Navigating your business through unclear times
Posted on 15th April 2020 at 13:02
During challenging times, many business’ top priority is survival. It is in these situations that leadership becomes more important than ever.
I recently re-read Good To Great by Jim Collins. As the title suggests, it’s all about how better-than-average companies levelled up further to become excellent ones. It reminded how great leadership is an essential component of a successful business. We’re living through challenging times at the moment. It’s clear that while some great companies will survive, some good ones will fail.
Why good businesses will struggle and may fail An obvious reason why some good businesses will not make it through this uncertain time has been made very clear to me as I try and get through this new normal, working from home under the lockdown. I’ll tell you what it is – it’s that I’m not a baker. What do I mean by that? Think about when you turn your hand to some home baking. You may have done it recently while you’re locked down with your children. You might make something that resembles a cake or a loaf of bread; but be honest, do you get results like a professional baker? Being a professional baker takes years of practice, a solid foundation, the correct tools and the right recipes. In reality, we’re not bakers; we’re just trying our best with what we have.
Plan, plan, plan What should you do right now to ensure your business comes out the other side of this crisis intact? Firstly, take steps to secure your company’s cash flow and people. Following on from that, the right recipe in business right now is to have a plan, and stick to it. Your plan will be the map that helps you navigate through the fog of uncertainty. With the right help, you can master a great plan. Alternatively, you can keep trying to be a professional baker.
Introducing EOS Planning for your company doesn’t have to be tricky. In fact, it can be as simple as formulating a strategy around 6 key components in your business. EOS (Entrepreneurial Operating System®) is a proven system that uses timeless concepts and simple tools to help you plan these 6 essential components. The EOS system has helped more than 8,500 companies worldwide and is right now providing the glue that keeps these businesses together. Mastering the 6 components will help you develop a laser focus and keep on track. You can do it by self-implementing, or by talking to one of the 350+ Professional Implementers of EOS.
The 6 key components Here are the 6 areas you need to focus on planning for in your business. 1 – Vision Component 8 Questions – these are the most important questions you need to answer, as you get everyone in your organisation on the same page Core values – What is your culture? Core focus – Why do you what you do? What is your niche? 10-year picture – Your BHAG (Big, hairy, audacious goals!) Marketing Strategy – Your Target Market and 3 Uniques 3-year picture – Key Measurables a clear picture of where you want to be in 3 years 1-year goals – Key Measurables and 3-7 company goal for the next 12 months Rocks – Key Measurables and your 3-7 company Rocks to focus on for the next 90 days Issues list – What are the key issues holding your business back? Shared by All, once you have answers the above question for your business its important to get everyone sharing them and rowing in the same direction. 2 – People – As Jim Collins talks about his book – it’s not about the people in your business, it’s about the right people Right People – Do your people match your Core Values? Right Seats – Do they GWC? (Get it, Want it and have Capacity in their Seat) 3 – Data Scorecard – Measure the 5-15 leading indicators; especially important with the world changing so quickly around us Measurables – Everyone in the business should have a Measurable, so they know if they are providing value to the business Once you have the Vision, People and Data component things begin to become clear in your business and from here your issues become more obvious. 4 – Issues Issues List – Develop a real-time view of what’s wrong or not working in your business IDS – Once you know your issues, knock them down by IDS’ing (Identify, Discuss, Solve) 5 – Process Documented – With people working differently at the moment, now is the time to adjust your core processes Followed By All – Get people to give feedback and acknowledge that they understand your core processes 6 – Traction Rocks – Set the most important things that the business needs to get done Meeting Pulse – Create a regular meeting pulse that looks at both short-term and long-term issues
Find out more
If you need help with your business right now, please ask now is a great time to plan. Contact us and we will help you understand where to start with EOS and to help you get what you want from your business.
Take the free business health check to see where your business is at, click here to take you through to the check up; http://zpr.io/t3hew
Share this post: