Do the Right Things - by Ravi Patel

 

Entrepreneurs are normally go-getters and love to get things done. They are not afraid to roll up their sleeves and delve into tasks at hand to get them accomplished. When Entrepreneurs start companies and are building up their organizations, this bias for action is not only a virtue but also provides leadership by example. In the financial function, Entrepreneurs are often hands-on, especailly in cash management, collections and payroll, to ensure that they are familiar with what is going on and in control of the limited resources.

 

As companies grow in size, Entrepreneurs become knowledgeable in most aspects of their functional areas and can perform most tasks well and some better than their employees. Sometimes there is a natural tendency to do things themselves as they can perform them better, faster and right. The focus on doiing things right leads Entrepreneurs to work longer hours and they often neglect developing their people. Entrepreneurs occasionally spend too much time in doing things they love to do while not allowing people responsible for such tasks to execute their repsonsibilities. Proper delegation is therefore absent.

 

The passion of Entrepreneurs to do things right themselves limits the growth of their companies. Instead, they need to create an environment and culture where their people do things right.

 

Proper training of people, even allowing them to make mistakes and learn from them, and promoting a culture of continuous improvement allows organizations to become self-sustaining and grow well. Entrepreneurs will then not have to worry about doing things right because thier people will be doing it themselves.

 

What should Entrepreneurs do then? Do the right things. The role of an Entrepreneur once the company is growing is to make sure that he or she focuses on doing the right things for the company. This involves being true to the Vision and Mission Statement of the company and concentrating on tasks that lead towards accomplishment of those established targets.

 

Instead of being a micro manager, the Entrepreneur becomes a macro manager. Setting the appropriate strategy for the organization; developing overall goals to accomplish that strategy; ensuring that the employees have adequate resources and proper tools to achieve such goals; and continually mentoring and developing people become the right things to do.

 

As an example, creating the Financial Vision for the company is the right thing for Entrepreneurs to focus on. Letting the managers develop goals and budgets to support that vision and execute the established action plans is allowing people to do things right. This type of thinking should permeate throughout all functional areas of the company.

 

Doing things right happens automatically if Entrepreneurs do the right things! ♣

 

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