MARCH 2020

Business Tips:

TRACTION (EOS – Entrepreneurial Operating System)

Our management is implementing a new system called “Traction”. It will provide direction over the next year through a wonderful system. We look forward to sharing it with you here. We hope you will take the journey with us.

~ 1 Year Plan~

Now it is time to bring your long-range vision down to the ground and make it real. That means deciding on what must get done this year. Remember, less is always more. Most companies make the mistake of trying to accomplish too many objectives per year. By trying to get everything done all at once, they end up accomplishing very little and feeling frustrated. With this awareness, we agreed that the team could choose only three goals for the coming year. They did, and by the end of the year, they accomplished all three, increased sales by 19 percent, and had their most profitable year in five years. When everything is important, nothing is important. The EOS approach is going to force you to focus on a few goals rather than too many. By doing that, you will actually accomplish more. That is the power of focus.

HOW TO CREATE YOUR ONE-YEAR PLAN

 Schedule two hours with your leadership team. When everyone is sitting at the table, decide on the future date. It’s highly recommended you keep within either a calendar year or your fiscal year, regardless of where you are in the year. So, if it’s July, set your future date as December 31. After that time, you’ll be able to set a brand-new full one-year plan. Having a partial-year plan allows you to gain experience with the process between now and then. As with the three-year picture, again, decide on the numbers. What is your annual revenue goal? What is your profit goal? What is the measurable? This number should be consistent with the three-year picture measurable. With the three-year picture in mind, discuss, debate, and decide on the three to seven most important priorities that must be completed this year in order for you to be on track for your three-year picture. These become your goals. They need to be specific, measurable, and attainable. This is an important point. I cannot tell you how many times when reviewing one-year goals at the end of the year, I observe clients debating what the goal actually meant. To avoid this, the goal must be specific, leaving no wiggle room. An outsider should be able to read it and know what it means. Remember, measurable means you can measure it. “Sales” is not a specific goal, but “$1 million in new sales” is. “Improve customer satisfaction” is not a specific goal, but “increase average customer rating to a 9” is. “Attainable” means that it’s doable. Setting unrealistic goals is the biggest trap entrepreneurs fall into. The team has to believe it’s possible to hit the goal, or else you can’t hold someone accountable to it. If every goal is a “stretch goal,” how do you know what success is? Goals are set to be achieved. Make sure you have a projected budget in place that supports your one-year plan. Many companies set goals for the year with no financial projection to confirm that the plan is even feasible. A budget will force you to confirm that you have all of the resources you need to achieve the plan and that when you achieve the revenue goal, the profit number is realistic. Almost every time a profit goal is first projected, the discussion lowers the number as reality is brought to bear.

Wickman, Gino. Traction (p. 69). BenBella Books, Inc.. Kindle Edition.

Personal Tips:

~ Check in with Annual and Quarterly Goals ~

"I'm a big believer in working backward from long-term goals.  I allocate a few days at the turn of each year to think deeply about and write down my long-term (five- to 10-year) and one-year goals, both personally and for our company. I check-in with these notes when I'm creating my quarterly goals and then at least two to three times per week. It helps me make sure that my daily activities are aligned with, and that I am on track to accomplish, what I've decided is truly important."

--Troy Pospisil, founder and CEO of InCloudCounsel, used by hundreds of companies for automating legal document processes

Tools & Tech I am using:

Insurance

Insurance was the first business that I entered into. Over the last 15 years of learning and growing in the industry, I have learned to love what the industry can do to help us get debt free, protect what we have, and help us retire while leaving a legacy. I highly recommend that you explore what getting out of debt with a plan can do. Review what gaps or coverages that you could use to make sure you are protected. Then look at retirement, you are never too young for this. Failure to plan is planning to fail. Remember, these things don’t have to cost much money; many times you can optimize what you are currently doing to save and cover what you need while getting out of debt which can also provide a retirement plan.

Life Skills:

~Fit mind and body (Energy)~

Survey of centurions (people who live to 100) – two things in common:

1.       they exercise every day and

2.       they have a project which they must survive in order to complete.

“Sharpen the saw”:  You only have one body – take time for repairs.  Take time to strengthen it.  Take time to rest it.  Keep fit, play sport, enjoy walking, don’t wait for the heart attack to let you know that you need to eat healthy, keep fit.

Notable quotes: They are italicized above.

Jeremiah 29:11

For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future.

Joshua 1:9

Have I not commanded you? Be strong and courageous. Do not be afraid; do not be discouraged, for the LORD your God will be with you wherever you go.”

1 Corinthians 6:11

And that is what some of you were. But you were washed, you were sanctified, you were justified in the name of the Lord Jesus Christ and by the Spirit of our God.

Something I want you to know:

Set your 1 year plan, check your goals, insurance items, and monitor self-care.