Doing it Right the First Time

How often have we heard the maxim of “Doing it Right the First Time?”

The intent of this thought is referring to the quality of the process people should use to accomplish things. The goal should be to use an efficient, high-quality process such that the resulting product (in the broadest sense) is totally complete requiring just about no changes. This is an ideal goal for everything we do.

For Entrepreneurs, it also provides a different perspective that is critical to their ventures.

Since Entrepreneurs have limited resources – money and time –  doing it right the first time means even more. If Entrepreneurs do not do certain things right the first time, they might run out of resources or opportunities to do it again or over. Or, having not done it right the first time might be too costly for them.

In addition to product or service development, other examples of doing it right the first time could be in:

  • negotiating legal contracts
  • rolling out high-priced marketing programs
  • hiring key people
  • making presentations to investors
  • selling to customers
  • signing up for leased facilities

The examples are by no means exhaustive, but the key point is that Entrepreneurs need a process to ensure that whatever significant or critical activity that they are trying to accomplish goes through proper scrutiny, such that costly errors and omissions are mitigated.

There is never a perfect process, but the more you make it closer to perfect the better the chances of doing it right the first time.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Building Consensus

“A genuine leader is not a searcher for consensus but a molder of consensus” – MLK Jr.

Every new idea, whether small or grandiose, has to be sold to people for its acceptance. A true leader goes about it the right way.

A consensus is defined as a majority of opinion or general agreement. In many organizations, getting consensus becomes a “political” process wherein the idea promoter seeks out or searches for people who agree with him/her, largely based on personal appeal of the person rather than the idea. This is not true leadership in getting consensus on an idea.

Rather, a genuine leader stresses the virtue of an idea and actively persuades people on its benefits thereby molding or building consensus. The acceptance of the idea then becomes internal to the believer rather than being forced upon him/her through brow-beating or intimidation. If the leader is successful in building, rather than seeking, consensus the implementation of the idea is more effective and lasts for the long term. The benefits of seeking quick consensus are often short-lived.

True Entrepreneurial leadership should strive for molding consensus to generate wide acceptance of new ideas in their companies.

Ravi Patel

www.patelCFOservices.com

Published in: on October 23, 2012 at 5:49 am  Leave a Comment  
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Measuring Customer Experience

A few month ago I posted a blog suggesting that Customer Service should be a strategic goal to make it a more prominent part of your Mission. One should develop SMART metrics to track the progress of improvement towards this objective.

While your metrics can be related to internal benchmarks in providing customer service – such as wait time in answering phones, que time of service lines, speed in responding to client communications, timeliness in resolving issues, errors in shipments – also consider external measures of customer satisfaction.

How does the customer feel about doing business with your company? Is the client’s experience pleasant and rewarding? Measuring your customer’s experience is a critical part of evaluating your service levels.

Are you measuring your customers’ experiences? How? Should you? Every company serves customers in different ways; thus, the measurement metrics and process need to be customized. The important step is to start that process to improve customer service in your company.

Entrepreneurs – Do the Right Things to improve your Bottom Line!

Ravi Patel

www.patelCFOservices.com

The Spirit of Entrepreneurism Is Alive

The desire and passion to be an Entrepreneur is strong and vibrant as evidenced by the participation in the Startup Weekend in Santa Clarita, CA held October 5-7, 2012.

Startup Weekend is a global grassroots movement of active and empowered entrepreneurs who are learning the basics of founding startups and launching successful ventures.

The Startup Weekend Santa Clarita attracted more than 50 budding entrepreneurs and advisors who initially pitched 21 unique ideas. Teams formed around the top seven ideas (as determined by popular vote) and then it was a 54 hour frenzy of business model creation, coding, designing, and market validation. Teams worked hard all weekend and presented the final, nearly completed business concepts to local entrepreneurial leaders for judging and critical feedback on Sunday evening. The top three ideas were awarded meaningful prizes.

Working with one of the teams allowed me to see the enthusiasm, creativity, dedication and talent of the participants. The spirit of Entrepreneurism is alive and kicking.

Thanks to the sponsors and local SCV Startup  leaders Erick Arndt and Brian Tippy (http://www.meetup.com/SCV-Startup/) for organizing the successful event.

Ravi Patel

www.patelCFOservices.com

Published in: on October 9, 2012 at 5:14 am  Leave a Comment  
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Pace Your Growth

“To climb steep hills requires slow pace at first.” – William Shakespeare

As most Entrepreneurs know, starting a new business and helping it grow is akin to climbing a steep hill. If you climb too fast you run out of energy and might not get to the top; a slow pace is required at first to build up strength and stamina to reach the peak.

Entrepreneurs too need to pace their growth. At first one needs to move slowly to ensure that all the building blocks (fully developed product or service, employees, backroom systems and processes, etc.) of the business are in place. If one starts running without these fundamentals, one might not be able to get too far.

Starting with a slower pace also ensures that you have time to make sure everything is working as intended. If corrective actions are required, you have time to fix the problems before you get too far down the road.

Once the foundation is in place and you have warmed up, you can gradually increase the pace of growth as your building blocks are strong and the business has stamina.

Pace yourself in business to climb to newer heights.

Ravi Patel

www.patelCFOservices.com