You’re an entrepreneur with a great idea. You’ve founded your start-up, you’ve hired a great team, you’re ready to conquer the world and yet something’s not working and you’re failing to scale. How do you even begin to look for the problem, let alone find it and solve it? While EOS is well known in the US – having helped over 70,000 companies – the acronym is likely to leave UK entrepreneurs scratching their heads. To get under the skin of EOS, a system designed to transform a company’s fortunes by offering a complete set of simple concepts and practical tools, we spoke to Andrew Stevens , an expert in how to unravel these issues as an ‘implementer’ of EOS. Specifically, Andrew teaches the six key components that can be used – typically by companies with between 10 and 250 employees – to empower a business to achieve greatness:
Getting everybody in the business to align with the company’s vision is essential. Once everybody is on the same page about the company’s direction, the plan of how to get there can start to take shape.
It doesn’t matter how great an idea or a product is, without the right people behind it, success will be virtually impossible to achieve. Andrew encourages his entrepreneurs to make sure all members of their business, from the top to the bottom, are great people that can work towards a shared goal as a well-formed team, specifically to ensure that the right people are in the right seats. Essentially, what this means is that you need people to match your core values as part of your vision and the ‘right seat’ idea is to have clear accountability throughout the company, with everyone knowing their key roles.
The only way to truly establish what is happening in a business is to boil it all down to a few objective numbers as data is crucial when long and short predicting – otherwise you make blind decisions. Once these first three components are strong, the business is beginning to become a more transparent, open and honest organisation and is now ready to tackle the next step of the process.
Companies that are struggling tend to have similar issues – there may be a lack of discipline and accountability or the management team might not have the same vision. By identifying where a company is lacking in these areas, EOS can knock these problems down and make them go away forever.
This is fundamentally ‘systemising’ your business by identifying and documenting the essential processes to ensure it runs smoothly and profitably. This includes getting everybody on the same page as to the vital procedural steps that must be followed, if consistency and scalability are to be achieved.
The final component is the big one, as vision without traction is simply a hallucination. Traction means bringing a new sense of discipline and accountability into the business, learning how to execute that vision and making it a reality. One example Andrew uses is the rocks/pebbles/sand element, which represents the company’s goals, from those that are less crucial to the long-term objectives. Fundamentally, this means that company leaders should focus on the rocks, as too much time spent dealing with the pebbles and sand can leave them wondering why their business is failing to scale. The message here is that delegation is essential; leave the pebbles and sand to those who are best able to focus on them – and invariably hired to do so in the first place – rather than the rocks.
Andrew confirms that if the EOS principle is followed, these components should then be viewed as a cycle, measurable in benchmarks of 90 days. If a minimum of 80% of the ‘rock’ has been achieved, the fortunes of the company and its chances of achieving success will be drastically improved.
If you’d like to learn more about how EOS can help your business, click here
Now that your business is on the right track to scale, you will probably need to fund that expansion. Click here to see how Envestors can help you