Running Your Business in a Tough Economy

The Education Chair for an association of business owners recently asked me to customize one of my keynote speeches for her group. Because my remarks are generally tailored to the unique needs of each audience, the request itself wasn't unusual or inappropriate. However the specific topic she suggested - discussing what a well-run company should do differently when times are tough - troubled me.

Although I really wanted to work with this association, I shared my concerns with her before committing to the assignment. I explained that EOS is a way of operating that helps a business succeed in any economic environment. To suggest that there are two different sets of concepts, principles and practical tools that a leadership team should use depending on which way the economic winds are blowing is more likely to create problems than solve them.

"Shouldn't a business operate more efficiently when times are tough?" she asked.

"Yes," I replied, "but that doesn't mean that it should operate less efficiently when times are good!"

Luckily, this logic did the trick. The Chair suddenly realized she was thinking in the same way that keeps many successful organizations from achieving their vision - letting "good" be the enemy of "great" (a hearty thanks to Jim Collins). She realized that truly great organizations are constantly striving to be their best, even while comfortably meeting revenue-growth and profitability targets. She acknowledged that waiting until times are tough to operate in a way that produces the greatest possible results with the fewest possible resources is wasteful in a growing economy and potentially fatal during a downturn.

This breakthrough allowed us to find common ground and put together a presentation that will help her members get the most from their businesses - no matter which way the economic wind is blowing.

EOS In the News

One of my colleagues – Jon Meyer of Boeckermann, Grafstrom and Mayer Wealth Management - recently asked me to write an article for his company’s newsletter. Jon felt my practical, real-world approach to helping entrepreneurs and their leadership teams would resonate with his readers, as many of them are business owners. The article has generated enough positive feedback that I felt the rest of my network might benefit from reading it, as well.

If you’re interested in getting more from your business, click HERE to read the article. Your candid feedback (and/or adulation) is most welcome. Of course, I also hope you’ll contact me whenever your team can use some help becoming the best it can be.

Stay focused,

- Mike

Introductions

Welcome to my blog. Thanks for making EOS Mike Paton one of the few pieces of input for which you find time. I'm committed to making your investment worthwhile by using this site to collect and post insight, guidance and tools guaranteed to help leaders get more of what they want from themselves, their teams, and their businesses.

"EOS" is the Entrepreneurial Operating System, a set of timeless principles and practical tools for running a successful business (visit http://www.eosprocess.com/ to learn more). Developed by renowned business coach, speaker and author Gino Wickman, this simple system has helped hundreds of entrepreneurs and their leadership teams get better results and lead better lives in the process. I hope this blog helps you do the same.

Once again, welcome. Please read, think and respond. Your thoughts, opinions and experiences will make this a truly valuable experience for me and my readers.

Stay focused,

Mike