Strive for Excellence, But Not for …..

Striving for excellence in everything is a noble goal.

However, if one becomes too focused on perfection on trivial things or items, the benefits may outweigh the time and resources devoted to achieving excellence.

Entrepreneurs need to be aware that they cannot ask themselves and their organizations to strive for excellence in everything. Focus on a few goals and aim for excellence on those, but de-prioritize lower-level projects and accomplish them well. The resources of your organization should be allocated judiciously on higher priority goals requiring excellence.

It is okay to be excellent on major items, but good on minor ones.

Ravi Patel

www.patelCFOservices.com

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When to Have Too Many Cooks ….

“Too many cooks spoil the broth” is a common saying that many people have heard.

Is there a time to have too many cooks involved in a project in an Entrepreneurial company? Absolutely.

For any major project, such as new product/service development, IT hardware/software selection or implementation, or building expansion, it is critical to have input from multiple sources to come up with the best specification for the new project. This type of diligence up front ensures that most ideas are considered and there is no critical issue of “second-guessing’ later on. The specification should not be a hodgepodge of ideas, but a solid framework that takes into account (though not necessarily includes) different viewpoints.

Once the project specification is defined, there should be minimal changes and the project management should be delegated to responsible staff without micromanaging by “too many cooks.”

Entrepreneurs need to know when to have too many cooks involved in a project, and when not to.

Ravi Patel

www.patelCFOservices.com

Is your IT Infrastructure an Asset?

As Entrepreneurs grow their companies, their IT infrastructure needs to at least keep up, if not lead.

When the young company starts out, it is normal that the IT systems are built with a boot-strap budget. Entrepreneurs at that time need IT to effectively utilize human resources and keep both costs to a minimum.

As the company grows, the IT infrastructure needs to become a core asset to facilitate rapid growth and effectively network locations and employees. Technology adoption should be part of the growth and productivity strategy, not a reaction to increased workload and complexity of operations.

Entrepreneurs need to evaluate whether their IT infrastructure is an asset or a liability. If it is not the former, fix it otherwise it may crimp your growth plans.

Ravi Patel

www.patelCFOservices.com

Communicate your Key Drivers

When I recently visited a medical device company, I was pleasantly surprised to see, in the conference room, framed posters depicting the company’s key drivers. It was very clear to ascertain the company’s focus on quality, people, financial commitment and so on. I am sure that the company has communicated to their employees these drivers and also displayed the posters in prominent work areas.

Entrepreneurs should think about developing, in addition to the Vision and Mission, key drivers in various areas of the company and communicating them to their employees. Building a company culture starts with educating the employees on and then continually reinforcing the focus towards these key drivers.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com