Making the Right Decisions

Entrepreneurs are faced with hundreds of decisions. How do they go about making the right ones?

Generally good decisions are made with facts, experience, skills and other people’s input gained over time. Sometimes one’s gut or instinct plays an important role too.

Regardless of how an Entrepreneur arrives at it, the perceived popularity of his/her decision should never be a factor in the decision making process. Do what is right, not what is popular!

Right and wrong does not depend upon how many people are for or against a decision. Entrepreneurial leadership is not a popularity contest, but rather leading people the right way towards fulfilling a common Mission. Popularity comes and goes, but true leadership remains.

Entrepreneurs need to have the courage to make the right decisions.

Ravi Patel

www.patelCFOservices.com

 

Published in: on February 25, 2014 at 4:51 am  Leave a Comment  
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Who is Adding Value to your Company?

There are several ways to classify employee performance  in your company. Most traditional ways focus on actual performance against expectations or against established goals.

Here is a different perspective. Entrepreneurs should categorize employees into three categories – those who add direct value to your business, those that are neutral or add indirect value, and those that reduce company value.

Clearly, you should pay special attention to the first category by training and motivating them so that they continue to add value. Have a strong retention program for these individuals so that they don’t leave your organizations.

Deal immediately with people that reduce the value of your company. These are the bad apples that need to be removed from the company as soon as possible.

The people that are neutral as far as their contribution to company value need to be either moved to the category of employees that add value by training, or red-circled if they are providing a support function to the first category of employees. If there is a chance that they would reduce the value to your company, they need to be transitioned out.

Identifying the three categories of employees and dealing with them appropriately will go a long way in building the value of your company.

Ravi Patel

www.patelCFOservices.com

 

 

Hiring the Right People

As Entrepreneurs build their organizations and hire key management personnel, what is the hiring philosophy?

Do you hire key management officers specifically for a position or for the company?

While you do need to add specific skills and management experience in your organization, do not lose sight of the future. Entrepreneurs need the support of a strong, complementary management team that not only serves the short term needs of the organization, but also is a valuable resource for leading the company towards fulfilling its Mission.

It is sometimes better to hire the right person for the long term needs of the organization rather than the requirements of an immediate,  specific job description. Be resourceful and create  the appropriate job description for the right person!

Ravi Patel

www.patelCFOservices.com

Published in: on February 11, 2014 at 5:14 am  Comments (1)  
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Should You Tout Your Business Processes for Marketing?

 

As Entrepreneurs build the foundation for growth for their businesses, robust business processes in all functional areas are essential. It would be difficult to scale your business without such processes.

Once you build robust processes and they are working well as intended, should you tout them as a marketing tool to differentiate you from competitors?

Outsiders might not care about your robust business processes, but they do care about the quality and reliability of your services. Plan your marketing strategy accordingly.

Efficient business processes are meant to produce consistent, repeatable, reliable, continually improving  results. Focus on the results of your robust business processes to differentiate yourselves from competitors rather than the processes themselves.

Current and potential clients look for high quality and reliability from their providers, so use facts to tout those differentiators!

Ravi Patel

www.patelCFOservices.com