Create a Strong Foundation

Watching a tree sway with the gusty winds brings forth a business analogy.

To survive strong winds, a tall, growing tree needs to have a strong foundation (deep roots) combined with the flexibility to sway with the gusts instead of being rigid.

Similarly Entrepreneurs need to build a solid foundation to combat competition, market and regulatory forces and changing economic environment. Absent a solid foundation a business might not be able to grow significantly. It would be akin to building a castle on sand.

What are some of the key ingredients to build a strong foundation? It starts with a system to deliver quality products and services repeatedly and consistently. In order to do that one needs a competent and dedicated team of employees and management utilizing robust business processes and procedures. A superior customer service mentality coupled with continuous innovation and improvement adds to the mix.

Just as a tree cannot remain rigid to survive gusty winds, a company must be nimble and flexible to adapt to the changing environment and customer needs to grow the business.

With such a foundation and flexibility not only survival but also significant growth is possible. Have you created a solid foundation for growth?

Ravi Patel

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Determination

A quality that is essential for Entrepreneurs is determination – firm or fixed intention to achieve a desired end.

How appropriate that an Entrepreneur possess this quality to be successful. Facing difficulty, obstacles, discouragement, setbacks and even failures are nothing new for Entrepreneurs.

Entrepreneurs who come through even after facing challenges are the ones who have a laser focus on their Mission and can navigate a steady, persistent course without being unduly discouraged. The story about the spider weaving a web despite repeated failures comes to mind.

If you desire to succeed in achieving your Vision and Mission, have determination!

Ravi Patel

www.patelCFOservices.com

Published in: on July 25, 2017 at 4:38 am  Leave a Comment  
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Should You Tout Your Business Processes for Marketing?

 

As Entrepreneurs build the foundation for growth for their businesses, robust business processes in all functional areas are essential. It would be difficult to scale your business without such processes.

Once you build robust processes and they are working well as intended, should you tout them as a marketing tool to differentiate you from competitors?

Outsiders might not care about your robust business processes, but they do care about the quality and reliability of your services. Plan your marketing strategy accordingly.

Efficient business processes are meant to produce consistent, repeatable, reliable, continually improving  results. Focus on the results of your robust business processes to differentiate yourselves from competitors rather than the processes themselves.

Current and potential clients look for high quality and reliability from their providers, so use facts to tout those differentiators!

Ravi Patel

www.patelCFOservices.com

 

Doing it Right the First Time

How often have we heard the maxim of “Doing it Right the First Time?”

The intent of this thought is referring to the quality of the process people should use to accomplish things. The goal should be to use an efficient, high-quality process such that the resulting product (in the broadest sense) is totally complete requiring just about no changes. This is an ideal goal for everything we do.

For Entrepreneurs, it also provides a different perspective that is critical to their ventures.

Since Entrepreneurs have limited resources – money and time –  doing it right the first time means even more. If Entrepreneurs do not do certain things right the first time, they might run out of resources or opportunities to do it again or over. Or, having not done it right the first time might be too costly for them.

In addition to product or service development, other examples of doing it right the first time could be in:

  • negotiating legal contracts
  • rolling out high-priced marketing programs
  • hiring key people
  • making presentations to investors
  • selling to customers
  • signing up for leased facilities

The examples are by no means exhaustive, but the key point is that Entrepreneurs need a process to ensure that whatever significant or critical activity that they are trying to accomplish goes through proper scrutiny, such that costly errors and omissions are mitigated.

There is never a perfect process, but the more you make it closer to perfect the better the chances of doing it right the first time.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com