Make Your Employees Think

Entrepreneurs start businesses because they have new, innovative ideas as a result of “thinking outside the box.” They identify under served niches in the marketplace and find unique ways to fulfill unmet or unrecognized needs.

Do Entrepreneurs, once they start and grow the business, foster the culture of “Thinking Outside the Box” in their employees?

The reason for the Entrepreneur’s original initiative due to creative thinking is also applicable to his/her organization. If the culture of the company is one of innovation and finding unique ways of doing things better and faster, it will promote not only continued success for the company but also tremendous job satisfaction for the employees.

Entrepreneurs should be careful not to create a control-oriented impression that “Thinking Outside the Box” is only meant for them. It gives a feeling of “Do what I say, not what I do.”

Empower your employees and let them come up with creative ways to perform their jobs better and improve processes in the company. Entrepreneurs for this employee performance management philosophy should also think outside the box !

Ravi Patel

http://www.patelcfoservices.com

 

 

Published in: on April 25, 2017 at 4:17 am  Leave a Comment  
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Making Mistakes

People make mistakes! Great inventions and discoveries were inspired by mistakes. Entrepreneurs also make mistakes, so their tolerance towards their employees making mistakes is expected.

Entrepreneurs should create a business culture that does not penalize people from thinking outside the box and making mistakes. A company cannot grow if no one takes risks just to avoid making mistakes.

Making mistakes is acceptable if it is during the process of trying new methods or ideas. However, it is essential to learn from these mistakes and prevent future occurrences. People grow by learning from their mistakes.

An employee that keeps on making the same mistake again and again despite training, coaching and direction should be dealt with. This situation is no longer is a process of learning but a performance issue. It ultimately hurts the company and people.

Making a mistake is acceptable. Not learning from that mistake is bad; making the same mistake repeatedly is worse.

Ravi Patel

www.patelCFOservices.com

Published in: on September 7, 2016 at 4:20 am  Leave a Comment  
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Being Fair

Leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders. As they say, “you cannot please all the people, all the time.”

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

Good decisions involve doing the right things even it means that some people might be adversely affected by such actions. Fairness is a great moral value, but sometimes business decisions cannot be optimal if everyone’s interest is 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 optimal decisions for your business that are ethical even if they might cause hardship for some people.

Ravi Patel

www.patelCFOservices.com

Published in: on January 12, 2016 at 4:15 am  Leave a Comment  
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Would you Like to be the Biggest or Best Company?

Entrepreneurs, what would you like your company to be – the best or the biggest? A quick, flippant answer would be to be both.

Becoming the biggest is a lofty objective, but achievable if you have a special niche in the marketplace. Being bigger, with reasonable profitability, allows access to resources for further growth. However, the entrepreneurship spirit is often lost as the size of a company gets bigger. More importantly, being the biggest says nothing about the quality of the organization. Being the biggest could mask inefficiencies in the short term.

On the other hand, being the best reflects a philosophy regarding the quality of products and services, processes, customer service, people and so on. All these have to be exceptional to be the best. While short-term costs may be higher to achieve the status of being the best, the long term prospects for growth are phenomenal. Competitive differentiation is most pronounced with being the best and might allow a premium for one’s goods and services.

Being the best allows you to become the biggest, but being the biggest does not automatically mean that you are the best.

What would you rather strive for – being the biggest or the best?

Ravi Patel

http://www.patelCFOservices.com

Published in: on October 28, 2014 at 3:29 am  Leave a Comment  
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