Dealing with Change

The country and its business environment is going through transformation. How should Entrepreneurs deal with this change?

A simple saying –  “Complain not about the wind. Adjust your sails.” – offers great business advice for Entrepreneurs in these times.

It is very easy to complain about all the things that are preventing Entrepreneurs from succeeding. Some of the issues faced by Entrepreneurs including cash shortages, employee layoffs and poor morale, unsustainable overhead and fixed expenses, misaligned ratios of variable expenses to revenues, customer and product/service issues, high debt levels, government regulations, high tax rates and so on are ripe topics for complaining.

Losers will take this opportunity to complain and find excuses to rationalize their failure, just as a poor sailor frets about the winds.

Winning Entrepreneurs and leaders, instead, adjust their sails to move forward on a steady course. Finding ways to increase cash flow; having employee work-sharing programs and non-monetary motivational programs to boost morale; reducing overhead and fixed expenses; realigning ratios of variable expenses to revenues, customer partnerships and product/service improvement initiatives; and restructuring high debt loads are all positive ways to adjust the sails.

What would you rather do? Complain about the winds or adjust your sails. Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

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Published in: on January 31, 2017 at 4:29 am  Leave a Comment  
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Change Proactively When Neccessary

Entrepreneurs take risks, chart their own course, and have a single-minded focus.

But, are they dogmatic about their ideas and vision? Sometimes there is a tendency to do so. There is resistance to change if it involves a different course of action than one originally charted by the Entrepreneur.

Not changing when circumstances sometimes demand it could be problematic for Entrepreneurs.

Entrepreneurs must alter, when necessary, their course themselves rather than due to pressure from others. Staying ahead of the game rather than being reactive is a wiser approach.

Entrepreneurs could control the situation by being proactive. If they have to react to external pressure to change course, it is more difficult to accept and might even cause friction.

Do the Right Things and stay ahead by making necessary changes before they are forced upon you.

Ravi Patel

www.patelCFOservicesc.om

Published in: on January 10, 2017 at 4:19 am  Leave a Comment  
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Get Ahead of the Game

Entrepreneurs have to take risks, chart their own course, and have a single-minded focus. They are special!

Are they dogmatic about their ideas and vision? Sometimes there is a tendency to do so. There is resistance to change if it involves a different course of action than one originally charted by the Entrepreneur.

When circumstances sometimes demand changing direction, not doing so could be problematic.

Entrepreneurs should strive to alter, as necessary, their course themselves rather than due to pressure from others. Staying ahead of the game rather than being reactive is a wiser approach.

Being proactive allows Entrepreneurs to control the situation. If they have to react to external pressure to change course, it is more difficult to accept and might even cause friction.

Do the Right Things and stay ahead by making necessary changes before they are forced upon you.

Ravi Patel

www.patelCFOservicesc.om

Published in: on August 16, 2016 at 4:08 am  Leave a Comment  
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Flexibility to Change

It takes a special person to be an Entrepreneur. One has to take risks, chart one’s own course, and have a single-minded focus.

Does that involve being dogmatic about their ideas and vision? Sometimes there is a tendency to do so. There is resistance to change if it involves a different course of action than one originally charted by the Entrepreneur.

Circumstances sometimes demand changing direction. Not doing so could be problematic.

Entrepreneurs should be flexible and strive to alter, if necessary, their course themselves rather than due to pressure from others. Being proactive rather than reactive is a wiser approach.

Being proactive allows Entrepreneurs to control the situation. If they have to react to external pressure to change course, it is more difficult to accept and might even cause friction.

Do the Right Things and have flexibility in making necessary changes as required.

Ravi Patel

www.patelCFOservicesc.om

Published in: on May 10, 2016 at 4:00 am  Leave a Comment  
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Managing Change

Successful companies grow by changing with reality and situational needs. Being stuck in the same rut doesn’t help anyone.

However, Entrepreneurs can’t force change upon their employees. They need to first create conditions where employees are willing to accept change. Managing change effectively is necessary for its successful implementation.

The first step is to involve the people affected by the change in the process. Don’t force change upon people.

Involving people means that the Entrepreneur has to communicate the reasons for the change and genuinely listen to ideas from employees on how best to make it happen.

Employees are closer to the operations and are in a better position to suggest ideas once they are aware of the need for changes. Accepting their ideas gives them a feeling of being part of the process.

Involving people in a positive environment of collaboration will also make the implementation of changes more effective in terms of acceptance, speed and cost.

Manage change well by involving people and creating a positive environment for them to contribute to its success.

Ravi Patel

http://www.patelCFOservices.com

Being Proactive

It takes a special person to be an Entrepreneur. One has to take risks, chart one’s own course, and have a single-minded focus.

Does that involve being dogmatic about their ideas and vision? Sometimes there is a tendency to do so. There is resistance to change if it involves a different course of action than one originally charted by the Entrepreneur.

Circumstances sometimes demand changing direction. Not doing so could be problematic.

Entrepreneurs should strive to alter, if necessary, their course themselves rather than due to pressure from others. Being proactive rather than reactive is a wiser approach.

Being proactive allows Entrepreneurs to control the situation. If they have to react to external pressure to change course, it is more difficult to accept and might even cause friction.

Do the Right Things and be proactive in making necessary changes.

Ravi Patel

www.patelCFOservicesc.om

Published in: on March 4, 2014 at 5:09 am  Leave a Comment  
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