Sharing During the Holidays

In a previous post on “Balanced Life for Entrepreneurs” I had mentioned that one of the four corners of a balanced life is the communities that you live in and conduct business.

Some Entrepreneurs dedicate a significant amount of time in civic, charitable and community activities. This effort is commendable. For some, it is part of their Mission and Vision.

For others, it might make sense to establish some type of focus on giving and sharing. What better time to start than around these holidays. In addition to your individual efforts in this area, you might want to lead your business and employees in community activities. Not only will that inspire your employees, but it will reflect your company’s s desire to share and give in the community that you belong to.

Happy Holidays!

Ravi Patel

www.patelCFOservices.com

“I Need Help”

These three words are so misunderstood, especially by Entrepreneurs.

Asking for assistance is sometimes incorrectly perceived by Entrepreneurs as a weakness in leadership or deficiency. Or as, it is too expensive to ask for help. Nothing could be farther from the truth!

It is widely accepted that Entrepreneurs initially start businesses because of unique, innovative ideas – not because they are professional chief executives. It is not fair to expect that Entrepreneurs are well versed in all major functional areas of a business. Asking for help in areas that are not their strength is not a sign of weakness.

In fact, soliciting assistance at the right time is rational and could save Entrepreneurs time, people resources, and money in the long term. As a strategy, Entrepreneurs may want to create a Mastermind Group of advisors whom they can ask for help at any time.

Asking for help at the right time is smart business.

Ravi Patel

www.patelCFOservices.com

Winners Adjust, Losers Complain

A recent Twitter post by Ed DeCosta – “Complain not about the wind. Adjust your sails.” offers great business advice for Entrepreneurs.

In this troubled economic times and uncertainty, it is very easy to complain about all the things that are preventing Entrepreneurs from succeeding. Some of the issues faced by Entrepreneurs including cash shortages, employee layoffs and poor morale, unsustainable overhead and fixed expenses, misaligned ratios of variable expenses to revenues, customer and product/service issues, high debt levels and so on are ripe topics for complaining.

Losers will take this opportunity to complain and find excuses to rationalize their failure, just as a poor sailor frets about the winds.

Winning Entrepreneurs and leaders, instead, adjust their sails to move forward on a steady course. Finding ways to increase cash flow; having employee work-sharing programs and non-monetary motivational programs to boost morale; reducing overhead and fixed expenses; realigning ratios of variable expenses to revenues, customer partnerships and product/service improvement initiatives; and restructuring high debt loads are all positive ways to adjust the sails.

What would you rather do? Complain about the winds or adjust your sails. Do the Right Things!

Ravi Patel

www.patelCFOservices.com