Importance of Following Up

Entrepreneurs cannot do everything themselves in their companies so they have to assign projects, goals, and objectives, or collectively tasks to various individuals.

Do you have a good system of tracking those tasks? If so, that is a step in the right direction. If not, you need to get a system or process that works for you.

But, more importantly, do you follow-up on the assigned tasks? Do you have a system to track the progress on the various items? Do you have a reminder system?

Assigning tasks is not enough. Monitoring the progress on the completion status of these tasks with regular follow-up is crucial. Otherwise you are sending a message to the employees that you are not going to hold them accountable.

While some employees will take the initiative to report on the progress of the assigned tasks, you need to have a system to hold all people accountable.

Follow up is critical when you delegate tasks to others. Otherwise, don’t always expect results.

Do the Right Things!

Ravi Patel

 

Yet Another Golfing Analogy for Entrepreneurs

Having previously posted some golf analogies applicable to business, another one comes to mind. Learning how to build a smooth golf swing is similar to growing a business.

Before you start the golf swing, you need to have a proper setup that includes the stance, grip, posture, balance and so on. It is no different for a business. One needs to make sure that you are established properly – the relevant name, legal and tax structure, banking relationships, basic facilities, web presence, initial IT infrastructure are present.

The backswing is critical to the full swing. If the fundamentals of your backswing are not correct, it will be difficult to swing your club on the proper plane for a straight, long shot. Similarly, businesses need to make sure that when they start, the basic fundamentals are in place – a quality product or service with sufficient testing, core group of employees, proven customers and vendors, an organization to support growth, etc. If the backswing is rushed, the total swing is destroyed. When the business starts to run before it can walk, growth will be very difficult to manage.

The downswing starts slowly and accelerates just close to the point of impact to generate maximum power. If acceleration is sooner or later in the swing, optimum power is lost. In business, if one grows too fast without controlling the timing it can be problematic. Business growth has to be synchronized with the capability of the organization. If the orders come in but the organization cannot deliver, it leads to challenges. Timing is critical for the proper growth of a business, as it is for acceleration in a golf swing.

A nice, smooth, balanced finish completes the ideal golf swing. However, if the business is successful a finish is not what we need. Let us end the analogy before that.

Golf has many lessons for an Entrepreneur!

Ravi Patel

 

Risk Mitigation

When an Entrepreneur hears the word risk it does not concern him or her, since the very definition of an entrepreneur is one who takes considerable risk and initiative in starting and managing a business.

Some people perceive risk mitigation as something you obtain insurance for. That is partly true, but risk mitigation is more than that.

An astute Entrepreneur needs to assess and mitigate risks in numerous areas as many of these risks might not be covered by insurance. Such risks could be economic, governmental, client-related, competitive, employee-based, management turnover, process failures, unmanaged growth, and so on.

Entrepreneurs should take time to evaluate non-insurable risks facing their business and develop contingency plans to mitigate such risks.

Ravi Patel

 

Published in: on May 2, 2011 at 5:53 am  Leave a Comment  
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