6 Levers of a Business
Summary
- When I evaluate a business, I consider each department as a lever that could potentially boost the business when pulled correctly.
- I focus on identifying which department will offer the highest return on investment in terms of time, resources, and money.
- Prioritizing business objectives involves carefully considering where to allocate efforts to drive the business forward the most effectively.
- There are six key functions I analyze: sales, marketing, product, people, operations, and finance.
- I believe understanding which area to prioritize is crucial for strategic planning and achieving business success.
Video
How To Take Action
I would suggest starting by looking at your business like it's a machine with six parts. Think about sales, marketing, product, people, operations, and finance. Each part is like a lever that can make your machine run faster and better. Now, let's find out which lever to pull first to get the biggest boost with the smallest push!
A good way of doing this is to ask yourself some questions. First, look at your sales. Are you making enough sales to keep your business healthy? If not, maybe focus on training your sales team or finding new ways to reach customers.
Next, check your marketing. Are people hearing about your business? If they aren't, maybe it's time to try some new marketing ideas that don’t cost much. This could be using social media more or telling your friends to spread the word.
Let's talk about your product. Is it something people really want? If you're not sure, try asking your customers for feedback and improve your product without spending a lot.
Now, think about your people. Do you have the right team to help your business grow? Maybe you could give your team extra training without spending much money.
Then, there’s operations. This is how your business runs every day. Is everything organized and efficient? If not, look for simple changes you could make to save time and money.
Last, look at your finance. Are you keeping track of your money well? Maybe you could use a free app to watch your budget better.
Remember, don't try to do everything at once. Think about which part needs the most help right now. Start there, and soon your business could be running smoother and growing faster!
Quotes by Leila Hormozi
"which lever if we invest more time resources money into will provide us with the highest return"
– Leila Hormozi
"and would drive the business forward"
– Leila Hormozi
"that's really how we think through prioritizing a business's objectives"
– Leila Hormozi
"there's six functions that I think through"
– Leila Hormozi
"which is like sales marketing product people operations and finance"
– Leila Hormozi
Full Transcript
when we go through a business and we talk about what are we going to work on I look at each department as a lever and the question is which lever if we invest more time resources money into will provide us with the highest return and would drive the business forward and that's really how we think through prioritizing a business's objectives there's six functions that I think through which is like sales marketing product people operations and finance