Surviving a Crisis

Entrepreneurs go through day-to-day crisis situations when building their companies while facing economic and governmental uncertainties in the market place.

Each day seems like a fight to survive so you can live for one more. This takes a lot of strain and toll on the Entrepreneurs and key employees. Some cannot bear the pressure and give up. The fighters bravely battle on and their persistence eventually pays off.

While crises face all Entrepreneurs, the ability to not only manage them when they happen, but also to reduce their frequency will allow the Entrepreneurs to “live” instead of “fight.”

Anticipating negative events and potential threats, planning to mitigate them, and implementing warning systems to alert you well in advance of the crisis will allow you to live more and fight less.

One cannot eliminate the occurrence of a crisis, but how well you learn to manage it will reduce the stress and allow you to live freely.

Ravi Patel

http://www.patelcfoservices.com

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Published in: on March 31, 2015 at 3:45 am  Leave a Comment  
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Taking a Different View

Flying at 35,000 feet above the earth gives you a different view than one from the ground. Check out this image  Have you taken that type of view of your business?

Entrepreneurs very often get involved in the day-to-day operations of their business and sometimes get too close to it. Using the often-cited saying, they are into the trees rather than looking at the forest.

Being too close to the ground only gives you a one-dimensional perspective of what is going on in your business. One needs to elevate to a higher level to get a macro view of what is happening in the company and to all its stakeholders.

Taking a break and viewing the business from different perspectives, either as a forest or from 35,000 feet above the earth, would be helpful to Entrepreneurial leaders in better visualizing where they are, and where they need to be going. Are you doing that? Are you moving towards fulfilling your Vision and Mission?

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Asking for Assistance

” I need help!” These three words are so misunderstood, especially by Entrepreneurs.

Asking for assistance is sometimes incorrectly perceived by Entrepreneurs as a weakness in leadership or deficiency. Or as, it is too expensive to ask for help. Nothing could be farther from the truth!

It is widely accepted that Entrepreneurs initially start businesses because of unique, innovative ideas – not because they are professional chief executives. It is not fair to expect that Entrepreneurs are well versed in all major functional areas of a business. Asking for help in areas that are not their strength is not a sign of weakness.

In fact, soliciting assistance at the right time is rational and could save Entrepreneurs time, people resources, and money in the long term. As a strategy, Entrepreneurs may want to create  a team of advisers whom they can ask for help at any time.

Asking for help at the right time is smart business.

Ravi Patel

www.patelCFOservices.com

Published in: on March 17, 2015 at 4:30 am  Leave a Comment  
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Being Fair

As they say, “you cannot please all the people, all the time.” Leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders.

Entrepreneurs like to be loyal to people, especially those who helped them start the business and were early employees. However, as the company grows, Entrepreneurs have to make decisions that might be tough, unfair to some, and unpopular.

Good decisions involve doing the right things even it means that some people might be adversely affected by such actions. Fairness is a great moral value, but sometimes business decisions cannot be optimal if everyone’s interest is taken into account. Entrepreneurs, on the other hand, should not in any way go out of their way to make decisions that purposely hurt certain people. That would be grossly unfair.

While difficult, make optimal decisions for your business that are ethical even if they might cause hardship for some people.

Ravi Patel

www.patelCFOservices.com

Published in: on March 10, 2015 at 3:44 am  Leave a Comment  
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Are You Managing Growth?

“To climb steep hills requires slow pace at first.” – William Shakespeare

Starting a new business and helping it grow is akin to climbing a steep hill. If you climb too fast you could run out of energy and might not get to the top; a slow pace is required at first to build up strength and stamina to reach the peak.

Entrepreneurs too need to pace their growth. At first one needs to move slowly to ensure that all the building blocks (fully developed product or service, employees, backroom systems and processes, etc.) of the business are in place. If one starts running without these fundamentals, one might not be able to get too far.

Starting with a slower pace also ensures that you have time to make sure everything is working as intended. If corrective actions are required, you have time to fix the problems before you get too far down the road.

Once the structure is in place and you have warmed up, you can gradually increase the pace of growth as your building blocks are strong and the business has stamina.

Pace yourself in business to climb to newer heights.

Ravi Patel

www.patelCFOservices.com