Find a Solution Rather than Fault

Don’t find fault, find a remedy – Henry Ford . There is a lot for Entrepreneurs to learn from this statement.

In our blame-rich rather than solution-oriented culture, leaders (mostly political) often seek out whom to accuse of problems rather than find solutions. Sometimes this extends to poorly run companies with unhealthy culture and negative management practices.

In the real world it is acceptable for leaders to hold people accountable for their performance. However, it is not wise to continually blame others for problems. Entrepreneurs have to take responsibility for the issues facing their business and teach their managers to do the same.

More importantly, blaming others or even accepting responsibility does not solve the problem. Entrepreneurs need to create a culture where finding solutions or remedies to issues takes precedence over blame. Such a positive culture allows people to readily accept responsibility for decisions without having to face ridicule.

Do the Right Thing by creating a solution-oriented culture in your company and incorporating that in your Mission.

Ravi Patel

www.patelCFOservices.com

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Customer Service – A Strategic Goal

Customer service is what really differentiates you from your competition. What are you doing to win that war?

Most Entrepreneurs realize the value of excellent customer service and attempt to emphasize that in their company. It is in their website and brochures and employees are instructed to treat customers right.

But, how many Entrepreneurs have adopted providing excellent customer service as one of their strategic objectives? In order to permeate the importance of customer service in your organization it has to be treated as a key goal of the company.

Like all other strategic objectives, there should be a specific SMART goal(s) related to customer service with measurable benchmarks and periodic tracking of progress. The management team should come up with ongoing programs to improve customer service and implement them throughout the company.

You can enhance customer service only if you treat it as a strategic goal.

Ravi Patel

www.patelCFOservices.com

Being a Smart Entrepreneur

Entrepreneurs are smart people. To have an idea and the ability to capitalize it requires not only initiative and courage, but also a higher level of intelligence.

Is being the most intelligent person on your team always good? It depends upon the stage of the business. Having sufficient knowledge and smarts to formulate the Vision. Mission and plan to grow the business is required in the infancy stage of the business.

However as the business grows, being the smartest guy on the team might not be enough. A smart Entrepreneur needs to raise the level of the team to create a solid foundation for future growth.

A smart Entrepreneur has to build a team of individuals that are intelligent and add significant, incremental value to the company. It is only the enlightened Entrepreneur that is wise enough to hire people who might be smarter than he or she. In bringing in such intelligent and experienced people to the team, it raises the caliber of the management team as a whole.

Smart Entrepreneurs are the ones who surround themselves with people more intelligent than themselves and are not threatened by them. Being the smartest person on your team does not make it strong. Surround yourself with people smarter than you to raise the bar. Do the Right Things!

Ravi Patel

www.patelCFOservices.com

“The Devil is in the Details” for Entrepreneurs

Most leaders who have reached the top positions in larger organizations are known for their ability to see the broad picture and strategize appropriately for the long term. They have capable organizations and secondary leadership to focus on the operational details of their business.

How about Entrepreneurs starting out or in the early stages of growing their business?

As they say, “the devil is in the details.” While it might not be to the Entrepreneur’s liking, it is critical to focus on the important operational and contractual details. These details, such as a fine print on a customer’s contract, a provision on a building lease, a covenant in a loan agreement, or a government compliance requirement, might seem too small to worry about than running the business.

The problem arises when inattention to such details derail the normal functioning of the organization and end being the “devil” by costing a lot of money and/or requiring too much of an Entrepreneur’s time to resolve the issues.

Entrepreneurs need to train themselves to identify the important details  of their business and pay attention to those promptly to avoid problems in the future.

Ravi Patel

www.patelCFOservices.com