Do you feel like you get caught up in the day-to-day details of your business and never have the opportunity to work on the business itself?
This is exactly how our firm’s leadership group felt here at TDT. Fortunately, we found Traction: Get A Grip On Your Business, by Gino Wickman, and it changed the way we conduct and operate business.
Traction provided TDT with the concepts and tools to efficiently operate our business utilizing the Entrepreneurial Operating System (EOS).
EOS identifies six key components of every business:
1.) Vision – Successful businesses have developed compelling visions and have communicated to their employees a clear picture of where the business is headed.
2.) People – The people component is about ensuring you have the right people and they are in the right seats. The right people are those who share your core values. Having them in the right seat means they have the capability to excel and capacity to carry out the key roles of their position. .
3.) Data – The best leaders manage their business by monitoring a handful of metrics called key performance indicators (KPI’s). Each team member in your business should be held accountable for achieving clear, measurable, and manageable targets.
4.) Issues – Utilize a three-step approach: Identify, Discuss, and Solve (IDS) to manage the issues that are prohibiting your business from fulfilling its vision.
5.) Process – Businesses must identify and document processes and ensure that they are adhered to by team members at all levels.
6.) Traction – Team members are held accountable to 90-day “rocks” (goals) that are set and reviewed in a weekly meeting. This structured, agenda-driven meeting schedule with weekly, quarterly and annual meetings creates traction and allows your business to move forward. Vision without traction is merely a hallucination.
With the help of our EOS Implementer and the EOS Vision/Traction Organizer, TDT clarified our purpose, vision, and values. TDT leadership has communicated this vision to all employees so everyone is clear on the firm’s direction. The EOS process also helped our firm create an accountability chart with the right people in the right seats. Our rocks and meeting pulse keep us focused and accountable.
For me, the most important thing that I discovered from reading Traction was how to implement a Meeting Pulse. In the past, our leadership meetings would last all day due to tangent discussions, and we rarely made it through our agenda. Now we work on the business for 90 minutes each week to focus on our Rocks, people, data scorecard, and solving issues. TDT’s leadership group now use this Level 10 Meeting Agenda tool to make our weekly discussions more enjoyable, productive, and worthwhile.
I highly recommend Traction. It is a must read for every business owner.