3 Key Tools Every Entrepreneur Needs

Last week my company, Positive-Traction LLC, was a featured sponsor of the Philadelphia Vistage Executive Summit. Over 300 Vistage member executives gathered for a day of learning and connection. As a former Vistage Chair, I relished the opportunity to renew friendships with colleagues and members. It was wonderful!

My intention as a sponsor was to introduce Vistage Philadelphia to the positive impact of implementing a management operating system within their companies. Yet, while an Entrepreneurial Operating System (EOS) is impactful, I’ve discovered from reading my friend, Jonathan Smith’s, great new book, Optimized for Growth, that successful entrepreneurs also need two additional leadership components in their tool kits: a high performing, challenging peer group like Vistage and a personal, experienced leadership Coach/Chair.

1. Entrepreneurial Operating System (EOS)
A management operating system provides CEOs and their teams with a set of integrated, proven tools that, when properly implemented, create a shared, inspiring vision and disciplined execution. In doing so, many of my clients claim it creates "their best team ever.” It is the most effective tool I’ve ever seen for taking a Leadership Team stuck working “IN” the business to working “ON” the business. It’s not uncommon for Leadership Teams to double, sometimes triple, their productivity after implementing EOS.  Imagine how EOS could affect your own company!

2. Peer Groups
Peer groups provide entrepreneurs needed outside perspective and counsel on key business strategy and risk assessment. Composed of non-competing CEOs, members receive confidential, focused counsel on their biggest issues. Plus, a high performing peer group facilitated by a professional, experienced Chair is the best “leadership learning lab” ever invented for a CEO. Just remember, membership is like joining a gym -- be ready to lift those weights to get full value.

3. Leadership Coach/Chair
Coaches/Chairs work on your “inner game” of leadership. This is critically important. That’s because your firm’s growth will be a direct reflection upon your personal growth as a leader. Grow yourself to grow your company. Your personal vision, energy and passion need nurturing while your self-limiting beliefs need challenging.  A great personal coach will hold you naturally resourceful, creative and competent while helping you discover and grow your best “future leader.”  Your direct reports are unlikely to tell you that you have mustard on your tie – a professional executive coach will!  The best CEOs I’ve seen are committed to being life-long learners.  Resting on your laurels is a luxury few of us can afford these days.

So, what’s your leadership team support system look like? Good for you if you’ve got all these bases covered. With these three key tools you will become, to use Jim Collin’s award winning book title, “Great by Choice.”

If not, please reach out -- I’m here to help.