Sep 02 , 2021

Traction: The Secret to Building a Thriving Business

If you lead your busines using EOS (Entrepreneurial Operating System), you know that Traction is the sixth and final of 6 core elements of building a thriving business.

Traction is achieved by following all 6 core components of EOS. When you have Traction in your organization, you have disciplined action and accountability by every team member. Everyone is focused on the most important things that elevate your business, helping it reach its goals and thrive.

Such actions and accountability are demonstrated and measured in weekly meetings. The meeting format is called the L10. The L10 format includes a segue, scorecard and Rock review, headlines, issues, to-dos and feedback. Meetings have a set start and end on time.

Each department or operational segment has an L10 weekly. L10’s follow the format below, which keeps the teams organized, on task, and productive.

Segue: Begin each meeting with the sharing of good news. Each person shares a personal and business “best” since the last L10. The segue serves as an icebreaker, builds relationships amongst the team members, and allows for the celebrations of wins.

Scorecard Review: Metrics are reviewed and determined to be “on track” or “off track”. Metrics “off track” are added to a list of issues for discussion.

Rock Review: Rocks are quarterly goals. Rocks are reviewed and determined to be “on track” or “off track”. Like the scorecard review, Rocks that are “off track” are added to the issues list.

Headlines: Share announcements for the general knowledge of the team. They may be positive or negative news about a customer or employee.

To-Do’s: Review the to-do list from the prior meeting and mark each one “done” or “not done”. This keeps everyone with assigned to-do’s accountable for their completion. 

Issues: The meeting time is spent mainly on issues. Issues are obstacles to the completion of Rocks. Anyone can record an issue and the team decides which issues are the most important to solve. Everyone takes part in the discussion, analysis, and resolution. Usually, solving an issue requires someone to act, and a new to-do is added for that action. As each issue is resolved, everyone is clear and on the same page with the next steps and/or the final outcome. 

Conclude: Each to-do is summarized. Then, each team member rates the meeting on a scale of 1 to 10, with a goal of 8 or better. If anyone rates the meeting less that 8, he or she supplies a reason to the team.

Read more about EOS here.

If you have questions about EOS or other financial challenges for your organization, please let us know how we can help.

At All In One Accounting, we take businesses from financial chaos to business clarity and beyond.  Our elite team of Accountants, Controllers, and CFOs are ready to help you in these uncertain times.  Visit our website here for a free consultation with one of our accounting professionals.

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