This is why you need an operating system for your business.
“Running a business without an operating system is like driving a Porsche on the rims.
You’re driving along and you know it could be a smoother, faster, easier ride, but you just don’t know what to do.
If there was a real-world proven way to get that smoother ride, why would you try to reinvent the wheel?
I believe all companies should run on an operating system. the one I have chosen to offer is EOS.”
We recently exhibited at our first trade exhibition – the Entrepreneurs Organisation Global University – London at the Grosvenor House Hotel in Park Lane.
It was an inspirational event with speakers including Michelle Mone, the founder of Ultimo, Jim Lawless, former jockey and free diver, the journalist Matthew Syed, and the whole event was hosted by Gyles Brandreth. He was hilarious.
At a recent Entrepreneurs Organisation event in Aspen, I was asked to contribute my thoughts about the benefits that membership of EO has brought me, for a new recruitment video.
“It gave me a peer group to aspire to be like, it made me wiser and made me transform the way I ran my business.
“Getting a small group of 8-10 people in a room, where you can really share, take off your mask and be vulnerable with each other is really valuable.
Growing businesses which want to scale have a lot of competing priorities. There is a lot going on with endless lists of to dos.
Imagine spinning plates on the end of a stick, with the MD and the leadership team running from plate to plate, trying to keep them all spinning, while other people in the organisation don’t know how to contribute.
Sometimes it feels like everything is a priority and there are not enough days and hours in the week to complete them all.
Just when you feel like you have accomplished a major to do, something in IT crashes and you have lost a day’s work.
I was lucky enough to have the unique opportunity to see the business guru Jim Collins speak at an industry event in Miami.
The Entrepreneurial Operating System uses a lot of his principles, so I would like to share some of his wisdom.
On people …
Are you flying your business blind or do you use data to manage it? Do you have a handful of numbers that tell you at a glance how your business is doing?
Some people use monthly financial documents, profit and loss statements (P & L) to manage their business, which is a trailing indicator and after the fact. With a scorecard you can manage the future.
1. What is a scorecard?
A scorecard measures activity based weekly numbers for each team member. These might include: weekly revenue, closed business, customer satisfaction, capacity, sales meetings or cash in the bank.
For any business to grow and thrive, whatever your sector, product or service, it is vital to know how to negotiate. I love negotiating and being a smart negotiator has been a big part of making me successful in business.
For me, creativity and fairness are fundamental to success, so aim for a deal that is a win-win. If your negotiation result is “I win-you lose” you may not keep your customer or supplier for very long.
Whatever deal is under discussion, using these six techniques will help show you how to negotiate smarter:
If you ask people what they think about meetings, some would say they start late or run over, they are inefficient, nothing is ever agreed and sometimes they waste the company’s time. They need is to know how to run a good meeting.
The problem isn’t that we schedule meetings in the first place, it’s how we run them. Most companies tell me their meetings are just not productive.
But they don’t have to be like this.
Meetings can be a good forum for healthy conflict and lively debate, a time to crowdsource the best ideas, build consensus and agreement, and move the company forward with solutions.
I love this EOS video explaining the benefits of implementing the system in your business.
In includes an interview with the founder of the Entrepreneurial Operating System, Gino Wickman and who talks about his entrepreneurial journey and with the founder of Sachse Construction who has implemented the system into his business.
It is featured on the Microsoft’s Entrepreneurial Youtube Channel.
Watch the EOS video here, and let me know what you think!
If you’ve been inspired by this EOS video, and would like to introduce these practical tools into your business please get in touch to discuss your needs.
Imagine a business where any issue which crops up is solved by your team working together.
Imagine a business where every member of the team is clear about their role and responsibilities.
Imagine a business where you know precisely what everyone is doing and what they are achieving because there is a system in place that shows you.
Imagine a business where every person on the team is working towards your shared vision.
People are your most valuable business resource.
You can have the best idea, product or service; you can be well funded, have great cash flow and be positioned in the right market, however if you don’t have the right people, you’re won’t make your vision come true.
Your people need to match your core values, have the right skills and have the right attitude.
In order to make sure you’ve got the right people in the right seats, you need the right structure for your business.
A fundamental tool of The Entrepreneurial Operating System™ (EOS) is have an Accountability Chart.
What should you focus on if you want to grow your business?
What are the most important factors that influence whether or not you are a success?
Four important factors are networking, risk-taking, entrepreneurial spirit and growth.
Recently, I was delighted to be asked to talk to the franchisees of Anytime Fitness at their annual conference about how to grow your business.
It is really exciting to see how fast the company is expanding and it was great to meet so many of the company’s franchisees.
One of my beliefs is in the importance of having a mentor and a coach if you are female entrepreneur.
So I was delighted when the founders of Live Lighter asked me to talk about my experiences for a video on their website.
Live Lighter is a a revolutionary new approach to helping individuals and businesses realise their potential.
The video was filmed by the production team at The Big Sky.
This government backed service offers leadership and management training, and the opportunity for businesses to make new connections, find new routes to investment, and develop new ideas and strategies.
Businesses who use GrowthAccelerator grow four times faster than an average SME.
Developing strategic partnerships is an extremely powerful way to build your business.
Typically it’s very difficult to grow a business client by client, deal by deal. If you find the right partners it can have a multiplying effect.
My business Retail Profile Europe would never have grown to the size, scope and scale it did unless I had taken the risk of partnering with share-holders, venture capitalists and even a competitor.
Coaching can transform people’s lives – personally and professionally, and I believe everyone can benefit from working with a coach.
The best athletes have not one but multiple coaches specialising in different aspects of their chosen sport. Their coaches help them to analyse their performance, see new perspectives and visualise success.
The Entrepreneur Organisation (EO) is a global non-profit organisation for entrepreneurs whose businesses turn over $1 million. It has over 10,000 members and 144 chapters in 46 countries.
I have been a member since 2003 and have gained benefited in both my professional and personal life from my membership. To find out more about membership, visit the EO website.