Good Enough For Growth | Ep 227

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 7 August 2020

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

It all boils down to how you can push more through this machine. Today, Alex (@AlexHormozi) talks about understanding what you think is considered “good enough” for your business growth, the drivers that actually help you work towards that growth, and when is the right time to step on the gas for your business to move forward.

Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.

Timestamps:

(1:27) - When it comes to growth, there are also certain realities that you have to face. Also, a bottleneck that Alex faced and a trap he fell into was not pushing on the gas soon enough

(5:10) - There are “knobs” that help you move towards growth: What am I making for the first 30 days? What is the price for my ongoing service? What is my conversion front to back end? What is my churn on my backend service?

(7:46) - After assessing the knobs, determine which of them has the biggest impact in six months and what to do with the remainder of the rest

(11:54) - It all boils down to how can you push more through this machine. Keep in mind at some point you also have to know when it’s good enough in order to start stepping on the gas and bumping up your spending to see what breaks

(14:02) - Alex shares with us some guide questions and an exercise to check your knobs and if you’re on the right track. This will help you see when it’s good enough to move forward

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Transcript

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0:00.0	Mozination real quick, if you are a business owner that has a big old business and wants to get to a much bigger business,
0:06.1	going to $50, $100,000 plus we would love to talk to you.
0:09.5	And if you like that or would like to hear more about it, go to acquisition.com and you can plan anywhere on the page
0:14.3	and talk to one of our team and see if we can help you get there.
0:17.5	This was definitely like definitely a bottleneck in my growth.
0:23.1	Welcome to the game where we talk about how to get more customers, how to make more per customer,
0:26.8	and how to keep them longer, and the many failures and lessons we have learned along the way.
0:30.2	I hope you enjoy and subscribe.
0:31.9	What's going on everyone? Happy Saturday. Hope you are rocking and rolling on this beautiful day.
0:37.2	I wanted to talk about a topic that I have recently brought up with a couple of entrepreneurs that I've been on the phone with who are trying to scale
0:47.3	or trying to get to, you know, from the, you know, the $3 million to the $10 million range.
0:51.9	But I figured that you, even if you're not at that range, that you might want to hear what it is.
0:57.8	And I think it's one of the things that took me a really long time to get over.
1:01.5	And as soon as I broke through this, this was definitely like definitely a bottleneck in my growth.
1:08.7	Okay. And what it was was understanding what is good enough.
1:12.9	All right. Now, I've probably made a zillion podcasts on having low tolerance and, you know, the excellence of the team will fall to
1:21.4	not their expectations, but the level of their training and culture and high performance and all those things.
1:27.4	And you absolutely do need to maintain that.
1:29.4	But when it comes to growth, I think that there are also certain realities that you have to face.
1:35.4	Right. If you're in a service-based business and if you service, you know, it depends on your type of customer.
1:42.8	So let me give you a couple of examples to make, kind of, drive this point home.
1:46.4	Shopify and Spotify, right.
	...

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