Managing your Cash Flow

Cash flow management is the most critical factor in an Entrepreneur’s ability to successfully grow a business. Yet more often that not, Entrepreneurs react to cash flow problems rather than actively managing this area.

Entrepreneurs need to ask themselves what metrics they are using to monitor cash flow. Are these the appropriate measures? How timely are such metrics?

What type of tools are Entrepreneurs using to manage and more importantly increase the available cash in their business? Are these tools continually refined to make them effective?

Entrepreneurs would be better served to proactively manage their cash flows, or at least monitor this important area if such management is delegated to others in their organization.

Ravi Patel

www,patelCFOservices.com

Published in: on June 25, 2013 at 4:51 am  Leave a Comment  
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Making your Dreams a Reality

“Vision without execution is a daydream. Execution without vision is a nightmare” – Japanese Proverb.

Many people with good ideas keep on dreaming of making it big. But they don’t (or can’t) as they do not put their ideas into practice. Not executing your vision gets you nowhere except in your dreams.

Entrepreneurs can make their dreams into reality! How?

Taking on any major project begins by breaking it down into smaller tasks. (How do you eat an elephant? One bite at a time.) First, break down your project (dream) into smaller, discrete, meaningful segments.

Then establish measurable milestones with a realistic timeline – goals! Get your organization committed to these goals and monitor periodically progress towards achieving the established milestones. Disciplined activity towards achieving these goals will eventually lead to fulfilling your Vision.

If you put realistic and measurable milestones with timelines on your dreams, they could become goals for your success!

Ravi Patel

www.patelCFOservices.com

Making Mistakes is Acceptable or Not?

Everyone makes mistakes! Great inventions were inspired by mistakes. Entrepreneurs also make mistakes, so their tolerance towards their employees making mistakes is understandable.

In general, Entrepreneurs should create a business culture that does not penalize people from thinking outside the box and making mistakes. An organization cannot grow if no one takes risks just to avoid making mistakes, .

Making mistakes is acceptable if it is during the process of trying new methods or ideas. However, it is essential to learn from these mistakes and prevent future occurrences. People grow by learning from their mistakes.

If an employee keeps on making the same mistake again and again despite training, coaching and direction, that is not acceptable. This no longer is a process of learning. It ultimately hurts the organization.

Making a mistake is acceptable. Not learning from that mistake is bad; making the same mistake repeatedly is worse.

Ravi Patel

www.patelCFOservices.com

Published in: on June 11, 2013 at 4:36 am  Leave a Comment  
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Managing the Present

For Entrepreneurs the past, present and future sometimes all blends together as they try to stay afloat and on course.

For some, the past is a painful memory of struggles, mistakes and even failures. Entrepreneurs must selectively forget the past and only retain useful lessons to prevent the same errors. Dwelling in the past is counterproductive and drains energy away from current pursuits.

Worrying too much about the future is not good either. One needs to have a plan for the future, but constantly evaluating all current actions against what might happen in the future is not helpful.

Managing the present, by using lessons of the past, will create the future.

Entrepreneurs need to devote most of their energy to manage the present. Create the foundation, processes and effective teams to deliver current performance. Unless you can have a strong present, you might not even make it to the future.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Published in: on June 4, 2013 at 5:13 am  Leave a Comment  
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