5 Goal-Setting Mistakes That Will Tank Your Business | Ep 154
Build with Leila Hormozi
Leila Hormozi
5 • 867 Ratings
🗓️ 1 July 2024
⏱️ 15 minutes
🧾️ Download transcript
Summary
“Don't feel like just because you set a goal, you need to be this hero who can achieve any goal.” Today, Leila (@LeilaHormozi) discusses the significance of setting manageable, personalized, and flexible business goals aligned with company objectives. She shares practical strategies from her experiences in growing a $100M business, and the common goal-setting pitfalls for improved business outcomes.
Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.
Timestamps:
(1:19) - #1: Making goals personal and incentivizing correctly
(2:53) - #2: The need for flexible goals
(5:51) - #3: Measuring progress and tracking success
(8:23) - #4: Setting realistic and achievable goals
(11:10) - #5: Avoiding the pitfall of too many goals
(13:47) - Tools and tips for tracking goals
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Transcript
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| 0:00.0 | If you set too many goals and use the same resources to try and achieve them, you will likely |
| 0:05.0 | achieve none. |
| 0:06.5 | That's why the who is so important to identify and who's going to be achieving the goals and |
| 0:11.4 | who's going to be doing what, because you want to make sure that you're evenly distributing |
| 0:14.8 | resources. |
| 0:20.5 | How do you create an unshakable business? |
| 0:22.6 | I cross $100 million in net worth by the age of 28. |
| 0:26.2 | Now I'm growing Acquisition.com into a billion dollar portfolio. |
| 0:29.3 | In this podcast, I share the lessons I've learned in scaling big businesses and helping |
| 0:32.9 | our portfolio companies do the same. |
| 0:35.1 | Buckle up and let's build. What are the most common mistakes that companies |
| 0:43.4 | make when setting goals? Because again, why is this so important? Because if you do not get this right, |
| 0:48.2 | you completely improperly allocate all the resources in your entire company, which means, again, you can be |
| 0:55.5 | working your freaking butt off, but you're working it off on the wrong thing. And then you |
| 0:59.6 | point your team in the direction of the wrong thing. And then all you do is put 10 people |
| 1:04.2 | working on the wrong thing for an entire quarter. So people wonder, why is it hard to grow |
| 1:08.6 | business? Why is it taking so long? Why are those things? |
| 1:17.5 | The more thought and time you put into what you work on, the more successful you will be. |
| 1:22.5 | So the first mistake that I see in goal setting, especially with inexperienced leaders, |
| 1:26.3 | this is something that I made a mistake of myself, is that the goals are not personal. |
| 1:29.1 | So oftentimes when you look at goals, |
| 1:36.1 | they're not tied to individual performance or incentives. So for example, McKinsey found that 91% of businesses increased their profits when they tied goals directly to individual performance. |
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