Empower Your Employees to Think

Why do Entrepreneurs start businesses? Usually, 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

How Well Do You Manage Cash?

Cash flow management is a critical factor in an Entrepreneur’s ability to successfully grow a business. Yet more often that not, Entrepreneurs react to cash flow problems rather than actively managing this area.

Entrepreneurs need to ask themselves what metrics they are using to monitor cash flow. Are these the appropriate measures? How timely are such metrics?

What type of tools are Entrepreneurs using to manage and more importantly increase the available cash in their business? Are these tools continually refined to make them effective?

Entrepreneurs would be better served to proactively manage their cash flows, or at least monitor this important area if such management is delegated to others in their organization.

Ravi Patel

Published in: on January 21, 2020 at 5:50 am  Leave a Comment  
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Is Cash an Issue?

Cash flow management is the most critical factor in an Entrepreneur’s ability to successfully grow a business. Yet more often that not, Entrepreneurs react to cash flow problems rather than actively managing this area.

Entrepreneurs need to ask themselves what metrics they are using to monitor cash flow. Are these the appropriate measures? How timely are such metrics?

What type of tools are Entrepreneurs using to manage and more importantly increase the available cash in their business? Are these tools continually refined to make them effective?

Entrepreneurs would be better served to proactively manage their cash flows, or at least monitor this important area if such management is delegated to others in their organization.

Ravi Patel

Published in: on August 20, 2019 at 4:00 am  Leave a Comment  
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Being an Effective Manager

Various books and articles about management focus on each aspect of management and discuss skills to master these areas.

Here is my take – Effective management is all about 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. An effective 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.

Entrepreneurs, which manager should you be?

Ravi Patel

Having Too Many Cooks

You might have heard of the common saying “Too many cooks spoil the broth.”

Is this always true in an Entrepreneurial company? Not really.

For any major project, such as new product/service development, IT hardware/software selection or implementation, or building expansion, it is critical to have input from multiple sources to come up with the best specification for the new project. This type of diligence up front ensures that most ideas are considered and there is no critical issue of “second-guessing’ later on. The specification should not be a hodgepodge of ideas, but a solid framework that takes into account (though not necessarily includes) different viewpoints.

Once the project specification is defined, there should be minimal changes and the project management should be delegated to responsible staff without micromanaging by “too many cooks.”

Entrepreneurs need to know when to have too many cooks involved in a project, and when not to.

Ravi Patel

www.patelCFOservices.com

Developing a Management Team

Without having the benefit of an experienced, professional, and cohesive senior management team when they start and grow their companies, Entrepreneurs in order to expand and be successful in the long term must build a capable management team.

Blending in-house, on-the-job trained leaders complemented by key, experienced outside professionals (hired over a period), provide the Entrepreneurs the most cost-effective team. Identifying in-house personnel and training them to be managers should be the Entrepreneur’s focus once day-to-day operations have been delegated. Assessing the gaps in leadership, determining the management needs and recruiting appropriate outside leaders becomes the next step.

Having a management team in place is not enough. Entrepreneurs continually need to develop teamwork and cohesion to make the executives more effective for the long term. Entrepreneurs should find ways to train, motivate and reward the management team in a way that facilitates a group that can successfully grow the company, and allow the Founder/Entrepreneur to pursue other ventures.

Ravi Patel

http://www.patelCFOservices.com

Resisting Temptation to Blame Others

Don’t find fault, find a remedy – Henry Ford . Entrepreneurs could learn a lot from this statement.

In a blame-rich rather than solution-oriented culture, leaders (mostly political) often seek out whom to accuse of problems rather than finding solutions. This sometimes extends to poorly run companies with unhealthy culture and negative management practices.

In reality, it should be acceptable for leaders to hold people accountable for their performance. However, it is not wise to continually blame others for problems. Entrepreneurs have to take responsibility for the issues facing their business and teach their managers to do the same.

More importantly, blaming others or even accepting responsibility does not solve the problem. Entrepreneurs need to create a culture where finding solutions or remedies to issues takes precedence over blame. Such a positive culture allows people to readily accept responsibility for decisions without having to face ridicule.

Do the Right Thing by creating a solution-oriented culture in your company and incorporating that in your Mission.

Ravi Patel

www.patelCFOservices.com

Doing the Right Things

Entrepreneurs often complain that they don’t have enough time. This isn’t about traditional time management!

Instead, think about time management in another way. If you don’t have time to get things done, are you actually doing the Right Things?

Entrepreneurs, especially early in their careers, often have a tendency to not only do everything themselves, but also focus on doing tasks right – whether they are important or not!

The focus for Entrepreneurs should be to define and do the Right Things and delegate the rest. Once you discover and focus on the Right Things, you will probably have more time to do them. Wasting time on things that Entrepreneurs like to do, being perfect on insignificant tasks, or not delegating steals time from more important things to do for your business.

Do the Right Things!

Ravi Patel

http://www.patelCFOservices.com

 

Encourage Thinking

Entrepreneurs generally “think outside the box” and come up with new, innovative ideas. They seek under-served niches in the marketplace and find unique ways to fulfill unmet or unrecognized needs.

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

An 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 employees.

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

Ravi Patel

http://www.patelCFOservices.com

Thoughts for Entrepreneurs

A few management thoughts from past experiences:

  • Avoid overreacting to situations where there is employee dissatisfaction, customer or vendor complaints. Calmly analyze the situation before taking appropriate corrective action, instead of taking hasty actions due to external pressure
  • If you need to make a statement or convey a message regarding any irregularities in your company, do it for significant issues not trivial ones. If you mostly emphasize minor matters, your employees are going to dismiss such gestures.
  • Do not focus on the minor issues in managing your companies; focus on the larger or macro issues for greater impact. Let your management team manage the details.
  • If you do have a serious situation, do not create a smokescreen and divert attention away from it to hide the real problem. Be honest and you might be surprised at the support you get.
  • Be sensitive to the message that you send with your actions. If you are being austere or are having cost reduction programs, do not have bonuses or spending that is contrary to the current environment in your company. Having incentives is not inappropriate, but make sure that they are related to the right objectives and are perceived positively.

Things to ponder as you manage your companies …

Ravi Patel

http://www.patelCFOservices.com

Published in: on April 26, 2016 at 4:05 am  Leave a Comment  
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