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

Collaborating with Unexpected Partners

In order to be successful Entrepreneurs might have to “partner” with unexpected parties. Keep an open mind.

Entrepreneurs cannot do everything themselves. Collaborating with their stakeholders – employees, customers, vendors, bankers, lawyers, and so on – is customary and expected.

However, there might be times when Entrepreneurs might have to partner (not necessarily in the legal sense) with parties that they might not normally do business with. Competitors are the most common category of such unexpected partners. Entrepeneurs should never close their mind to working with competitors for the right reasons. Even giants such as Apple, Microsoft, Yahoo, or Google collaborate with each other. The operating philosophy behind such partnerships should be that it is a win-win strategy for both parties.

There might be other unexpected parties – Government, research organizations, foreign companies and so on – that an Entrepreneur could collaborate with. Keep an open mind and explore the possibilities as long as it does not take your focus away from your Mission.

Ravi Patel

www.PatelCFOServices.com