How To Grow Your Business By Replacing Yourself | Ep 44
Build with Leila Hormozi
Leila Hormozi
5 • 867 Ratings
🗓️ 8 June 2023
⏱️ 15 minutes
🧾️ Download transcript
Summary
"Success without a successor is no success at all." Today, Leila (@LeilaHormozi) shares with us the importance of recruiting and replacing oneself in order to grow a business. She emphasizes the need to audit one's time and tasks, identify areas for improvement, and create a plan for delegation and training in order to successfully replace oneself.
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:
(2:22) - Recruiting is vital; equals selling, acquiring, and retaining customers
(6:57) - Skill times culture divided by experience is the equation
(8:41) - Step 1: Audit your time and tasks
(10:46) - Step 2: Identify areas for improvement
(12:25) - Step 3: Create plan for delegation and training
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LinkedIn | Instagram | YouTube | Twitter | Acquisition
Transcript
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| 0:00.0 | I tell people all the time. They're like, where are the best investments you've made in the business? |
| 0:04.5 | I consistently say recruiting. Recruiting high-level talent, interviewing high-level talent, |
| 0:09.7 | that's the best use of my time. That's the best use of my money. And for some reason, |
| 0:13.3 | people just don't get this. |
| 0:19.2 | How do you create an unshakable business? I cross $100 million in net worth by the age of 28. |
| 0:24.8 | Now I'm growing acquisition.com into a billion dollar portfolio. In this podcast, I share the lessons I've learned in scaling big businesses and helping our portfolio companies do the same. |
| 0:33.7 | Buckle up and let's build. |
| 0:40.9 | What is up, Shay? |
| 0:45.1 | What I want to talk about is how to grow your business and replace yourself simultaneously. |
| 0:50.8 | Now, this topic came for front of mind because I had actually my quarterly meetup with one of my companies last week. |
| 0:52.7 | And in that quarterly meetup, we were trying to figure out |
| 0:55.0 | why we weren't able to increase sales in this last quarter to reach our boat, right? So sales |
| 1:00.9 | that increased, but it wasn't to the amount that we needed it to. And so as we were dissecting |
| 1:04.8 | and trying to figure out what was going on, it came back to actually my new head of HR, who's |
| 1:09.9 | fantastic, by the way, but there's only one of her. |
| 1:12.1 | And she said something to the extent of, well, I can only recruit so quickly when there's only one of me and we're trying to get this many roles. |
| 1:19.7 | And at that exact moment, I thought to myself, oh, it's not the inefficiency of the sales team. |
| 1:25.1 | It's not what's going on on the sales team. |
| 1:26.9 | It's not even the closing percentage, not the setting besides, nothing, because it's all great. |
| 1:30.2 | It's literally the bottleneck is recruiting. For that sales manager, what Alex and I had to explain |
| 1:35.4 | to him is that his main focus needs to be recruiting his team. Because especially when |
| 1:40.8 | you're scaling a large sales team like ours is, the ability to |
... |
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