Identifying Top Performers

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 who 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 who 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

Employee Involvement

Is recruiting and hiring good employees enough for Entrepreneurs? Not really.

After new employees start work, on-boarding, orientation and making them aware of the company’s Vision, Mission and culture should be a standard part of any hiring process. How many Entrepreneurs do that?

Even if you have a robust on-boarding process, what do you do to keep your employees actively involved in your company?

Entrepreneurs don’t treat working in their company as a “job.” They need to develop that sense of spirit in their employees. Employees should feel closely attached to the Mission of the company such that they view their job in a macro sense – as having a direct impact on fulfilling the Mission rather than just completing assigned tasks.

Offering material rewards for accomplishments works for a while. What is more important is the emotional engagement of employees in the company such that they personally identify themselves with the company’s success (and failures). Finding ways to engage employees in a meaningful way should be a key objective for Entrepreneurs.

Engaged employees are generally happy and productive. Get them involved in your company!

Ravi Patel

www.patelCFOservices.com

Executing Things Well

Many people with good ideas keep on dreaming of making it big. But they don’t (or can’t) as they do not put their ideas into practice. Not executing your vision gets you nowhere except in your dreams.

“Vision without execution is a daydream. Execution without vision is a nightmare” – Japanese Proverb.

Entrepreneurs can make their dreams into reality! How?

Taking on any major project begins by breaking it down into smaller tasks. (How do you eat an elephant? One bite at a time.) First, break down your project (dream) into smaller, discrete, meaningful segments.

Then establish measurable milestones with a realistic timeline – goals! Get your organization committed to these goals and monitor periodically progress towards achieving the established milestones. Disciplined activity towards achieving these goals will eventually lead to fulfilling your Vision.

If one puts realistic and measurable milestones with timelines on dreams, they could become goals for success!

Ravi Patel

www.patelCFOservices.com

 

Published in: on February 9, 2016 at 4:25 am  Comments (3)  
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Are You Really Sorry?

Everyone makes mistakes including Entrepreneurs.

What separates leaders is that when mistakes are made, genuine leaders offer a sincere apology. What does that mean?

How often have you heard someone say sorry and then add a “but?” In those cases there are all kinds of excuses after the “but.” All these apologies are watered down by offering excuses. In such cases one is not really sorry!

A sincere apology is just that – sincere! When you make a mistake, no matter affecting which stakeholder, just say a sincere sorry without any excuses or reasons. This will be more genuine than trying to explain what happened to cause that mistake.

To be even more effective, you should privately analyze the reasons for the mistake and establish corrective actions to prevent that in the future. This will appear more sincere to the offended party and confirm that you are really sorry.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on February 2, 2016 at 4:23 am  Leave a Comment  
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