Setting a clear vision for your company is crucial for long-term success. A well-defined vision not only guides your team but also sets the path for the next decade. In this post, we’ll explore the EOS Vision/Traction Organizer (V/TO) and how it can bring clarity and focus to your business. As part of the V/TO, it is typically shared with the entire company (although sensitive targets, like profit, may be removed) There are 5 questions:
Core Values
These are the values that represent the best qualities of the best worker at the company, and you should be hiring, firing, and retaining employees based on these values. The values should be shared by the team. While the values may be aspirational, they should somewhat reflect the current state as well. The values should be unique to your company and set you apart from any competitors. To that end, the values should not be “table-stakes”. For example, honesty is not a strong value, because no company would try to hire a dishonest worker.
Core Focus
The Core Focus has two parts – together, they describe your company in the simplest terms possible. They provide clarity to your team, making it easier to guide the team forward, and to identify changes that may need to made today – people who aren’t quite the right fit, business lines that don’t fit, or obstacles that need to be overcome.
- Purpose/cause/passion: In one simple sentence, why does your company exist?
- Niche: What does your company do? I should be something that your company is great at doing and that you enjoy doing. The Niche should not be a list – it should be one thing that your company does.
10-year Target
This is the BHAG – the Big, Hairy, Audacious Goal. It should be aspirational and motivate the entire team. Generally, it should not be a financial goal – most of the team will not relate to a financial goal, and it will be too owner-oriented. Some examples:
- Nike: Crush Adidas
- ROC Advisors: 500 referrals by 2034
- Capstone Publishing: Help 30,000 schools achieve their goals for improving literacy
Marketing Strategy
The Marketing Strategy has 4 main components, focusing on your client approach. Depending on your business, you may need to spend a considerable amount of time developing your marketing strategy. Some of the components may never be a great fit (The guarantee has always been somewhat contentious, and not always a good fit for every business).
- Target Market: Describe your ideal customer: Where are they, what are they like (demographics), and what are they looking for/what do they value?
- 3 Uniques: What is unique about your business that the customer would appreciate – your competitive advantage over the competition.
- Proven Process: What does the customer experience look like? How do they get started and what are the main steps along the way?
- Guarantee: Do you guarantee your products or services?
3-year Picture
What will your business look like in three years? Describe the financials, people, culture, process, product, service, and other measurables. Aim for 80% accuracy, understanding that not everything will unfold as planned. Really take the time to think through what 3 years will look like and what needs to happen to get there.
The Vision exercise is challenging but worthwhile. It acts as a filter, helping you decide which business opportunities to pursue, which clients to work with, and which team members to retain. Consider the Vision an evolving process – your first V/TO may look very different from subsequent versions, but each step brings greater clarity.
If you’re struggling with setting your Vision and getting started with EOS, ROC Advisors can help. Whether through our 12-month Accelerated EOS program or a one-off workshop, we can guide you on your EOS journey to new levels of clarity, accountability, and efficiency.