Benefits of Hiring a Veteran

After having celebrated Memorial Day remembering all veterans who have sacrificed themselves for giving freedom and liberty to our country and other nations in the world, what could Entrepreneurs do for current veterans?

When you hire employees, do you consider veterans? Serving in our armed forces instills discipline, adherence to established processes, teamwork, courage, overcoming adversity and other fine attributes that Entrepreneurs should be seeking from qualified prospects.

Entrepreneurs should, all things being equal, give preference to veterans who have served our country. You will not be disappointed!

Ravi Patel

www.patelCFOservices.com

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Published in: on May 28, 2013 at 5:31 am  Leave a Comment  
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Protecting Against Fraud

Almost everyone has heard about fraud affecting business. While you might be lucky not to have experienced fraud first-hand, you can appreciate the devastating effect of malfeasance and broken trust in companies.

Entrepreneurs are sometimes too trusting of their employees, especially ones who started at the beginning. Too much trust without built-in internal controls leads to a potential environment for fraud.

While most Entrepreneurs are aware of the need for internal controls in their companies, the size of their organization often limits proper segregation of duties.

In any event, Entrepreneurs should be vigilant about proper checks and balances as they build their organizations. While trusting your people is a fine virtue, a solid company is built on strong systems and procedures with proper internal controls.

Even in a smaller organization, creative division of responsibilities with reviews and approvals can provide adequate controls.

Protect your company against fraud by doing the right things!

Ravi Patel

www.patelCFOservices.com

 

Published in: on May 21, 2013 at 4:52 am  Leave a Comment  
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Have Positive People Around You

Entrepreneurs sometimes can be lonely when they venture into a new business idea. Most people don’t understand their Vision and stand and watch from the sidelines, if not being critical.

As the company grows, there are still a lot naysayers. It is important for Entrepreneurs to surround themselves with positive people. Positive people add good vibes and positive energy to any venture. They are generally team-players and also have the motivation to overcome challenges and look at problems as opportunities.

Negative people always find fault in whatever is being asked of them or is being done around them. They always look at ways in which things or ideas will not work instead of finding solutions. They generally sap energy from an organization. These category of constantly negative people are often intelligent, but can be lazy thus finding excuses not to do things.

Entrepreneurs should be careful to distinguish between positive people and  those who are a;ways saying “yes” to them. One can be positive but still question something if it not right. Entrepreneurs would be best served by people who are positive but are not afraid to say “no.”

Ravi Patel

www.patelCFOservices.com

Published in: on May 14, 2013 at 3:48 am  Leave a Comment  
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Who versus What is Right?

In entrepreneurial companies doing the right things is critical for growth. In general, who is right should not matter as much as doing what is right.

How does this actually work in practice?

If the Entrepreneur has created a culture of favoritism and is partial to employees whom he/she likes, then who is right will take precedence. Employees will try to prove they are right to win favors with the Entrepreneur and might even try to put others down. Not a healthy environment!

On the other hand, if the Entrepreneur has established a culture of teamwork and continuous improvement, then what is right will prevail. There will be more emphasis on doing the right things for the company rather than establishing who is right. In this case it becomes a win-win situation!

What would you rather have?

Ravi Patel

www.patelCFOservices.com