Our $10M Mistake | Ep 363

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 13 January 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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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 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:

(1:20) - After passing two quarters, they still were not reaching the goal. No matter how many hires were added, the result remained the same

(4:59) - They realized the problem: the tasks being given to their HR person were too time-consuming and because of this they were way behind. The system was flawed

(6:54) - The deeper lesson of the story: Sometimes we think we are solving the problem just by looking at meeting the goal and taking immediate action. What you should be doing instead is to go back a few steps and take a closer look at your system. Is it really maximized to its fullest 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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