This Is Going to Make You A LOT of Money

Summary

• When assessing your business, focus on the real issues, not on areas you're simply passionate about; this approach leads to actual improvement and profitability.
• For instance, if your sales close rate is already strong, like at 40%, you might not need to tweak your sales process; instead, look for other areas that might be limiting your business growth.
• Accurate problem identification and resource allocation can have a significant impact on your financial success.
• Developing the skill to pinpoint the true bottleneck in your business is crucial; it's turned out to be the most profitable ability in my career.

Video

How To Take Action

I would suggest looking at your business and asking, "What's the real problem here?" Don't just stick to what you love like sales if it's already doing great. Put your energy into what needs fixing to make more money.

Here's how to do it:

1. Check your numbers. Is your problem really sales if you're closing at 40%? Maybe not. Look at areas that might need more work. Could it be marketing, your product, or customer service?

2. Find your bottleneck. This is what's holding your business back. Ask yourself, "What's the one thing that if I fixed, would make everything else easier or unnecessary?" Then, you've found your real problem.

3. Put your resources there. Use your time, money, and effort to fix this bottleneck. For example, if your issue is not enough people know about your product, maybe put time into learning about marketing on social media because it's cheap and can reach a lot of people.

4. Learn from your numbers. They tell you the truth about where your business stands. If something is working, you can see it in your profits. If it isn't, your numbers will show you.

5. Keep improving. Once you've fixed one bottleneck, look for the next. This is how you keep growing.

By doing all this, you'll be able to spot problems just like I've learned to in my career. It's made me the most money, and it's not that hard. Just remember to focus on what your business really needs, not just what you enjoy doing.

Quotes by Alex Hormozi

"being able to accurately identify what the problem is and allocate resources accordingly is going to make you a lot of money"

– Alex Hormozi

Full Transcript

had a gentleman the other day who said hey can you walk me through the closer framework I'm currently not using it in my sales process and I was like well what's your close rate it's like 40% I was like why are we talking you flew across the country you had one question that you were going to ask and you ask about something that's not the con of the business because he loves sales so you just want to hear hear me talk about sales stuff which I can understand and I appreciate that but like doesn't help him and so being able to accurately identify what the problem is and allocate resources accordingly is going to make you a lot of money it's probably the single skill that has made me the highest return in my life