In this blog, discover how VMG Health’s unique approach to supporting practice growth leverages the six key components of any entrepreneurial operating system (EOS) business development.
What Is EOS?
Gino Wickman, founder of a business development company, coined the term “Entrepreneurial Operating System (EOS).” This system comprises six fundamental business components that are crucial for leaders who want to improve their bottom line and take control of their business.
The six components of success are:
- Mission/Vision/Values
- People
- Data
- Problems/Issues
- Processes
- Traction
How Does VMG Health Support Leaders in Gaining Traction in Their Practices?
The VMG Health EOS system mirrors the components of Gino Wickman’s approach; however, The VMG Health way is customized for each practice, and the methods we use are rooted in our expertise and experience in medical aesthetics.
Outstanding leadership skills don’t just show up with a job title. A talented employee promoted to a team lead, supervisor, or manager deserves the proper tools for success in their new leadership role. Experienced leaders seeking to implement change also benefit from the VMG Health way of establishing and executing goals that align with the organizational purpose.
Let’s Review the Six Components that Make Up the VMG Health EOS System
1. Mission, Vision, Values
Documenting your organizational purpose and establishing who you are and where you are going will be the foundation for all future organizational initiatives. For a more detailed look at this component, please watch our vlog titled “Importance of Mission, Vision and Values.” Some prompting questions to establish your mission, vision, and values are provided here:
- “What are your core values?”: They are the principles that, if well implemented, will become the culture of your company.
- “What is your main focus?”: What should your team focus on every single day?
- “What is your goal for the next 10 years?”: Where do you want your business to be in 10 years?
2. People
Achieving your goals starts with having the right people on board and having them in the right functional area seat. To know whether a person is suitable for that place, they must pass the GWC test: get it; want it; capacity to do it.
- Get It: Understand the obligations of that function
- Want It: Must want to assume this role
- Have It: Have the technical capacity for this
An employee who “gets it” understands what is expected of them. This is where many organizations fail new employees early in employment. If onboarding is a brief orientation on an employee’s first day and all their colleagues are too swamped to focus on their training and development, an employee is set up to fail. The practice must set appropriate expectations, explain the core values and culture of the organization, train the new employee on the systems and processes used by the practice, and explain how the employee’s role fits into the broader organization and helps the firm achieve its long-term goals.
3. Data
As we strive to achieve our goals, we want to measure and track our progress. We do that with data, and one measurement tool used by Wickam is a scorecard. VMG Health uses a similar tool called an efficiency dashboard to track key performance indicators (KPIs) month over month, year over year and tracks revenue streams, provider productivity, overhead expenses, and other relevant metrics.
- The right data ties to strategic business goals or objectives—relevant, accurate, comparative—and is used to guide actions.
- Manage data through a monthly dashboard or scorecard.
- Break data down by team and individual.
4. Problems/Issues List
As we begin to analyze our organization, we may find areas of opportunity for improvement. To address concerns, we document our issues and then work down the list. This can be organized in several ways. At VMG Health, we use an implementation plan to define key initiatives; outline specific, agreed-upon tactics to address issues; designate a specific timeline and ownership for management implementation and agreed-upon tactics to address issues; designate a specific timeline and ownership for management implementation progress to ensure accountability; and track the implementation progress therein.
5. Processes
When our processes, protocols, organizational standards, and expectations are implemented consistently, we create operational efficiency. Systematizing what we do and how we do it improves transparency and efficiency at all levels of the organization.
6. Traction: Executing the Plan
Successful execution of the plan becomes a new habit and is demonstrated with a commitment to continuity and accountability across the organization. When these business practices are internalized and become a part of the practice culture or DNA, the organization gains traction and, as a result, forward momentum.
At VMG Health, we provide cutting-edge support with both our solutions and our experts. Contact us to learn more about the VMG Health EOS system and how it can support your vision and drive your goals.
