In this video, Julia Langkraehr discusses the importance of rightsizing your leadership team.
She explains the three major functions that most businesses need, plus the two roles of Visionary and Integrator which sit above these in the EOS Accountability Chart.
Read more about why you should rightsize your leadership team
This is the eighth in our series of Bold Clarity Quick Tips with Julia, who is an EOS Implementer.
Watch the whole series on the Bold Clarity Youtube Channel. We release a new video every month, giving expert advice on leadership, entrepreneurship and the Entrepreneurial Operating System.
If you’d like help with rightsizing your leadership team, or to find out more about the EOS, do get in contact.
The rabbit and the tortoise. The wolf in sheep’s clothing. The three little pigs. Animals have featured in tales about morals and decisions about life since dawn began. But have you heard about the hedgehog and the fox?
The concept stems from an ancient Greek parable, which roughly translates as “the fox knows many things, but the hedgehog knows one thing”.
In 1953, famous philosopher Isaiah Berlin applied this to how we live in modern society. He said that people can be split into one of two creatures – foxes and hedgehogs.
Foxes choose to pursue a great many things at one time, but as a result, they achieve very little.
Entrepreneurs running their own business often have many people giving them advice – parents, friends, consultants, lawyers and even your hairdresser or barber. Everyone thinks they know what somebody else should be doing.
However, tried and tested words of wisdom always work best. Here are four simple yet effective ways to develop an entrepreneurial mindset.
Many businesses around the globe have discovered the discipline, focus and accountability that the Entrepreneurial Operating System brings.
One of the key decisions for companies at the start of the process is how to implement EOS.
An effective implementation can mean the difference between the system working and helping a business to grow and scale, or it remaining unstructured, inefficient, disorganised – and stuck.
The other day, I was talking with a tech entrepreneur and asked him “What are the biggest challenges you face in your business?
He replied “Me, I’m the bottleneck. I tend to see something isn’t working, and I jump in and get involved.”
Most dedicated business owners can relate to this.
Letting go of the reins and handing them over your employees can be a real struggle, and if you want to grow your business, you’ve got to do it.
If you struggle with “bottleneck syndrome”, we recommend Ken Blanchard’s The One Minute Manager Meets the Monkey.
What should you focus on if you want to grow your business?
What are the most important factors that influence whether or not you are a success?
Four important factors are networking, risk-taking, entrepreneurial spirit and growth.
Recently, I was delighted to be asked to talk to the franchisees of Anytime Fitness at their annual conference about how to grow your business.
It is really exciting to see how fast the company is expanding and it was great to meet so many of the company’s franchisees.
This government backed service offers leadership and management training, and the opportunity for businesses to make new connections, find new routes to investment, and develop new ideas and strategies.
Businesses who use GrowthAccelerator grow four times faster than an average SME.
Every business should have a business plan – one which isn’t just written then left in a drawer, but one which is a working document, which you return to, refer to, revise and update as the business grows, changes, develops and expands.
Here are the key elements I think you need to include in your business plan:
1. Title page and contents
These are important as they mark you out as a professional, serious business – and make the document easy to use.
2. Summary of what the business does
This should be the About Us of your business answering in brief the all important who, what, where, when and how questions:
- What you do?
- Who does it – and who for?
- Where you do it?
- When you do it?
- How you do it?
If you are planning a new venture or new product, this is the place to include this.
There’s a lot of talk nowadays about how the importance of entrepreneurship to rebuild the economy, and there are a lot of people out there with great ideas for setting up their own businesses.
But for everyone who succeeds in building a thriving business, there are far more who feel it’s like climbing a mountain and never reaching the top. To have half a chance of success with your start up, there are three key things that you need to consider:
1. Make sure your business is not based on just a good idea, but based on solving a problem or offering a service that people will value. You can have the best idea in the world, but if no-one is prepared to pay for it, your start up won’t be a success.
2. Make sure you, your business partners and the team are aligned on the mission, vision and values of your business, so you all know and agree on the purpose, aims and direction you want to take the business and most importantly on the timelines and time-horizons. There is no point deciding that you want to expand overseas within the next year if your partners priority is to consolidate your business here for the next five years.
3. Have persistence and tenacity and do not give up. It might feel like you’re climbing Everest, and it will take you twice or three times as long as you thought to reach your business goals, and you may have to deviate or alter your plan and your goals. But you’ll never get to the top if you stop trying.
- You get what you wish for, so know and define exactly what you want and make sure your goals are SMART: Specific, Measurable, Attainable, Realistic and Timely
- Once you’ve defined your goal, learn how to tell a story about why you want it. Use a triangle of three things – your past experience, what future behaviours you are going to take and how it makes you feel)
- Create a list of stakeholders and people who could help you achieve it, even if you don’t know them
Let me tell you a story. It’s about a chap called Tony.
I first met Tony in 2002.
He was one of a group of international businessmen I met when I was presenting my business and concept, Retail Profile.
There was a Spaniard from Spain, a Swede from Scandinavia and a German from Germany – all running different outdoor poster media companies across Europe. And then there was a New Yorker from Russia. And that was Tony.