Entrepreneurial Operating Systems or EOS model is a set of tools and practices that are focused on your business growth and achieving your vision. Every person in an EOS ecosystem has defined roles with the objectives set to achieve the vision. This system is not software or an application. Instead, it is a complete methodology that works with actual people.
The EOS model is suitable for businesses with 10 to 250 employees. Many businesses that are using this model have scaled quickly. Such businesses include omnichannel services providers with similar business objectives like Telvista and other such companies. In this brief article, you can get a clear idea of how the EOS can help you focus on business growth.
6 Key Components of Entrepreneurial Operating System
The EOS model is a holistic business approach that requires team efforts, understanding, and a clear view of the goals. This model is different from the traditional business approaches. And that’s what the 6 key components of the Entrepreneurial Operating System do for you.
Following are the 6 Key Components of an Entrepreneurial Operating System:
Vision is the first component of the Entrepreneurial Operating System. The model delivers your company’s vision down to every employee to give them a clear view of the company’s goal. When you have a clear sight of your goals, you can plan your efforts accordingly.
Communicating the vision and iterating can make it engraved in the memory of their teams. And feeding your goals repeatedly can shape their actions accordingly as well. Therefore, it is a good practice to adopt addressing the goals of your company.
People is the second component of the six. Hiring suitable people for a job is of paramount importance when it comes to success. The Entrepreneurial Operating System knows this better than many other working strategies. A difference between EOS and traditional working systems is that everyone has a voice without the typical hierarchy. The visionary or the CEO is more open to listening to ideas.
There are three types of people in the EOS environment. These are visionaries, practice leaders, and integrators. A visionary is a CEO who is the main decision-maker. Practice leaders are the experts who get the tasks done to achieve the company’s vision. Lastly, integrators are people with entrepreneurial skills and problem-solving skills to complete tasks. This simplified hierarchy completes every task for a business’s success.
Data is another immensely important component of the EOS model. It is because the decisions in this working model are based on data instead of gut feelings or emotions. That’s not the case with most organizations and small businesses that still follow traditional working strategies. So, you can expect more focus on monitoring and achieving KPIs in Entrepreneurial Operating System.
Issues are another element of the six components of the EOS model working methodology. For better business growth, the system is designed to identify most issues and work on their solutions. Such issues can be minor challenges to major obstacles in the way of success for a business. The Entrepreneurial Operating System includes both short-term and long-term solutions. The holistic approach helps in solving problems effectively for future success.
The process is another important aspect of the Entrepreneurial Operating System. This working strategy is more focused on two things documenting the processes and ensuring the protocols of the process are followed by all. Introducing changes and making decisions all has to be documented in the EOS ecosystem. Keeping records is good as it helps in resolving many confusions.
Also, implementing changes across the company is easier and streamlined when you are following this whole process. Therefore, the process component of the Entrepreneurial Operating Systems is very important for success.
Traction is the sixth component of the Entrepreneurial Operating System. The whole EOS is a result-focused working methodology. This framework does not let you lose sight of the long-term goals while also completing your goals for shorter terms. The tasks are prioritized based on the importance of the functioning or expansion of a business. Therefore, Traction is one of the most important components of the Entrepreneurial Operating System.
EOS model is a different working strategy that gives entrepreneurs more control of their companies. Also, this system makes things more transparent in a company where everyone can focus on the aspects for growth. Six components of this business work in different departments that collectively focus on business growth and taking the important steps towards it.