6 SIMPLE things Business Owners need to do to go from $1,000,000 to $10,000,000

Summary

• When you're at seven figures as a leader, you might avoid asking for employee feedback because it feels like you're already having enough face-time with your team. To transition to eight figures, learn to actively seek feedback; understand that your employees won't offer it unless you ask directly and create formal mechanisms for feedback.
• As a seven-figure leader, you might find yourself as the smartest person in the room. To grow, start seeking out individuals who are smarter than you in specific areas to enhance your team's capabilities.
• It's common for seven-figure leaders to feel insecure when they don't know something. Transition to an eight-figure mindset by embracing your gaps in knowledge, admitting when you don't know, and showing eagerness to learn.
• At seven figures, your calendar is likely filled with direct work like managing clients and handling operational tasks. To reach eight figures, shift your focus to assembling a strong team, delegating tasks, and managing the overall effectiveness of your company.
• You may view operations as a hindrance at the seven-figure level. To scale up, realize that efficient operations are crucial for smooth, profitable growth. Hire someone who can implement flexible systems that support the business rather than slow it down.
• Hiring out of desperation is typical at seven figures due to the immediate need for support. To elevate your business, hire with logic and patience, ensuring new hires fit culturally and have the skills necessary for success.
• Flexibility in your leadership style is essential to scale from seven to eight figures. Be open to learning and adapting because advancing to higher revenue tiers will require different strategies and approaches.

Video

How To Take Action

I would suggest implementing these strategies to grow from a seven-figure leader to an eight-figure leader:

• Actively Ask for Feedback: Don't just think employees will tell you what's on their mind. Set up regular times when you ask them for honest feedback. Have a way for them to share their thoughts, like a suggestion box or monthly meetings.

• Hire Smarter People: If you're always the smartest person, find others who know more than you in certain areas. This will make your team stronger and help your business grow.

• Admit When You Don't Know: It's okay to not have all the answers. When you don't know something, say so. This shows you're willing to learn, and that's a big step to making more money.

• Focus on Leading, Not Doing: Your job isn't to do everything anymore. Your job is to make a great team, give them work, and check on how they're doing. This is how you make sure your company does well.

• Value Operations: Operations are not just extra work; they help everything go smoothly. Get someone who can make a system that is easy for your team and helps your business, not makes it harder.

• Hire with Patience: Don't just pick someone quickly because you need help. Take your time to find the right person who fits the job and your company's culture.

• Be Flexible and Keep Learning: As you make more money, you'll need new ways to solve problems. Stay open to change and new ideas, and you'll keep growing.

By following these steps, you'll be able to move past being a seven-figure leader and become an eight-figure leader. Always remember to keep learning, stay hungry for improvement, and build a team that complements your strengths.

Quotes by Leila Hormozi

"In order to become an eight-figure leader, you actually have to ask for feedback from your employees"

– Leila Hormozi

"If they want to get to eight figures, then that CEO has to seek out people who are smarter than him"

– Leila Hormozi

"When you're eight figures, you can say 'I don't know' and have confidence in your 'I don't know'"

– Leila Hormozi

"A seven-figure leader often despises operations… versus an eight-figure leader understands that operations are important"

– Leila Hormozi

"When you get to eight figures, what I realized is that you have to hire from a place of logic and calm and patience"

– Leila Hormozi

Full Transcript

what's up in this video today what i want to talk about is the difference between a seven and eight figure leader and this came from my instagram um a few people asked me you know what's the difference between a leader at seven figures versus eight figures like how do you get from seven to eight figures and so i outlined six things that i think make the biggest difference in terms of like if you're at seven figures in terms of how like you're doing annually as a business and you want to get to eight figures what you have to do as a leader to get there and so i wanna dissect those six things and explain what they look like when you're seven figures versus eight figures and as this just comes from my personal experience so if you're at seven or eight or nine figures and you feel differently like cool but this is what i experienced and what i noticed to be the evolution of myself um as well as a lot of leaders that uh work in our companies so the first is that when we were at seven figures something i didn't do was i didn't ask employees for feedback and the reason i didn't ask for feedback i didn't have formal mechanisms in place is because i figured what i'm talking them all the time because the team's not that big right and so like they have plenty of face time with me they have plenty of time to give me feedback well in order to become an eight-figure leader in my opinion you actually have to ask for feedback from your employees in fact you have to insist upon it and the reason for that is because people can have all the time with you in the world they're still not going to tell you how you they feel about something or they're not going to give you uh they're not going to tell you like all the bugs under the rocks unless you ask right it's kind of like when uh like someone in a really immature relationship like people in high school right it's like until somebody asks like hey do you actually still want to be dating me the girl like won't break up with the guy she'll be like no no we should keep dating and then as soon as he asks she's like yeah i've actually been thinking like maybe we shouldn't be dating right it's kind of like that like it's just like this assumed communication until somebody asked and it's like boom ball is dropped and the reality is that's what a lot of seven-figure leaders do is they're they're the boyfriend that's not asking the questions they're just assuming that the girlfriend is happy and that well we spent all this time together she would definitely tell me if she wasn't but in reality that's not the case it's actually the opposite is that they will tell you when you ask direct questions and you don't let them off the hook and that is what i've seen be a huge difference in terms of a seven-figure leader versus an eight-figure leader seven figure leaders very passive they don't ask a ton of questions they don't even ask for feedback because i think they actually are almost nervous to receive it versus an eight-figure leader wants it they're consistent they're hungry for it the second thing is that when you're a seven-figure leader often you are the smartest person in the room and so recently we had a company that sent us over some diligence for we were looking at you know acquiring a piece of it and i looked at the whole team and all the qualifications and all the pay and all the background everything and i was like i know why they're at seven figures like looking at this the absolute smartest person on this entire team is the ceo and they had a pretty sizable team you know i think they had 17 people um and they were doing seven figures but i knew that if they want to get to eight figures then that ceo has to seek out people who are smarter than him right and i think a lot of the times especially when you're at seven figures the reason that you're not able to get to eight is that you believe that you're irreplaceable and you're like well i'm definitely the smartest person in this room there's nobody better than me i can't find anyone et cetera and i think that that's just often a limitation if you've not been exposed to bigger businesses before or you don't have a family where people have done business or you don't know a lot of people in business who are doing more than you so then you have this limited thinking that tells you that you're irreplaceable and nobody else can do it like you right it's just because you don't have the vision to see and so that's the second thing that's the difference is that in a seven-figure team typically the ceo is the absolute smartest person in the room eight-figure team that ceo is recruiting people to be smarter than them in that specific area i'm not saying that they should be able to run the company better than the ceo i'm saying that in their arena they are smarter than the ceo the third thing um is that a very interesting character difference that i tend to notice in a seven figure leader versus an eight-figure leader is that when someone's at seven figures and they're running a company um and they don't know the answer to something they seem to be very insecure okay so oftentimes they're insecure because they feel like they should know all the answers um versus when you're eight figures you can say i don't know and you could have confidence in your i don't know and i know for me it was really hard because i felt like when i was a new leader and i had a company and people had asked me questions and i really didn't know the answer to them and i felt stupid you know like i just could be like people with bigger businesses vendors lawyers etc they'd ask me questions and i actually got this for my husband which is he said something to the extent of listen i'm golden retriever level here so you need to talk to me like a golden retriever level i don't have the answers and i remember hearing that and i used that on every phone call i had after that and it almost felt like this permission to be like i don't know i'm new i don't know and i'm admitting that i don't know and i think that that's a transition that has to be made because if you pretend like you know everything then you never are going to acquire the knowledge to actually know everything because nobody's going to give you the answer because they're like oh well you told me you knew but somebody who's at eight figures they understand that curiosity is important saying what you don't know and what you're not good at is important and that's the only way you're going to grow the company the fourth thing is the difference between what you do at seven figures and what you do at eight figures okay at seven figures if you were to look at my calendar what i was doing was i was doing stuff all day i was making portal videos i was talking to clients i was handling upset clients i was looking at uh different billing schedules and what different building cycles we should run um i was you know helping with customer flows i was doing all that stuff versus at eight figures right i was looking at assembling a team i was looking at hiring i was looking at firing i was like delegating i was looking at how well the management was performing okay and so it was really interesting i did a presentation and you have my calendar on each side and i showed people the difference in my calendar and it was like all doing all projects all high level individual work when i was at seven figures with the a figures it was all assembling a team hiring firing delegation management and so i think a lot of times people don't want to let go of that work because it feels really good because we're really good at it we're like we really believe that that's what got us to the seven figures this is really hard to let go of it in order to get to eight but it's also necessary like until you let go of it you're not gonna get to that eight figures so you have to be able to you have to step in that role otherwise you're abdicating your responsibility onto others and they're not going to do as good of a job as you because you're the ceo so that's the fourth one um the fifth one is how a seven figure leader views operations versus an eighth period leader and i think that i'm naturally more operationally minded so i do believe there's an importance to operations but i was also very lucky to have had a lot of mentors in the very beginning who explained the importance of it because it did come from a sales background and so a seven-figure leader often despises operations they don't like operations they believe operations are bad they're red tape slow etc right and they de-prioritize them versus an eight-figure leader understands that operations are important and they are actually there to make the business run smoother better faster more efficiently and more profitably and so i think that actually it's almost a discrepancy in knowledge because the person that's at seven figures doesn't understand what operations is really supposed to look like so they might not be able to hire the right person because the wrong person is going to come in and put a ton of infrastructure in place that takes a ton of resources a ton of time and it's going to distract the entire team from revenue producing activities versus the right person is going to come in they're going to say these are the few things that we're going to do we're going to work around sales and marketing and we're going to put these things into place so that the business runs smoother we can support the customers we can deliver a better experience and we can be more profitable so i like to think of it like very rigid systems versus flexible systems and a person that's at an eight-figure leader understands that you need to have flexible systems in place in order to have the business grow without chaos okay seven-figure leaders what i notice often is they talk about how they don't want to hire an operations manager they don't want to hire anyone in hr it finance ops whatever right they're like oh they're slows down they don't they're no fun etc etc right it's just a very immature way of looking at the business whereas in reality you probably have hired their own people in the past or maybe you just don't know what excellence looks like in terms of operations finance i.t hr and so you have to get the right people on the bus and the right people aren't going to impede the business they're going to make it better and then the last thing is how you hire differently at seven figures versus eight figures so i can see for myself for sure seven figures i hired out of desperation like and i you know i don't regret it because i can teach everyone today and i'm very cognizant of it now so i've mastered it but it was painful you know i hired people just like who will work for us like you responded to an ad you can type and talk work for me you know like i was like anybody i don't care raise your hand um because i was just so desperate to have people work for us and i had so much pain around not having enough people on the team versus when you get to eight figures what i realized that you have to hire from a place of logic and calm and patience right you have to make sure that the strengths of that person fit the strengths of the role you have to understand that person fits culturally you have to understand they have competency and the skill set that you need if they can be there in 12 months and so it comes much more from a place of contentment in terms of how you hire versus a place of desperation and lack in terms of how you hire so six things that take you from seven to eight figures right first one is you want to go from not asking for feedback and just assuming to asking for feedback from your employees the second one is you want to go from being the smartest person on your team to having people who are smarter than you in their areas of expertise on the team the third one is that you go from feeling insecure about not knowing things in your business and pretending like you do to asking questions and being okay with the fact that you don't know things so that you can learn and explore and grow the fourth is you focus on doing things to assembling a team the fifth is that you go from believing operations are a waste of time and they're rigid to understand that they are a necessary part of business and should be flexible and then the last one is going from hiring out of desperation to hiring out of logic and a place of contentment and so those are what i believe um were the biggest switches that i made to go from leading the organization at seven figures to eight figures and to allow me to not want to rip my hair out i think a lot of it comes from being able to be flexible with your personality being able to be flexible person if you're set in your ways and you believe that everything that you're doing now is right then you're never going to get to eight or nine or ten figures because it all is going to look different at 8 or 9 or 10 figures and so i hope that that was useful for you um i know that for myself i can talk about uh also what you can do differently from eight to nine figures but i think it just kind of follows the same path if you notice which is the trend of doing less managing and coaching more more ceo related activities less expertise related activities moving again away from being a really high level individual contributor to a great manager and a great coach and then also placing way more importance over who is on the team so i hope that was useful i hope that gives you some clarity into how to get from seven to eight figures as the leader and i will see you on the next one