Does Your Business Have Weaknesses?

The obvious answer is “yes.” More importantly, how do you find out your weaknesses?

The Entrepreneur can do an honest assessment and perform an in-depth, critical review. He/She could involve the management team in this process and have them openly, without fear of recrimination, list each area of weakness in the business. Have each manager of a functional area review not only his/her own area, but also other functions in the company.

The Entrepreneur can also solicit frank feedback from the Board of Directors and mentors regarding the areas that need improvement. Such feedback is more likely to be objective depending upon the relationship with the Entrepreneur.

The truest assessment of your weaknesses will come from competitors if you can obtain such information. Competitors analyze the business of their rivals very carefully to develop strategies to compete not only against their strengths but also to exploit their weaknesses. If you can find a way to gain analysis of your weaknesses performed by your competitors, it would be very useful in your strategic planning process.

Something to ponder ….

Ravi Patel

www.patelCFOservices.com

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Maintain Your Composure

Entrepreneurs and leaders often face stressful and chaotic situations. Do you maintain your composure in these circumstances? Or not?

Have you watched firefighters, policemen or even bomb diffusers operate in high-stress situations? Their ability to act calmly reassures everyone around them not to panic.

Similarly, leaders who stay calm and keep their cool under chaotic business situations inspire confidence in their employees. Instead of panicking, they all tend to follow their leader and behave productively to resolve the issues. If the leaders lose their composure, who can blame the employees for doing so too?

Great leadership inspires people to do phenomenal things. Calm and leadership with composure in volatile situations prevents followers from panicking or performing irrational acts or even worse inciting riots.

Be a cool leader!

Ravi Patel

www.patelCFOservices.com

Published in: on February 17, 2015 at 4:31 am  Leave a Comment  
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Retaining Your Employees

An entrepreneurial company must hire good employees to grow the business.

But, hiring good employees is not enough – increasing your retention rate for such employees is even more important. What are you doing to increase your retention rate for good employees?

Hiring good employees is merely the first step. Giving them an effective orientation and training them continually to improve their skills and abilities is also required.

Increasing the employee retention rate requires creating an environment where your employees can align themselves with the culture and feel comfortable and stimulated to contribute.

Motivating them with financial rewards commensurate with performance is necessary, but you also need to provide a challenging platform for them to contribute significantly and feel a sense of satisfaction.

Find creative ways to retain your good employees – it is not only an asset for your organization but also will also reduce employee turnover costs.

Ravi Patel

http://www.patelCFOservices.com

Hiring the Right People

What is more important for an Entrepreneur to seek in his employees – ability or dependability? What should be more important?

Well skilled employees provide abilities for a growing organization to build the competencies in various functional areas. An Entrepreneur does not have time to train people, thus employees with ready skills are an asset. However, there is no assurance that employees with abilities are always reliable or dependable.

An Entrepreneur needs to be able to rely on his employees to do their assigned tasks without  constant supervision, absences, tardiness, and so on. Dependable employees, despite some known weaknesses, offer the Entrepreneur a comfort level that he/she can rely upon.

It would be ideal to have all employees possess high skills and also be reliable. In the absence of such, an Entrepreneur has to build a workforce that optimally blends a pool of employees with ability and dependability.

If such an optimal situation cannot be created, whom would you rather have – able or dependable employees?

Ravi Patel

www.patelCFOservices.com