Many businesses did not have a plan in place for a global pandemic, and even those with emergency contingency plans were hit hard. Changing your plan or having a backup to implement on short notice is 100% necessary moving forward.

Experience managing a remote team

Along with the ability to pivot at the drop of a hat, experience managing a remote team will be almost sure to be required of leaders moving forward. Global companies already have this type of experience at the ready. Still, companies that were previously headquartered in one location will need to understand how to work with a distributed team.

The freelance/remote work movement is booming, and your company can embrace it or fight it. There really isn’t any in-between, and leaders are embracing it!

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So, there you have it. Our top 6 skills and qualities are required for leaders pushing through the Covid pandemic. No matter what leadership style(s) you use, these skills are necessary for success in a post-covid world.

The World’s First Bulletproof BMW X7 Is Here

By
Forever Mogul Team
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Inkas, the Canadian-based leading manufacturer of special purpose armored vehicles, has just unveiled what it claims is the world’s first armored BMW X7. While a bimmer may not be the first car that comes to mind for braving a battlefield, Inkas is vying to change all that by offering comfort and protection.

“This first-ever armored BMW X7 is engineered with attention to detail and provides unparalleled protection and comfort for its passengers,” CEO David Khazanski said in a statement.

Starting with a regular BMW X7, Inkas adds a layer of armor underneath the sheet metal, allowing it to withstand a .308 Winchester bullet, even if fired at the door seals. The underside has also been strengthened to take the blast of two simultaneous grenade blasts.

Inkas said the high-end SUV made “the perfect base for armoring.” The X7 boasts solid German engineering, athletic styling, and an undeniably imposing footprint. In fact, the four-wheeler spans some 203 inches long and 71 inches high, which puts it at the top of its class in terms of size. Inkas has doubled down on the car’s badass energy and outfitted the all-black brute with a spate of tough-as-nails features.

BMW X7

The armored BMW is equipped with hardwearing ballistic armor designed for 360-degree protection. Inkas says it can handle a barrage of bullets from an assault rifle and withstand two hand-grenades being detonated simultaneously. The modified vehicle also features an assortment of protective upgrades, including sirens, emergency lights, air filtration, night vision, smoke screens, and even a fire suppression system.

The vehicle is also loaded with features in the cabin, including a smartphone Digital Key, heated front seats, driving and parking assist including reverse assistant, panoramic sunroof, power-adjustable steering wheel, and ambient interior lighting. A good amount of space inside the car offers functionality and comfort all the way to the third row of seats.

If you want your BMW X7 to be even more badass like James Bond, Inkas will also let you add sirens, a PA system, air-filtration devices, night vision, a smoke-screen system, an engine-bay fire-suppression system, and emergency lights.

Under the hood, drivers can choose from among three turbocharged engines. The xDrive40i is powered by a 335-hp inline-six, while the V-8 is available with either 523 or 612 horses, depending on how much grunt you need for your getaway. All engines are equipped with eight-speed automatic transmission and mated with all-wheel-drive to provide torque and ensure perfectly smooth handling on any terrain.

The X7’s cavernous cabin offers space for either six or seven with legroom to boot. The interior is finished in high-quality upholstery that can be tweaked to match each driver’s taste. Of course, you can expect all of BMW’s signature tech, such as ambient lighting, adaptive cruise control, and lane-keep assist. The car is also compatible with both Apple CarPlay and Android Auto to ensure you can stay connected wherever you may be.

It is available on special order. Pricing for the armored X7 is available on request.

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How Asmau Ahmed’s Plum Perfect Makes the Lipstick Industry More Inclusive

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Forever Mogul Team
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Asmou-Ahmed

If you’re a person of color and have gone looking for the perfect shade of lipstick for yourself, you know difficult it can be. Lipstick is nothing new to the world, but before Asmau Ahmed came along, finding that perfect shade certainly was.

Asmau Ahmed is an entrepreneur, an engineer, and the mind behind Plum Perfect. Plum Perfect is an app that analyzes the minutest color details on your skin to present you with beauty products that complement you perfectly.

Plum Perfect: The journey towards innovating the beauty industry

Ahmed was an innovator from a very young age. She grew up between Nigeria and London, and experimenting was a crucial part of her developmental years.

She would convert her parents’ laundry rooms into science labs where she could test out new ideas and concepts.

Later, she completed a BS in Chemical Engineering from the University of Virginia with honors. She worked as a chemical engineer for a while, but eventually, she would leave that life behind to pursue an MBA from Columbia Business School.

Asmau Ahmed has admitted that she hates shopping. She doesn’t want to spend time hunting for perfect makeup, and it was this frustration that led her to establish Plum Perfect.

Plum Perfect was originally conceptualized as a visual search engine. Users could take pictures of products they wanted to purchase and upload them to the search engine. Then, they would immediately be directed to shopping portals where those portals were available for sale. When Ahmed started, she envisioned more than a beauty-based visual search engine; home decor items and so on were also slated to be available through the search engine.

As time passed and she and her team continued to do research for Plum Perfect, the idea for a beauty app was developed and then eventually realized. Together with her team, Ahmed spent over eight years analyzing more than sixteen million colors. This enabled her to create a platform that could provide consumers with complementary color recommendations that matched the user’s skin tone with pinpointed accuracy.

Asmau Ahmed revealed that Plum Perfect was designed to locate and analyze minute changes in shades and color of the eyes, lips, and skin. These details aren’t detectable by the human eye, making Plum Perfect the ideal companion for anyone interested in beauty.

Asmau Ahmed has always loved beauty and makeup. She would try on her sister’s makeup when she was younger. She noted that when she used her sister’s lipstick, even though they had the same skin tone, the lipstick shade didn’t suit her at all. Contrast this with the technology in Plum Perfect that analyzes minute details, and you’ll see where the idea came from.

Ahmed’s Plum Perfect is more than just a beauty app. It’s an innovative technology that incorporates AI and machine learning. The patented Plum Perfect is meant to help consumers find personalized solutions, taking into account every person’s skin shade, color, and even undertones.

Ahmed and changing consumer behavior with Plum Perfect

Asmau Ahmed has noted that she believes consumer behavior is changing. People are more visually oriented now, and visual content has replaced the written word like texts, as the primary mode of communication worldwide.

This change in consumer behavior is combined with people’s simultaneous need for instant gratification. If consumers can find what they’re looking for immediately and effectively, both the consumer and the seller are helped by Plum Perfect. Even the advertising industry stands to gain from the technology.

To use the Plum Perfect app, all a consumer has to do is take a selfie and upload it to the app. Then the app analyzes their skin, lips, and eyes and detects the various color shades on the person. The app then relays back data on complementary colors that would perfectly suit the consumer.

This enables the consumer to find the perfect shade of lipstick, the right foundation, or the right blush every single time. The app not only leads consumers to the right color shade but also to products that match the recommended shades.

This brings consumers together with retailers and advertisers in a cohesive way and makes room for personalized advertising as well.

Asmau Ahmed and being an entrepreneur

Ahmed hasn’t limited herself to just Plum Perfect. She is the head of her organization and oversees all aspects of management such as profitability, product development, collaboration, and more. She also looks after fundraising and is one of only twelve black women who have secured upwards of $1 million through VC funding. Ahmed has revealed that she focuses on approaching female-led or female investors for her innovative and emerging technologies.

Plum Perfect was founded in 2014, but Ahmed hasn’t rested since then. She has collaborated with other brands, such as IMAN cosmetics, to whom she licensed her patented technology. She also collaborated with Macy’s Inc.

BeauTV is a project initiated by Asmau Ahmed as well. For the YouTube-based project, Ahmed approached influencers in the makeup sphere, as well as makeup artists. Viewers who view content from partnering content creators can receive personalized color shades that will enable them to achieve the same look as the creator they are watching.

Asmau Ahmed has also won multiple awards and travels and gives talks to inspire people, especially women, who want to begin their own entrepreneurial journey. Propagating powerful ideas like adaptability, perseverance, and hard work, Asmau Ahmed is a motivational force for the younger generation.

Plum Perfect revolutionized the makeup industry at a time when color shades for women of color were a part of the emerging landscape. Plum Perfect has now made it possible for women, as well as men, to find makeup that suits them. And they can immediately locate and find their perfect shade from the comfort of their own home.

Asmau, recognizing the changing global marketplace, has enabled consumers and sellers to find each other more easily.

Asmau Ahmed is still on a journey towards innovation and growth. According to her, Plum Perfect is only the beginning. There is more the world can expect from her.

Bering Yachts Announces Sale of Second B145 Explorer Yacht

By
Forever Mogul Team
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Just six months after the sale of the first unit, Bering Yachts has sold a second hull in its flagship 44-metre series. It is the 8th project currently in build at the brand’s facility in Antalya, Turkey.

Designed by Bering’s in-house team of naval architects and engineers together with Sabdes Design for the exterior lines, the tri-deck B145 is a true passagemaker for an owner who wants to cruise the world, including the high latitudes.

“The sale of the first B145 was a milestone for the company, but a second hull so soon after is a remarkable achievement,” says Alexey Mikhailov, President of Bering Yachts. “Not only is it testament to our growing construction capacity, but also to our ability to satisfy customer requests for ocean-going yachts that are capable, reliable and comfortable.”

The generous 9.7-metre beam means the Bering 145 can accommodate five functional yet extremely comfortable guest suites on the lower deck, a master stateroom on the main deck forward and a second master suite behind the wheelhouse on the bridge deck. The full-beam main deck stateroom is divided into three separate zones with a private bar, lounge area and night area, as well as fold-down balcony.

The transom beach club features a sauna and spa. The owner is an avid scuba diver and between the beach club and the engine room is a fully equipped diving room complete with its own fold-down door and decompression chamber. There is plenty of space on the open upper deck aft to carry tenders (of up to 8.5m) and additional toys. 

Also important for the owner is comfort in terms of reduced noise and vibration. To meet this aspect of his brief the shipyard will significantly increase sound proofing to make the yacht as silent as possible, both at anchor and under way. 

With a full displacement steel hull and aluminium superstructure, the B145 is rated at 499GT and will have a conventional diesel drive train for a top speed of 15 knots with a range at cruising speed in excess of 4,000 nautical miles.  The explorer yacht will be delivered in 2023.

Les Brown: One Of The Most Celebrated Motivational Speakers In The World

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Forever Mogul Team
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Les Brown - One Of The Most Celebrated Motivational Speakers In The World

The journey of Leslie Calvin Brown, popularly known as Les Brown, is that of a man who lived his dream. From being a “mentally disabled” student, Les Brown grew up to be a loved radio jockey, politician, motivational speaker, and author. How can a man do so much in a single lifetime and excel in all these diverse fields at the same time? Let us go back in time and relive the journey of one of the greatest motivational speakers in the world- Les Brown.

The abandoned child

On 17th February 1945, Les Brown was born in a desolate building in Miami with his twin, Wesley. The kids’ birth was a secret affair as they were the offsprings of their biological mother’s illicit relationship with a man other than her husband. To keep the matter far from the public’s eyes, their mother put them up for adoption after three weeks of their birth.

When the twins were about six weeks old, they found their home in a 38-year old single woman named Mamie Brown. Brown adopted the boys and bestowed immense love and care, something they valued all their lives. To this day, Les Brown never holds back in giving credit to his mother, who, he asserts, was a great inspiration for him and shall remain so forever.

The educable mentally disabled kid

In school, Les Brown was known to be an extremely mischievous and overactive kid. When he was in fifth grade, his school principal demoted him to a lower grade as a punishment for being disruptive in class. Brown often found it difficult to concentrate in classes and struggled with studies most of his student life, which ultimately awarded him a label of being “educable mentally disabled.” With this label, he was admitted to special student classes till high school.

The world’s greatest orator

In high school, Les Brown found inspiration in Mr. LeRoy Washington, the speech and drama instructor at his school in Miami. Since school days, Brown imagined himself in front of a huge audience listening intently to what he has to say. Whenever he found a piece of paper lying around, he wrote his destiny in his own words claiming that he is the greatest orator in the world. However, the possibility of this dream becoming a reality seemed distant as even Brown started believing that he was educable mentally disabled.

This fact came into light when he refused Mr. Washington to do a task giving his label as the reason. Hearing this, the instructor became furious and shocked. He told Brown to never limit himself to the opinions that others had for him. This realization finally liberated Brown from the label of a developmentally disabled kid.

The radio jockey

Brown did not pursue college after clearing high school. Instead, he found a job in the City Department of Sanitation as a worker. His dreams were indeed bigger than that. He wanted to get into the world of radio broadcasting. Determined to get himself a job in this field, he went to a local radio station owner. Since Les Brown did not have any experience in radio broadcasting, he was denied any position. However, Brown was not somebody who could give up his dream so easily. He kept pestering the owner repeatedly. Finally, the owner gave up and hired Brown for odd jobs such as picking up guest entertainers. While he kept himself busy in whatever task his seniors assigned him, he also taught himself small details of the radio jockeys, like their hand movements.

One fine day, Les Brown finally got the opportunity he was waiting for. A radio jockey could not go on air as he was drunk. Brown, being the only person in the station at that time, decided to take benefit of the situation and filled in his position. Impressed by his performance, the owner promoted him to a part-time jockey and later a full-time jockey. Now, there was no turning back.

The politician

As a radio jockey and broadcast manager, Les Brown emerged as a controversial figure whose views on political and social issues influenced the nation. This affected his job, and he was soon fired. But he found himself being directed towards the political arena by the radio station’s news director, Mr. Mike Williams. Les Brown contested for the Legislature of Ohio State and emerged victoriously! He also served the Human Resources Committee as the chairman in his third term. After completing three terms in office, Brown decided to quit and shift back to Miami to take care of his ill mother.

The motivational speaker

After returning to Miami, Brown carried on his work on social issues when he met Zig Ziglar, a millionaire motivational speaker. From his chance encounter, he decided to go down this road as well. In the 1980s, Les Brown shifted to Detroit. At this time, he only had a single tape containing his motivational speech among his most prized possessions. In Detroit, he started working in an office on rent. However, the office did not entirely belong to him. He shared it with another man who was an attorney by profession.

Brown acquainted himself with the intricacies of public speaking by reading numerous books and researching the lives of other motivational speakers. His first speech was in grade school, followed by high school, clubs, and local organizations.

After around four years in his new career, he became the first African-American to win the highest award of the National Speakers Association. From then on, Les Brown became ‘The Motivator,’ conducting excellent motivational programs for reputed companies, prisoners, and special school students. Apart from being a successful orator, Les Brown is also a well-established author who has inspired millions through the magic of his words.

Today, Les Brown is among the most famous and highest-paid motivational speakers in the world, with a multi-million dollar company in his name.

Meet The Only Black CEO In The 2021 Fortune 500 List: Rosalind Brewer

By
Forever Mogul Team
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Rosalind “Roz” Brewer is the only black CEO in the 2021 Fortune 500 list. She is poised to take her career to the next level in March 2021 as the new CEO of Walgreens Boots Alliance (WBA). Her recent role as the first woman and the first African-American COO of Starbucks is notable for her lasting contribution to policy implementation and racial bias training at the workplace. Before that, she was the President and CEO of Sam’s Club, a division of Walmart. Early in her career, she worked with Kimberly-Clark and Walmart.

Brewer brings a well-rounded retail experience to the coveted executive position at one of the largest pharmacy store chains in the U.S. Her pragmatic leadership skills and impressive work earned her accolades from peers and other top executives. She was listed at No. 48 on Forbes 2020 Power Women list. What she has accomplished as a woman of color is a testimony to her talent and resilience. As they say, “when the going gets tough, the tough get going.”

What it takes to be a female CEO

Gender diversity is no longer a discussion topic in corporate America. Businesses in the U.S. are opening up to a more inclusive work environment that celebrates diverse talent and provides them with meaningful growth opportunities. However, female executives typically have to work much harder and prove themselves repeatedly to establish their potential for C-suite positions.

For Brewer, the path to success was not always smooth. She encountered bumpy rides from time to time but navigated several challenges with innovation and inclusion. From a trusted strategic counselor to a tech-savvy leader, she made a great addition to the executive team and an effective role model for employees. She knew how to break the glass ceiling the right way.

Career and leadership style

Brewer is known for her business acumen and relationship-building skills. She is a frank communicator who encourages direct conversations and strives for diversity and inclusion at the workplace. She is also known for introducing user-friendly services and strengthening consumer engagement. A lot of value she added in her previous roles continues to guide her toward creating a holistic vision for her future endeavors.

Her exemplary guidance at Sam’s Club saw impressive growth in the number of stores. At Starbucks, she was instrumental in empowering employees with valuable insights. Her commitment to building diverse teams once attracted criticism, but businesses are now looking at the immense benefits of having an inclusive audience in the boardroom.

In her own words, she brings her “head and heart to work.” Her professionalism and empathy are some of the reasons why her colleagues love to work with her. Several initiatives such as curbside pickup service and easy checkout improved customer satisfaction and resulted in measurable outcomes for organizations she worked with during her long career.

It is not surprising that Brewer leads a trail of innovation and inspires everyone with a down-to-earth attitude and a go-getter spirit. She is driving a new corporate culture, a culture that transforms employee engagement and customer experience.

A champion of diversity and inclusion

If there is a leader who champions Diversity, Equity, and Inclusion (DEI) at every level, it’s got to be Brewer. Did she come across any bias working her way up the corporate ladder? Yes. And how she fought the bias is what defines true leadership. As a Black woman, she has had her share of getting mistaken a lot. She once described how “people assume you’re in the wrong place.” Recalling an incident at an exclusive CEO roundtable, she described how a fellow CEO continued their conversation without acknowledging her role. When her bio was read, it left the fellow CEO speechless.

Personal life and education

Brewer was born and raised in Detroit, Michigan. She was the youngest of five children. She studied at Cass Technical High School, Detroit, and Spelman College, Atlanta. Early in her childhood, she imbibed a strong work ethic from her parents, who stressed the importance of education for personal and professional growth. Brewer’s technical and people management skills helped her evolve as a top leader with years of industry expertise.

An early riser, she meditates regularly and believes in leading a value-driven life. She is married to John Brewer. Striking a work-life balance was not easy. Over the years, they have supported each other in raising their children and nurturing a positive family environment.

A voice to be heard

What advice does Rosalind Brewer have for women aspiring for corporate success? “Stay steadfast,” she says and encourages them to use their talent in conjunction with richer conversations for results that matter. She believes in empowering women and helping their voices to be heard, not just in the boardroom but in the community as well.

This is a moment to celebrate the moment of gender diversity. When women embrace top leadership positions across organizations, they inspire several others to follow in their footsteps. Being natural multitaskers and resourceful strategists, women have an innate skill to enrich the present and shape the future.

The only Black woman leading a Fortune 500 company did not achieve success on a platter. She pushed through adversity with dedication and humility. Along the way, she turned obstacles into opportunities. Her actions speak louder than words. She knows how to make her work speak for itself and advocate for gender and racial equity. During a speech at her alma mater, she told the graduating class of how they find themselves as “Black women in a white male world.”

When you want to make a tangible difference across an organization, you need to lead by example. Brewer’s career journey as a successful American businesswoman is a testimony to her relentless pursuit of women’s empowerment. She has shown what it takes to demonstrate true leadership. She is a beacon of hope for anyone who believes in going the extra mile, today and beyond.

Business Strategy: Empowering Your Employees

By
Forever Mogul Team
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There are many theories about how a company can improve the productivity of its employees. One of the most important philosophies in this regard is empowerment. It is a simple idea: implement practices that will help your employees feel capable, confident and give them control over work results. When there is no excessive micromanagement or oversight, they feel empowered to work efficiently. One of the main benefits of employee empowerment is that your employees will develop commitment to their organization’s core vision and mission. In the long-term, it results in better productivity.

Research has shown that ‘best’ employees take ‘ownership’ of their work. They are allowed to give inputs on how they want to do their work and are thus are able to control the outcome. They are not only proud of what they do, their productivity is also better than that of their colleagues who are dis-empowered.

You cannot give empowerment, employees have to feel it

There is an important distinction that leaders often miss when it comes to empowerment. You cannot ’empower’ an individual to make decisions or become more accountable. People will empower themselves. You can only support and encourage them when they make decisions or give them the knowledge and the tools they need to decide and act on those decisions. By doing this, you are helping your people reach a state of empowerment.

The process can take time to yield results – employees will believe that they have been empowered only when you give them enough time to show results. If a company has historically shut down initiators or has let go of initiators, it cannot tell its employees that they are empowered.

According to a study by Kelton Research for Cornerstone OnDemand, employers have a lackadaisical attitude when it comes to empowering their employees. Often they do not share performance feedback, do not give them right training or provide them with insights into the objectives of the company. The study was conducted over a period of six months and here is what it revealed:

  • 68 percent of Americans (employed) said that their employers were not giving them useful feedback.
  • 82 percent had not sat down with their supervisors to set career goals.
  • 53 percent did not have a proper understanding of how their work was contributing to the objectives of their company.
  • 25 percent of those interviewed were fulfilling responsibilities in which they were not skilled.

Un-empowered employees operate in a slow and hierarchical structure that stifles decision making. It affects customer service and finally, the business’ success.

Before we discuss what you can do to empower your employees, it is a good idea to see what does not constitute empowerment.

  • Empowerment is not a right, rather it is a privilege. Employees should be empowered only when have shown that they are capable of doing work and they show proper initiative. However, the opportunity to gain empowerment is a right.
  • Employees do not always assume empowerment. When employees do not take initiative for their jobs, they will not feel empowered. Sometimes, you will have to tell them that they are empowered.
  • Empowerment is in the mind, it is not a bunch of empty slogans or motivational posters, only to be used as lip service, but not really followed.
  • Empowerment does not mean that the employee can do whatever he wants. There must be explicit boundaries and a strategic framework. Employees must know what decisions they can take without approval from the management.
  • Empowerment cannot be had by consensus. You are running a business, not a democracy.

Toyota and employee empowerment

Toyota is well-known for its innovative practices and high productivity. But how many know that the company has employee empowerment as the core of its management philosophy? The company believes that ’empowerment as intrinsic to development’ and encourages all its employees to take ownership in their work and the company. Employees at Toyota are encouraged to identify defects in quality and find ways to increase efficiency.

As a result, the company is now identified as a champion of quality. The dedication Toyota has shown towards employee empowerment and the improvement of quality has helped it become the third largest manufacturer of automobiles in the world.

Building an environment for employee empowerment

Here are a few tips on what you can do to empower your employees:

  • Delegate power – Give power to employees who have shown by their work that they have the capability to handle responsibility.
  • Create a conducive environment – Empowerment can happen only in a favorable environment. For instance, give your employees opportunities to grow skills.
  • Do not second guess – If an employee is making a decision or wants to work on an idea, do not second guess him, unless it is absolutely important. If you disregard this piece of advice, you will undermine your employees’ confidence and they may stop sharing ideas with you.
  • Give people autonomy and discretion over resources and their work.

Successful managers and leaders exercise a distinct type of leadership which empowers people in decision making, sharing information and trying new ideas. The good news is, most employees find value in empowerment and they are willing to take on the responsibilities that are part and parcel of empowerment. Employee empowerment is a sound business strategy and wonderful management philosophy, with unlimited potential.

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