Alex and Leila Hormozi. How to Have the Ultimate Plan for Your Business . Episode 487 with The Real Brad Lea (TRBL)
Jun 27, 2022
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Alex and Leila Hormozi, entrepreneurs and founders of https://www.Acquisition.com, share their inspiring business journey from starting their own companies to now running a successful fund. Topics discussed include their meeting story, the challenges of entrepreneurship, marketing strategies, consulting, social media, and recognizing value. They also touch on Jeff Bezos, greed, and the importance of social skills in business.
Having a valuable product and encouraging word of mouth is crucial for effective marketing.
Focusing on a simplified product suite with high margins leads to significant business growth.
Assessing the customer journey and improving the overall experience enhances customer retention and fosters stronger relationships.
Deep dives
The Power of Building a Strong Product and Providing Value
When it comes to marketing, having a really good product that provides value is the key. Word of mouth is a powerful tool for spreading the word about a business. Providing value and exceptional products leads to exponential growth through customer referrals.
The Importance of a Strong Product Suite
A key aspect of growing a business is to simplify the product suite. Focusing on a few key products or services that have high margins and are in demand can lead to significant growth. By streamlining the offerings, it becomes easier to scale the business and effectively market to customers.
Understanding the Customer Journey and Improving Experience
A crucial step in scaling a business is to assess the customer journey and look for areas of improvement. Decreasing time to value and enhancing the overall experience can significantly increase customer retention. By addressing pain points and providing a positive experience, businesses can build stronger relationships with their customers.
The Importance of a Diverse and Collaborative Team
Building a successful business requires a diverse and collaborative team. The key is to have individuals with different perspectives and experiences who can contribute varying viewpoints. This diversity of thinking allows for better decision-making and innovative problem-solving.
The importance of filtering and finding the right people
The podcast episode emphasizes the importance of filtering and finding the right people for a business. They highlight traits such as humility, coachability, and open-mindedness as crucial factors when considering potential team members. The hosts stress the significance of finding individuals who align with the company's vision and values, as well as ones who have the depth of experience or industry knowledge to contribute to the growth and success of the business. They also discuss the importance of assessing how potential employees handle failure and take ownership of their mistakes.
The value of creating a compelling vision
The podcast episode emphasizes the importance of creating a compelling vision to attract and retain top talent. The hosts discuss how having a long-term vision for the company and aligning it with the personal goals and visions of employees can help in retaining them. They explain that by providing a clear roadmap for growth and development, employees see the potential for their own career advancement within the company and are more likely to stay. The hosts also mention the significance of over-delivering and providing value to employees, which includes strategic advising, tactical advising, and other support to help them achieve their goals.
Today Alex and Leila’s https://www.Acquisition.com fund allows us to participate as minority partners (20-33% typically) to provide what we call “majority work for minority stakes” and use the same models that helped scale each of our companies and create value for their customers.
In this episode, Alex and Leila tell their story from how they met, started their businesses, and what they are doing today. Tune and take notes for this awesome episode!
