Being Fair Might be Unpopular

Good leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders.

Entrepreneurs are loyal to people, especially those who helped them start the business and were early employees. As the company grows, Entrepreneurs have to make decisions that might be tough, unfair to some, and unpopular.

Fair decisions involve doing the right things even it means that some people might be adversely affected by such actions. Business decisions cannot be optimal if everyone’s interest is always taken into account. Entrepreneurs, on the other hand, should not in any way go out of their way to make decisions that purposely hurt certain people. That would be grossly unfair.

While difficult, make fair decisions for your business that are ethical even if they might cause hardship for some people and be unpopular.

Ravi Patel

www.patelCFOservices.com

 

Published in: on June 20, 2017 at 4:05 am  Leave a Comment  
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Be Cool

Entrepreneurs often face stressful and chaotic situations. Do you keep your cool demeanor in these circumstances?

Have you watched firefighters, policemen or even bomb diffusers operate in high-stress situations? Their ability to act calmly reassures everyone around them not to panic.

Similarly, leaders who stay calm and keep their cool under chaotic business situations inspire confidence in their employees. Instead of panicking, they all tend to follow their leader and behave productively to resolve the issues. If the leaders lose their cool, who can blame the employees for doing so too?

Great leadership inspires people to do phenomenal things. Calm and cool leadership in volatile situations prevents their followers from panicking or performing irrational acts or even worse inciting riots.

Be a cool Entrepreneur!

Ravi Patel

http://www.patelCFOservices.com

Published in: on May 9, 2017 at 3:56 am  Leave a Comment  
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Speak With Your Actions

Actions speak louder than words! While it might be a cliché, it is no where more true than for Entrepreneurs as they build their companies.

Generally when the company is just starting, Entrepreneurs show great leadership when they roll up their sleeves and are willing to put in the effort that they demand of their employees. As companies grow Entrepreneurs sometimes say one thing and do something else.

Entrepreneurs need to ask themselves certain type of questions as they become successful:

  • Am I still putting the effort that I am asking of my employees?
  • Do I watch what I spend while I announce cost reduction programs?
  • What am I am doing to improve the company when I am preaching on continuous improvement in my organization?
  • Am I cutting corners while I demand quality from my employees?
  • Do I exhibit what it takes to provide superior customer service when demanding the same from employees?

Answers to these types of questions will determine if your actions match your words. If not, you should make sure they do!

Ravi Patel

www.patelCFOservices.com

Published in: on May 2, 2017 at 4:27 am  Leave a Comment  
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I am Sorry, but ….

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.

People make mistakes; Entrepreneurs are no exception.

What distinguishes leaders is that when mistakes are made, genuine ones offer a sincere apology. What does that mean?

A sincere apology is just that – sincere! When you make a mistake, no matter affecting which stakeholder, just say a sincere sorry without any “buts,” excuses or reasons. This apology 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 more sincere to the offended party.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

 

Published in: on April 11, 2017 at 4:18 am  Leave a Comment  
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Progress over Perfection

When someone says “I am perfectionist,” it might sound good, but it is not particularly helpful to Entrepreneurs.

Entrepreneurs have a bias for action and are generally impatient. They need to see the fruits of their invention right away. If they wait to perfect it, they get bored and move on to something else. The market will not wait either – getting it to the market first is the key to the competitive game.

In growing their business, Entrepreneurs should be striving for measurable, meaningful progress on established goals rather than perfection at a point in time. Sustained progress in the correct 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 well is much better than something that is not put into practice as it waits to be perfected.

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

Ravi Patel

http://www.patelCFOservices.com

Entrepreneurs Shouldn’t be Heroes

Entrepreneurs are sometimes pressured into thinking of themselves as heroes trying to create miracles.

Miracles happen infrequently. While Entrepreneurs might feel that they have to be heroes to rescue their company from all situations, it is not always possible and more importantly not the right thing to do.

Companies need long-term leadership that successfully builds the organization with a great employee team to solve problems and exploit opportunities in the absence of the leader. Relying on a hero creates dependence and can only work in the short term or in a few instances.

Entrepreneurs might think of themselves as super-heroes for starting the company and making it grow though its infancy, strong business leadership is necessary to nurture the organization for long-term growth and success.

Be a Leader NOT a Hero!

Ravi Patel

www.patelCFOservices.com

Published in: on March 7, 2017 at 4:33 am  Leave a Comment  
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Coaching Employees

“A good coach will make his players see what they can be rather than what they are.” – Ara Parasheghian

Like good coaches, Entrepreneurs have to find the potential in their employees. When hiring, don’t merely evaluate the current skills and experience of the applicant. Rather, determine what the person could become with proper mentoring and training.

Given right coaching, raw talent could be molded to perform at a high level in any organization. The problem for Entrepreneurs is that they mostly focus on short-term needs and do not have a long-term vision for human resource acquisition and management.

When a sculptor views a stone, he/she is evaluating whether it could be transformed into a thing of beauty. Similarly a land developer sees beyond the empty expanse of land and has a vision of what a housing community or golf course it could become.

Entrepreneurial leaders have a great vision of what their idea or product could become. They need to use a similar vision towards their employees and see their potential rather than settle for what they are right now.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Being a Good Coach

As an Entrepreneur, are you a good coach?

Lessons from a good coach – whether in business or personal situations – remain throughout life. How often can you refer back to something that a great teacher taught you and marvel at the teachings, even after many years!

On the other hand, bad lessons also stay in one’s memory; however, what would you rather be remembered for?

Good leaders most often inspire their followers not only with the actions they take, but also with what they teach their followers. As a business and Entrepreneurial leader learn to educate your employees the right way to think, and the correct actions will follow for the rest of their lives. Don’t always tell employees what to do, but make them learn how to do it.

Most Entrepreneurs and managers don’t take the time to coach their employees as they claim to be too busy and are focusing on current tasks. For the long term success of your company and as a true leader, it is more important to enlighten your employees so they themselves can be effective at what to do.

Do the Right Things – strive to be a good coach for your employees.

Ravi Patel

http://www.patelCFOservices.com

Published in: on February 7, 2017 at 4:31 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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Saying Sorry

Everyone makes mistakes and so do Entrepreneurs.

What separates leaders is that when mistakes are made, genuine leaders offer a sincere apology. What does that entail?

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 more sincere to the offended party.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Published in: on November 15, 2016 at 3:58 am  Leave a Comment  
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