Being an Effective Manager

Various books and articles about management focus on each aspect of management and discuss skills to master these areas.

Here is my take – Effective management is all about making it easier for employees to perform their jobs to achieve the established goals.

It is the manager’s job to make his/her employees successful. An effective manager works on eliminating obstacles that impede their employees from reaching their goals, and providing the required resources and tools.

Poor managers bent on too much control, in fact, create obstacles for their employees. They create processes that make the jobs of their employees more complicated and difficult.

Entrepreneurs, which manager should you be?

Ravi Patel

Advertisements

Improve from Status Quo

The normal convention is that if things are not broken, do not fix them. Well, challenge the norm! Entrepreneurs are good at doing that for new ideas.

If things are not broken, they are also status quo. Things that are stagnant are not necessarily desirable. Seek ways to improve the status quo. Find different ways of doing things to make them better.

In an environment when things are slow, review things that are not broken with an eye to make them better. It may serve you well when the economy picks up and you might not have time to review your operations.

Ravi Patel

Use Technology to Improve Productivity

When faced with a tight financial situation, many Entrepreneurs focus on cutting costs. While this is an essential strategy for survival, you might also want to include productivity improvement as a tactic. Doing more with less people also helps your overall goal to increase profitability.

Technology plays a useful role in providing tools to increase productivity. If you have a strong manual process to accomplish tasks, it may be a candidate for using technology to increase productivity.

In last week’s post I had discussed business process reviews for continuous improvement. Technology can not only improve the quality of your process, but also the efficiency and thereby the productivity of the business process.

Incorporating technology wisely and economically can increase productivity and quality of your operations.

Ravi Patel

Enhancing Key Business Processes

Do you know the key business processes in your company? What are you doing to monitor the performance in these processes? Do you have systems to review these key business processes periodically and improve them?

As Entrepreneurs grow their companies, the emphasis should not only be on generating revenues, but it should also include improving the processes that deliver those revenues.

Total Quality Management emphasizes documenting your critical business processes; developing key metrics; measuring and posting these metrics; and continually improving the processes.

Entrepreneurs will then benefit from the enhanced quality and efficiency of their business processes.

Ravi Patel

Pay Attention to Fundamentals

What if your business shows good trends, but the fundamentals are poor? You  feel great in the short term, but the future might be bleak.

As an example, your sales may be on the upward trend, but if the fundamentals for your business – quality of product/service, delivery times, customer service, and so on are weak, how long will your sales continue to grow? What if your sales are growing, but your margins are rapidly declining? Is that really a good trend?

Entrepreneurs should not be fooled by short-term trends in their businesses, but focus on ensuring that the fundamentals are sound and going in the right direction. Determine the key drivers of your business and concentrate on fixing and enhancing these fundamentals to grow your company for the long term.

Ravi Patel

Published in: on November 27, 2018 at 4:42 am  Leave a Comment  
Tags: , , ,

Are you a Good Delegator?

Entrepreneurs might believe they are super-human, but they cannot do everything themselves in their companies. Thus, they have to assign projects, goals, and objectives, or collectively tasks to various individuals.

Once you delegate, do you have a good system of tracking those tasks? If so, that is a step in the right direction. If not, you need to get a system or process that works for you.

But, more importantly, do you follow-up on the assigned tasks? Do you have a system to track the progress on the various items? Do you have a reminder system?

Assigning tasks is not enough. Proper delegation requires monitoring the progress on completion status of these tasks with regular follow-up. Otherwise you are sending a message to the employees that you are not going to hold them accountable.

While some employees will take the initiative to report on the progress of the assigned tasks, you need to have a system to hold all people accountable.

Follow up is critical for effective delegation. If you can’t be a good delegator, don’t always expect results.

Ravi Patel

Published in: on November 13, 2018 at 4:16 am  Leave a Comment  
Tags: , , , ,

Short Yet Effective in Your Communications

Do you believe that to effectively communicate your message you need to use more words? Is using too few sentences reducing the importance of your communications? Is being verbose mean you are saying something important? If you think so, you might be wrong!

Effective communication means driving home your point powerfully in as less words as possible.

People have a very short attention span, especially potential investors. If you can’t communicate your message succinctly yet powerfully, you might lose your audience. That is not a good thing for Entrepreneurs.

Regardless of your target audience – investors, clients, employees, vendors, bankers or others – learn to fine tune your message. Make it short and simple, yet effective for them to understand and retain. The longer you speak or write, the less is absorbed.

People will not say that you didn’t speak long enough, but they will definitely tell you that your message was short but effective. What would you rather prefer?

Ravi Patel

Viewing Employee Performance Differently

There are several ways to evaluate employee performance  in your company. Most traditional ways focus on actual performance against job expectations and/or against established goals.

Consider a different perspective. Entrepreneurs should classify employees into three categories – those who add direct value to your business, those that are neutral or add indirect value, and those that reduce company value.

Clearly, pay special attention to the first category by training and motivating them so that they continue to add value. Have a strong retention program, including appropriate incentives, for these individuals so that they don’t leave your organization.

Deal immediately with people who reduce the value of your company. These are the bad apples that need to be removed from the company promptly.

The people who are neutral as far as their contribution to company value need to be either moved to the category of employees that add value by training, or red-circled if they are providing a support function to the first category of employees. If there is a chance that they would reduce the value to your company, they need to be transitioned out.

Identifying the three categories of employees and dealing with them appropriately will go a long way in building the value of your company.

Ravi Patel

 

Managing your Time by Doing the Right Things

Think about time management in another way. If you don’t have time to get things done, are you actually doing the Right Things?

Entrepreneurs, especially early in their careers, often have a tendency to not only do everything themselves, but also focus on doing tasks right – whether they are important or not! This isn’t effective use of their time.

The focus for Entrepreneurs should be to define and do the Right Things and delegate the rest. Once you discover and focus on the Right Things, you will probably have more time to do them. Wasting time on things that Entrepreneurs like to do, being perfect on insignificant tasks, or not delegating steals time from more important things to do for your business. Manage time effectively by changing your thinking.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Small Steps for Success

Nothing wrong with Entrepreneurs thinking big!

Developing a plan to achieve those big dreams and putting it into action is a requirement, among other things, for Entrepreneurial success.

Some Entrepreneurs want immediate success which is unrealistic. Having sustained incremental progress towards your Mission and goals is a more realistic path to success than hoping for overnight results.

While overnight success stories happen from time to time, the odds are very high against it. Entrepreneurs need to focus on making small, sustained steps of progress to achieve realistic milestones. Celebrate those small steps of success!

Consistent effort and making incremental progress on a realistic timeline might be slower that one wants, but that is ultimately what gets you to your goal.

Ravi Patel

www.patelCFOservices.com