The Game with Alex Hormozi 4 Problems Every Business Needs to Solve to Survive | Ep 741
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Jul 24, 2024 Discover the four critical problems that every business owner must address to scale effectively. Learn the importance of identifying ideal customers and the perils of overextending resources. Dive into the difference between being a business owner and a CEO, emphasizing strategic focus over daily involvement. Plus, gain actionable insights to enhance customer retention and maximize profit per customer. This conversation is packed with practical solutions and real-world examples to elevate your business journey.
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Identify Your Ideal Customer
- Identify your ideal customer by analyzing past clients: those you enjoyed working with, who spent the most, were most profitable, and required the least effort.
- Focus on attracting more of these ideal customers, even if it means saying no to others.
Pricing and Compensation
- Avoid charging too little or paying too much, ensuring your business model is profitable at full capacity.
- Address compensation issues honestly with your team, highlighting the potential for growth with adjusted compensation.
Avoid Overexpansion
- Don't overexpand your business before solidifying your core operations and team.
- Focus on quality and training, avoiding the trap of scaling problems instead of solutions.