Running Your Business Based on the EOS System

Mike: Welcome back to the flipnerd.com REI Classroom, where experts from all over the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Larry: Hey, this is Larry Goins and welcome to today’s episode of REI Classroom. I’m really excited because today I’m going to talk about how to run your business based on the EOS model, Entrepreneurial Operating System.
Mike: This show is sponsored by passiverental.com.
Larry: I didn’t create it, it’s not mine, but I follow it. It’s actually based on the book “Traction” by Gino Wickman. You’ve probably already heard about that. I’m sure it’s been talked about here on FlipNerd as well as many other places, okay? But we run our business based on the EOS model, Entrepreneurial Operating System. And there’s a lot of things, lot of tools that they have to help you run your business.
First of all, I want to talk about the key people in a business. You, as the business owner, you’re the person, the entrepreneur, the start of the business. You’re what’s called a visionary. You have the idea, the vision. What you want to do and where you want to go. However, every great visionary has what’s called an integrator. The visionary sees things in the future. The integrator makes it happen right now.
The visionary, you’ll be going down the road this way and all of a sudden you turn, “Hey, shiny squirrel, right?” That’s what they call it in my office, shiny squirrel, right? But anyway, you have to have an integrator to reel you in and say, “Larry, you’ve got some great ideas. These are awesome ideas but this quarter, we need to focus on these three great ideas so we could actually get them done this quarter.” So, you got your visionary, you got your integrator, okay?
Now, one of the things that we do, we have that EOS helped us create is what’s called our accountability chart. Everybody is accountable for something. Like as a visionary, as a visionary I’m accountable for the big relationships, the big ideas, and coming up with where the organization is going. The integrator is responsible by leading, managing and holding people accountable and they’re in the here and now. What do we need to do this day, this week, this quarter, this month, this year to make that vision come true? We have an accountability chart and every part of a business is on it whether it’s marketing, sales, finance, operations, accounting, doesn’t matter. It’s all on the accountability chart.
We also have what we call a VTO, Vision Traction Organizer. This is where you’re going to lay out your one year goal, your three-year goal, and your ten-year target. We also have what’s called a score card. Every part of your business should have a score card. For example, in real estate, a sample score card might say how may HUD bids did you make today? How many MLS offers did you make? How many counter offers did you get? How many offers did you get accepted this week? How much money do you have in inventory? How much money do you have in your portfolio? How many properties? What’s your passive income? All of that good stuff.
A couple other tools that EOS gives you is your core values and your core focus. Like our core focus is creating a positive impact on people’s lives by educating them on becoming financially independent through real estate by providing quality products and services and properties and investments. That’s our core focus and you need to set a core value as well. Like, we get results period. Grow or die, do the right thing, be authentic, work hard, stay ambitious, team player start to finish. That’s our core values that we live by.
A couple other things I want to share with you before we go, we have weekly level 10 meetings. Every week we get together with the leadership team and go over our weekly plans, our quarterly goals and rocks, what we’re trying to accomplish as well. And we do have what’s called quarterly rocks, those are the big projects as well.
So this is some great information that’ll help you scale your business, it’ll help you stay organized. And I don’t care if you’re a one-person show, you need to read the book “Traction,” get on board with EOS and it will really help you to organize your business so you’ll be running a business instead of a hobby.
I’m Larry Goins. For some more information, visit larrygoins.com. I’ll see you on the next REI Classroom.
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