Positive Influence

Venturing into a new business idea could be a lonely proposition for Entrepreneurs. Most people don’t understand their Vision and stand and watch from the sidelines, if not being critical.

There will still be a lot naysayers even as the company grows. It is critical for Entrepreneurs to surround themselves with positive people. Positive people add good vibes and positive energy to any venture. They are generally team-players and also have the motivation to overcome challenges and look at problems as opportunities.

Negative people always find fault in whatever is being asked of them or is being done around them. They always look at ways in which things or ideas will not work instead of finding solutions. They generally sap energy from an organization. These category of constantly negative people are often intelligent, but can be lazy thus finding excuses not to do things.

Entrepreneurs should be careful to distinguish between positive people and  those who are a;ways saying “yes” to them. One can be positive but still question something if it is not right. Entrepreneurs would be best served by people who are positive but are not afraid to say “no.”

Ravi Patel

www.patelCFOservices.com

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Published in: on December 20, 2016 at 4:39 am  Leave a Comment  
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Forming a Cohesive Team

Entrepreneurs do not have an experienced, professional, and cohesive senior leadership team when they start and grow their companies. In order to expand their company and be successful in the long term, Entrepreneurs must build a capable, cohesive leadership team.

An optimal blend of in-house, on-the-job trained leaders complemented by key, experienced outside professionals (hired over a period), provide the Entrepreneurs the most cost-effective team. Identifying in-house managers and training them to be leaders should be the Entrepreneur’s focus once day-to-day operations have been delegated. Assessing the gaps in leadership, determining the management needs and recruiting appropriate outside leaders follows in the process.

Having a leadership team in place is not sufficient. Entrepreneurs continually need to develop teamwork and cohesion to make the executives more effective for the long term. Entrepreneurs should find ways to train, motivate and reward the leadership team in a way that facilitates a group that can successfully grow the company, and allow the Founder/Entrepreneur to pursue other ventures.

Ravi Patel

http://www.patelCFOservices.com

Published in: on December 13, 2016 at 4:02 am  Leave a Comment  
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Doing Everything In House

As Entrepreneurs grow their businesses curtailing or minimizing overhead is important. The philosophy of doing everything in-house might need to be reconsidered.

Though outsourcing manufacturing and services, especially to foreign countries, has become taboo, Entrepreneurs might want to seriously consider outsourcing certain services as a business strategy.

To cut fixed costs and make them more variable, Entrepreneurs need to look at the benefits of outsourcing in-house services such as payroll, marketing, training, human resources, IT, design, engineering and project management. Outsourcing expertise in these areas may be more cost-effective than developing competencies in-house.

When considering creating a function or expertise in house, ask yourself if you would be better off outsourcing such services.

Ravi Patel

www.patelCFOservices.com

Published in: on December 6, 2016 at 3:47 am  Leave a Comment  
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