$100M Investor Answers The Most Important Business Questions for 1 Hour

Summary

• I often encounter businesses, regardless of their size, facing similar issues. This shows that the fundamentals of creating value apply whether you're making $200k or $140 million yearly.

• When pivoting your business model, deliberate on which problems you are most prepared to solve. Consider what aligns with your long-term vision; operational efficiency versus marketing and sales proficiency.

• Deciding between staying in a dying business model or transitioning requires understanding the underlying strategy of the path you choose. Know the challenges of either going 'in-network' or pursuing a 'cash pay' direction.

• If you want to transition a business model, consider it as starting fresh. Test new offers, go through detailed planning, and get comfortable with new methods like running paid ads or content strategies.

• In scaling customer acquisition, consider defining a few primary offerings that convert well and focus on cross-selling and upselling once customers are engaged.

• When trying new acquisition channels like paid ads, starting with local ad campaigns can be tactical since they are easier to manage and budget-friendly.

• If your current model struggles, consider leveraging new services' sales and retention improvements instead of making abrupt changes. Streamline and segment your customer approach.

• In education businesses, it's normal for customers to graduate. Aim to create continuity by offering more learning opportunities or developing a backend service that supports re-engagement.

• For a service selling custom products, reassess how to attract 'whales' by offering irresistible deals to intermediaries like architects or contractors, who can introduce you to larger clientele.

• For companies transitioning to a virtual sales model, centralize and streamline operations before attempting major strategic shifts in offerings. Focus initially on models and strategies proven successful in home or core markets.

• Offering guarantees in high-cost services can enhance customer trust without a full money-back promise. Consider performance guarantees that assure on-time delivery or budget compliance.

• In software companies, it's crucial to choose between keeping multiple business arms or focusing on one area to develop the most scalable model and achieve substantial growth.

• Foster the most leverage from the market by teaching affiliates to generate leads at scale, rather than just focusing on direct customer acquisition.

• For companies reliant on referrals, enhance relationships with referrers. Regularly engage with them to ensure a steady flow of business.

• When building new partnerships or entering new markets, find models that allow for quick scaling while ensuring existing models and strategies are well-optimized.

• Evaluate new business opportunities with your personal goals and lifestyle in mind, ensuring alignment to sustain personal and professional satisfaction.

• When entering a serious relationship while being deeply involved in business, present your authentic lifestyle upfront to gauge compatibility, reducing the risk of future conflicts.

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How To Take Action

I would suggest implementing a well-rounded approach that focuses on leveraging your strengths and addressing specific challenges. A good way to start is by clearly understanding the problem you are best prepared to solve. Whether you're in a small business or pursuing personal growth, you need to align your actions with your long-term vision. If you're considering pivoting your business model, deliberate on the challenges and strategies required for success. This could mean increasing operational efficiency or improving your marketing and sales tactics.

For example, if your business is currently reliant on referrals, enhance those relationships by regularly engaging with referrers to maintain a steady stream of business. Another low-cost strategy is starting local ad campaigns which are easier to manage and budget-friendly when trying new acquisition channels.

Test new offers and run content strategies to familiarize yourself with the shifting landscape if you're transitioning your business model. Engage in detailed planning and become comfortable with ads and content strategies.

Additionally, consider defining a few primary offerings that convert well to scale customer acquisition. Once you have customers, focus on cross-selling and upselling to maximize revenue.

For a business with custom products, like selling to architects or contractors, create irresistible deals to attract larger clientele—the 'whales' of your market. Finally, make your offers compelling by providing guarantees in high-cost services, which can build trust with potential customers.

Stay open to new opportunities that align with your personal and professional goals and reassess potential partnerships or market entries to ensure existing models and strategies are optimized.

Quotes by Alex Hormozi

> #### "The questions between businesses are so similar that they apply to all of them"
>
> *- Alex Hormozi*



> #### "You're just going to become a normal business which is just like you will run advertisements and you will make offers to people and they will come in"
>
> *- Alex Hormozi*



> #### "You're getting the hardest part which is getting them to refer you"
>
> *- Alex Hormozi*



> #### "I don't want to change"
>
> *- Alex Hormozi*



> #### "The beauty of software once you get it right is that it just keeps growing"
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> *- Alex Hormozi*