Real Time Management for Entrepreneurs

This is not a blog on how to effectively manage your time. There is enough written about that topic and numerous seminars to obtain practical tools.

Instead, think about time management in another way. If you don’t have time to get things done, are you actually doing the Right Things?

Entrepreneurs, especially early in their careers, often have a tendency to not only do everything themselves, but also focus on doing tasks right – whether they are important or not!

The focus for Entrepreneurs should be to define and do the Right Things and delegate the rest. Once you discover and focus on the Right Things, you will probably have more time to do them. Wasting time on things that Entrepreneurs like to do, being perfect on insignificant tasks, or not delegating steals time from more important things to do for your business.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

 

 

Are you Depending on a Few Customers?

When Entrepreneurs start their businesses, they might depend on one or a few clients for most of their revenues. This revenue concentration scenario is understandable for the very early start-up stage of a company.

As revenues grow, the increase hopefully is from having more customers rather than only from additional business with the same clients. Diversification in the source of revenues is a critical factor in the long-term success of the company.

The risks of concentration of revenues from only a few clients or one or two big customers could be huge. If a significant portion of the revenues are derived from, say one customer, it could be devastating for the company if such business was lost, reduced dramatically, or even if there were payment problems with such receivables.

Entrepreneurs, at the appropriate stage in their company’s growth, would be well advised to diversify the sources of revenues such that dependence on a few clients does not end up hurting their business. Businesses sustained by only a few customers might be following the wrong path.

Managing revenue concentration risk is a critical component of Entrepreneurs Doing the Right Things!

Charity Begins at “Home”

Most are familiar with the saying “Charity begins at home.” In essence it means that you should take care of family and people close to you before you worry about helping others.

How does this apply to Entrepreneurs and business?

Most Entrepreneurs and small business owners have a desire to be generous to causes they believe in. That is after all giving back to the community they work and live in.

However, it is important to first take care of matters close to business and then outside. This entails making sure you first address the wellbeing of your employees. Ensure that your employees are compensated commensurate with their performance, have comprehensive benefits, opportunity to learn and develop their skills,  and well defined path for advancement.

Giving to charity and noble causes is great, but if you don’t take care of your employees first you might not be paying homage to the “charity begins at home” philosophy.

If you help others without first taking care of your employees, it might be at the latter’s expense and they might resent that. On the other hand, if you take care of your employees first, they might be motivated to join in and participate and contribute to your charitable causes.

Something to think about!

Ravi Patel

www.patelCFOservices.com

Being Proactive

It takes a special person to be an Entrepreneur. One has to take risks, chart one’s own course, and have a single-minded focus.

Does that involve being dogmatic about their ideas and vision? Sometimes there is a tendency to do so. There is resistance to change if it involves a different course of action than one originally charted by the Entrepreneur.

Circumstances sometimes demand changing direction. Not doing so could be problematic.

Entrepreneurs should strive to alter, if necessary, their course themselves rather than due to pressure from others. Being proactive rather than reactive is a wiser approach.

Being proactive allows Entrepreneurs to control the situation. If they have to react to external pressure to change course, it is more difficult to accept and might even cause friction.

Do the Right Things and be proactive in making necessary changes.

Ravi Patel

www.patelCFOservicesc.om

Published in: on March 4, 2014 at 5:09 am  Leave a Comment  
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