Seek Counsel Not Sympathy

Entrepreneurs need to surround themselves with key neutral advisers who are open to providing honest and realistic feedback to them. Entrepreneurs can use the concept of a Mastermind Group as a worthy resource as they grow their businesses.

Once the Entrepreneur seeks good advisers and forms an advisory board, the important task then is to seek advice and bounce off ideas and issues with these advisers. The Entrepreneur should be prepared to receive honest feedback including any constructive criticism.

The key element of this relationship must be for the Entrepreneur to seek counsel, advice, and constructive feedback from the advisers. In no event should the Entrepreneur use the advisory board to constantly complain about problems and seek their sympathy. This is not the primary role of any adviser.

Maintain a healthy relationship with your advisers by seeking their counsel and not their sympathy!

Ravi Patel

http://www.patelCFOservices.com

The Courage to Make the Right Decisions

Faced with hundreds of decisions, how do Entrepreneurs go about making the right ones?

Generally effective 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

Communicate for Meaningful Action

Managers sometimes complain that their employees don’t seem to be following directions too well? They gripe that they tell their people what to do, but it doesn’t seem to come to fruition.

To obtain employee buy-in and meaningful action, Entrepreneurs might want to communicate to their people why they need do things instead of what they should do.

When you tell people what to do, they generally might follow your directions without understanding their mission. If they are going on the wrong path, they might not even be aware of it since they are merely following instructions.

Instead, coaching employees why they are supposed to do certain tasks sets the objective or  goal for them. It makes it easier for them to figure out what to do to get there as they are usually closer to the action. They might even find a better way to do things than you could have told them. Even if they require guidance on what to do, it is based on a specific objective.

For meaningful action, it is better to direct employees as to why things have to be done rather than what to do.

Ravi Patel

www.patelCFOservices.com

Creating a First Impression

It is often the case where first impressions are more lasting than later interactions. What creates first impressions?

When potential customers, employment applicants, vendors, bankers or other interested parties call or interact with your company, their first impressions matter. How your employees treat them then could be critical for a future relationship.

One can assess the quality of a company by the manners of the people working there.

Companies whose employees treat outsiders (and even fellow employees) with good manners, politeness, caring and concern reflect the values of the organization. Enlightened Entrepreneurs should recognize this and pay as much emphasis on the relationship side of the business as much as the product aspect of the company.

Focusing on managing initial (and then ongoing) interactions with outsiders could be a determinant of future success. Entrepreneurs should Do the Right Things by paying attention to this area of their business.

Ravi Patel

www.patelCFOservices.com