Enjoy the Holiday Season!

This is a wonderful time of the year.

A festive season with sharing, giving, receiving, praying, and of course partying.

Enjoy the holiday season and celebrate Christmas, Hanukkah, and all other religious and non-denominational events.

Let us hope that the New Year brings opportunities and successes for all.

With best wishes for this holiday season and wishing you a prosperous 2010!

Ravi Patel

www.patelCFOservices.com

Published in: on December 22, 2009 at 5:45 am  Leave a Comment  
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Putting Well in Business

Continuing on the theme of golf analogies related to business, putting can teach Entrepreneurs a few things.

Putting well in golf involves speed and line. If you get the right speed and the correct line, chances are that you will be “putting for dough.”

Similarly in business, if you correctly maintain the pace of growth of your company along the line of your vision, success is inevitable. Growing too fast or too slow (not maintaining the right speed), or not keeping sight of your mission and vision (the line) might cause you to miss the putt (your end goal).

Golf and business have a lot in common!

Ravi Patel

www.patelCFOservices.com

Recognize your Stars

As you start winding down the year and get into the holiday spirit, it is an ideal time to publicly recognize your key performers.

Employee recognition should be an integral part of your HR initiatives. Recognizing performance fosters better morale, uplifts your employee base, and makes your company a great place to work.

Entrepreneurs should identify key performance areas that need to be recognized. Take care not to limit the criteria to technical performance only – also reward leadership, team work, initiative and  so on . You might want to involve your employees in selecting an award.

A little recognition goes a long way to build employee morale.

Ravi Patel

www.patelCFOservices.com

Argue the Other Viewpoint

One often hears the phrase “put yourself in the other person’s shoes.” It is used when you are being encouraged to understand a situation from the perspective of someone else.

This can be useful advice for making important decisions. Generally one argues their own viewpoint well when a certain decision has to be made. However, in order to make the best decision, Entrepreneurs should consider arguing the viewpoint other than their own.

Making the arguments for a case different from their own allows the Entrepreneur to clearly see all sides of an important decision. Arriving at a decision after considering all viewpoints is best when one makes all the arguments as if they are their own.

Ravi Patel

www.patelCFOservices.com

Having a Playbook

In the midst of the football season, it is impossible to miss the coaches on the sidelines with a color-coded sheet of possible plays to be called for that game. The head coach with all the assistant coaches spend hours prior to the game analyzing their competitor’s game, strengths and weaknesses, strategies and so on and blend it with their own team’s core competencies to create a game-plan for winning.

Entrepreneurs, do you have similar “playbook” for major strategic actions to be used against, in or with competitors, marketplace, economy, opportunities, employees and so on?

Winning on the field, analogous to the marketplace, requires a lot of planning, analysis, strategizing to come up with the ideal game-plan for success. A playbook for winning a football game is similar to one required for succeeding in business.

Create a playbook for your business. Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Levels of Spending Authority

When Entrepreneurs start the company, they often control the spending authority such that all expenditures have to be approved by them.

As the company grows and competent leaders and managers are in place, the Entrepreneur/CEO needs to delegate the spending authority to the secondary levels in the organization.

Depending upon the size of the company, use careful thought in establishing the level of spending authority at each level. Purchase orders should be issued only upon the approval of the requisitions by the proper level of authority for the amounts to be expended.

Internal controls in this area are important for growth.

Ravi Patel

www.patelCFOservices.com

Don’t Drop the Ball!

Entrepreneurs often juggle multiple balls at the same time. The trick for Entrepreneurs, similar to a professional juggler, is to focus and handle all the balls equally well without dropping them.

Entrepreneurs sometimes have a hard time balancing their multiple projects and goals. Too much emphasis on any one ball will lead to the others being dropped.

One needs to make sure that you only juggle a few balls that can be handled competently. Working on too many priorities might lead to dropping a few ones. Make sure that you don’t drop the critical ball.

Learn to prioritize and do fewer things really well.

Ravi Patel

www.patelCFOservices.com