21 March 2024
Entrepreneurial Operating System (EOS)
In today’s competitive business landscape, the key to sustainable growth lies in the establishment of a robust system that fosters clarity, alignment, and accountability throughout your organisation. To truly drive your business towards success, consider: -:
Crystal-Clear Vision:
A well-defined and articulated vision is the cornerstone of any successful business. Ensure that your vision is documented in a simple, easily understandable format. Regular communication of this vision, at least quarterly, is vital. Leaders should stand up and share the direction the company is heading in and how it plans to get there.
Core Values in Action:
Having the right people in the right roles is crucial. Actively recruit, assess, and reward individuals who align with your core values. These values should be the compass guiding your team’s daily actions and decisions.
Data-Driven Decision Making:
Running your business based on data is non-negotiable. What gets measured gets done. Everyone in your organisation should have key performance indicators (KPIs) and be part of a scorecard system. This not only helps in tracking progress but also motivates individuals to achieve their goals.
Issue Resolution at the Root:
Issues often linger when they are not addressed at their core. Establish a culture of issue resolution by identifying problems at their root and implementing effective solutions. Ask the “Five Whys” and dig deep to find lasting solutions.
Streamlined Processes:
Clarity in your processes is essential for consistency and efficiency. Document your key processes, both customer-facing and internal. This doesn’t need to be overly complex, but it should ensure that everyone knows how things work.
Traction through 90-Day Goals:
To keep your organisation on track, set 90-day goals, often referred to as “rocks.” These short-term objectives provide a clear focus for your team members. Periodic check-ins with the overall vision ensure alignment and direction.
Regular Meetings:
Maintaining a regular meeting cadence is critical for accountability and issue resolution. Leadership teams should meet weekly, quarterly, and annually to review progress and make strategic decisions. At every level of the organisation, teams should have weekly meetings to monitor numbers, track priorities, ensure employee satisfaction, and tackle issues head-on.
By implementing these best practices, you’ll not only create a system that engages employees positively but also fuels your company’s growth journey. A well-structured system, supported by clarity, values, data, issue resolution, streamlined processes, and consistent traction, will set your organization on the path to success.
Contact Morrissey Chartered Accountants today for expert advice on how we can help positively drive growth in your business and engage employees.