How to Recover From Huge Mistakes in Business | Ep 723

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 12 June 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

"Messing up is a part of business.” Today, Alex (@AlexHormozi) discusses the significance of managing business mistakes effectively and transforming negative customer experiences into positive ones. He highlights strategies such as prompt accountability, issuing refunds, and delivering exceptional service, fostering loyal customers and boosting business reputation.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(1:11) - Story 1: The bent gym equipment

(2:41) - Story 2: The Ritz-Carlton experience

(5:07) - Principles for handling mistakes

(10:49) - The angry boat concept

(11:54) - Going above and beyond

(16:41) - Empowering employees to fix mistakes

(20:50) - Turning mistakes into opportunities

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Transcript

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0:00.0	Everybody mess up. It's part of business. Your employees are going to mess up, you're going to mess up as a boss, your customers are going to think you messed up even when you didn't mess up. Messing up happens. And so if you act every time like you have never had a mess up before then you are going to
0:14.8	mess up even worse and so in this podcast I'm gonna talk you about three different
0:19.3	stories about big mess-ups that I have done and been an experienceer of and some tactical things that you can do that have made
0:25.5	our businesses so much better and turned one-star reviews into five-star reviews
0:30.1	and the step-by-step process thinking through that.
0:32.2	Enjoy. What do you do when you mess up? and the step by step process thing you through that.
0:33.0	Enjoy.
0:34.0	What do you do when you mess up?
0:36.0	Right?
0:37.0	Because you're gonna mess up in business,
0:38.0	you're gonna mess up with a customer,
0:40.0	you're gonna build someone the wrong amount,
0:42.0	you're gonna give someone the wrong date, you're going to give someone the wrong date,
0:44.2	you're going to forget to on board someone, you're going to have a package that doesn't get delivered,
0:47.6	it gets delivered to the wrong address, you're going to on board someone and put the wrong
0:51.5	company's logo on it.
0:53.6	And every one of those examples that I just said is something that we have done at some
0:56.8	point in my career.
0:58.3	And so I want to tell you two stories and then I want to drive home a couple of principles that have
1:04.1	served us well. Use them if you want but they have worked pretty well for us and so
1:08.9	I'll tell you two kind of polar extremes. So I I a lot of gym equipment, even though I'm not even in the gym
1:15.9	industry technically anymore. I have a massive gym that is in our headquarters. That's really sweet.
	...

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