In this third and final video in my series of important strategic actions business owners need to take at the end of each year, I share the important role annual budgeting plays in helping businesses grow. (Read the first two posts – ‘Tis the Season for Strategic Planning and The Importance of Annual Budgeting for Growth.)
One of the most important things a company can do to get everyone in the organization on the same page and marching towards the same goals is to host State of the Company Meetings. I use the Entrepreneurial Operating System (EOS) to help my clients grow their business to achieve the results they want. A key component of EOS and making that growth happen is to share the vision of the company and share it often.
What is a State of the Company Meeting?
At its core, a State of the Company Meeting is an opportunity for leadership to share the vision of the company. Doing so is essential if you want to move your organization forward and hit desired growth goals.
In the meeting, leaders should talk about where the company has been, where it’s at today, successes won and challenges overcome, mistakes made or path corrections, and where the company is going. Why? So that everyone is on the same page, marching towards the same goals, and they know their role in making that vision a reality. It’s motivating to know how your work plays into the big picture.
The fastest way to get from Point A to Point B is if everyone is rowing in the same direction. But your people need to know where to row to, if they are going to contribute.
When do you hold the meeting?
Quarterly! Sharing the organization’s vision as many times as possible is critical because as the saying goes, people need to hear something seven times to hear it once. The vision needs to be shared, shared, and shared again before it starts to sink in and become part of the DNA or memory muscle of the organization.
Who should attend?
Everyone in the organization that is able. Whether they attend in person or virtually, everyone needs to hear where the organization is going and what role they play in achieving success. All thoughts and all actions need to lead towards the vision and that can only happen if everyone knows what that is.
Watch the video below to learn more about how to structure this meeting for your organization to get the best results.
If you have any questions about how the EOS system can help your organization grow or have questions on State of the Company Meetings, give me a call at 630-728-4177.