Learning to Trust Others

New Entrepreneurs like to be in “total” control. It is sometimes difficult for them to acknowledge that other people can do as good, if not a better, job than they can.  They also believe that if they share their ideas with people, someone may steal them and take advantage.

It is about trust. However, it is less about trusting other people, but more about not trusting themselves enough.

Entrepreneurs do take significant risks in the business sense – that is embark on new ideas, in an uncertain environment, with a not fully developed product or service, no ready customers, lack of adequate funding and so on. They are good at that.

When it comes to relying on other people, their risk-taking is limited. While they may trust family members, it is difficult for starting Entrepreneurs to trust outsiders. So what is the problem?

In my opinion, the issue is that Entrepreneurs do not have sufficient trust in themselves to identify, train, and coach the right people to delegate key responsibilities. Sometimes loners, people management skills are the least ones they have developed. This often creates a situation where Entrepreneurs end up performing all key tasks and stretching themselves too thin.

Entrepreneurs need to train and then trust themselves to make appropriate people decisions so they can then trust those people to do the things right. The sooner they learn to do that the faster their growth and success.

Ravi Patel

www.patelCFOservices.com

Published in: on March 1, 2016 at 3:51 am  Leave a Comment  

Season’s Greetings

This is a wonderful time of the year.

A festive season with sharing, giving, receiving, praying, and of course partying.

Enjoy the holiday season and celebrate Christmas, Hanukkah, and all other religious and non-denominational events.

Season's Greetings

Season’s Greetings

Published in: on December 22, 2015 at 3:59 am  Leave a Comment  
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Are You a Good Manager?

There are numerous books and articles about management and how to be a good manager. Different authors focus on each aspect of management and discuss skills to master these areas.

Here is my take – Good management is 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. A good 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.

Which manager should you be?

Ravi Patel

www.patelCFOservices.com

Published in: on January 21, 2014 at 4:57 am  Leave a Comment  

Happy New Year!

New Year Greeting 2014

Published in: on December 31, 2013 at 9:24 am  Leave a Comment  

A Balance in Life

Entrepreneurs are always on the go and want to accomplish great things. Sometimes it behooves them to step back and take account of their life.

The holiday season allows you the opportunity to decompress and look at he big picture.

Many years ago, I attended a week-long leadership program and one thing they taught us that I still remember is that all great leaders need balance in their lives. I believe the lesson is appropriate for Entrepreneurs.

Think of your life as a square having four corners. One corner is you; the others are family, business/career, and community. In order to maintain a perfect square, or balance in life, each corner needs equal time to be devoted to it. You need to take care of yourself and your family. Of course, your business and career are important drivers. Lastly, you need to give back to the community in which you live.

Some Entrepreneurs dedicate a significant amount of time in civic, charitable and community activities. This effort is commendable.

For others, it might make sense to establish some type of focus on giving and sharing. What better time to start than around these holidays. In addition to your individual efforts in this area, you might want to involve your company and employees in community activities. Not only will that inspire your employees, but it will reflect your company’s s desire to share and give in the community that you belong to.

Ravi Patel

www.patelCFOservices.com

Published in: on December 23, 2013 at 10:55 am  Leave a Comment  

Accepting Advice

“I never learned from a man who agreed with me.” – Robert A. Heinlein.

Critics might be frustrating to Entrepreneurs and might even get under their skin. However, critics can teach you important lessons. If you listen to people who only agree with you, you are not going to learn something new.

It is always important to weigh different sides of any issue to reach the optimal decision. If everyone around you only promotes one side – your viewpoint – you will never see the other side. Listen to people who don’t agree with you to understand differing opinions. You might even find those perspectives more useful than you own and it could lead to a better decision, product or service.

It is often better to accept good advice from critics than bad advice from your supporters. Just because someone does not agree with you does not necessarily make them wrong. Similarly, someone who agrees with you is not always right.

Entrepreneurs should accept good advice, no matter where it comes from.

Ravi Patel

www.patelCFOservices.com

 

Published in: on October 22, 2013 at 4:52 am  Leave a Comment  
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Are you Doing the Right Things?

Entrepreneurs are normally go-getters who love to get things done. They are not afraid to roll up their sleeves and delve into tasks at hand in order to accomplish them. As companies grow in size, Entrepreneurs become knowledgeable in most aspects of the functional areas  of their businesses. In most cases they can perform most tasks as well as or better than their employees. Sometimes there is a natural tendency to do things themselves as they can do them better, faster, and right.

The passion of Entrepreneurs to do things right and to do it themselves limits the growth of their companies. Instead, they need to create an environment and culture where their people do things right. Proper training of people, even allowing them to make mistakes and learn from them, and promoting a culture of continuous improvement allows organizations to become self-sustaining and grow well. Entrepreneurs will then not have to worry about doing things right because their people will be doing it themselves.

What should Entrepreneurs do then? Do the Right Things. Please read the full article here.

Ravi Patel

www.patelCFOservices.com

Published in: on September 11, 2012 at 5:47 am  Leave a Comment  
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“I Need Help”

These three words are so misunderstood, especially by Entrepreneurs.

Asking for assistance is sometimes incorrectly perceived by Entrepreneurs as a weakness in leadership or deficiency. Or as, it is too expensive to ask for help. Nothing could be farther from the truth!

It is widely accepted that Entrepreneurs initially start businesses because of unique, innovative ideas – not because they are professional chief executives. It is not fair to expect that Entrepreneurs are well versed in all major functional areas of a business. Asking for help in areas that are not their strength is not a sign of weakness.

In fact, soliciting assistance at the right time is rational and could save Entrepreneurs time, people resources, and money in the long term. As a strategy, Entrepreneurs may want to create a Mastermind Group of advisors whom they can ask for help at any time.

Asking for help at the right time is smart business.

Ravi Patel

www.patelCFOservices.com

Effectiveness of your Accounting Department

Entrepreneurs need to periodically assess the effectiveness of their Accounting Department.

The most obvious criteria is whether Entrepreneurs consistently receive monthly statements on a timely basis and if they are accurate. However, past data is merely a reflection of what happened, but does it help you to make better decisions?

An effective Accounting Department is one that moves from just preparing financial statements to analyzing and meaningfully reporting on the data to help Entrepreneurs monitor trends and make optimal decisions.

In addition, Accounting should be closely involved in preparing budgets and financial projections and measuring and reporting on actual versus planned results.

Entrepreneurs, have your Accounting Department become your decision-making support team rather than just “bean counting.”

Ravi Patel

www.patelCFOservices.com