Succession Planning

Entrepreneurs might not find the phrase “succession planning” in their vocabulary. While Entrepreneurs do not or might not want to think about succession in the sense that they are “retiring” from the business, finding a replacement is something to ponder about.

As an Entrepreneur starts and develops one business, the spirit of innovation does not end. He or she might find new ideas for ventures that might not fit within the mission of the current business. In that case the Entrepreneurs might have to start one or more companies.

In order for the Entrepreneur to focus on his/her entrepreneurial passion, the current business would require a capable leader to run the existing company. This is the type of “succession” planning the Entrepreneur should be thinking about.

If one wants to grow multiple businesses, then “succession” planning is critical for an Entrepreneur.

Ravi Patel

 

Advertisements
Published in: on April 25, 2011 at 5:33 am  Leave a Comment  
Tags: , , , ,

Are your Employees Productive?

Entrepreneurs, how do you know if your employees are productive? Or productive enough? Should you? Claiming to have good employees is one thing, but backing it up with data is essential.

Do you establish metrics to measure productivity directly based on your annual company goals?  Are the metrics simple and easily understandable? Do you communicate them effectively to your employees? How often do you post or discuss measured results? Are there periodic meetings to analyze performance and develop methods to improve productivity?

“Doing more with less” is a nice slogan, but proving it with productivity measurement data makes it more meaningful.

If you do measure productivity of your employees and do obtain successful results, have you aligned your reward systems to be in line with productivity improvements?

Improving productivity of your employees is a sure way to deliver more to the bottom line. Are you doing that? If not, why not?

Ravi Patel

 

Looking at the Glass Half-Full

Entrepreneurs have a very positive outlook regarding new opportunities and ideas. They tend to look at things as a glass half-full as opposed to half-empty. This type of optimistic thinking leads to innovative businesses.

Is this always a good thing? It depends.

If the Entrepreneur has some basis in reality and/or surrounds him or her self with good advisors, there is a good probability that he or she will not venture deep into seeming opportunities that do not make sense or are far-fetched.

On the other hand, if the Entrepreneur is stubborn and relentless in the pursuit of an idea, despite repeated contrary advice, then chances of failure increase.

It is a wonderful quality for Entrepreneurs to have optimism, curiosity and a positive view of new ideas and opportunities, but a reality check is necessary for long-term success.

Ravi Patel

 

Published in: on April 4, 2011 at 5:06 am  Leave a Comment  
Tags: , , ,