Gino Wickman is an esteemed entrepreneur, author, and creator of the Entrepreneurial Operating System (EOS)®, a holistic business management system that has empowered thousands of businesses globally. With a passion for helping business leaders and entrepreneurs achieve their maximum potential, Gino has devoted his career to understanding the intricacies of entrepreneurial challenges and creating systematic solutions to address them. As the author of the groundbreaking book “Traction”, he has solidified his place as a thought leader in the business realm, offering insights and strategies that have transformed how businesses operate, scale, and succeed. Wickman’s innovative approach to business, combined with his genuine desire to support entrepreneurial spirit, has cemented his reputation as one of the most influential voices in the world of entrepreneurship today.
We all approach our businesses with goals in mind. But how often do we achieve them? I’ve spent years working with businesses and today I’d like to introduce you to a transformative way of viewing your enterprise – one that may change everything for you.
Let’s Start With A Question – What Do You Want?
First, think about the one thing you deeply desire from your business. But there’s a catch:
- It should be a long-range goal (at least 5 years or more).
- It must be concise (seven words or less).
Hold that vision. Think about it. This is your ultimate outcome.
Recognizing Business Frustrations
Despite setting targets, many face persistent obstacles. From my experience, the top five frustrations entrepreneurs usually grapple with are:
- Control: Feeling the business runs you instead of you running the business.
- Profit: Simply not enough.
- People: Issues with employees, partners, vendors, or clients.
- Hitting the Ceiling: Feeling stagnant and unable to achieve desired outcomes.
- Ineffectiveness: Trying numerous strategies, yet nothing seems to work.
What separates those who achieve their business aspirations from those who don’t? About 20 years ago, I stumbled upon the answer. And it’s like striking gold.
Your business is built around six key components. The degree to which you achieve your goals is directly impacted by how much investment you put into strengthening these six components. We business owners, entrepreneurs, or managers we tend to wrestle with 136 things simultaneously. But, by focusing on strengthening the key components, everything else will fall into place. Let’s explore these:
Every single person in your organization should know exactly where your business is going and how you’re going to get there. Everyone in the business needs to know your plan, which means it is out of your brain, documented on paper, and shared with your team. Your organization will then be crystal clear on that vision and you will all be rowing in the same direction.
Your organization needs the right people in the right roles. Strengthening your people component means that your organization, from top to bottom, has all the right people in the right seats. Your business should also employ great people who align with your business values and objectives. You cannot achieve your vision without employing great people throughout your business.
The third key component of your business is the data component. Cut through all the subjective opinions, personalities, and egos in your business by boiling your business down to a handful of numbers. It’s essential to keep a pulse on your business using key metrics. The numbers never lie.
Every business has challenges. But what sets successful businesses apart is their ability to resolve these issues efficiently. The people in your organization must be great at solving their problems. Issues can be opportunities, problems, barriers, or anything unresolved. Strengthening this component means that the issues in your business are being resolved quickly. They don’t linger for days, weeks, months, and years.
This is the secret ingredient. Every organization has its unique way of doing things. Identify and document your core processes to ensure consistency and efficiency. Strengthening this component means that everyone in your business agrees on the processes and that those processes are well-documented, simplified, and followed by all so that your business can scale.
Strengthen this component by bringing discipline and accountability into your organization. This is where the rubber meets the road. Your business is taking that vision, bringing it down to the ground, and executing it to make your ultimate goal a reality. Vision without traction is a hallucination.
To truly thrive and get what you want from your business, shift from working in your business to working on it. Take a step back, focus on these six components, and watch as your vision turns into reality. It’s time for you to take control, streamline processes, and achieve the outcomes you’ve always desired.