Strive for Incremental Progress

Saying “I am perfectionist” might sound good, but it is not helpful for Entrepreneurs.

Entrepreneurs are generally impatient. They need to see the fruits of their innovation right away. If they wait to perfect it, they might get bored and move on to something else. The market will not wait either – getting it to the market first is the name of the game.

As Entrepreneurs grow their business, they should be striving for measurable, incremental progress on established goals rather than perfection at a point in time. Sustained progress, even in small measures, in the right direction is desirable than perfecting some aspect of the product, process or service without overall forward movement.

An idea that is ninety percent complete and implemented is better than something that is not put into practice as it waits to be perfected.

While perfection might be appropriate for artists and scientists, Entrepreneurs need to be progress driven! Show leadership by demanding progress from your employees instead of perfection.

Ravi Patel

http://www.patelCFOservices.com

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What Drives Your Revenues?

While it is a cliché – in order to help a hungry man for the longer term one teaches him how to fish rather than giving him fish – it is a useful learning idea for Entrepreneurs.

For Entrepreneurs to be successful they should not only focus on increasing revenues, but should more importantly also improve the processes that deliver those revenues.

Entrepreneurs might be able to increase revenues in the short-term by doing it themselves. However, in order for revenues to continue growing for the longer term and through other people, they need to establish and keep on improving the processes that generates such sales.

In order to do so, they first need to understand the processes, improve them as necessary and then ensure they are repeatable with no lapse in quality. Documenting the procedures, training the people and monitoring compliance are necessary to implement robust revenue-generation processes.

Determining the drivers of your revenues is a critical first step in improving and enhancing the revenue stream.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Think Strategically

Entrepreneurs like to get their hands dirty and are involved in doing stuff. This is as a result of their expertise, desire and passion.

What happens as their company grows? They cannot be only involved in “doing,” they have to focus on strategy.

An analogy would be that of an entrepreneur who is an expert in building a widget. He/she can spend enough time on developing and building the perfect widget. However, at some point the focus should be on developing a strategy of how to market and sell the widgets, building lots of widgets at a low cost, creating the organization to build and sell widgets, opening new locations, and so on.

Entrepreneurs have to shift their role from “doing” to “strategizing” in order to get to the next level.

Ravi Patel

 

Published in: on March 13, 2018 at 4:59 am  Leave a Comment  
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Defining Success

When Entrepreneurs start and build businesses, their definition of success is most often that of  “making lots of money.” When they reach their desired level of this definition of success, then what? What about the process of reaching there? Is success only about making money? Not really!

Success is not only about making money or attaining wealth. Long term success should be judged by the degree to which you are enjoying health, love of family,  friendships, balance in life, and internal peace.

Evaluate your self-improvement, the number of people you have mentored, the lives in which you have made a difference, and the communities that you have benefitted to gauge your true level of success.

Making lots of money of course, does help in reaching the road to success.

Ravi Patel

www.patelCFOservices.com

Published in: on March 6, 2018 at 4:50 am  Leave a Comment  
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