Our $10M Mistake | Ep 362
The Game with Alex Hormozi
Alex Hormozi
4.9 • 4.8K Ratings
🗓️ 13 January 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Time is money. Today, Alex (@AlexHormozi) talks about the mistake he’s been doing with his company for two years that made him lose millions of dollars, how he was able to spot the problem, and how potential is always far greater than the constraint.
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:
(1:20) - Two quarters passed, goal not reached despite added hires.
(4:59) - Realized problem: time-consuming tasks for HR person, flawed system.
(6:54) - Lesson: Look beyond immediate action, optimize system's potential.
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Transcript
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| 0:00.0 | Real quick guys, if you can think about how you found this podcast, somebody probably |
| 0:03.8 | tweeted it, told you about it, shared it on Instagram, or something like that. |
| 0:07.5 | The only way this grows is through word of mouth. And so I don't run ads, I don't do sponsorships, |
| 0:12.2 | I don't sell anything. My only ask is that you continue to pay it forward, do whoever showed you, |
| 0:16.4 | or however you found out about this podcast that you do the exact same thing. So if it was a review, |
| 0:21.0 | if it was a post, if you do that, it would mean the world to me and you'll throw some good comment |
| 0:24.3 | out there for another entrepreneur. We have made the same stake two quarters in a row, |
| 0:29.0 | and it's cost us roughly $10 million in revenue. Welcome to the game where we talk about how to get |
| 0:34.8 | more customers, how to make more customers, how to keep them longer, and the many failures and |
| 0:38.5 | lessons we have learned along the way. I hope you enjoy and subscribe. In one of my companies, |
| 0:45.1 | we have made the same stake two quarters in a row, and it's cost us roughly $10 million in revenue. |
| 0:52.0 | And I want to explain how we figured out what the problem was, and it was so |
| 0:58.9 | eye-opening and obvious, I guess, that I wanted to tell the story because I want you to not have to |
| 1:04.8 | do it that. So my name is Alex Ramuzi, owner, because it's not come, about $85 million a year, |
| 1:09.2 | and I have nothing to sell you. And this is a Rona episode, so I'm a little under the weather, |
| 1:14.8 | I'm doing it, hopefully it'll still make sense. Anyways, so we just finished our quarterly |
| 1:22.6 | meet-up for one of my companies, and two quarters in a row, we had set the same goal, |
| 1:28.4 | which was that we needed to add another six outbound reps. So those are cold colors to reach out. |
| 1:34.8 | Every outbound rep brings in about 50 deals a year for me. Each deal is worth about $40,000, |
| 1:41.5 | so each rep is worth about $2 million in production. So if I was going to bring in six more reps, |
| 1:46.8 | it would be about $12 million more, so I'm just estimating 10. And so two quarters in a row, |
| 1:51.8 | we had set this goal, and we came back to the next quarter, and nothing had happened, and I was like, |
... |
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