Achieve Explosive Customer Growth

Insights from Traction by Gino Wickman. How Any Startup Can Achieve Explosive Customer Growth?

Every expanding company is like a five-spoke wheel with thick tire tread. The tire represents the execution system every firm requires to achieve traction, and the five spokes stand in for the five crucial elements each one needs to succeed. By providing five answers to the following five questions, you can strengthen the five spokes of your company’s wheel. Where? What? How? Who? Why might I fail?

Where do I want to go? Develop a compelling ten-, three-, and one-year vision for your firm. Having a clear and convincing ten-, three-, and one-year picture can help you make excellent business decisions.
What data do I need to track each week? Your company needs a scorecard of the things you’re attempting to become better at each week. The scorecard serves as the company’s heart beat and a constant source of inspiration.
How will I achieve my vision as efficiently as possible? Determine the procedures, protocols, and check lists you’ll employ to consistently provide high-quality goods or services.
Who is doing the work, and do they get it, want it, and have the capacity to do it well? You must make sure that everyone in your company is aware of their responsibilities, wants to excel in them, and has the time, energy, and aptitude to carry them out.
Why might I fail? Find and fix any problems that could prevent your business from expanding or ruin it.

The author Gino Wickman’s Entrepreneurial Operation System’s vision, data, process, people, and concerns are addressed in the where, what, how, who, and why questions (EOS). You may feel confident in the success of your company once you have addressed all five inquiries or categories.

But if your company doesn’t set up a system of execution, you won’t have the traction you need to advance your business strategy and consistently climb the growth curve.

As Gino Wickman likes to say, “Vision without traction is merely hallucination.” To create a solid execution system within your business and gain traction, you need three components: rocks, individual numbers, and a regular meeting pulse.

ROCKS

The 90-day priorities are rocks. Your firm will stop circling its wheels and begin to move forward consistently when everyone in it has a 90-day priority that is in line with the company’s strategy.

Wickman refers to quarterly priorities as “rocks” because it invokes the concept of time management from Stephen Covey’s book First Things First.

Imagine a table with a glass jar on it. Rocks, gravel, and sand are placed next to the glass container. The empty area in the glass jar symbolizes the time that is left over after your workday. Your primary priorities are represented by the rocks. The gravel stands in for your daily obligations. The other things you encounter throughout the day are represented by the sand.

Most people fill in the gravel and sand first, leaving little space for the rocks; they catch up on email, engage in lengthy chats with coworkers, and accomplish their daily tasks, but they fall short of completing work that significantly advances the company.

By designating a 90-day priority that advances the company toward its vision as the focus of each employee’s peak focus time each day, you may persuade them to put their best efforts forward.

Asking, “What does my department, whether finance, operations, or sales/marketing, need to accomplish in the next 90 days to hit the company’s one-year target,” your leaders should create and distribute 90-day rocks to their teams after reviewing the company’s ten-year vision, three-year goal, and one-year target.”

Your finance team’s manager can be given a quarterly deadline to cut accounts receivable by 10%. The person in charge of your sales and marketing team can be given a quarterly deadline to employ a new sales manager or work with an online influencer to promote a new product. Make sure everyone in your company is focused on one to five new rocks every 90 days and has them available.

“The way you move the company forward is one 90‐day period at a time.”
Gino Wickman says,

INDIVIDUAL NUMBERS

Numbers foster clarity, dedication, and competition, which boosts momentum and yields outcomes. You must make sure that everyone has a figure that they check every day and that they work to increase as a business leader. If you work in retail, your salespeople may be measured in terms of “sales per hour.”

After customer service calls, a customer service agent’s number may be the “average customer rating.” The number you choose should make it clear what they need to concentrate on in order to reach their 90-day goal. If achieving a 90-day goal is comparable to cycling from Boston to San Francisco, the daily mileage required to reach San Francisco on schedule is the individual number.

REGULAR MEETING PULSE

Meetings have a terrible reputation, but a well-run weekly meeting keeps momentum going and holds individuals accountable. Rocks, issues, and action plans are the three things on the agenda of the ultimate “traction meeting.”

Ask everyone in the room to say aloud whether or not their quarterly rock is on track (people put their rocks in their jars first when they have to disclose their progress in a weekly meeting with their peers).
Everyone in the group is required to list two problems they are having; by doing so, they demonstrate vulnerability and foster a culture of trust.
The group must create a strategy to address the top three problems raised during the discussion.

People are held accountable, have more faith in their team, and are committed to address the major issues before they impede the company’s progress when weekly meetings with these three agenda items are held.

Author: The Pinoy Engineer

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