On Thursday, June 29th, Sergiu Simmel presented the “Get a Grip on Your Business” webinar as part of Star Mountain’s Business Owner and Investment Industry webinar series. Sergiu is the Founder & Principal Entrepreneurial Operations System (EOS) Implementer of GetBusinessMomentum, Inc., where he provides senior business execution coaching and consulting services for small-to-midsized businesses worldwide.
In his webinar, Sergiu discussed some of the issues that commonly affect businesses and addressed some of the ways to overcome these problems. He advised that leaders follow several steps to evaluate their business and decide how to best utilize its resources.
Some key takeaways from this discussion:
Keep everyone on the same page.
One long term goal that Sergiu especially recommends is to ensure that all team members stay on the same page with one another. Otherwise, it is difficult to hold anyone responsible for working towards an unknown goal. Consequently, minimal progress will be achieved, and the business will struggle to move forward and grow. At Star Mountain, potential team members are well-educated on our goals and values from the start of the interview process. It is necessary for all members to be on board with these principles, including innovation and social responsibility.
Simplify your business.
You should simplify your business so that you can explain your vision to all team members. When determining your business vision, Sergiu lays out several key points to consider. These include core values, focus, targets, strategies, and issues. By determining these aspects, you can think about how well your team members (present and future) fit into your culture and workplace environment. Make sure that you have the right people for your business, as well as the right people for the roles.
Set your goals.
Next, you need to decide how you will implement these plans. As you set targets for the business, give your team a deadline to accomplish each of these goals (90 days, 3 months, 1 year). This will help you focus on both the long and short term, and will give you a time frame to reassess your achievements and setbacks for each period.
Use your data.
By analyzing your data, you can “get a true pulse” on your business. Check in weekly with team members to see who has been accomplishing their set goals for the period. Are the goals realistic, or are they set too low? Note each person’s contributions to the business.
Document your process.
This is a helpful way to standardize the way your business functions─ you want your processes to be so transparent that newcomers can pick up the work easily. By defining protocols, it becomes clear which methods are most useful and which are not. For instance, Star Mountain’s marketing team prepares detailed instructions on how to use social media and internet to communicate with our audiences.
Check in with your team.
To maintain a vision, Sergiu encourages teams to discuss their plans every 90 days to keep everyone on the same page. Again, many businesses have visions, however, not everyone in the organization will have the same one. For example, at Star Mountain, meetings are minimally held weekly among teams to discuss the next steps in upcoming projects.
For more of Sergiu’s business insights, click to watch the webinar: https://www.youtube.com/edit?o=U&video_id=bN7UmpUAwA4
To download Sergiu’s webinar in PDF, click here.