What is the state of your company? Are you happy with the results? Perhaps you believe that a slew of obstacles, such as employee fighting or excessive bureaucracy, are impeding your progress. Perhaps you feel compelled to invent the wheel just to get through the next several months.
Gino Wickman’s book Traction: Get a Grip on Your Business lays out a step-by-step approach to tackling business difficulties. The Entrepreneurial Operating System will assist you in weeding out inefficient operations in your company and regaining ground in your chosen market.
When we think back on Steve Jobs’ time at Apple, it’s evident that his work influenced a lot of individuals. After all, his ambition was to create a corporation that benefitted mankind as well as technology. While the Entrepreneurial Operating System’s (EOS) mission isn’t as grandiose, its capabilities should not be overlooked. This business tool is similar to an abridged business plan in that it asks a series of questions to help you get your firm back on track. There are six steps in total.
The first step is to create a vision for your business. Because your vision will lead every other process and choice in your company, it must be crystal clear. It will define your company’s direction, as well as how it will get there.
Beyond that, everyone in the organization must understand and share your vision. Your employees will not move or act in concert if it isn’t. Defining what you want to be as a company is the first step in developing a vision.
To accomplish so, your leadership team should choose two things: your core values and your core focus. Your company’s core values are three to seven fundamental principles that guide it. A “can do” mentality and a passion for the company’s brand, for example, are among the key principles of American restaurant chain Zoup! Fresh Soup Company. These principles influence who the organization hires and how it interacts with employees, clients, and business partners.
You can go on to your core focus by identifying what your firm strives to supply once you’ve defined your fundamental values. To put it another way, what needs does your organization seek to meet?
What is the significance of defining this focus? Let’s take a look at Image One, a laser printer service and supply firm. When the corporation grew into computer networking, it ran into issues. In the midst of the turbulence, Image One executives reminded themselves of the company’s basic mission: to simplify its clients’ printing environments.
As a result, they chose to drop the computer section in favor of concentrating on their core competencies. Since then, the business has grown at a 30 percent yearly rate. Assume you’re putting together a trip across the world. You’re probably planning which cities to visit, how to squeeze in smaller sites, and how to get about.
Similar details must be considered while writing a business strategy. Ascertain that your leadership team thoroughly plans what will be completed, when it will occur, and how it will occur. To accomplish so, have your team come up with a ten-year goal. This is your company’s larger-than-life vision for where you want to be in 10 years, and it’s critical to determining its general course.
After that, figure out your three-year plan. This section should detail the techniques you’ll employ over the next three years to achieve your ten-year goal. After that, you can create a one-year plan that outlines what needs to happen over the next 365 days. Finally, make a list of your quarterly rocks. These are goals that you can achieve in the next 90 days that are specific, attainable, and measurable.
You can choose a marketing strategy when you’ve prepared for the future, both near and far. The first stage is to make sure that your methods for gaining loyal customers are efficient. Remember that you can’t please everyone. Attempting to do so may irritate long-term customers. This is why you must identify a target market and tailor your strategy accordingly.
If you own a tiny aquatics center, for example, catering to both lively children and stressed-out adults is not in your best interests. You won’t be able to fulfill both consumer groups at the same time because their wants are different.
You should identify any concerns that may harm your business after you’ve defined your target market. In the case of the aquatics center, these could include increased energy prices or the introduction of a similar business nearby. Being aware of them will enable you to deal with them sooner rather than later.
Every good boss understands that he or she is only as powerful as the people who work for them. This is why employees are the second most important factor in achieving corporate success. So, how can you ensure that the people you hire reflect your company’s values? Make use of the person analyzer! Each of your company’s basic values has its own column, and each employee has its own row in this chart. Record which personnel adhere to which key values with a plus sign for “most of the time,” a plus/minus for “sometimes,” and a minus for “never” to populate your chart.
Look for employees who show most of your core values most of the time and all of your core values at least some of the time after you’ve gathered this information. While an employee may be growth-oriented, a possible core value, he or she may not always adhere to another critical value for your company’s success, such as fairness.
It’s important to have the appropriate individuals on your team, but you also need to make sure they’re in the correct roles. The GWC (Get, Want, Capacity) chart can assist you make sure that all of your employees are doing occupations that are a good fit for their abilities.
You ask three questions to use this graphic. Is the employee on board, does she know what she’s supposed to be doing? Is she interested in the position, and does she enjoy it? Is she capable of doing the work well, whether through intelligence, experience, or any other attribute? If you answered “no” to any of these questions, you know this person isn’t the proper fit for the job.
Assume one of your most capable engineers is on the verge of being promoted to an executive position. He understands what the job entails, and he has the ability to be a competent executive. But there’s a problem: he hates meetings and so wouldn’t make a good executive.
Good data management is the third element to optimizing your business for success. Many people despise the word “data management,” but it doesn’t have to be onerous. In truth, with a few basic tools, keeping track of information critical to your organization is a breeze.
A scorecard can be used to track and manage employee performance. Choose five to fifteen performance factors to track with your leadership team, and set a target goal for each, such as the number of sales proposals given or new subscribers gained.
Determine who is responsible for meeting a weekly goal and, if someone fails to meet a goal, investigate what went wrong. You’ll be able to see any problems early on if you track staff performance. Furthermore, by quantifying achievement in this way, you can hold employees accountable in a clear and objective manner, as well as encourage healthy competition.
Check out my related post: Need to run a productive meeting?