It is simply amazing to observe the progress and development of business tactics over the past 10 to 20 years. Strategic processes for running a business are continually updating. That change is what makes company progress a possibility. Without it, all businesses would quickly disappear in the endless sea of customer demands and requirements that are getting bigger and bigger every day. Business owners and leaders would collapse under the stress. Another important fact to look at is that this change drives the progress of competition as well.
With that in mind, any business that does not implement new ways of doing things will be swallowed by the competing companies. A business that tries to survive in the growing market feels the consumers’ pressure from one end and competitors’ from the other. The only way to deal with this pressure is to be agile and adapt to the change. Applying the EOS strategy, the Entrepreneurial Operating System, from the book Traction, can benefit your business so you and your business can thrive.
What is EOS?
The COVID-19 outbreak taught us many lessons about running a business in challenging conditions. Many companies closed their doors due to not being able to adapt their business processes to deal with the consequences of the pandemic. That is one example of why every business should consider implementing EOS.
The Entrepreneurial Operating System is a complete process that helps companies gain control over their operations. It is an effective planning tool that provides guidance every step of the way. The goal is to:
- Set a clear vision for your company.
- Define the core values your company supports and nurtures.
- Standardize processes and systems that shape your core business.
- Set a target and focus all teams towards reaching it.
- Come up with a set of standards when working with customers.
- Build a strong leadership team that will push the business forward.
- Make sure everyone is in their seat and aware of their tasks and responsibilities.
- Form communication channels that revolve around openness, trust, mutual respect, and cooperation.
- Identify, discuss, and solve any problems.
As you can see, the road is long and rocky, but it is indeed rewarding. Let us see how to approach it from the right angle.
All you need is a 90-minute meeting!
Would you believe that all you need to begin the journey to improve your business operations is a 90-minute meeting with the right people? Professional coaches will be your guide and your library of precious information necessary for a good start. In two months, you can have implemented the fundamentals and begin reaping the EOS system’s benefits. In less than two years, you can have a fully transformed business.
As mentioned, the process is very complex and consists of many small pieces. The best approach is to speak with people who know all the elements of this strategy inside-out.
The goal of the initial meeting is to:
- Learn more about your coaches, familiarize yourself with their way of doing things, and envision how their guidance can benefit your business.
- Give a quick introduction about your company, goals, and potential issues you are facing.
- Talk about the tools and processes that will help you organize your business.
You should look at this as a blueprint that will set your company on the right path.
It’s not possible to grow without a clear vision.
The reason why small businesses become large companies, and large companies turn into world-famous brands is a clear vision. Without it, your business is bound to remain stuck in the same spot forever. Whether it is because you don’t feel like you are making any progress or because your business is improving at a rapid pace and you cannot keep up without the proper organization, you will, at one point, hit the ceiling. That marks the capacity of your capabilities.
However, that can all change if you create a clear vision and stick to the plan. With that in mind, you should always strive to:
- Define company core values.
- Focus all your effort and energy into embedding those values in every sphere of your business.
- Create a long-term 10-year target. This way, you have a clear path for your business in the next decade.
- Evaluate and apply the most effective marketing strategies.
- Create measures of success in the forms of a 3-year picture and a 1-year plan. By following these, you can tell if your company is still on the right path, and if you are pursuing your vision for the next 10 years.
- Divide your business operations into quarters, and make sure everyone is assigned with their responsibilities.
- Create a list of potential issues or setbacks that may hinder and slow down the growth of your company.
All of these techniques can help your business become more productive, but they depend on the goal you have in mind. By setting a clear vision, you will make the most out of your business process and ensure that productivity and efficiency are always on the right level.
The glue that holds everything together – the communication!
We have arrived at the center point of your planning process. The only way that the Entrepreneurial Operating System can benefit your business is if you have open communication channels. Otherwise, your clear vision will become blurry, and it will feel as if you are driving in the fog, unable to avoid an inevitable crash.
Open communication means:
- Making sure that there is traction from everyone included in the planning process. An excellent way to accomplish this is to organize regular 1-on-1 meetings with all members of your team.
- Talking about the health of your team. Make sure people are not overwhelmed with the workload; everyone should get the amount of work that matches their capacity.
- Tracking employee progress through all quarters. Everybody should take care of their projects in a timely manner. This part also helps you to conduct employee evaluations and make sure everyone is upholding the same company values.
- Discussing and solving all issues as soon as they appear. Keeping problems buried under the rocks will make everything crumble at a fast pace.
- Communicating accountability of all team members. Everyone should be at their seats, taking care of their part of the work. This part is crucial, and it is a good practice to have an accountability table. That way, you know whom to talk to regarding a specific matter.
The Entrepreneurial Operating System can benefit your business only through traction.
As a key takeaway for today, it is crucial to underline the importance of traction one more time. The only way to move forward is to receive customer and employee feedback. Furthermore, it is crucial that you encourage questions and question all decisions to find weak spots. The goal is to recognize if you are struggling with any of the six critical components of the EOS model: vision, people, data, process, issues, and traction. You must be clear on your business needs, so be ruthless when it comes to evaluating employees’ performance. Finally, keep clean documentation of all the processes. You should not have any missing pages in your blueprint of success. The Entrepreneurial Operating System can benefit your business, but it is up to you and your leadership team (with a little guidance from your coach) to make it work.