Welcome to the SOAR newsletter, your source for tips, insights and fresh ideas to supercharge your business growth. This month, we’re asking what wealth really means, sharing how a Billionaire structures his year to stay focused, and revealing what it takes to secure a £1M investment.

The power of saying no: Redefining wealth

We’re often told to chase wealth at any cost, grafting for that next milestone. But Candice Brathwaite, one of our Top 25 Black Entrepreneurs to Watch and keynote speaker at our Black Women Business Talks 2024, has a bold perspective on wealth we can all learn from. 

In the track Mount Rushmore by Ghetts, Kano, and Wretch32, there’s a powerful line: “Made enough money so I can comfortably decline.” Candice highlights this in an interview with VestPod, explaining that true wealth is the freedom to say no. After years of feeling pressured to say yes to situations that didn’t align with her values, she now believes true wealth comes from choosing exactly where to invest your time and energy. She prioritises authenticity, seeking quality and value over extravagant displays of wealth. By investing in line with her purpose, Candice is able to step away from the constant hustle and comparison games. 

• What does wealth look like to you? Are you chasing your version, or are you running someone else’s race?

How a Billionaire stays focused on strategy

A great CEO is a master at solving tough challenges, but too often, this means getting caught up in day-to-day operational issues and losing sight of the bigger picture. To ensure he’s cutting through the noise and maintaining a diligent focus, Dean Forbes, CEO of Forterro, shared his own planning strategy at last year’s UK Black Business Show. 

Here’s his approach:

• Every 30 days: Review 30 days back and plan 30 days forward.

• Every 3 months: Review 3 months back and plan 3 months forward.

• For the final 5 months of the year: Reflect on the first 7 months and revisit your 5-year plan. What’s changed? What new insights do you have? What’s happening in the market that requires you to shift strategically?

Dean’s phenomenal success is fuelled by his methodical approach to reviewing progress in set increments and making sure his businesses are primed to take advantage of market changes. 

• Are you making time to reflect on your long-term goals? Do you have clarity over what is working for you and what needs to change?

Securing £1M in investment: What you need to know about GRYD’s strategy

Black Seed VC, SFC Capital and Oasthouse Ventures Limited recently backed GRYD Energy with a £1M pre-seed investment. So, what does it take to attract that kind of backing?

According to Black Seed VC, they’re looking for founders with a clear vision and the drive to make it a reality. GRYD Energy identified a key gap in the market: while demand for solar energy is growing, the high upfront costs have been a barrier for homeowners. Their solution is a subscription model to eliminate initial costs, cover ongoing maintenance, and deliver immediate energy savings. 

To attract such a high level of funding, GRYD ensured they had a successful pilot, an energy export deal, and a pipeline of committed projects. With this investment banked, they’re now ready to scale on a national level. 

• Do you have the execution power to scale your bold idea? If not, do you have a plan to secure support, resources, and mentoring?

What message do you want to share with other Black entrepreneurs?

In our latest SOAR Coffee Talk session, we discussed the importance of Black entrepreneurs supporting one another, at all stages of the journey. If you have advice, a lesson learned, or a quote that keeps you going, drop us an email. You could be featured in our next edition as our SOAR Community Expert. 

We hope you have a great week ahead!

The SOAR Team