Unlocking Your Company’s Value
Published April 1, 2021
The COVID-19 pandemic has forced businesses to adjust the way they operate. We now meet virtually, find new ways to engage with our employees, and rethink the way we do business. It has been a year of transition as our companies are adapting to the new normal, and it is the perfect time to unlock and discover new value opportunities in your organization.
So, what does that mean – “unlocking my company’s value”? As a professional Entrepreneurial Operating System (EOS) implementer, I work with leaders that may or may not realize they are standing in their own way of reaching their organization’s goals. Often, these companies are “stuck” and cannot seem to take their organizations to a new level. Often, these businesses have strong leadership teams, but when we dig in, we uncover that the goals of the leaders are not aligned. Leaders on a team generally all have a vision for the company – just not the same one. To maximize the value of a business it is imperative to have a promising, collaborative vision, with goals that inspire team members. It also means that everyone on the leadership team is working together to meet those goals allowing them to get where they are going faster and producing greater results.
If your company has not set strong goals or a clear vision, consider starting with an inspiring 10-year target and working backward. Commit time to meeting with your leadership team and getting everyone on the same page about where your company could be in 10 years. Not everyone at the table will have the same picture in mind, but by listening and collaborating, you can design a cohesive vision that is likely stronger than the vision you pictured on your own.
Once the long-term goal is set by the leaders, create a three year picture and a one year plan so that the entire leadership team agrees to focus on the most important things that need to be accomplished. It’s important to not only set specific annual goals, but break action steps down into 90-day strategic priorities to execute on the plan. The focus and execution on a plan are what drives results leading to increased enterprise value.
Your vision cannot be achieved without great people, and every company defines great people differently. Every company must have the “right people” (those that consistently exhibit your company’s unique core values). Each person must also be in the “right seat” (the individual has the talent and skills to perform the roles in their seat and is passionate about those roles).
When I begin implementing the EOS Process with a leadership team, we conduct exercises to discover an organization’s unique core values. We also work with the leaders to create an “accountability chart” that portrays the appropriate structure for the organization over the next twelve to eighteen months so the company can break through the ceiling and get to the next level. We use powerful but simple EOS tools to complete a detailed analysis of each team member to ensure everyone is a right person in the right seat. While it may sound uncomfortable to consider adjusting roles and people in your company, it could be a major benefit to your organization in the long run because you will have a team with the talent, passion, and capacity to do the job well.
Generally, the lack of accountability and execution are what cause a company’s vision to go unrealized. Work toward creating a positive culture where accountability and discipline in execution toward achieving goals are part of the company’s DNA.
Growing the value of a company does not begin with creating new products or services, it begins with improving communication, accountability, and organizational makeup of your team. It is critical to embrace a culture where your team feels safe to raise their hands and call out issues standing in the way of maximizing the value of your organization.