Engage Your People

Recruiting and hiring good employees is not enough for Entrepreneurs.

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 people actively engaged 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. People 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. Involve them in your in your company.

Ravi Patel

How Well Do You Manage Cash?

Cash flow management is a critical factor in an Entrepreneur’s ability to successfully grow a business. Yet more often that not, Entrepreneurs react to cash flow problems rather than actively managing this area.

Entrepreneurs need to ask themselves what metrics they are using to monitor cash flow. Are these the appropriate measures? How timely are such metrics?

What type of tools are Entrepreneurs using to manage and more importantly increase the available cash in their business? Are these tools continually refined to make them effective?

Entrepreneurs would be better served to proactively manage their cash flows, or at least monitor this important area if such management is delegated to others in their organization.

Ravi Patel

Published in: on January 21, 2020 at 5:50 am  Leave a Comment  
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Respect Chain of Command

Entrepreneurs are often used to doing  mostly everything themselves when they start their businesses. As they grow the organization, Entrepreneurs should build a structure with people in key functional positions and clearly defined supervisor-subordinate relationships establishing a clear chain of command.

Due to their founding the company and established informal relationships with initially hired employees (could be friends), Entrepreneurs sometimes bypass the established chain of command and direct such employees at lower levels. This also encourages these employees in turn to bypass their supervisors and deal directly with the Entrepreneur or CEO.

Emergencies and critical decisions necessitate a breakdown in the organizational hierarchy. However,  organizational structure and the established supervisor-subordinate relationships need to be maintained to facilitate people to “Do the Right Things” and build companies for long-term growth .

This does not imply that Entrepreneurs should not maintain informal, leader-follower relationships at all levels in the organization. Instead, Entrepreneurs should cultivate an environment where the key management team and supervisors are the decision makers within their sphere of responsibility instead of relying on or promoting all significant decisions to be made by the Entrepreneur or CEO by bypassing formal relationships.

Ravi Patel

Continuous Improvement

Entrepreneurs might want to make a new year’s resolution.

Building a company focused on continuous improvement, Entrepreneurs have to strive in their organizations the need to constantly evaluate processes and make changes to enhance them.

Related to that Entrepreneurs might want to have a goal of implementing company-wide a new, significant idea periodically, minimally every quarter. Doing so will set an example in your company that you are focused on improving operations and introducing new ideas.

Do the Right Things!

Ravi Patel

Happy New Year!

Published in: on January 1, 2020 at 1:00 am  Leave a Comment