https://www.eonetwork.org/ Being an entrepreneur is a balancing act of skills and sanity. EO can give you that level headed stability you need. This nonprofit, membership lead, organization supports business owners with events, forums, education and resources. And its super cool to hang out with like-minded entrepreneur that “get you”. There are qualifications and its not cheap, but it is worth it.
Every business that has made it over the $1m in annual revenue level can benefit greatly by using an operating system to help run the business.
What is a business operating system?
It’s running your business with a set of proven processes that give it a weekly and monthly cadence. Its having productive meetings (fewer meetings, not more) and establishing the KPI data points you can measure your company’s health and to track goals. It is how you become a better leader and build a better company that is growth oriented.
The first step is to read one of the books below. If it makes sense then you can self-implement the concepts, or hire an implementor to help you.
* Traction: Get a Grip on Your Business – Gino Wickman (book) – Implementing EOS: EOSWorldwide.comhttps://www.eosworldwide.com/ – This is the operating system Byron uses to run Survival Frog.
Scaling Up: How a Few Companies Make it…and Why the Rest Don’t – Rockefeller Habits 2.0, Verne Harnish (book) – Another type of operating system, highly recommended.
The E-Myth Revisited – Michael Gerber (book) – This is a great introduction to the concept of operating systems, told in a story format so it is easier to read. E-Myth also has implementors and coaches.
To navigate a successful turnaround you’ll need to seek the help from others. Fellow entrepreneurs can provide a wealth of knowledge, resources and experience shares to help guide you. When meeting with other entrepreneurs, you should approach the meeting with a plan of action. The more you are prepared before the meeting, the more you will get from it.
Meditation is a great way to disconnect from your business (or personal) problems, even if it is just for 10 minutes. With meditation, you’ll find yourself less reactive to daily problems and you may start to see the “big picture” by connecting the dots. Sometimes you need to step away from the problem to really see the best solutions.
Often when faced with a challenge people look for answers, when in reality the best thing you can do is start to ask the right questions. Questions open your mind to new possibilities and a new way of thinking. Below are a few questions to consider, but don’t stop here.
It is common for companies that have been in business for over 5 years to have inefficient and oftentimes inaccurate accounting departments. If your small business (under $20m annual) is spending more than $5,000 a month on Accounting/Finance Department functions then you have a big opportunity to save money. When you restructure your Accounting Department, you not only save money but you benefit from the improved accuracy, faster close times and better reporting. Byron’s company, Survival Frog, once had an oversized, bloated accounting department, spending over $20k a month on labor. However, it wasn’t obvious the department was too big or inefficient. Since the end of month accounting was already coming in later and inaccurate, the thought of reducing the size of the department was hard to grasp. With recent changes in accounting software and outsourced services, there is now a way to run your Accounting Department in under 20 hours a week (half a full time person). With the added benefit of on time monthly closings and better reporting. The restructuring process isn’t easy and will require the business owner to become more involved in the financial side of the business. The results, however, is a highly efficient and more accurate Accounting Department.
Get help! You need fresh eyes from someone who isn’t attached to all the history within your company. You may think your accounting manager has too much knowledge in their head and a new person won’t be able to figure everything out. That’s simply not true and just a story in your head. Hire some financial help (fractional firm or a new Accounting Manager) and start cleaning up the mess. I promise you, there is a mess in there. The fractional accounting firm Byron Walker uses is www.Level10cfo.com
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