Business moves quickly, but if you aren't taking the time to plan strategically, you could be missing out on vital opportunities or lose the gains you have achieved. Consider these steps to ensure you are doing the most to plan strategically before making any business growth decisions.
6 Steps for Growing Your Business
The Entrepreneurial Operating System (EOS) is designed to help create meaningful and repeatable growth with your business. The six steps include vision, people, data, issues, process, and traction.
Vision refers to knowing precisely where your business is headed and how to get there. It is about having a clear, detailed understanding of your goals and knowing what to do to achieve them. The key to this working is everyone throughout the entire company must be 100% on board and aligned with the company goals.
The phrase "right people in the right seats" is often used in EOS, but not everyone understands what that means. Essentially, it means you want the right people who share your company values, in the right positions that they want, understand, and are capable of excelling within. You want people who add value to your company.
Use accurate data to assess where you are and drive your decisions for controlled growth for the future. Data is the power language of the future. If you don't have an efficient way to collect, manage, and use the data, you could experience missteps that thwart your growth.
The EOS system also addresses issues by providing a three-step process to help your team identify issues, determine the cause, and find solutions. Ongoing problems can disrupt the flow of business and drain the company's assets. The three-step process involves creating and maintaining three vital lists (quarterly, weekly, and departmental) of issues that arise during the normal course of business. Using these lists, teams will then execute the Identify, Discuss, Solve (IDS) method to stay on top of and resolve problems before they become more significant issues.
Get really good at creating systematic processes for your entire company, and everything will run more efficiently. Don't forget to educate your staff on how each process works and why.
Employ discipline and accountability in every area of your company, and you will start to see forward momentum. Traction drives more growth faster.
If you want to learn more about how to strategically plan for the growth of your business, check out this video or this book, Traction that does a great job explaining strategic planning and how to develop a system for business growth.
To discuss your specific company goals and strategic planning, contact Merited Wealth today.