Seeing What People Could Be

“A good coach will make his players see what they can be rather than what they are.” – Ara Parasheghian.

Like good coaches, Entrepreneurs have to find the potential in their people. When hiring, don’t merely evaluate the current skills and experience of the applicant. Rather, determine what the person can become with proper coaching and training.

Given the right coaching, raw talent can be molded to perform at exceptional levels in any organization. The problem for Entrepreneurs is that they mostly focus on short-term needs and do not have a long-term vision for human resource acquisition and management.

When a sculptor views a stone, he/she is evaluating whether it could be transformed into a thing of beauty. Similarly a land developer sees beyond the empty expanse of land and has a vision of what a housing community or golf course it could become.

Entrepreneurial leaders have a great vision of what their idea or product could become. They need to use a similar vision towards their people and see their potential rather than what they are right now.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Published in: on July 18, 2017 at 4:35 am  Leave a Comment  
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Being Fair Might be Unpopular

Good leadership is about making optimal decisions for the company as a whole, not only for certain segments of stakeholders.

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

Fair decisions involve doing the right things even it means that some people might be adversely affected by such actions. Business decisions cannot be optimal if everyone’s interest is always 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 fair decisions for your business that are ethical even if they might cause hardship for some people and be unpopular.

Ravi Patel

www.patelCFOservices.com

 

Published in: on June 20, 2017 at 4:05 am  Leave a Comment  
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Adding Value as a Performance Indicator

While most traditional ways focus on actual performance against expectations or against established goals to rate employee performance, here is a different perspective.

Entrepreneurs should put 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.

Pay special attention to the first category by training and motivating them so that they continue to add value. Have a strong retention program for these individuals so that they don’t leave your organizations.

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

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.

Rating employee performance based on impact on company value and dealing with them appropriately will go a long way in building the value of your company.

Ravi Patel

www.patelCFOservices.com

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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Productive or Not?

Entrepreneurs, are your employees productive? How do you know? Claiming to have good employees is one thing, but backing it up with data is essential.

Do you establish metrics to measure productivity directly based on your annual company goals?  Are the metrics simple and easily understandable? Do you communicate them effectively to your employees? How often do you post or discuss measured results? Are there periodic meetings to analyze performance and develop methods to improve productivity?

“Doing more with less” is a nice slogan, but proving it with productivity measurement data makes it more meaningful.

If you do measure productivity of your employees and do obtain successful results, have you aligned your reward systems to be in line with productivity improvements?

Improving productivity of your employees is a sure way to deliver more to the bottom line. Are you doing that? If not, why not?

Ravi Patel

http://www.patelcfoservices.com

 

Invest Wisely, Entrepreneurs!

No, this is not a blog on personal financial investing. Rather, it is for investments in your company.

Businesses require investments. Entrepreneurs are keenly aware of the funds necessary to start a business – whether it is for working capital, machinery, technology, equipment, or so on.

As the business grows more investment is necessary. If the Entrepreneur only thinks of investment in material things, it might be too short-sighted.

Long term success for Entrepreneurs requires investment in softer areas of their businesses. For example, in order to have consistent results it is necessary to invest in developing robust business processes (not only computer systems). This takes time and resources, but it is a wise investment.

Entrepreneurs need to make similar investment in their employees. Identify the key potential people in your organization and invest in them. Urge them to improve their skills, train them in functional areas, and take a risk by giving them projects and assignments that challenge them. Investing in your people, just like other assets, will pay off in the long term.

Entrepreneurs need to identify all areas of their business to determine if they have invested wisely in such areas to make them generate superior returns.

Ravi Patel

www.patelCFOservices.com

Published in: on March 28, 2017 at 4:22 am  Leave a Comment  
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Employee Involvement

Is recruiting and hiring good employees enough for Entrepreneurs?

After new employees start work, on-boarding, orientation and making them aware of the company’s Vision, Mission and culture should be a standard part of any hiring process. How many Entrepreneurs do that?

Even if you have a robust on-boarding process, what do you do to keep your employees actively involved in your company?

Entrepreneurs don’t treat working in their company as a “job.” They need to develop that sense of spirit in their employees. Employees should feel closely attached to the Mission of the company such that they view their job in a macro sense – as having a direct impact on fulfilling the Mission rather than just completing assigned tasks.

Offering material rewards for accomplishments works for a while. What is more important is the emotional engagement of employees in the company such that they personally identify themselves with the company’s success (and failures). Finding ways to involve employees in a meaningful way should be a key objective for Entrepreneurs.

Engaged employees are generally happy and productive. Get them involved in your company.

Ravi Patel

www.patelCFOservices.com

 

What Drives Your Business?

Do Entrepreneurs know what drives their business? What are your key drivers?

In one company’s conference room, there were framed posters depicting the company’s key drivers. It was very clear to ascertain the company’s focus on quality, people, financial commitment and so on. The company must have communicated to their employees these drivers and also displayed the posters in prominent work areas.

Entrepreneurs should think about developing, in addition to the Vision and Mission, key drivers in various areas of the company and communicating them to their employees. Building a company culture starts with educating the employees on and then continually reinforcing the focus towards these key drivers.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

Coaching Employees

“A good coach will make his players see what they can be rather than what they are.” – Ara Parasheghian

Like good coaches, Entrepreneurs have to find the potential in their employees. When hiring, don’t merely evaluate the current skills and experience of the applicant. Rather, determine what the person could become with proper mentoring and training.

Given right coaching, raw talent could be molded to perform at a high level in any organization. The problem for Entrepreneurs is that they mostly focus on short-term needs and do not have a long-term vision for human resource acquisition and management.

When a sculptor views a stone, he/she is evaluating whether it could be transformed into a thing of beauty. Similarly a land developer sees beyond the empty expanse of land and has a vision of what a housing community or golf course it could become.

Entrepreneurial leaders have a great vision of what their idea or product could become. They need to use a similar vision towards their employees and see their potential rather than settle for what they are right now.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Being a Good Coach

As an Entrepreneur, are you a good coach?

Lessons from a good coach – whether in business or personal situations – remain throughout life. How often can you refer back to something that a great teacher taught you and marvel at the teachings, even after many years!

On the other hand, bad lessons also stay in one’s memory; however, what would you rather be remembered for?

Good leaders most often inspire their followers not only with the actions they take, but also with what they teach their followers. As a business and Entrepreneurial leader learn to educate your employees the right way to think, and the correct actions will follow for the rest of their lives. Don’t always tell employees what to do, but make them learn how to do it.

Most Entrepreneurs and managers don’t take the time to coach their employees as they claim to be too busy and are focusing on current tasks. For the long term success of your company and as a true leader, it is more important to enlighten your employees so they themselves can be effective at what to do.

Do the Right Things – strive to be a good coach for your employees.

Ravi Patel

http://www.patelCFOservices.com

Published in: on February 7, 2017 at 4:31 am  Leave a Comment  
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