Learn the Six Secrets of Running a Self-Managing Business
If you are a normal entrepreneur you struggle getting everything you want from your business. When I started my business, I had visions of freedom fueled by significant wealth and free time. I dreamed of a self-managing business from the start. Only it took discovering these six secrets and 10 years to get there.
The Five Frustrations
Entrepreneurs struggle with many things. You work 80+ hours a week, and there is always more to do. Your family, health, relationships, and passions have all suffered. You do nothing but run your business and solve other people’s problems. Here are the typical frustrations that you need to solve in order to get out of the endless loop you are in:
- No control – you just let the market and your customers tell you what to do. Everything is chaotic and reactive.
- Not enough profit – You aren’t making the money you thought you would when you started the business. Growth has caused cash flow issues and you don’t have enough to live the life you want and invest in the business.
- People – you can’t seem the find the right ones to build a team, the ones you have don’t listen, your customers are always complaining. Man, wouldn’t be easier to do it yourself without all these darn humans?
- Hitting the Ceiling – you are growing but so is the complexity of your business. The things that used to work aren’t working anymore. You long for the days of a small team, it was so much easier then. You don’t know where your next growth engine will come from, you feel like it’s all at risk. You’re feeling stuck.
- Nothing is working – you belong to peer groups, you read books, and more books, you attend conferences. And yet, no idea helps or maybe it helps for a few weeks but then quickly fades. It’s so hard to get everyone on the same page with you, so eventually, you give up and go back to old ways.
If any of these five frustrations sound like you, the good news is, that makes you normal.
The Six Secrets of a Self-Managing Business
After 7-years of running my business with sheer brute force and will, I discovered the six key secrets to creating a self-managing business. Now, I spend about 4 days a year working in that business. I only do what I love doing, with people I have working with, I make more money than ever before, I make a huge difference in the lives of my clients and I have plenty of free time to pursue other passions.
Here are the key secrets…
- Vision – in order for you to create a self-managing business you need to be absolutely crystal clear on your vision, where you are going and how you will get there AND it must be shared by everyone in your organization, starting with your leadership team. Your vision must be documented, simple, and repeated often. Over and over again.
- People – you can’t execute on your vision without intentionally building your team. Pulse-check-hired method of team building won’t work. You must build your culture with intent. This allows it to continue without your constant presence. Part of that is everyone has crystal clear roles and responsibilities. Everyone operating according to Unique Ability®, God-given talent.
- Data – in order to feel confident and in control, you absolutely must have a pulse on your key performance indicators. You need a weekly scorecard that reports the health of your business. In addition, your scorecards are used to ensure that every person in the business is crystal clear on what they are delivering to the business.
- Issues – most organizations don’t know how to solve their issues at the root cause. They talk about them, it’s really cathartic but nothing really gets solved. You need to dig to the root and solve them there. It almost always is a person, the solution is usually simple, but required some courage.
- Process – this is the secret ingredient to building a scalable, efficient, and ultimately a more profitable organization. First, you identify what your core processes are, get them documented, and followed-by-all.
- Traction® – All this sounds great, but it’s hallucination if you don’t have a culture of accountability, discipline, and habits required to make it all a reality. Great meetings are the key to creating discipline and a pulse on the business. No meetings take place without a written agenda. In addition, you need to have 90-day goals for the organization, for each department and each person.
The EOS Model
The six key secrets are part of The Entrepreneurial SystemTM, EOS®, that help entrepreneurs of organizations with 10 to 1,000 employees live the life they’ve always dreamed of. If you obsess over these Six Key ComponentsTM, you will have created a Self-Managing Business.
What’s holding you back from living your entrepreneurial dream?
- Accountability Chart (5)
- Business Strategy (1)
- Clarity Breaks (1)
- Core Process (3)
- Core Values (2)
- Delegate and Elevate (2)
- EOS Client Profile (1)
- EOS Implementer (3)
- EOS Rollout (1)
- Focus Day (1)
- Grow or Die (5)
- Hiring an Assistant (3)
- Hitting The Ceiling (1)
- Kolbe (1)
- Leadership (6)
- M&A Fit (1)
- Optimize For Growth (10)
- Quarterly Conversations (1)
- Quarterly Session (1)
- Rocks (1)
- Sales (2)
- Scorecard (2)
- Team Health (8)
- The Entrepreneurial Operating System (8)
- Time Management (3)
- Uncategorized (56)
- Vision Building Day 2 (1)
- Vision/Traction Organizer (2)