Measuring Productivity

Entrepreneurs, do you know if your employees are productive? Or productive enough? Should you? Claiming to have good employees is one thing, but backing it up with data is essential.

Do you establish metrics to measure productivity directly based on your annual company goals?  Are the metrics simple and easily understandable? Do you communicate them effectively to your employees? How often do you post or discuss measured results? Are there periodic meetings to analyze performance and develop methods to improve productivity?

“Doing more with less” is a nice slogan, but proving it with productivity measurement data makes it more meaningful.

If you do measure productivity of your employees and do obtain successful results, have you aligned your reward systems to be in line with productivity improvements?

Improving productivity of your employees is a sure way to deliver more to the bottom line. Are you doing that? If not, why?

Ravi Patel

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Assessing Risk

Risk is inherent in any business, but more so for companies started by Entrepreneurs.

Have you taken the time to analyze your business from a risk point of view? What are the areas that pose the highest risk to your company? How do you manage or mitigate such risks?

Entrepreneurs should take time periodically to critically examine the various risks that affect your operations. There should be a formal process to analyze and prioritize each risk category and develop plans to mitigate or eliminate such risks.

While such analysis takes time away from your normal business responsibilites, it creates a critical area for failure in the event you do not manage such major risks.

Entrepreneurs – Do the Right Things!

Ravi Patel

 

Published in: on February 20, 2018 at 4:44 am  Leave a Comment  
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Setting High Standards

“The quality of a leader is reflected in the standards they set for themselves.” – Ray Kroc

Great leaders set high standards for themselves. The growth of McDonald’s was in large part due to the quality, efficiency and customer service standards established by Ray Kroc.

Entrepreneurs too need to set and live by commendable personal standards or a code of conduct for themselves so that they can demonstrate a high level of leadership to inspire their employees. How often have we seen leaders who ask their followers to do one thing while they do something else? How does that provide leadership by example?

If an Entrepreneur desires to set high standards of ethics and performance for their companies, they first need to set for themselves high-reaching standards. However, that is not enough! Entrepreneurs need to then adhere to their established code of conduct and demonstrate via actions their commitment to such uplifting principles.

Leadership in this area is truly by example. If an Entrepreneur establishes a pattern of behavior that meets his/her lofty standards, then it will be easier to set high standards for the company and employees. It helps to inspire people by actions and then demand high standards of excellence and hold their followers accountable.

Ravi Patel

www.patelCFOservices.com

Published in: on February 13, 2018 at 4:12 am  Leave a Comment  
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A Playbook for Entrepreneurs

With the Super Bowl  on Sunday, the football season is over. It was impossible to miss the coaches on the sidelines with color-coded sheets of possible plays to be called for that game. The head coach with all the assistant coaches spent hours prior to the game analyzing their competitor’s game, strengths and weaknesses, strategies and so on and blended it with their own team’s core competencies to create a game-plan for winning. Disciplined coaches with a good playbook are generally winners.

Entrepreneurs, do you have similar “playbook” for major strategic actions to be used against, in or with competitors, marketplace, economy, opportunities, employees and so on? Have you worked with your key leadership team to develop such a playbook?

Winning on the field, analogous to the marketplace, requires a lot of planning, analysis, strategizing to come up with the ideal game-plan for success. A playbook for winning a football game is similar to one required for succeeding in business.

Create a playbook for your business and ensure that you call the right play for the situation. Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on February 6, 2018 at 4:56 am  Leave a Comment  
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