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Traction Inc.

20 Mar How to Salvage, Survive, Recover or Re-Invent your business in 2020. (Part One)

Posted at 16:45:54 by Chris Hallberg

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Business Execution just got considerably more difficult, now you have to proactively improve (and quickly) if you want to stay profitable and relevant.

As Corona Virus COVID-19 has already had a MASSIVE impact on the world’s economy, small businesses and large corporations alike are now trying to figure out how they will be able to adapt to the “new world” business landscape post pandemic and its new demands on business leaders moving forward.

During a booming economy when volume is high, we tend to get a little complacent with our execution, after all there are lots of clients, we don’t need them all, nor can we fulfill all of their needs anyways… 

Unless you are in a small handful of industries that will thrive during or after this pandemic, chances are that you might feel uneasy and unsettled about the current state of your company and possibly your chosen industry that you operate in.

Let’s start with your industry first. Your product or service either makes sense in this new world, or it doesn’t not.  The important thing is to not be “Blockbuster Video” and refused to see Netflix coming.  I’ve heard that the Blockbuster C-Suite met with Netflix and basically laughed at them.   We all know what happened with that example, and we have seen it multiple times as technology or other interrupters continue to quickly change how business is conducted in many industries.

More importantly, can your business pivot, or adapt to this new world with its new rules? Or are you going stubbornly to try like hell to fight the change, even if it means constantly swimming upstream moving forward.

Unfortunately, you will have to decide. Now or later a decision will have to made, either by you, or by the market if you wait too long (usually the later decision will cost you dearly) Being honest with yourself, and trying your hardest to remove your emotion for this decision is critical.  For most entrepreneurs they view their business as their child, and are very paternal over them. Wait and see will not be a valid strategy, I believe you’ll have to quickly commit to one direction or the other to make it out in one piece.

Second, your business, if you are in a industry space that will still be relevant (as is, or with some tweaks) moving forward, how can you out execute your competitors with class leading customer experiences and solid net profits? How can you build a world class culture capable of winning best place to work awards?  How can you learn from this pandemic, and create a business that is much more resilient, ready for the next major interruption in business?

In my experience as a Leadership and Management professional, Executive Coach, and seasoned Certified EOS Implementer® you need to have a business operating system, and you need to follow it religiously. That includes: (Highlighting the Six key Components of EOS® or the Entrepreneurial Operating System)

Having a magnificent Vision, one that inspires your team, and keeps everyone laser focused together even (Especially) in hard times. Your employees need to “Opt-In” and share that vision, if you haven’t made this 100% crystal clear, you might be making this harder than it needs to be.

Putting the Right People that share your core values, in the right seats, that they GWC™ Get, Want and have the Capacity to do the job that you pay them for (With a great ROI to them and the company). 

Having the right forward looking activity-based Data that allows you to be proactive, and not always simply reacting to what already happened.  Giving each team member clear direction, expectations, and production numbers to hit that are realistic, productive, and fair, giving clear indication of if they are performing at, below, or above the agreed upon level of performance. 

Being able to Solve your business Issues at the root, versus the symptomatic level, so they go away for good, not just temporarily.  Many times because other parts of your business are weakened, you might know exactly what the issue is , but you still are unable to solve it, first understanding that your business is highly connected and because you are not strong in another key component, you can’t really make sizable change because of another root issue won’t allow it. A business operating system like EOS® ties the entire business together making everything much more visible.  Getting truly great at issue prioritization will be key this year!

Is your Process component in good shape, do you have the 20% that brings the 80% well documented and followed by all?  Checklists and outlines are a great start. 

And Finally, how much Traction does your company really have?  The best companies regularly out execute their competitors because they are laser focused on the getting the right stuff done at the right time, both tactically and strategically, in the correct balance for current and projected market conditions.

Your ability to get these six key components in place, and the focus, discipline, and accountability to see everything through will make this recovery much easier than a decentralized “ala-carte approach”

This first installment is meant to be a high-level overview of the Six Key Components of EOS™ in subsequent articles Chris will do a deep dive on each component, and make it relevant with examples of past successful EOS Implementations.

Chris Hallberg is one of INC Magazines Top 50 Leadership and Management Experts (#9), and a seasoned Certified EOS Implementer.  Chris primarily works with Denver Based Leadership Teams live, or with leadership teams around the US using remote online sessions. (Very popular right now, even with local companies) Email Chris at chris@tractioninc.com to schedule a free 30 or 60 Minute Consultation.

The Entrepreneurial Operating System (EOS) was created by Gino Wickman (Author of Traction-get a grip on your business) and is a registered trademark of EOS Worldwide. Chris Hallberg of Traction Inc. is a Certified EOS Implementer™ that helps business owners and their leadership teams get more of what they want from their business. www.tractioninc.com

 

Topics: Business Advice, EOS, Business Coaching