Over the last several months, businesses have been impacted by COVID-19 in many ways. Some industries have been impacted more severely than others. Across the board, businesses have had to act and adjust like never before. With new operations often being implemented quickly, out of necessity, there could be the opportunity to reflect on whether these changes will be implemented more long term as industry demands and consumer preferences continue to evolve. This might be the perfect time to look back to see if your business is in need of a strategic analysis to ensure that your company has the Traction it needs to overcome current and future challenges. Joe Paulsen with Pinnacle Business Traction would like to help you with that. The following is part one of a six part guest blog series where Joe will share tips on how you can gain traction in difficult times.
When the world seemingly “shut down” this past March, my initial concern was for all of my clients. Would their customers continue to buy from them? Would their employees still be able to come to work? Would their cash hold out until things got back to “normal”?
As I contacted them to help them with their issues, I was relieved that most simply attacked the COVID related issues as just another issue that they needed to solve for their organization. They all made the necessary adjustments, and nobody scrapped their annual plans that we had set 1-2 quarters earlier. Fast forward to the end of 2020 and I am pleased to see that the majority of my clients have had a successful year. This group has reported a 2020 revenue decrease of about 2% over 2019, however their average profits increased 35% in 2020!
These basics are all included in the Six Key Components™ of the Entrepreneurial Operating System® (EOS®) and surviving a crisis like we are all experiencing, it has become clear to me why these are so essential. For the next five weeks, I will dive deeper into the critical EOS Key Components with the hopes that there will be tips/ideas that all GMG members will pick up to help your businesses accomplish all of your goals, no matter what challenges are ahead of us.
Joe Paulsen and Pinnacle Business Traction’s passion is to Enrich the Lives of Entrepreneurs and Business Leaders in the Mankato area. He has been implementing EOS since 2016 and has helped entrepreneurial organizations get everything they want from their organizations. Please reach out to him if you are wanting more information or assistance: [email protected]
GMG is offering the best-selling book Traction – Get a Grip on Your Business to members wanting to learn more about the Entrepreneurial Operating System. Please email [email protected] to schedule a time to pick-up your free copy at the GMG office.