100 Business Owners Flew Out to Ask Me 1 Question
Summary
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Always aim to make situations more than right. If you mess up, go above and beyond to compensate for your mistake. This can turn a negative experience into a chance to create ambassadors for your brand.
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A high churn rate signals low engagement. For better retention, consider implementing a personal onboarding process with multiple one-on-one sessions to increase customer buy-in and ensure they get value from your offering.
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When expanding business or considering new ventures, exhaust opportunities in current markets first. Analyze what stops you from scaling what already works and address those constraints before diving into new or different paths.
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For businesses reliant on recurring customer engagement (like gyms), consistent and proactive scheduling can improve attendance. This includes setting future appointments during current sessions and sending reminders.
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Collecting and analyzing data is essential before making business decisions. Understand the root cause of problems through data first, then take corrective actions. Doing this prevents unnecessary ideation without basis.
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Growing a business often involves focusing on what's worked best. For example, if public speaking significantly drives revenue, consider increasing frequency to multiply results rather than spreading efforts thin across too many channels.
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In situations where businesses are supply constrained, such as with skilled labor shortages, focus on a recruitment strategy similar to customer acquisition. Consider incentivizing referrals significantly to attract the required talent.
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When dealing with a portfolio of companies or multiple ventures, decide if you want to focus on synergistic growth or specialize in a particular niche before expanding further.
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Clarify and break down desired behaviors in employees to improve training and performance. Use specific, actionable feedback rather than vague terms for more effective management.
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Consider all possible ways to scale each component of the business before deciding to diversify or alter business models, addressing each constraint systematically for sustainable growth.
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When making decisions about price increases versus solving a supply issue, focus on solving the core problem rather than changing successful business models. Evaluate the potential return on investment when incentivizing crucial referrals or recruits.
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Always be specific about behaviors you want employees to stop or start. Clear, precise communication can lead to improved performance and more effective training for leaders.
- Identify if your business is demand or supply constrained and tackle the specific challenge directly. Solving the real issue is generally more beneficial than implementing a drastic business model change if current operations are viable.
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How To Take Action
I’d suggest starting by being more than right. When you make a mistake, go above and beyond fixing it. This can turn unhappy customers into your biggest fans. For example, if you mess up an order, don't just refund them—throw in a bonus or freebie.
Another quick win is to enhance customer retention by personalizing onboarding. Instead of a generic session, have a few one-on-one meetings to make customers feel valued and invested. This minimizes churn as they feel more connected.
If your business involves regular customer interaction, like a gym, schedule future sessions during current ones. This proactive booking keeps them engaged and coming back.
Don’t rush into new markets. First, squeeze every opportunity from your current one. Analyze what stops you from growing more with what you already have.
When considering partnerships, take a pause to decide whether you want to focus on growing different types of businesses together or specialize in one niche. This clarity helps streamline your efforts and maximize growth.
Lastly, focus on clear communication. When giving feedback, be specific about the behavior you want to change. Instead of vague terms like “work harder,” say “I need you to respond to emails within an hour.”
These strategies don’t require big budgets or extensive time commitments but offer significant returns. Implement them to focus your efforts and expand efficiently.
Quotes by Alex Hormozi
"You can't just make it right, you have to make it more than right"
– Alex Hormozi
"Avoid the tragic moments, but if you find yourself in one, use it to flip someone from a hater into an ambassador"
– Alex Hormozi
"When you don't know what to do, get data first, and then it makes the path easy"
– Alex Hormozi
"The lowest risk adjusted return move in any business is to do more of what's already working"
– Alex Hormozi
"You're not actually in the physical therapy business, you're in the recruiting physical therapists business"
– Alex Hormozi
