Business - BBN Community https://www.bbncommunity.com/topics/business/ Thu, 09 Nov 2023 11:35:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.2 https://www.bbncommunity.com/wp-content/uploads/2013/09/cropped-bbn-fb-logo-32x32.jpg Business - BBN Community https://www.bbncommunity.com/topics/business/ 32 32 Bitfinder: Navigating the Cryptosphere with Ibrahim Nawaz’s Visionary Beacon of Innovation https://www.bbncommunity.com/bitfinder-navigating-the-cryptosphere-with-ibrahim-nawazs-visionary-beacon-of-innovation/ Thu, 09 Nov 2023 11:35:56 +0000 https://www.bbncommunity.com/?p=37347 Blockchain technology and cryptocurrencies have impacted the financial landscape, igniting global debate and offering hitherto uncharted trade, investment, and innovation options. With the introduction of this technology, a paradigm change occurred, pushing limits and challenging existing banking structures. The digital revolution has heralded an era in which cryptocurrencies are more than just digital assets; they […]

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Blockchain technology and cryptocurrencies have impacted the financial landscape, igniting global debate and offering hitherto uncharted trade, investment, and innovation options. With the introduction of this technology, a paradigm change occurred, pushing limits and challenging existing banking structures. The digital revolution has heralded an era in which cryptocurrencies are more than just digital assets; they represent a decentralized future.

As the bitcoin market evolves, fans, traders, and investors require specialized tools to navigate it. Specialized search engines are essential for the crypto community since cryptocurrencies are becoming more popular and need trustworthy, quick, and relevant information.

In 2022, British software programmer Ibrahim Nawaz created Bitfinder, a beacon in the Bitcoin universe. The groundbreaking algorithm and user-centric design of Bitfinder demonstrate Nawaz’s vision, enthusiasm, and blockchain expertise.

Ibrahim Nawaz, from the UK, was interested in technology early on. As a software engineer, his interest in blockchain technology expanded, laying the framework for his future projects. Nawaz studied digital assets to understand and contribute to blockchain.

In 2011, an online friend who loved Bitcoin introduced Nawaz to blockchain technology and its prospects. This started a life of adventure, innovation, and constant learning.

Nawaz founded Bitfinder after working as a software developer at many UK IT companies. He gained valuable crypto industry knowledge as a software engineer and investor at BlockPayments Holding Group.

Nawaz gained a deep understanding of crypto’s difficulties and possibilities while promoting and helping crypto firms at BlockPayments. This interaction deepened his awareness and inspired him to design a platform to satisfy Bitcoin community needs.

Nawaz’s journey was challenging. Personal reasons impeded an earlier 2018 crypto search engine project. However, Nawaz’s patience and unwavering faith in such a platform kept his innovation alive. He renewed this idea in 2022, understanding its latent potential and ability to disrupt crypto.

Nawaz established Bitfinder in 2022, devoting himself to developing a search engine that helps users explore the complex world of cryptocurrencies. As Bitfinder’s CEO, Nawaz was important in creating the company’s mission, fostering innovation, and ensuring the platform’s alignment with the rising needs of the crypto community.

Nawaz wants Bitfinder to be more than a smart search engine. He envisions a platform that lets consumers and businesses maximize cryptocurrency and blockchain technologies. Nawaz wants Bitfinder to be the top cryptocurrency research and discovery tool for a diverse global user base focused on user-centricity, privacy, and innovation.

Bitfinder has built a patented algorithm that goes deep into the centralized and decentralized crypto worlds, led by Nawaz and a committed team of engineers and crypto professionals. Bitfinder’s groundbreaking technology gives consumers the most relevant, accurate, and up-to-date results in the ever-expanding cryptosphere.

A limited group of professional developers led Bitfinder’s development, each bringing unique talents and ideas. This team worked extensively under Nawaz’s direction to create an algorithm that serves as the backbone of Bitfinder’s search engine, assuring accuracy and relevancy in the results presented.

The Bitfinder algorithm traverses the complex network of controlled and decentralized cryptocurrencies, giving users a complete market perspective. The capacity of the search engine to acquire and index information across these disparate landscapes distinguishes it, providing users with a comprehensive and nuanced grasp of the crypto world.

Bitfinder is a large, updated database of cryptocurrencies, tokens, and blockchain initiatives. In the unpredictable crypto world, real-time data helps users follow market movements, make informed decisions, and capitalize on opportunities.

Bitfinder’s wide range of criteria lets users search by market size, volume, token type, and more. The platform’s simple analytical capabilities, such as live price charts and historical data, allow users to investigate and make data-driven choices.

Bitfinder prioritizes user experience and includes an easy-to-use interface for crypto beginners and experts. The user-friendly interface reflects Nawaz’s commitment to user experience, letting customers explore and analyze the bitcoin market.

Nawaz and his team strive to improve Bitfinder. New features, improved functionality, and keeping up with crypto community requests are added to the platform constantly.

Nawaz knows how client feedback shapes the platform. Bitfinder encourages community engagement by asking users for input to identify areas for improvement and adapt to global user needs.

Bitfinder has revolutionized Bitcoin research. With its strong algorithm, huge database, and user-friendly interface, the platform has democratized information access, enabling users to make informed decisions and find new crypto opportunities.

Bitcoin search and exploration tools on the search engine foster an educated and empowered community. Bitfinder is becoming a worldwide hub for crypto fans, dealers, and investors, fulfilling Nawaz’s ambition of a knowledge-sharing and collaboration platform.

Bitfinder wants to dominate the global market and flourish. Nawaz wants Bitfinder to introduce new services, increase its reach, and adapt to the evolving crypto environment to suit a diverse and growing user base.

Through his expertise, enthusiasm, and creativity, Ibrahim Nawaz invented Bitfinder, a specialized search engine that illuminates the Bitcoin universe. Its clever algorithm, massive database, and focus on user experience position Bitfinder to change how consumers and enterprises utilize digital assets.

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Revolutionizing Real Estate: How Blockchain, Junaid Gulzar, and Windfall Token are Changing the Game https://www.bbncommunity.com/revolutionizing-real-estate-how-blockchain-junaid-gulzar-and-windfall-token-are-changing-the-game/ Thu, 09 Nov 2023 11:34:05 +0000 https://www.bbncommunity.com/?p=37344 Blockchain has accelerated property sales, land title transfers, and administration in the real estate market. Safe, transparent, and decentralized, it differs from current methods. Its central authority-free model ensures all participants have access to information, decreasing inequities and increasing transparency. Smart contracts are an essential technical advancement. Self-executing contracts eliminate real estate brokers and lawyers, […]

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Blockchain has accelerated property sales, land title transfers, and administration in the real estate market. Safe, transparent, and decentralized, it differs from current methods. Its central authority-free model ensures all participants have access to information, decreasing inequities and increasing transparency. Smart contracts are an essential technical advancement. Self-executing contracts eliminate real estate brokers and lawyers, saving time and money.

By keeping a tamper-proof ledger of all transaction data, blockchain technology improves the security and transparency of real estate transactions, lowering the danger of fraudulent activity. Smart contracts, kept on the blockchain, are implemented automatically when agreed-upon criteria are satisfied, removing the need for intermediaries and lowering the potential for mistakes.

Blockchain technology in real estate boosts market liquidity. It allows investors to buy and sell property shares through blockchain platforms, attracting more investors, including those who could not invest before. It also monitors ownership, rental payments, and maintenance in real-time, improving transparency, security, fraud prevention, and investor confidence. 

Blockchain technology might revolutionize real estate investment by improving accessibility, transparency, and security. Blockchain technology helped many startups and enterprises simplify the real estate sector. Junaid Gulzar’s Windfall Token is one of the few blockchain-powered real estate enterprises.

At the intersection of blockchain and real estate, Junaid Gulzar Bafanda was a herald of change in a world of changing technology and markets. Gulzar, formed in 1995 in the stunning Srinagar valley, has pioneered blockchain-driven real estate innovations.

Gulzar acquired Srinagar’s culture and customs throughout his youth. He merged fundamental knowledge with imagination in Civil Engineering at Punjab Technical University. After graduating, he founded JG Design and Build in Srinagar, his first real estate business.

Due to possibilities, Gulzar moved to Dubai and founded the AlJeel AlJadeel Foundation, a client-focused development organization. He suddenly felt compelled to combine Bitcoin with real estate. His ideas and creativity led to the co-founding of Windfall Token in 2021.

Windfall Token is a new idea, not merely a real estate platform. As a decentralized marketplace, it allows asset management, buying, and selling in one digital space. Windfall Token was Gulzar’s attempt to democratize real estate investment and make transactions easier.

Windfall Token uses virtual reality to accelerate Dubai’s real estate market via virtual home tours and realistic architectural visualization. Risk management, economic efficiency, and faster investment are its hallmarks.

Under Gulzar, Windfall Token has become a game-changer for a transparent and inclusive real estate market. Gulzar’s idea overcomes traditional real estate issues with insight and pragmatism.

Gulzar is a blockchain and real estate tokenization thought leader via his expertise. He often attends industry conferences to discuss tokenization’s potential to change the real estate market. Gulzar works with regulators and politicians to defend investors and market integrity. He deliberately creates tokenization-friendly regulations.

Gulzar stresses blockchain’s real estate applications and benefits. Security, transparency, and investment perks, including liquidity and global accessibility, are his priorities. He uses Windfall to show how decentralized systems may disrupt the real estate industry. Gulzar’s story shows how innovation and tradition interact. His blockchain and real estate ventures show his entrepreneurial spirit, while his Srinagar roots provide context.

Junaid Gulzar is a co-founder of the groundbreaking company Windfall Token. The platform is decentralized; it has liquidity; it is transparent; it is secure, and it is accessible. Gulzar hopes that the Windfall Token will make real estate transactions simpler and safer for people. Eliminating antiquated regulations and digitizing real estate assets helps promote progress toward more equality and efficiency.

Gulzar’s intellectual genius and artistic skills help move the real estate market forward through Windfall Token. Junaid Gulzar and the team at Windfall Token have created a novel solution that uses blockchain technology to liberate the latent value of real estate assets so that people may gain economic security and access previously unavailable investment options. The real estate industry has entered a new age thanks to this groundbreaking strategy. By including liquidity, openness, security, and accessibility, the platform successfully embodies the concepts of decentralization.

The story of Junaid Gulzar Bafanda is one of inspiration, tenacity, and invention. His blockchain-based real estate idea spans the globe, from the valleys of Srinagar to the skyscrapers of Dubai, demonstrating the limitless possibilities of passion, knowledge, and vision. Gulzar’s skills and direction are vital for building a future marked by transparency, inclusivity, and revolutionary innovation in the rapidly developing field of blockchain-powered real estate.

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Innovation and Expansion: The Growth Story of Rock Solid Technologies under Angel Luis Pérez Galarza https://www.bbncommunity.com/innovation-and-expansion-the-growth-story-of-rock-solid-technologies-under-angel-luis-perez-galarza/ Thu, 09 Nov 2023 11:31:55 +0000 https://www.bbncommunity.com/?p=37341 The role of an executive in leading a firm toward success and long-term development is varied and complicated. It starts with a clear vision for the company’s future, followed by a roadmap outlining how to accomplish strategic goals. The leader should convey the vision effectively to all stakeholders to build a shared understanding and commitment […]

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The role of an executive in leading a firm toward success and long-term development is varied and complicated. It starts with a clear vision for the company’s future, followed by a roadmap outlining how to accomplish strategic goals. The leader should convey the vision effectively to all stakeholders to build a shared understanding and commitment to the company’s aims. Leaders must also foster an innovative culture inside their organizations. Companies that innovate survive in today’s continuously changing business world. Leaders should promote creative thinking, risk-taking, and lifelong learning by fostering an atmosphere in which new ideas are encouraged and explored. 

Executives must make data-driven strategic decisions while balancing short-term profits with long-term sustainability. They should be skilled at effectively managing resources, guaranteeing financial stability, and investing in areas that generate development. Effective leaders put their people first. They recognize that a company’s success depends on its personnel. As a result, they invest in talent development, advocate for diversity and inclusion, and create a work environment that encourages and engages people. By doing so, they drive performance and guarantee that the company’s development is long-term. Angel Luis Pérez Galarza is one executive who steered a firm, Rock Solid, to success and sustainable growth.

Few firms have had as significant an influence on Puerto Rico and the Caribbean as Rock Solid Technologies in software technology. This company has established a place for itself and set a standard for innovation and growth. The company’s success story is not one of sudden success; instead, it results from dedication, intelligent planning, and visionary leadership. Angel Luis Pérez Galarza, the company’s former Vice President, is central to this success story. His involvement in creating the company’s future and his devotion to its development has been critical in establishing Rock Solid Technologies as an industry leader.

With the entrance of Angel Luis Pérez Galarza in 2000, Rock Solid Technologies embarked on a revolutionary path. As Vice President, Pérez Galarza offered a plethora of expertise and experience from prior jobs, including his time as an Information Technology Manager at Federal-Mogul. His educational background in computer engineering and business administration and work experience gave him a unique skill set. Pérez was essential in setting the company’s strategic direction early on, initiating activities that laid the framework for future success. His leadership style, which combines technical knowledge with commercial acumen, set the tone for the company’s culture of innovation and excellence.

Pérez’s leadership was instrumental in Rock Solid Technologies’ success story. His confidence in the capacity of technology to streamline operations and increase efficiency formed the foundation of the company’s growth strategy. Pérez advocated for the incorporation of technology into municipal operations in Puerto Rico. Pérez’s frequently shared his foresight regarding technology integration into municipal operations on the company’s blog. Creative thinking, strategic decisions, and policies fueled the company’s rapid expansion. Under Pérez’s leadership, Rock Solid Technologies grew from a small local software firm to a major player in the industry, establishing new norms for innovation and growth.

Rock Solid Technologies received industry recognition under Pérez’s leadership. The firm received the 2010 Microsoft Worldwide Partner of the Year Award for its unique approach and dedication to excellence. The renowned prize was a crucial milestone in the company’s history, emphasizing its position in the worldwide market. The praise did not end there. Rock Solid Technologies earned the Microsoft Worldwide Partner of th’e Year Award in the Public Sector in 2011 and 2012. These honors attested to Pérez’s leadership and Rock Solid’s dedication to providing superior software solutions.

Angel Luis Pérez Galarza’s goal for Rock Solid Technologies expanded beyond Puerto Rico’s borders. He led worldwide growth activities aimed at expanding the company’s global reach. His approach focused on globalizing the company’s goods and services, making Rock Solid Technologies a multinational corporation. Pérez Galarza predicted that the firm would continue to develop in the future. Even when he moved on in his career, his ambition for Rock Solid Technologies remained consistent: to continue inventing, developing, and establishing new standards in the software technology sector.

The narrative of Rock Solid Technologies’ development and success is the tale of Angel Luis Pérez Galarza’s visionary leadership. His tenure at the firm has been essential in establishing the company’s direction, with strategic choices, inventive thinking, and dedication to growth. Pérez Galarza’s impact has been critical throughout the firm’s history, from setting the framework for future development to directing the corporation through significant growth and innovation.

His vision went beyond the company’s operations, fetching Rock Solid Technologies industry acclaim and laying the groundwork for the company’s worldwide development. Even as he progressed professionally, Pérez’s legacy at Rock Solid Technologies continued inspiring and guiding the company’s future ambitions.

The success of Rock Solid Technologies under Pérez Galarza’s direction demonstrates the importance of visionary leadership and strategic planning in driving a company’s success. It is an encouraging story for other organizations in the sector, exhibiting the potential for development and innovation when led by a visionary dedicated to quality. As the firm navigates the future, Pérez Galarza’s beliefs and strategies remain at its heart, driving it to sustained success worldwide.

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The Limitations of Relying Exclusively on Third-Party Charity Reviews. https://www.bbncommunity.com/the-limitations-of-relying-exclusively-on-third-party-charity-reviews/ Tue, 24 Oct 2023 11:46:15 +0000 https://www.bbncommunity.com/?p=37330 When it comes to charitable giving, donors often seek guidance on where to direct their funds for maximum impact. Third-party charity reviews provided by various organizations have become a common resource for donors, offering assurance and transparency. While these reviews have their benefits, it is important to acknowledge the potential drawbacks of relying exclusively on […]

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When it comes to charitable giving, donors often seek guidance on where to direct their funds for maximum impact. Third-party charity reviews provided by various organizations have become a common resource for donors, offering assurance and transparency. While these reviews have their benefits, it is important to acknowledge the potential drawbacks of relying exclusively on them. Let us explore these limitations in greater detail.

The Role of Third-Party Charity Reviews:

Third-party charity reviews, offered by different organizations, serve a crucial function in the philanthropic ecosystem. They aim to assess nonprofit organizations based on criteria such as financial transparency, program effectiveness, and administrative efficiency. The goal is to provide donors with information that aids their informed giving decisions.

The Allure of Convenience:

One primary reason donors turn to third-party charity reviews is the convenience they offer. These reviews provide quick and accessible information, allowing donors to easily compare different charities. By relying on these reviews as a starting point, donors can save time and effort in their philanthropic research.

The Limitations of Oversimplification:

One significant downside of relying solely on third-party charity reviews is the risk of oversimplification. These reviews often condense the complex work of nonprofit organizations into numerical ratings or letter grades. While simplicity can be appealing, it may not capture the full picture of an organization’s impact and effectiveness.

The Pressure on Nonprofits:

Nonprofit organizations also face challenges due to the pressure of conforming to the metrics and standards set by third-party charity reviews. In their pursuit of higher ratings, some organizations may allocate resources to activities that improve their review scores but do not necessarily align with their mission or effectively address the root causes of social issues.

The Danger of Donor Apathy:

Another concern is the potential for donor apathy. When donors rely solely on third-party reviews to make their giving decisions, they may overlook lesser-known organizations that are doing vital work in niches or regions not covered by these reviews. This concentration of funds in a few well-rated organizations can leave others struggling for support.

Balancing Informed Giving and Complexity:

While third-party charity reviews can provide valuable information, donors must strike a balance between informed giving and the complexities of nonprofit work. These reviews should be viewed as a helpful tool, but not the sole determinant of making decisions. A more comprehensive approach involves conducting additional research, engaging with organizations’ missions, and considering the broader context in which they operate.

Conclusion:

In the philanthropic landscape, third-party charity reviews play an important role in helping donors make informed decisions about their charitable giving. However, it is essential to recognize the limitations of relying solely on these reviews, including oversimplification, pressure on nonprofits, and the risk of donor apathy.While organizations like Charity Intelligence provide valuable insights and evaluations, they are not exempt from the issues that plague third-party charity reviews. Focusing primarily on metrics like cost efficiency and transparency can oversimplify the complexities of nonprofit operations. While these reviews can serve as a starting point, donors must consider a broader perspective and deeper understanding of the complexities involved in addressing social issues. After all, philanthropy is about creating positive change through informed and thoughtful giving decisions.

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Max Faldin’s Silverbird: The Fintech Revolution Empowering SMEs in the Global Marketplace https://www.bbncommunity.com/max-faldins-silverbird-the-fintech-revolution-empowering-smes-in-the-global-marketplace/ Mon, 16 Oct 2023 11:38:37 +0000 https://www.bbncommunity.com/?p=37319 In an age when globalization is no longer a slogan but a commercial reality, the capacity to conduct international business successfully is critical for the survival and development of Small and Mid-sized Enterprises (SMEs). SMEs face numerous challenges in managing international businesses stemming from payment processing and financial transactions. Enter Silverbird, a London-based fintech firm […]

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In an age when globalization is no longer a slogan but a commercial reality, the capacity to conduct international business successfully is critical for the survival and development of Small and Mid-sized Enterprises (SMEs). SMEs face numerous challenges in managing international businesses stemming from payment processing and financial transactions. Enter Silverbird, a London-based fintech firm created by Max Faldin in 2020. Silverbird is carving itself a distinct niche in the financial business by making international trading more accessible to SMEs. Faldin, an entrepreneur with a history in e-commerce and finance, envisioned Silverbird as a digital bridge to help underbanked global SMEs overcome the banking divide. Silverbird, led by Max Faldin, is more than a fintech firm; it is a game-changing platform revolutionizing how SMEs participate in international commerce.

Traditional banking methods have long been a stumbling block for SMEs developing a global presence. High prices, antiquated rules, and a lack of customized services have often disadvantaged smaller businesses. Max Faldin’s experiences with the constraints of existing banking systems fueled the development of Silverbird. Faldin, who previously founded the Moscow-based online marketplace WikiMart, discovered that international B2B payments involved high costs and arbitrary rejections. His frustrations prompted him to envision Silverbird as a solution to these systemic problems.

Silverbird is more than just another finance startup; it is a platform that uses technology to tackle real-world challenges. One of its notable features is its AI-powered Know Your Customer (KYC) solution, which enables financial services companies to onboard SMEs quickly and safely. In addition, the corporation assists with big international transfers, improved foreign exchange rates, and worldwide corporate accounts. Silverbird offers local bank information for SMEs in the European Union or the United Kingdom, making it more straightforward for these enterprises to function worldwide.

Silverbird piqued the interest of venture capital companies such as FJ Labs in 2021, garnering early investments that drove its development trajectory. The business has formed a technology alliance with Currencycloud. The arrangement provided Silverbird with a technology foundation to support its services and increased its reach and capabilities. For example, Silverbird’s collaboration with Currencycloud has provided multi-currency accounts that handle more than 30 currencies with no transfer limitations.

Silverbird released Silver Lining, an online journal focused on educating SMEs on international commerce’s complexities, in 2023. This effort demonstrates the company’s commitment to providing companies with the information they need to manage the complicated world of global trade and financial services.

While Max Faldin’s leadership has been crucial in driving the organization, Silverbird’s goal transcends any one person. The business envisions a future in which banking is accessible to anyone and cross-border payments are rapid and boundless. This concept ties effectively into Silverbird’s culture, which it characterizes as “globally empathetic.” Silverbird seeks to provide its clients with a more customized and effective service by concentrating on knowing various cultures, nations, and languages.

Silverbird witnessed rapid expansion primarily due to smart alliances and collaborations. The company’s collaboration with Tuum, a modular core banking platform, and other real-time payment systems has provided access to cutting-edge technologies and hitherto unexplored markets. These collaborations seek to change the SME banking market and unleash cross-border commerce, which precisely aligns with Silverbird’s objective.

For Silverbird, financial inclusion is more than simply a buzzword; it is a commitment to action. The firm offers multi-currency accounts to small companies, allowing them to store, transmit, and receive payments in over 30 currencies without transfer limitations. This function benefits SMEs, often excluded by conventional banking systems, which impose various restrictions and excessive costs on overseas transactions.

One of the most notable aspects of Silverbird’s platform is its digital onboarding process. The startup has removed the need for face-to-face interviews or visits to a physical branch, saving entrepreneurs the time and expense of traveling internationally only to create a bank account. The firm handles all necessary paperwork online, ensuring a smooth and fast procedure.

Silverbird has no signs of slowing down as of 2023. The firm is primed for additional expansion thanks to its unique solutions and smart relationships. Silverbird’s emphasis on teaching SMEs through its online journal, Silver Lining, distinguishes it as a fintech firm dedicated to boosting companies financially and through knowledge-sharing.

Silverbird is a game changer in a world where international trade is quickly becoming the rule rather than the exception. Under the direction of Max Faldin, the organization has not only recognized but also made substantial strides to fix deficiencies in conventional banking systems. Silverbird is changing how SMEs engage in the global economy through new technologies, smart partnerships, and a strong commitment to financial inclusion and education. Silverbird stands out as a light of innovation and inclusion in the finance environment, providing a better future for SMEs involved in international commerce.

Silverbird is more than a fintech firm; it is a movement. It provides more than financial services; it provides freedom, education, and an empathetic approach to global trade. Max Faldin and Silverbird are establishing the gold standard for what a fintech firm can do as they continue to tear down boundaries and reinvent the rules.

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To save or invest – which is better and how do you decide where to put your money? https://www.bbncommunity.com/to-save-or-invest-which-is-better-and-how-do-you-decide-where-to-put-your-money/ Mon, 09 Oct 2023 02:57:11 +0000 https://www.bbncommunity.com/?p=37271 In the pursuit of achieving your financial goals, it’s important to pause and consider whether now is a good time to save your money or invest it in your portfolio. Once upon a time, $1,000 was enough to get started in the stock market. If you didn’t have that much set aside, the obvious alternative […]

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In the pursuit of achieving your financial goals, it’s important to pause and consider whether now is a good time to save your money or invest it in your portfolio. Once upon a time, $1,000 was enough to get started in the stock market. If you didn’t have that much set aside, the obvious alternative was to continue saving your money. Today, asking yourself the question of whether it’s better for me to save my money or invest it is a little more complicated. So, in this article, we’ll be exploring that question thoroughly. 

Here’s how you can decide whether it’s time to save or invest: 

Saving vs. investing: Which is better? 

Saving and investing are typically lumped together as the sole alternative to spending your money, but each strategy has its own advantages and disadvantages.

Generally, you should save to preserve your money and invest when you want to grow your money. Depending on your specific goals and when you want to reach them, you may choose to do both.

Jason Hare is the founder and Certified Financial Planner of Cornerstone Wealth and has more than two decades of experience in the wealth management industry.  Commenting on the topic, Jason Hare adds, “Deciding when you save or invest your money is essential, and you should prioritize determining when you’ll need the funds.”

When it’s important to save

Saving money is best when you have immediate or close-term expenses that your monthly income can’t cover on top of your usual spending. It can take time to build up savings for specific expenses, but doing so means you can avoid taking on interest debt because there’s a guaranteed spot to pull cash from. 

Here are a few reasons to save money: 

  • Unexpected emergencies.
  • A home or car down payment.
  • Travel Spending.
  • Homeownership expenses.
  • Medical/veterinary emergencies

When it’s important to invest

For financial goals that are three to five years in the future, the benefits of investing can outweigh the risks. 

When setting money aside, there is a greater likelihood that if an investment’s value decreases, there’s still time to recover an investment loss. 

“These are some important factors to consider when you decide to start investing. However, if you’re not sure how to get started or need guidance, it could be helpful to meet with a financial planner,” adds Hare. 

Here are situations when it makes more sense to invest your money:

  • Securing your retirement
  • To build generational wealth for your family
  • To generate additional income
  • You have excess cash

How to start investing

Certain investment vehicles will be better suited to specific situations. Determining where to invest can be a big decision, especially for those with little to no investment experience. 

For Canadians considering whether to invest or save their money, consider seeing Canada.ca for more relevant information about saving or investing. There is plenty of information available on the site, including how to develop a budget and various tax laws. 

Whether you’re planning for a big vacation or want to determine the lifestyle of your retirement, you have decades of savings and investing ahead of you. What’s important is you map out your long and short-term goals and work to have a proper financial plan set out for your future. Consider some of the resources we provided and more if to continue on the path to financial security. 

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Lukas Lindler’s Journey From Fitness Enthusiast to Digital Sales Expert  https://www.bbncommunity.com/lukas-lindlers-journey-from-fitness-enthusiast-to-digital-sales-expert/ Fri, 22 Sep 2023 02:45:23 +0000 https://www.bbncommunity.com/?p=37245 META DESCRIPTION FOR WEBSITE: Digital sales expert Lukas Lindler worked his way up from a working-class lad to a top-notch entrepreneur — and here’s how he did it. In a world that’s swiftly moving toward digitalization, the sales industry has experienced a radical shift. The quest for new customers and business prospects now largely ventures […]

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META DESCRIPTION FOR WEBSITE: Digital sales expert Lukas Lindler worked his way up from a working-class lad to a top-notch entrepreneur — and here’s how he did it.

In a world that’s swiftly moving toward digitalization, the sales industry has experienced a radical shift. The quest for new customers and business prospects now largely ventures through digital and online-based mediums. Digital sales expert Lukas Lindler isn’t just a witness to this shift, but a pivotal contributor to it. His specialty lies in helping freelancers, part-timers, and midsize firms boost their customer reach through online and social media marketing strategies, all in a span of just eight weeks.

Through his journey, Lindler has discovered that the backbone of any success story is tenacity and consistency. He openly shares the various hurdles he’s overcome, describing the challenges he’s faced. Instead of letting these setbacks deter him, he fostered a mindset of unwavering perseverance. Guiding him through the toughest times was a saying that resonates with him: “With the stones you put in my path, I will build my dream house.”


Lindler stresses the importance of viewing challenges as steppingstones to success rather than obstacles blocking the way. “When the going gets tough, it’s ‘Let’s go.’ It’s thrilling because it signals, ‘I’m nearing the next level, or I’ve already ascended,’” he said. This perspective has been instrumental in steering him through rough patches to ultimately secure his success.

Interestingly, Lindler doesn’t come from a family of entrepreneurs. However, this didn’t deter him from his path. He sought mentors who could guide him through the world of entrepreneurship and understood the importance of learning from his experiences and imparting this knowledge to others.

Lindler strongly believes that dogged persistence and steadfast consistency are the primary engines driving business success. “Those who really stick to it, they eventually meet their goals. It might take a few months or even a few years, but ultimately, they’ll reach their destination,” he explained. This ethos, which he imparts to his clients through his mentoring program, underscores the significance of staying committed and never giving up because failure only comes when one quits. His clients find this message particularly inspiring, as they’re well aware of the long journey Lindler himself has traversed.

From Employment to Entrepreneurship: Launching a Mentoring Program

Lukas Lindler’s professional journey began in the fitness industry, where he explored traditional customer acquisition routes, such as television advertising, billboards, and cold calls. A pivotal moment in Lindler’s career trajectory came when he crossed paths with a business coach. This encounter opened up fresh perspectives for Lindler and sparked a collaboration that greatly influenced his career trajectory.

Over the following five to six years spent with his mentor and business partner, Lindler delved deeply into the world of social media marketing. Prompted by the need to generate more leads and interest, he turned to social media. It didn’t take long for Lindler to realize the vast potential that social media held for business growth. Drawing inspiration from experts in the United States, he applied their strategies in his work. Lindler devised a program aimed at teaching others how to leverage social media to make money online.

Around two years ago, Lindler decided it was time to professionally part ways. Lindler seized this opportunity to embark on his own entrepreneurial journey. Leveraging the knowledge and experience he had gained, he set out to launch a mentoring program that was truly aligned with his vision, unhindered by the constraints of a partnership.

The Impact of Ricky Singh on Lukas Lindler’s Online Marketing Career

Lukas Lindler’s professional path is marked by influential interactions and experiences that have significantly molded his career. One such pivotal encounter was with Ricky Singh, a key figure in Lindler’s journey toward professional advancement.

Lindler was managing a slew of projects that were all struggling to come to fruition. Be it a collaborative venture with a partner or his forays into e-commerce, trading, and network marketing, he seemed to encounter one roadblock after another. Feeling the need for a hiatus to recalibrate, Lindler decided to embark on a trip to Thailand for a much-needed change of scenery and perspective.

On this journey, Lindler fortuitously crossed paths with Singh. Their first meeting led to a casual bar conversation about professional goals. Lindler shared his unsuccessful attempts in online marketing and social media businesses with Singh, who was well versed in this space. Sensing an opportunity, Singh took it upon himself to guide Lindler through the intricate landscape of online and social media marketing.

Back in Germany, armed with this new knowledge, Lindler put his learning into practice and was pleasantly surprised by the explosive growth of his business. Ricky Singh had handed him the missing pieces in the jigsaw puzzle of social media marketing, empowering him to find success in his endeavors.

Lukas Lindler’s Transformation

The year 2020 marked a significant milestone for Lindler, when he achieved a five-figure monthly income for the first time. This achievement represented more than just financial success — it was a game changer.

Prior to this, Lindler had been a fitness trainer, earning a fraction of what he was now making in social media marketing. The leap in income, achieved without working weekends or shifts, caused a paradigm shift in his understanding of money and work.

Lindler realized that the “employee mentality” he’d inherited from his parents had been holding him back. His parents had instilled in him the belief that hard work and a solid education were the keys to high earnings. But this notion was at odds with Lindler’s entrepreneurial experiences.

When he earned a five-figure income for the first time in 2020, he understood that it was indeed possible to earn a substantial amount of money even by working less, as long as he was operating online. This was a “mental breakthrough” for Lindler, fundamentally altering his perspective on money. He realized the limits he thought he had were self-imposed. With this new understanding, he shifted his entire focus to online business.

In 2021, Lindler founded Lukas Lindler Holding GmbH and earned his first million. This accomplishment was evidence that removing self-imposed limits could lead to incredible success. From a fitness expert to a digital sales pro, Lindler’s remarkable career trajectory and vision of helping others unlock their full potential make him an inspiring figure in the ever-evolving world of online marketing.

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Shelton Haynes, RIOC, Welcome OMNY to Roosevelt Island Tramway https://www.bbncommunity.com/shelton-haynes-rioc-welcome-omny-to-roosevelt-island-tramway/ Wed, 20 Sep 2023 11:47:52 +0000 https://www.bbncommunity.com/?p=37242 For Roosevelt Island residents, riding the tram is now just a tap away.  The Metropolitan Transportation Authority has officially launched a new electronic tap-and-pay system at Tramway Plaza, thanks in part to the efforts of the Roosevelt Island Operating Corporation and its CEO, Shelton Haynes. The system, known as OMNY (which stands for One Metro […]

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For Roosevelt Island residents, riding the tram is now just a tap away. 

The Metropolitan Transportation Authority has officially launched a new electronic tap-and-pay system at Tramway Plaza, thanks in part to the efforts of the Roosevelt Island Operating Corporation and its CEO, Shelton Haynes.

The system, known as OMNY (which stands for One Metro New York), allows Roosevelt Island Tramway riders to place their smart wallet device or tap-enabled credit card near a reader to pay for passage. The OMNY station works with smartphones, wearable technology like Apple Watches, bank-issued credit and debit cards, and OMNY cards. But the convenience of use is just one of the benefits the new system brings for Roosevelt Island residents and visitors, Shelton Haynes said. 

“Bringing OMNY to the Roosevelt Island tram has been an important initiative that we’ve worked on for some time,” he said. “More and more island travelers are turning to OMNY for their everyday transit use, and as the world becomes increasingly digital, it’s important for our infrastructure to keep pace with those changing trends.

“I want to thank MTA Chair [Janno] Lieber and his team for their close collaboration throughout this process and our elected officials who advocated so passionately for bringing OMNY here to Roosevelt Island. Finally, I want to offer a huge thank you to the RIOC legal team, led by Gretchen Robinson, for their tireless work in bringing this initiative to fruition.” 

Saving Time, Saving Money

The new tap system automatically enrolls riders in the MTA’s money-saving “best fare” program. Through the program, riders who pay with the same card or device over a seven-day period will be charged the most competitive rate for each ride. This includes trips along the tramway as well as rides on MTA buses and subways. 

The best fare program begins as soon as the first tap is made. For the first 11 rides over the seven-day period, customers will be charged $2.90 per ride. After that, they automatically pay a lower rate — $2.10 — for their 12th and 13th rides. Following those trips, every ride within the seven-day period is free (although tapping a card or device is still necessary). 

Frequent riders, especially those who make 14 or more trips on MTA vehicles in a week, will benefit from the fare-capping initiative. Now, no matter how many rides users take in a week, they will never pay more than $34.

The OMNY system is also capable of supporting passengers who qualify for MTA’s Reduced Fare program. Those who are enrolled in the Reduced Fare program can use their smart device or bank card at OMNY stations. Those who are still using MetroCards can switch their account to a smart device by using the OMNY digital assistant online. 

“We are very proud that the new system is designed for all our residents and visitors. Not only do we believe the OMNY station will be more convenient for travelers, but we also hope it cuts down on entrance wait times and encourages more commuters to opt for public transportation,” Haynes said.

How Shelton Haynes Saw a ‘Step Forward’ 

Through the addition of OMNY, the Roosevelt Island Tramway has become the first entity not operated by the MTA to use a tap-and-pay system. 

The deal to install OMNY on Roosevelt Island came after months of work between the MTA and the RIOC. The project helps commuters who live on Roosevelt Island to save time and money as they ride the tram to and from work during the week. It also is a boon to tourists and visitors, Shelton Haynes said.

“It took a lot of work for us to be granted the license to use OMNY. And I appreciate all the work done by the RIOC and the MTA. This is truly a step forward for our public transit system,” he said. “Long-time residents will remember the tram tokens that allowed riders to book passage on the rails. We did away with those more than 20 years ago, replaced by MetroCards. Now, with the addition of the tap-and-pay OMNY station, Roosevelt Island Tramway has come firmly into the modern digital age.”

The move is not only more convenient for the way that most people expect to pay, he said, but it also better aligns the Roosevelt Island station with the technical capabilities of other, MTA-operated stations throughout New York. 

“Our priority is always to make life on the island more pleasant and enjoyable for our residents, and I am thrilled we were able to work closely with the MTA to make that happen,” said Shelton Haynes, RIOC President & CEO. “As our society moves forward, we need to make sure that we keep up with trends, and this ensures that our facilities are staying up to date with what our residents and visitors expect of a forward-looking community.”  

The OMNY system — which is more secure in addition to being simpler to operate — is also extremely popular. Across MTA-operated facilities, riders have used OMNY contactless payment stations to charge more than 1 billion rides so far. 

Using the New System

Those interested in trying the Roosevelt Island Tramway have many chances to hop on a tram, as they leave every seven to 15 minutes. The trams make direct trips to and from the station at 59th Street and 2nd Avenue in Manhattan. 

The Roosevelt Island Tramway operates seven days a week, with trams running from 6 a.m. to 2 a.m. Sunday through Thursday and from 6 a.m. to 3:30 a.m. on Fridays and Saturdays. 

The tramway is also a great option for residents and workers to use during times while maintenance work impacts the F train’s service to Roosevelt Island, MTA officials said. Currently, critical track work is taking place to improve the reliability and extend the longevity of the F train’s track between 47th and 50th streets and Rockefeller Center in Manhattan and 36th Street in Queens. 

For more information about the new OMNY system, visit omny.info. 

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The importance of interpersonal relationships in engineering projects https://www.bbncommunity.com/the-importance-of-interpersonal-relationships-in-engineering-projects/ Fri, 08 Sep 2023 02:35:25 +0000 https://www.bbncommunity.com/?p=37238 In today’s rapidly evolving landscape, engineering projects are the backbone of innovation across many industries, driving technological advancements and reshaping our world. The success of these projects relies on technical expertise and the strength of interpersonal relationships within teams. Effective communication, collaboration, and conflict resolution can ensure projects reach their full potential. This article will […]

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In today’s rapidly evolving landscape, engineering projects are the backbone of innovation across many industries, driving technological advancements and reshaping our world. The success of these projects relies on technical expertise and the strength of interpersonal relationships within teams. Effective communication, collaboration, and conflict resolution can ensure projects reach their full potential. This article will look at how the synergy of technical knowledge and refined interpersonal skills nurtures excellence and the strategies for honing these skills to lead teams towards success in their engineering projects.

The link between interpersonal relationships and engineering success

In engineering projects, how people work together is a defining factor that can make a project successful or a failure. Of course, technical expertise is an essential component, but professional working relationships are important too.

Qualifications can prepare individuals for an engineering career with the chance to progress, teaching essential skills, from the technical to the personal. For example, a masters of engineering management qualification at a reputable education provider, such as uOttawa Online, helps experienced engineers advance in their career. Progressing to a management role involves standing out from others. Communicating and building relationships with a range of diverse individuals is one crucial way of getting ahead.

A strong project foundation requires a shared vision among team members, particularly in larger teams where there can be disagreements or varying ideas on how to achieve something. Being able to build interpersonal relationships helps teams to work towards a common goal, despite these differences. Creating open dialogues and encouraging mutual respect empowers teams to combine their individual strengths, ensuring that the project benefits from the skills and knowledge of the entire team. This contributes to reaching goals and meeting the project deadline.

The complexity of most modern engineering projects often demands collaboration among experts from various disciplines. To progress to a leadership role, being able to build strong interpersonal bonds among the team will help individuals make the first step. Facilitating seamless communication allows team members to openly share their ideas, concerns, and insights more effectively. This level of communication minimizes misunderstandings and creates an environment where feedback is shared constructively, leading to improvements that benefit everyone.

Everyone in a team should be encouraged to share their knowledge before and during work on projects. This is more likely to happen when professionals establish trust and rapport with each other. Engineering is an industry committed to problem-solving. Engineering projects face challenges and conflicts that can impede progress. So, strong interpersonal relationships play a pivotal role in working through these issues. When team members have developed strong working relationships, conflicts are less likely to escalate into detrimental disputes. Instead, they can be addressed proactively and resolved quickly while preserving team morale and project momentum.

Why interpersonal skills matter for qualified engineers

At a time when engineering is evolving beyond its technical confines, interpersonal skills have never been more important in this industry. Beyond their foundational technical know-how, qualified engineering professionals and future leaders must recognize the pivotal role that interpersonal skills play in shaping their careers and impacting project success.

Traditionally, engineers were valued primarily for their technical insight. However, as industries become more interconnected and projects more complex, engineers are required to collaborate more frequently across disciplines and communicate with non-technical stakeholders. Interpersonal skills enable engineers to bridge this gap effectively, translating complex concepts into understandable terms for diverse audiences.

Technical skills can land engineering graduates their first job, but it is their interpersonal skills that help them climb the career ladder. The ability to lead, manage teams, negotiate, and communicate persuasively distinguishes exceptional engineers from the rest of their team. Those who master these skills often find themselves entrusted with greater responsibilities and leadership roles, as they can inspire and guide their teams toward successful project outcomes.

Engineers who cultivate interpersonal relationships are better equipped to handle last-minute changes, adapt to evolving requirements, and maintain a cohesive team spirit under pressure.

In these instances, their interpersonal skills make a difference by inspiring their team to continue and adapt to complete the project. Poor interpersonal skills can have the opposite effect.

Nurturing interpersonal skills in the workplace

Cultivating strong interpersonal skills within the engineering workplace is essential for creating effective collaboration and achieving project success. Leaders have a crucial role to play in creating an environment that encourages the development of these skills.

Those in leadership roles should act as role models for their teams. By demonstrating exemplary interpersonal skills, they lay the groundwork for a culture of open communication, respect, and collaboration. When leaders actively engage with their teams, display empathy, and value diverse perspectives, they create a workplace where interpersonal skills are celebrated.

Investing in training programs and workshops focused on creating and improving these skills can significantly enhance the effectiveness of engineering teams. Offering specialized courses in communication, active listening, negotiation, and conflict resolution equips professionals with the tools they need to navigate complex interactions and build stronger working relationships.

Active listening

Active listening involves giving full attention to every perspective. It creates a foundation for meaningful interactions, ensuring that everyone’s contributions are acknowledged and considered. Team members must learn how to give and receive feedback in a way that doesn’t deter anyone from sharing their ideas in the future.

Constructive feedback

Constructive feedback aids personal and professional growth. Offering regular feedback sessions among team members provides a space where they can openly discuss strengths and areas for improvement. This practice not only helps individuals hone their interpersonal skills but also contributes to a culture of continuous improvement across the engineering team.

By weaving these strategies into the fabric of the engineering workplace, organizations can promote an environment that prioritizes interpersonal skills alongside technical expertise. This approach enhances project outcomes and ensures that engineering professionals are well-equipped to navigate the evolving demands of their roles in this fast-paced industry.

How to hone interpersonal skills

For qualified engineering professionals aspiring to leadership roles, developing strong interpersonal skills is a critical steppingstone toward success. Here Is a roadmap for individuals looking to hone these skills.

Begin by assessing interpersonal strengths and areas that require improvement. Recognizing their communication style, any emotional triggers, and how they are perceived by others, is essential for improving. Self-awareness forms the foundation for refining interactions with others and understanding how to contribute effectively to a team.

In engineering, high-pressure situations are inevitable. Emotional intelligence, which encompasses self-regulation and empathy, plays a vital role in navigating difficult scenarios. By managing emotions and understanding those of colleagues, professionals can create a more positive atmosphere, make informed decisions, and lead with composure, even in challenging circumstances.

Successful engineers and leaders understand that effective communication is a multifaceted skill. It involves articulating complex technical concepts so that non-technical stakeholders can understand. This communication should also ensure that team members within the field grasp the meaning. Tailoring messages to the chosen audience makes collaborating a smoother process.

Despite all this, conflicts can arise from differing perspectives and priorities. For example, those responsible for managing finances may be concerned about staying within budget. Yet, engineers working directly on the project may see an opportunity for innovation. However, a leader who is skilled in communication can approach disagreements as opportunities for growth, rather than obstacles. Using some of the techniques mentioned, like encouraging open dialogue, actively listening, and seeking mutually beneficial solutions, can help to resolve these conflicts before they impact the project.

How to develop and showcase interpersonal skills

Engineering leaders guide their teams toward success. There are several strategies for developing and showcasing the interpersonal skills needed to do this.

Investing time in mentoring and coaching junior team members is one such strategy. Sharing experiences, providing guidance, and offering constructive feedback helps others grow professionally. It is easy to see other team members as competitors but investing in the development of team members not only fosters a supportive environment, but also demonstrates a commitment to their success, creating a stronger team. This reflects positively on the team manager and their abilities as a leader.

Effective leadership involves empowering team members by entrusting them with responsibilities and autonomy. Empowerment boosts team morale and shows the leader’s confidence in their abilities. By delegating tasks based on individual strengths and interests, leaders create collaboration and foster growth within teams.

Diversity in engineering teams leads to a variety of perspectives and innovative solutions. A leader should actively seek out and encourage diverse talent. They can create an inclusive environment where all team members feel valued and heard. This not only demonstrates a commitment to innovation but also shows respect for different viewpoints. If leaders only work with people who think like them, this limits their capacity for finding new ways to achieve groundbreaking results.

Leaders can also demonstrate dedication to continuous learning and professional growth, which sets a precedent for the entire team. As a leader, setting an example of learning and improving helps others avoid complacency.

Overcoming challenges

The importance of interpersonal skills in engineering is undeniable, but several challenges can impede their development within the engineering industry. Addressing these challenges is essential for creating a workplace culture that values both technical expertise and effective communication. 

The engineering field traditionally emphasized technical proficiency, sometimes at the expense of soft skills. Some professionals are still reluctant to focus on soft skills. To counter this resistance, leaders can highlight the tangible benefits of interpersonal skills in the workplace. Improved collaboration, reduced conflicts, and enhanced project outcomes are just a few examples, and aren’t difficult to find among diverse teams. Leaders can showcase real-life examples of how strong interpersonal skills have positively impacted a project’s success, gradually shifting the perspective towards a balanced skill set.

Engineering professionals often face tight deadlines and heavy workloads, and it may seem like there is little time for communication. To overcome this challenge, project leaders can integrate skill development into everyday tasks, encouraging brief, regular interactions that promote active listening and effective communication. This can save time wasted on miscommunication and unnecessary conflicts later. Additionally, providing micro-learning opportunities, such as short workshops or online courses, can accommodate busy schedules and ensure continuous skill enhancement. These also provide a short break from complex projects and can inadvertently provide a solution to a problem the team had been struggling with. 

The future of interpersonal skills in engineering

Engineering is no longer confined to isolated technical tasks; it is becoming a collaborative project that spans multiple disciplines and industries. Engineers are increasingly involved in cross-functional teams where effective communication, problem-solving, and collaboration are paramount. Anticipating this shift, engineers must continue to develop interpersonal skills to bridge gaps between fields, ensuring seamless integration of technology and innovation.

Artificial intelligence (AI) is automating some routine technical tasks, freeing up engineers to focus on more complex and creative challenges. While AI excels at data analysis and calculations, human intuition, creativity, and emotional intelligence remain unmatched. Interpersonal skills like empathy, communication, and critical thinking are essential for translating data-driven insights into actionable strategies, especially when working with AI systems. This sets humans apart from AI and highlights how valuable they still are.

In a rapidly changing technological landscape, engineers must embrace continuous learning to stay relevant. Interpersonal skills are no exception. As engineers take on leadership roles and navigate complex collaborations, the ability to connect, understand, and motivate team members remains important. Engineers who cultivate these skills remain agile, adaptable, and valuable contributors to their projects and organizations.

The importance of interpersonal relationships in engineering projects cannot be overstated. These relationships serve as the driving force behind effective collaboration, innovative problem-solving, and successful project outcomes. While technical expertise forms the foundation of engineering, the ability to communicate, collaborate, and connect with others has emerged as an equally vital skill set. 

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Stocking up for Success, Toronto’s Michael Guerriero Offers Insight on Inventory Management https://www.bbncommunity.com/stocking-up-for-success-torontos-michael-guerriero-offers-insight-on-inventory-management/ Mon, 28 Aug 2023 15:28:46 +0000 https://www.bbncommunity.com/?p=37224 Inventory management is one of the foundational principles of successful retail store management. As a component of supply chain management, inventory management includes the supervision of the flow of products from the manufacturer to warehouses, and the final destination: the point of sale.  Poor inventory management can cause serious inefficiencies because you won’t have reliable, […]

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Inventory management is one of the foundational principles of successful retail store management. As a component of supply chain management, inventory management includes the supervision of the flow of products from the manufacturer to warehouses, and the final destination: the point of sale. 

Poor inventory management can cause serious inefficiencies because you won’t have reliable, real-time information on just how much inventory your business has available. This increases the possibility of ordering merchandise from suppliers in incorrect quantities or selling phantom inventory.

Luckily, those in the business such as Brands Gone Wild’s Michael Guerriero have years of experience in inventory management. Guerriero helps manage inventory levels for Brands Gone Wild, a Toronto retailer that has been active for approximately 30 years. From quantity to quality, Guerriero is in charge of ensuring that adequate inventory levels are maintained on a day-to-day basis. 

“Proper inventory management techniques can help both physical stores and even online merchants see an increase in their overall sales, while also cutting expenses and keeping customers happy,” explains Michael Guerriero. “However, that’s only the case if you have the proper strategies and tools, otherwise, you could be wasting a lot of time and money. Nobody wants that.” 

Are you not sure where to begin with inventory management? It’s OK, you’re not alone. This article explains everything you need to know about managing inventory levels in retail stores.

There are several types of inventory management systems that businesses tend to use. Such as manual inventory, periodic inventory, and perpetual inventory are three of the primary examples. Perpetual systems are by far the most advanced and precise, whereas manual methods are the least advanced and tend to be not quite so accurate. 

Keep accurate data on all product information

“You need to track the product information in real-time for every product, including stock-keeping units (SKUs), suppliers, barcode data, lot numbers, and even the country of origin,” explains Guerriero. “Consider tracking each item’s price over time, so you will be aware of elements like seasonality and scarcity that could impact the overall price.” 

You can also track your inventory turnover rate, i.e. the number of times your business’s inventory is sold throughout a timeline predetermined by you (such as a month, quarter, or year). The inventory turnover formula divides the costs of all of your products against how they are sold by the average inventory for the same time period. 

Do regular counts of your inventory

“Efficient counts of inventory are the best way to make sure your inventory is accurate. In order to ensure you have accurate stock countries and prevent potential mistakes, take damage, shrinkage, and returns into account when you run these numbers,” says Guerriero. “This process can easily be simplified by using a retail inventory management software, because you don’t have to do the whole thing from scratch. You just have to double-check your data.” 

The complexity, size, and type of inventory management system you use influences how frequently physical inventory counts are conducted in your company. But at the very least, experts such as Guerriero suggest counting inventory a minimum of once or twice a year, if not more. There are several counting methods you can consider, such as cycle counting or physical counting. 

Deal with bad supplier issues right away

“If you have an unreliable supplier, you’re in for a world of problems,” laughs Guerriero. “So, if you have a bad supplier who consistently makes late deliveries or who has consistently under-performed, be sure to take action immediately. Do a supplier audit and learn what the problem is by talking about it directly with your supplier.” 

Be ready to resolve issues with suppliers or even change suppliers if it’s necessary, or you will have to deal with an erratic supply level and insufficient inventory as a result. 

Track your sales


Tracking your sales involves a lot more than just adding up product purchases at the end of the day. You should regularly update your inventory and remain aware of what/how many things you sell each day. As well, you’ll need to analyze this data. When do specific things sell quickly or slowly? Is there a particular product that you sell on certain days of the week? Do products frequently sell in conjunction with others? Maintaining keen control over your retail inventory requires an understanding of your sales patterns and figures. 

It can be a learning experience when it comes to managing your retail business’ inventory. However, there are tools and resources out there that can help you track and analyze sales data, providing much-needed support for you throughout your journey. 

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