Traction Inc.

When your business is failing, it's understandable to face the feeling of defeat or having the urge to give up. However, a failing business isn't a reason to quit. While about 50 percent of businesses fail within five years, you don't have to be a part of that statistic. There's still time to turn your business around. If you want to know how to turn around a failing business, there are some key steps that you need to take:

If you've started a small business, you know just how important it is to have someone along with you for the ride. It helps if that person has done it before and, preferably, a lot of times. That's why many entrepreneurs choose to have a small business coach guide them through the process — someone who has already been down that road and understands the challenges of starting your own company.

Business coach and entrepreneur, Chris Hallberg, has spent more than 17 years helping others build a solid foundation for business success. Those in the small business entrepreneurial circles refer to Hallberg as the "Business Sergeant." He earned this title by creating a successful business philosophy that intertwines his elite military and law enforcement training into an effective and efficient business operating system.

EOS, or the Entrepreneurial Operating System®, is a system designed to help businesses streamline their operations toward the goals you want. EOS has several components, and some business owners who have no prior experience with it find it esoteric.

Business mentors offer guidance and support to maximize business growth. Research shows that 70 percent of small businesses who receive mentoring services survive for five years or more — twice as long as companies without a mentor. Not all business mentors are the same, however. Only mentors that use the Entrepreneurial Operating System (EOS)® — a set of concepts that optimize vision, traction and company health — provide you with the tools you need to jump-start your business. Using an EOS mentor is an effective way to organize your business, invest in strategic growth and improve accountability.

Every entrepreneur starts out with the goal of staying organized and on top of everything. Unfortunately, as the business grows it’s easy for even the most well-intentioned entrepreneur to get overwhelmed and lost control of their business. This issue coupled with time constraints can quickly lead to bad organizational habits that ultimately affect the overall success of your business.

There are more than 5.7 million small business owners in the United States, and business coaches maximize their potential. Think of a small business coach like a teacher and a guide and a mentor all rolled into one. These professionals have strategic skills that take businesses to the next level. EOS Implementers — people with coaching skills who subscribe to the principles of the Entrepreneurial Operating System — take business coaching to the next level. Here's what you can expect when you hire one.

According to the U.S. Small Business Administration (SBA), small businesses make up 99.7 percent of U.S. employer firms and account for 67 percent of new private-sector jobs. That translates into a lot of people transitioning from an “employee” position to “employer” status.

Running your own business is incredibly rewarding – but it's also incredibly difficult. You may be able to make your own decisions and set your own hours, but you also have a lot more decisions to make and a lot more work to complete within those hours. It's nearly impossible for any business owner to make it without a little help. That's why many business owners turn to business coaches for guidance – especially in the early days.

The Entrepreneurial Operating System (EOS)® model is a comprehensive business system that can help businesses of any size grow and thrive. This holistic business model aims to align all aspects of a business to produce tangible results that last. This revolutionary model is suitable for both big and small businesses in any industry.