In the name of transparency, we wanted to share with you some of the tools that we like when it comes to running a business and making decisions. Over the next three weeks, we want to talk about three tools that we are currently working to implement into the business. We will take a minute and share with you three tools that allow us to do the following:
- Give the business an Operating System
- Help guide the allocation of financial resources in the business
- Make decisions that provide or increase value
EOS and the Traction Library
The first tool is the biggest and it is a tool that we are still working on implementing completely. It is an operating system for the business. We have been implementing the Entrepreneurial Operating System or EOS for short.
One of the things that many businesses suffer from is not having processes in place to help set them up for success. Many businesses, ours included, start from someone being good at something, and then it grows. Once it grows to have a larger staff the owner might be a little lost. They try to teach others but their attention is split. What is someone to do? How do they take everything they want to do in their head and turn it into a living and thriving business? You need some sort of system to help you accomplish this.
Enter EOS. It is a system that has a proven track record over the past 20 years. It is a system that takes you from finding core values, and vision to how to hold meetings and figure out quarterly goals (for the business and individuals).
The EOS toolbox will help you with making sure you have the right team members sitting in the right chairs. It can even help you when you have to make the tough decision to let someone go for their benefit and the benefit of the company. It also will help you move them to a better position if that is an option.
EOS also helps with a process for creating quality documentation for your team so that you can work more and more on the growth of your businesses and less and less on training people inside it.
More than anything though, EOS gives you a guide to start to develop what your business is going to look like. It will help you not just be patching holes as the water starts to come in. It will help you create a solid foundation and build out the right parts at the right time.
If you are interested in implementing EOS in your company, start with picking up a book or two from the EOS library. Once you understand what you are getting in to, pick up a copy of Traction or reach out to an EOS implementer. If your company is small, you can do it yourself and set yourself up for quality management of your business.
Next week we will explore a tool to help set yourself up for financial success from the beginning.