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.
Here's what you should look for when choosing one.
What is EOS?
EOS is a series of principles that help you achieve your business goals. There are three main components of EOS: vision, traction and health.
With an EOS mentor, you can improve your business vision — the ability to make forecasts about the future of your company. You can make sure everyone in your organization understands where your company is going — and the steps you will take to get there.
An EOS business mentor will also boost traction — evidence that your product or service is capable of sustainable growth. Teaching your employees about focus, discipline and accountability will help you increase traction throughout your company.
Eight out of ten businesses fail within their first 18 months, according to research. Investing in a good mentor can prevent this from happening. An EOS mentor makes sure your company is in good health and improves cohesiveness among your leadership team.
EOS requires an initial outlay — you will need to pay to enlist the services of an EOS mentor — but provides you with a significant return on your investment. It's perfect for entrepreneurs who want to take their business to the next level but don't know how to get there. "EOS is made up of simple concepts and practical tools that can be easily applied in a fast-paced small business," says EOS on their website. "There’s no theory, no management fads – just basic, useful tools that help people get more of the right stuff done every week."
Don't rush into things, though. You will need to choose the right EOS mentor for your business, one that tackles a broad range of issues and makes real, tangible changes.
What an EOS Business Mentor Can Do for You
An EOS mentor has undergone rigorous training and can successfully implement the EOS system into your organization. This is really important. To execute EOS properly, you need someone with the right experience and skills.
The best EOS mentors are accountable for all their actions. They keep you informed during the entire EOS process, from the first contact through to final implementation. They also subscribe to the EOS core values of trust and honesty. A good EOS mentor should go above and beyond when it comes to resolving business-related issues and always provide value.
Some parts of the EOS are difficult to understand. Many entrepreneurs often struggle to realize their business vision, for example. Choosing the right mentor, however, makes the implementation process so much easier. Professional EOS implementers have undergone a three-day training program and regularly collaborate with other mentors. Certified EOS implementers, on the other hand, conduct at least 48 coaching sessions every year. This level of training gives these mentors the knowledge they need to solve your business issues.
What Else Should You Look for in an EOS Mentor?
With so many business mentors out there, it can be difficult to know which one to choose. EOS mentors are different from some other business coaches because they handle all aspects of your organization, from payroll through to administration. Still, some EOS mentors shine brighter than others. Here are some other factors to look out for:
Look for a Good Listener
Good mentors are good listeners. They take an active interest in your business and ask you the right questions. They then provide you with insights into your business that you can't find anywhere else. Look for a mentor with excellent listening skills.
Find Someone You Want to Work With
Think of small business coaching as a partnership. EOS mentors and entrepreneurs will share information with each other, pool resources and cooperate on a series of projects. That's why it's crucial you find a business mentor that you want to work with. On average, an entrepreneur will work with an EOS mentor for 24 months. Make sure you find someone you are happy to collaborate with for the long-term.
Find Someone Who Can Boost Profits
Fifty-five percent of businesses said that mentors had a positive influence on their profits. Look for an EOS mentor who can do the same for your organization. A good mentor will find lucrative opportunities for business growth and identify additional streams of income.’
Finding Your EOS Mentor
EOS business mentors influence the decision-making process, solve problems and streamline day-to-day processes in your organization. These professionals help you acquire the best talent in your niche, create a better business vision and improve your leadership skills.
Looking for the right EOS mentor for your business? Contact Traction Inc. today and talk to Chris!
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(tm) that helps business owners and their leadership teams get more of what they want from their business.