Sep 02 , 2021

Traction: The Secret to Building a Thriving Business

If you lead your business using EOS (Entrepreneurial Operating System), you know that Traction is the sixth and final of six core elements of building a thriving business.Traction is achieved by following all 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 which helps keeps the teams organized, on task, and productive.

L10 meetings follow this format:

  • Start with a 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.

  • Conduct a 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.

  • Next, have a 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.

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

  • Follow up on outstanding 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. 

  • Clarify and clear up 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. 

  • Bring it to a Close. 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.

You've probably worked for companies that held non-stop, poorly run meetings. There is nothing more excruciating. The difference in an EOS driven L10 meeting is palpable. Managers and staff alike have a chance to be heard, celebrate wins, deal with issues, and move projects and goals forward, week after week. If interested, read more about EOS here, or give us a call. We'd be happy to share our experience with Traction at All In One Accounting, and how our clients are using it successfully in their businesses too.