5 Hacks You Need To Know About Driving Revenue | Ep 33
Build with Leila Hormozi
Leila Hormozi
5 • 867 Ratings
🗓️ 2 May 2023
⏱️ 17 minutes
🧾️ Download transcript
Summary
Never underestimate the power of operations. Today, Leila (@LeilaHormozi) shares with us how to increase revenue through operations, the importance of infrastructure, and five ways to drive revenue through operations.
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:
(2:57) - Hiring too junior employees causes constant operations staff changes
(5:02) - 1st Hack: Improve onboarding customer experience
(7:01) - 2nd Hack: Renegotiate vendor relationships
(8:44) - 3rd Hack: Increase business through referrals
(10:19) - 4th Hack: Fast access to information with good bookkeeping
(13:26) - 5th Hack: Formal communication with direct reports for revenue growth
Follow Leila Hormozi’s Socials:
LinkedIn | Instagram | YouTube | Twitter | Acquisition
Transcript
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| 0:00.0 | When you first start the business, usually you have the lower hand. |
| 0:02.3 | You don't have the upper hand in the deal, so you cannot negotiate really good rates with anybody. |
| 0:06.6 | But as you gain more and more traction, you have more history and you have more record, |
| 0:09.9 | then you can say, hey, you need to really look at these contracts. |
| 0:16.1 | How do you create an unshakable business? |
| 0:18.6 | I cross $100 million in net worth by the age of 28. Now I'm growing |
| 0:22.2 | acquisition.com into a billion dollar portfolio. In this podcast, I share the lessons I've learned |
| 0:26.8 | in scaling big businesses and helping our portfolio companies do the same. Buckle up and let's build. |
| 0:35.7 | What is up today? What I want to share with you is how to increase revenue through operations. |
| 0:40.6 | What I continue to see is the lack of infrastructure in businesses that want to go from doing a couple |
| 0:46.6 | million a year to 10 million, 20 million, 30 million, 50 million and above. And I kind of want to |
| 0:52.0 | break your beliefs around what operations is supposed to do, |
| 0:55.4 | because I don't have a personal story of how operations was unimportant to me and then became |
| 1:00.8 | important to me. I was told from the very beginning of when we started gemmaged that |
| 1:04.9 | operations was important. Because of that, I focused on it and we were able to scale |
| 1:08.4 | extremely quickly because we had the infrastructure in place. And so I actually credit a lot of my success to the fact that I focused on it and we were able to scale extremely quickly because we had the infrastructure |
| 1:11.1 | in place. And so I actually credit a lot of my success to the fact that I just heard that, |
| 1:15.6 | applied it right away, and I didn't question it. And what I've come across a lot recently is |
| 1:19.8 | just the lack of belief in operations. And it kind of started with a conversation I had with an |
| 1:25.0 | entrepreneur who's doing about $7 million a year. And we were at a dinner with lots of dinners, lots of dinners. And at this dinner, |
| 1:32.5 | what he was saying is that he fired, you know, most of the people that were in the operational |
| 1:36.7 | roles. And I said, well, you know, why did you fire them? And he said, well, it just seemed like |
... |
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