An Introduction to The 6 EOS Components of Entrepreneurial Success
Being an entrepreneur isn’t easy; it takes a lot of courage for someone to strike out on their own and a ton of hard work to make a dent in a saturated marketplace. This is why entrepreneurs would be wise to establish protocols early on that will give them their best chance at success. EOS is one thing that can be especially helpful.
What is EOS?
EOS stands for Entrepreneurial Operating System. This is a framework designed to help entrepreneurs accomplish their goals. It utilizes tools and tactics to keep a company and everyone in it on the right path. The EOS model can be applied to both big and small businesses in any industry. It utilizes expert theories from sources like Traction, Good to Great, Scaling Up, and The Five Dysfunctions of a Team. It then takes these theories and puts them into action. The action is at the heart of EOS, as it allows entrepreneurs to get moving, try new things, and then make improvements as they go. With the right EOS, a business can start seeing results within a couple of weeks.
For any business to be successful, the six key components of EOS that must be managed and strengthened include:
1. Vision
Do you have a vision for your business? Is your team aligned with that vision? Vision is important for any business, but it is vital that everyone in an organization has the same vision. Creating alignment and getting everybody on the same page should be one of the first priorities of EOS.
2. People
There are two steps to helping ensure a company has the best team possible. The first is figuring out the structure for the business and which positions to create, find the seats you need to fill. Then it’s a matter of finding people who are the right fit for those seats, the right people need to Get it, Want it, and have the Capacity for the seat. In EOS, an accountability chart is created to understand the right seats. This will also help in hiring people who are a good fit for the culture.
3. Data
One of the best ways to gauge the health of a business is by looking at data. A business has to choose the right metrics to measure, as well as ensure they can’t be open to interpretation from individual team members. Your company scorecard must be able to reflect in a measurable way, the current company performance. Maintaining objective measurement keeps everyone’s attention on what can be changed or improved.
4. Issues
The EOS component of Issues is meant to dissolve the negativity surrounding obstacles that arise within an organization so that they can be resolved without the emotion that usually surrounds overcoming obstacles. In order to effectively work toward problem-solving as a team, EOS utilizes the concepts of identity, discuss, and solve.
5. Process
To put one through five into action, the right process has to be established and followed. To achieve this, it is important to create roadmaps. Effective processes help organizations spend less time on decision-making and more time on execution. Having the proper processes in place leads to business by design, allowing your organization to respond to issues, rather than react to them.
6. Traction
Traction is the final step in EOS. Not only does traction allow a company to see where it stands in its industry, but it offers insight into creating both short- and long-term strategies. Establishing traction involves regular team meetings to take the pulse of a company and to ensure everyone is focused on what is important.
As you work with your leadership team to strengthen these six components everything will begin to fall into place in your business. If you’re ready to implement traction in your business, we can help.
Empower your Leadership Team and improve efficiency, increase value, and foster collaboration to get better results. A professional Facilitator can ensure that all of your members are on the same page, so you can kick your business up a notch. Connect with The Profit Recipe to Achieve Traction.