Reduce Control

For Entrepreneurs managing their level of “control” is crucial in growing their businesses.

When Entrepreneurs start their businesses, they feel like they need to have total control over everything that goes on in their organization. All decisions are made by them and nothing can be done without their say so. That is too much control.

However, as the business grows, Entrepreneurs are forced to give up some control and delegate tasks to others. They still want to know what happened. When successful, Entrepreneurs should transfer responsibilities to a secondary level of leadership. In that stage they cannot keep track of all details.

At every stage of the growth of the company, Entrepreneurs reduce their sphere of direct control. This is very difficult for most Entrepreneurs, especially if it is their first business venture.

Building a strong secondary leadership team, guiding and mentoring the team, and periodically monitoring their accomplishments towards specific objectives and the overall Mission will reduce the anxiety of Entrepreneurs. If  Entrepreneurs cannot learn to reduce their sphere of control, it will create stress that might be detrimental.

When things fall outside your sphere of direct control (to lower levels of the organization), resist the temptation to wrest such control or stress about it. Focus on the bigger picture.

Ravi Patel

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Published in: on November 6, 2018 at 4:39 am  Leave a Comment  
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Hiring Smarter People

Entrepreneurs must hire people to grow their companies. What kind of management leaders do they hire? Who should they hire? Is that appropriate?

In order to keep costs down, there might be a tendency to recruit lower-cost managers who might require a lot of supervision. Is this keeping costs down in the long run? Is the Entrepreneur’s time well spent in managing such managers?

Entrepreneurs should not be afraid to hire people smarter than they are. Hiring smarter people might be tough on the ego and wallet, but in the long run the company will be much better for it. In fact, hiring smarter people will provide the opportunity to not only learn from them, but also allow the Entrepreneur to focus more time and energy on his/her areas of strength.

Do the Right Things!

Ravi Patel

Published in: on October 23, 2018 at 4:45 am  Leave a Comment  
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Being Persistent

Frustration due to obstacles is common for all endeavors. The successful ones are those who keep on going and overcome obstacles.

Persistent is defined as continuing firmly or obstinately in a course of action in spite of difficulty or opposition.

How appropriate that an Entrepreneur be persistent to be successful? Facing difficulty, obstacles, discouragement, setbacks and even failures are nothing new for Entrepreneurs.

Entrepreneurs who come through even after facing challenges are the ones who have a laser focus on their Mission and can navigate a steady, persistent course without being unduly discouraged. The story about the spider weaving a web despite repeated failures comes to mind.

If you desire to succeed in achieving your Mission, be persistent! Your people will be inspired and support your efforts.

Ravi Patel

Published in: on October 2, 2018 at 4:39 am  Leave a Comment  
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Create a Playbook for your Business

The football season is here. It is hard 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 spend hours prior to the game analyzing their competitor’s game, strengths and weaknesses, strategies and so on and blend 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, similar 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

Published in: on September 18, 2018 at 4:30 am  Leave a Comment  
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Take Care of Your Employees First

“Charity begins at home” means that you should take care of family and people close to you before you worry about helping others.

Does this apply to Entrepreneurs and business?

Most Entrepreneurs and small business owners have a desire to be generous to causes they believe in. It is noble to give back to the community they work and live in.

However, it is important to first take care of matters close to business and then outside. This entails making sure you first address the well-being of your employees. Ensure that your employees are compensated commensurate with their performance, have comprehensive benefits, opportunity to learn and develop their skills,  and well-defined path for advancement.

Giving to charity and noble causes is great, but if you don’t take care of your employees first you might not be paying homage to the “charity begins at home” philosophy.

If you help others without first taking care of your employees, it might be at the latter’s expense and they might resent that. On the other hand, if you take care of your employees first, they might be motivated to join in and participate and contribute to your charitable causes.

Do the Right Things!

Ravi Patel

Published in: on August 28, 2018 at 4:30 am  Leave a Comment  
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Being Sincerely Sorry

Everyone makes mistakes.

What separates Entrepreneurs is that when mistakes are made, genuine leaders offer a sincere apology. How do you accomplish that?

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.

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 even more sincere to the offended party.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on June 19, 2018 at 4:45 am  Leave a Comment  
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From Doing to Thinking

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 thinking.

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 “thinking” in order to get to the next level.

Ravi Patel

http://www.patelCFOservices.com

Published in: on May 1, 2018 at 4:40 am  Leave a Comment  
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How to Make the Right Decision?

Being faced with hundreds of decisions, how do Entrepreneurs go about making the right ones?

Generally ideal decisions are made with facts, experience, skills and other people’s input gained over time. Sometimes one’s gut or instinct plays an important role too.

Irrespective of how Entrepreneurs arrive at it, the perceived popularity of their choice must never be a factor in the decision-making process. Do what is right, not what is popular!

Right and wrong does not depend upon how many people are for or against a decision. Entrepreneurial leadership is not a popularity contest, but rather leading people the right way towards fulfilling a common Mission. Popularity comes and goes, but true leadership remains.

Entrepreneurs must have the courage to make the right decisions.

Ravi Patel

www.patelCFOservices.com

Published in: on November 14, 2017 at 4:53 am  Leave a Comment  
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Be Credible

Talking a great game is easy for a lot of people. They convince others that they are successful even though they might not have done anything. Are they credible?

Entrepreneurs should learn from such people how not to conduct themselves.

Whenever speaking about your product, capabilities and skills, be confident and assertive yet understated. Don’t oversell yourself. In any case, don’t lie.

Let your actions speak loudly. Be exceptional in delivering results and let that do the talking for you. People who need to will be more impressed with your results rather than your promises.

Be understated in your talk, but exceptional in your actions to build credibility!

Ravi Patel

http://www.patelCFOservices.com

Published in: on November 7, 2017 at 4:34 am  Leave a Comment  
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Rapid Growth Isn’t For Everyone

Entrepreneurs are mostly focused on growing their companies and would like nothing more than rapid growth. However, is rapid growth good for all Entrepreneurs? Not necessarily.

Being ready for and managing rapid growth requires tremendous preparation and infrastructure. In addition to unique product and services and a solid management team, items such as adequate facilities, reliable IT infrastructure, communication systems, developed business processes, working capital lines of credit, access to growth capital, a group of professional advisers (lawyers, accountants, etc.), an industry advisory group or Board, and so on must be in place.

Most Entrepreneurs have a few of these things in place as they expand, but reach a crisis point when certain required elements are not readily available or in place.

While rapid growth is desirable, Entrepreneurs must ensure that they have in place the requirements to manage such growth . Otherwise, rapid growth might not be good for them.

Ravi Patel

www.patelcfoservices.com

Published in: on August 15, 2017 at 3:56 am  Leave a Comment  
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