Does Your Business have a Shared Vision?

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. Joe Paulsen with Pinnacle Business Traction would like to help you with ensuring that your company has the Traction it needs to overcome current and future challenges. The following is part two of a guest blog series where Joe will share tips on how you can gain traction in difficult times.  

Do you know what your organization will look like on 12/31/2021?  How about 12/31/2023?  How about at the end of 2030?  Is your vision clear to you and is it clear to all of your employees?  Just imagine if every one of your employees could vividly see your vision and are rowing just as hard as you are to get there.  How easy would your organization run and how confident would you be in achieving the results that are expected?   The Vision Key Component clarifies that question for you and everyone in your organization.  You and the rest of your leadership team currently all have a vision for your business, but there are likely differences.  We need to consolidate your individual visions to come up with the organization’s collective vision.  Once you have a vision of where the organization is heading, it makes the planning process much easier.  There are eight questions that need to be answered and agreed upon by your leadership team to have a great vision and plan:

What are your Core Values?

What is your Core Focus?

What is your 10-Year Target?

What is your Marketing Strategy?

What is your 3-Year Picture?

What is your 1-Year Plan?

What are your 90 Day Rocks (objectives)?

What are all other Issues for your organization?

Now that your vision and plan is written and agreed upon, we need to make sure that it is shared by everyone in your organization.  It will be critical that everyone can see where you are going and that they want to be a part of that journey.  We will talk more about this next week when we introduce you to the People Key Component.

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:  joe@pbtraction.com (Meet Joe)

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 jsprague@greatermankato.com to schedule a time to pick-up your free copy at the GMG office.

Governor Walz Turns Dial Forward

Governor Walz announced today that the dial will turn forward on current COVID-19 restrictions effective January 11, 2021.  Major changes include the reopening of restaurants and bars, indoor events and entertainment, movie theaters, youth sports, and gyms restrictions being loosened. Walz also announced that business relief checks will be sent in the next week. Full details can be found in Executive Order 21-01 or Minnesota’s Stay Safe Plan.

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Has your business lost its traction over this past year?

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:  joe@pbtraction.com 

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 jsprague@greatermankato.com to schedule a time to pick-up your free copy at the GMG office.

FAQ: COVID-19 Business Relief Package

With the recent passage of the federal COVID-19 Business Relief package, businesses may have questions as it pertains to the legislation’s impact to their existing PPP Loan, whether they could get a PPP Loan now, or what other programs were funded as a result of the relief package. 

Below are some Frequently Asked Questions (FAQs) and responses from the U.S. Chamber of Commerce and additional insight from Tyler Petzel of Abdo Eick & Meyers (AEM). 

Additionally, here is a related helpful article from Eide Bailly.

Federal COVID-19 Relief Package

Congressional leaders have reached a deal on a bipartisan economic stimulus package, which was passed by both chambers late on December 21, 2020. Comments by President Trump expressing concern with the omnibus spending bill the relief package was attached to and asking for increased stimulus payments for individuals raise questions on the status of the bill.

The program includes numerous stimulus efforts aimed at businesses, including major expansions of both the Paycheck Protection Program and the Employee Retention Tax Credit, and consumers, including $600 payments to all qualifying individuals and dependents. Here’s what we know regarding these, and other elements of the bill (note that this is not an exhaustive summary of the 5593 page long document, but rather highlights of key elements most relevant to businesses and individuals in our area):

Note: Blog has been updated 12/22/2020 after Congressional approval of the bill.

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