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I could see in third month of our operation that our sales efforts were not adequate and that I need to step in to correct it. Inspite of this, I allowed the situation to continue for another three months, hoping against hopes that the things will improve. The delay of three months almost collapsed the company.
I delayed cost cutting exercise by two months fearing negative effects of staff reduction and closing of some offices. This in turn, reduced our ability to support ourselves by two months. Taking quick decisions is vital since you will have three to five times less time at your disposal than a steady state company.
One of my greatest follies as an entrepreneur has been the inabilities to take tough decisions, specially in removing non-performing employees & cost cutting. When I hired people in vital positions, many did not work as anticipated. The realization sunk in early but decisions got taken much later, resulting is severe cash burn. In many situations, the managers left themselves as they had parked themselves with the company only till they found an another job. These poor managers & leaders meanwhile caused demotivation to other leading further to download slide.
I have learnt this vital lesson is the recent years Result: The average quality of organization talent has grown significantly. This has resulted is all round improvement.
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