Episode 88: Establishing Core Values and a Clear Company Vision with Michael Erath of The Traction Hub
In this episode, we sat down with Michael Erath who is the owner of The Traction Hub in Scottsdale, AZ. In the first 15 years of his career, Michael grew two businesses to over 45 million in revenue and over 200 employees. In 2009, the housing market crash, as well as a betrayal from a business partner and his own blind spots, caused him to lose it all. Late in 2010 Michael leveraged all that he had and started a new business. During that process, he was introduced to the book Traction by Gino Wickman and began implementing EOS into the organization. The business grew tremendously and even made the Inc 5000 list in 2015! Since 2015 Michael has been a full-time EOS Implementer where he and his team at The Traction Hub help others through the implementation of EOS.
Not many books have made an impact on the two of us as much as Traction did. We too saw the benefits of implementing the EOS system into our business Brothers Pool Service. When a client referred to the book one day, we both read it and felt like it was talking directly to us! There are 6 major components discussed throughout the book, but for this podcast, we wanted to focus solely on the vision component. This is the section of the book that discusses core values and core focus. Michael tells us why it is so important for the whole team to understand the company’s vision and how once everyone is aligned, it can be something incredible. He also gives advice on how to create your own set of core values and core focus, and how to roll them out to your team. You will definitely want to take notes on this one! This is an episode that you don’t want to miss!
Episode 88: Establishing Core Values and a Clear Company Vision with Michael Erath of The Traction Hub
Where to find Michael Erath of The Traction Hub
Resources Mentioned
Book & Podcast Recommendations
Show-notes
02:28 - Michael Erath Intro
05:17 - Business partner/best friend commits bank fraud
08:03 - Starting from scratch & finding the book Traction
09:20 - Becoming an EOS Implementer
20:31 - What is Traction and what comes with it?
22:30 - Six Key Components
24:59 - The impact Traction had on Michael
27:56 - Trade business struggles
33:14 - Understanding the vision of the business
37:44 - What are core values?
45:01 - Example of core values
51:32 - Living by core values
01:01:19 - Build or re-discover your core values
01:15:07 - Waiting 30 days before rolling out Core Values
01:19:30 - Best way to roll out core values to your team
01:22:49 - Core focus on mission statement
01:32:37 - Steps to defining your mission statement
01:34:55 - Firing customers
01:46:40 - Where to find Michael Erath
01:48:13 - Book recommendations