Preface: “Vision without traction is merely hallucination.” “Most people are sitting on their own diamond mines. The surest ways to lose your diamond mine are to get bored, become overambitious, or start thinking that the grass is greener on the other side. – Gino Wickman
EOS Workshop Report for Entrepreneurs
Credit: Donald J. Sauder, CPA | CVA
Friday, April 29th, the firm sponsored an EOS Workshop at Shady Maple Smorgasbord with local EOS Traction Implementors Brian White and Rodney Nolt. The Entrepreneurial Operating System (EOS) is a set of simple concepts and practical tools used by more than 130,000 companies worldwide to clarify, simplify, and achieve their Vision. Look at your business in a whole new way – through the lens of the Six Key Components.
Brian began the EOS workshop by asking the attendees to take a moment to visualize their businesses from an objective perspective. The heart of a company is its team, and the healthy heart of a healthy business is a healthy team. Unfortunately, too many entrepreneurial companies have a mind of their own, but for the select few, but growing number, who implement EOS Traction, often obtain more profitability, gain more significant market share, and have increased work-life balance. Going from good to great in entrepreneurism is as simple as implementing EOS.
EOS is built around six elements. 1) Vision. You know where you’re going, and everybody else on the team does as well. 2) People. Great people on the team. This definition is different for each business. For instance, an auto repair shop hires different talent than a delivery service. 3) Data. Quantifiable facts and figures are better than opinions.4) Issues. All businesses have issues. The Best know how to solve them successfully. (or get an EOS implementor to help) 5) Processes. Processes are the key to freedom and bring practical, consistent profitability. 6) Traction. The Traction element is to integrate and implement the previous five ingredients in a system.
Vision begins with Core Values. You need to define and articulate what your business lives and breathes daily—your business purpose. The purpose is what you do that feels good and is what you’re great at. The more you work towards your goal and Core Focus, the easier work (and life) will be for you. Set targets. Where will you be in ten years or three years, perhaps? Vision also incorporates a marketing strategy that culminates in More Better Customers. Vision is achieved when all your people know where you are going.
The Vision includes a 1 Year Plan with measurables. Rocks are an EOS term similar to goals that help you achieve your plans. IDS is when you identify, discuss, and solve issues. Again, all businesses have issues. The best get past discussion to ideal solutions. It’s okay to have problems. The ultimate companies give their team the tools to solve them.
The People Analyzer includes a graph where you rate each team member based on their adherence to core values and GWC. Get it; Want it; Capacity to do it. The most important feature of any business is its culture. Does your team adhere to the core values? Do they “get” what they are supposed to do, want to do it, and can excel at the role.
Data is when you integrate scorecards and measurables in decision-making instead of varying opinions. Data measures the vital signs in your business’s health and successfully guides the team’s health.
Processes are the recipes that guide you; if you’re going to follow recipes, you need to know how to cook—simply giving recipes or processes is futile if you don’t train your team your team how to “cook.” Processes succeed when you have coached your team on the ideal way to follow the process. As everyone likes a great recipe implemented successfully, similar is implementing (and training) on processes.
Traction is obtained when you have a developed a Vision following the ESO Vision Traction Organizer, have the right people in the right seats, with scorecards and measures to track performance trends from Data, Solve all issues successfully, and develop processes that successful host a great team, culminating in implementation success.
All entrepreneurs need A) a coach, B) a Peer Group C) System (EOS).
Among the concluding questions from attendees was if EOS can be implemented for successful family relationships. The word is that, yes, some families do implement EOS for their homes. You can contact Brian White or Rodney Nolt for additional details on EOS.