As a business owner do you feel like your company is currently “stuck” or can’t get to the next level? If this sounds like you, it may be time to unlock and discover new opportunities in your business.
According to Entrepreneurial Operating System (EOS) implementer, Crystal Faulkner, the first step to unlocking your company’s value is ensuring that your organization has a strong, collaborative vision as well as goals that help inspire staff. If you do not have a clear vision or goals at this time, it may be time to consider creating a 10-year goal for your company.
Set up a time with your leadership team to create a target of where you want your organization to be in 10 years. Once you have completed this goal, start to work backwards and create a 3-year and 1-year plan for your business. Make sure that you are setting specific annual goals for your organization that are attainable and write out the action steps you will take to execute your goals.
In order to achieve your vision, it is important to note that this cannot be done without great people on your team. The right person can be described differently for each organization so be sure to determine who is considered the “right person” for your company and each position. It may be beneficial to complete a detailed analysis of your company’s staff to see if adjusting roles for individuals may be needed. As a business owner, you want to make sure that the employee sitting in each position has the correct skillset and passion to perform their role efficiently. If not, it may be necessary to transition them to a new position within your company.
In conclusion, what hurts a company’s vision the most is lack of accountability and execution. In order to ensure you are unlocking your company’s value, you need to create a positive culture where staff feel comfortable and safe to discuss potential issues. It is also important that the company holds one another accountable and is disciplined in executing their goals so that they can uphold their vision and produce great results.
If you would like to learn more on how you can maximize your business, please contact us today at 310-534-5577 or [email protected] for a referral to professionals we know and trust.
Article: https://www.ohiocpa.com/docs/default-source/cpa-voice/voice_2021_july_augu st_v5. pdf
