Taking a Different View

Flying at 35,000 feet above the earth gives you a different view than one from the ground. Check out this image  Have you taken that type of view of your business?

Entrepreneurs very often get involved in the day-to-day operations of their business and sometimes get too close to it. Using the often-cited saying, they are into the trees rather than looking at the forest.

Being too close to the ground only gives you a one-dimensional perspective of what is going on in your business. One needs to elevate to a higher level to get a macro view of what is happening in the company and to all its stakeholders.

Taking a break and viewing the business from different perspectives, either as a forest or from 35,000 feet above the earth, would be helpful to Entrepreneurial leaders in better visualizing where they are, and where they need to be going. Are you doing that? Are you moving towards fulfilling your Vision and Mission?

Do the Right Things!

Ravi Patel

www.patelCFOservices.com

Being Thankful

We have a lot to be thankful for!

First and foremost are our country and the free market system that allow people the opportunity to create and grow businesses and prosper.

Employees are the backbone of companies and we should be thankful for the dedication, loyalty and hard work put forth by our people to make businesses successful.

No business can sustain itself without customers and clients. Be thankful to your sources of revenue for putting their trust in you to provide services and products.

We should also appreciate suppliers and service providers who continue to supply essential goods and services to sustain our businesses.

Shareholders and financiers who have invested in your abilities to grow the business and provide a return on their capital should be high on the list of people to whom we are grateful.

Do not forget to appreciate your gratitude to your business advisors who provide a sounding board for you to share ideas and seek advice.

Lastly, the community that you operate your businesses in should be appreciated also.

So on this Thanksgiving, I am thankful for your support and urge you to express your gratitude to the above stakeholders in your companies.

Published in: on November 26, 2013 at 9:57 am  Leave a Comment  
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A Different Perspective

Flying at 35,000 feet above the earth gives you a different perspective than one from the ground. Check out this image  Have you taken that type of view of your business?

Entrepreneurs very often get involved in the day-to-day operations of their business and sometimes get too close to it. Using the often-cited saying, they are into looking at the trees rather than the forest.

Using a similar analogy, being on the ground only gives you a one-dimensional perspective of what is going on in your business. One needs to fly at a higher altitude and get a macro view of what is happening in the company and to all its stakeholders.

Taking a break and viewing the business from different perspectives, either as a forest or from 35,000 feet above the earth, would be helpful to Entrepreneurial leaders in better visualizing where they are, and where they need to be going. Are you doing that? Are you moving towards fulfilling your Vision and Mission?

Do the Right Things!

Ravi Patel

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

 

Listen to Others

Entrepreneurs have great ideas and start companies to commercialize their potential. In addition to product and service innovations, Entrepreneurs often have strong ideas on how to run their business and manage people.

It might behoove Entrepreneurs listen to ideas and wisdom from others to become even more successful.

An Entrepreneur’s key stakeholders – employees, investors, clients, vendors, bankers, lawyers, accountants and so on – are all great sources for wonderful ideas for improvement. Don’t get hung up on being right or having the “not invented here” syndrome. Open your mind to accepting input from others and implementing suggestions that might not be your own creation.

Do the Right Things – listen to others!

Ravi Patel

www.patelCFOservices.com

Soliciting New Ideas

Entrepreneurs are generally full of new ideas, but having a different perspective or viewpoint in generating fresh thoughts is productive.

Where should these new ideas be coming from?

Don’t forget your stakeholders. They are often the best sources of fresh ideas as they know your business better than other parties. Reach out to them and you will be surprised at the barrage of new perspectives.

Do the Right Things!

Ravi Patel

www.patelCFOsewrvices.com

Stakeholder Relationships

Entrepreneurs, as you build your companies, have you identified your key stakeholders? If so, have you developed a plan to build and maintain relationships with them?

There are many stakeholders for each company – such as shareholders, customers/clients, suppliers, employees, bankers, accountants, consultants and advisors, local community leaders, industry colleagues, lobbyists, and so on.

Identifying your key stakeholders and having a comprehensive plan of maintaining strong relationships with them is critical for your long term success.

Do the Right Things!

Ravi Patel

www.patelCFOservices.com