This QUICK FIX will make us an EXTRA 10000000 next year

The Skool Games Top Widget2

This QUICK FIX will make us an EXTRA $10,000,000 next year..

Summary

  • I realized during a leadership meeting that setting the same goal repeatedly without achieving it was pointless; we aimed to add six more outbound reps for two quarters with no success.
  • Each outbound rep could generate approximately $2 million annually; therefore, failing to hire six reps meant missing out on potential $12 million in revenue.
  • I identified that the problem wasn't the sales manager's performance, but the hiring process was the constraint preventing growth.
  • A business has both potential and constraints. Growth occurs up to the point of constraints, so identifying and solving the constraint is crucial.
  • We determined that it took 20 interviewees to hire one outbound rep, and with a turnover of two reps per quarter, we were not meeting our goals.
  • To address this, we optimized the hiring process by shifting from one-on-one interviews to group interviews, allowing us to hire more efficiently and potentially meet our targets.
  • I introduced the concept of the Quad Marketing Calendar to emphasize the importance of marketing both internally (to employees about the company's vision and mission) and externally (to prospects and customers).
  • The most overlooked quadrant is the employee acquisition process; similar to customer acquisition, it involves advertising for positions, nurturing potential hires, and managing the employee journey just as we manage customer relationships.
  • My takeaway for you is to evaluate your own Quad Marketing Calendar to identify any ignored areas that could be stunting your business growth and preventing you from reaching your wildest dreams.

Video

How To Take Action

I would suggest taking a good look at your goals. If you're trying to do the same thing over and over but it's not working, that's a red flag. Let's stop for a second. Look at what's holding you back. Consider this, just like how not adding enough sales reps cost my business potential millions, your constraint could be costing you too.

Start by mapping out your hiring process. If you're like us and need many interviews to hire one person, you might want to switch to group interviews. This way, you can meet more candidates at once, saving you time and getting more people through the door.

Don't forget about marketing to your team and recruits. You have to keep reminding your employees why they work for you and your mission. That's internal marketing. It's huge. And then, like you advertise to get customers, you gotta do the same for getting new talent. Run ads, interview, and onboard people like you would for your customers. It's a game-changer.

Evaluate your Quad Marketing Calendar. Are you talking enough to your team and future employees? If not, it's time to start. Remember, your people are just as important as your clients. If they believe in your vision and stay happy, they'll help your business grow big.

Now get out there. Tackle these low-cost, high-value strategies. Fine-tune your hiring, market to your team and future employees, and lift those constraints. Do this, and you're set to chase those big dreams you've got. Let's make it happen!

Quotes by Alex Hormozi

"Most entrepreneurs spend all their time trying to add potential to their business thinking that they are solving the constraint"

– Alex Hormozi

"You have to identify it and what makes macro speed happen is not the frenziness and the frenetic energy, it's knowing which problems to solve in what order"

– Alex Hormozi

"We will always grow any system up to its constraint and no further"

– Alex Hormozi

"Rather than what is the acquisition process for talent"

– Alex Hormozi

"These are parallel processes that happen in every business and most people don't know about it"

– Alex Hormozi

Full Transcript

i was sitting in my quarterly leadership meeting where everyone had flown into vegas for two days to talk about the next quarter and our goals for the company and i stood there and i was listening to what they were saying and i wanted to light my head on fire what transpired next was a problem-solving process that i want to share with you because it unlocked 10 million to 12 million dollars in annual revenue for us that we had not been able to unlock for two quarters because of one simple misdiagnosed problem and so the purpose of this video is to hopefully get you to one avoid making that mistake but two be able to use this framework so that you can solve the right problems in your business so if you guys don't know my name uh my name is austin mosey i own acquisition.com it's portfolio companies do about 85 million a year the reason i make these videos is because a lot of people are broke and i don't want to be one of them all right so inside of our quarterly meeting for two quarters in a row my sales manager set the goal that they wanted to add six more outbound reps two quarters in a row quarter came quarter left quarter came quarter left this is the third time that i've been hearing them make this goal and everyone was nodding their heads and writing them down and it seemed like everything was hunky dory and i stopped and i was like guys we've had this goal for for two quarters why do we expect it to be any different this time to set the same goal and nothing's going to happen and for context the reason i said 10 to 12 million is because every outbound rep generates about 2 million a year in revenue for my business and so for me to have six more reps is about 12 million so i'm not just pulling that out of nowhere that's where it comes from back to the story i asked him i was like why weren't you able to do this it's like well you know we lost a couple reps this last quarter even though we hired some new ones and we pretty much have the same amount as we we had before and i was like is that what happened the quarter before that too he's like well yeah i was like then how are you going to solve this problem it's like um i don't know and then it hit me i had been driving this guy and putting my pressure on this guy when he was not the constraint of the system let me explain in every system you have potential and you have constraints most entrepreneurs spend all their time trying to add potential to their business thinking that they are solving the constraint but we will always grow any system will grow up to its constraint and no further and so right now your business has a constraint you have to identify it and what makes macro speed happen is not is not the frenziness and the frenetic energy it's knowing which problems to solve in what order and the example i'm going to give you is showing you exactly why that didn't happen for one of my companies for this specific channel we were marketing on which is outbound had we identified this problem two quarters ago we would have added 10 million to our top line for this year which we won't have so instead we're going to get one quarter's worth of that so maybe add 2 million or 2 and a half million to top line when we should have added 10 or 12. because of this one problem and from the outside people are going to say oh well it was because of x y and z but they didn't diagnose the root problem do you know what it was i'll tell you so i then turned to my hr director and i said how many how many people are you sending the sales manager per week she was like well i sent him about uh one qualified candidate a week and i was like okay how many interviews does it take you to send one qualified candidate she said it takes five i was like okay manager how many of these final interviews does it take for you to get one person hired he was like four i was like so it takes us 20 people that we got to get through to get one new outbound rep he was like yeah it's like okay now given the churn that we had in the last quarter and two quarters because just fyi for everybody frontline positions in general tend to turn more than manager and leadership positions just this name of the game and i was like okay so what is our churn in that position it was like it's about 20 a quarter i was like okay i understood now simple math here if we have 10 people who are working outbound that's not the number but let's just say it's 10. and we lose 20 then it means we're losing two people a quarter if right now the process that you have gets us one new outbound rep per month and we're losing to a quarter that means we would net one new person per quarter that is going to be very short of our goal of six so what do we need to do we need to fix the actual hiring process in order to meet the goal and so what we did was we actually i asked the hr director i said why are we doing these one-on-one she's like well i thought we had to do that miscommunication right it's all it was a miscommunication so we don't need that for this position what she now did the solution to this problem was that she's setting up she's still running the ads she's still organizing the interviews but she set them all up for the sales manager to do group interviews and now he can do five group interviews for one hour per week and now he can pick one or two of those people and get them onboarded quickly and he can start hiring he will be able to hit his goal in that way and so the reason i tell the story is because i just missed out on a bunch of revenue that i should have been able to make because we were solving the wrong problem all of the focus was on the sales manager and and who he was bringing in and how he was training them rather than because that wasn't the constraint of the system rather than what is the acquisition process for talent and so i'll give you a framework that i wrote down somewhere that i'll probably share in another video but it's something called the quad marketing calendar most people have no marketing calendar smart people have one or two marketing calendars so the first marketing calendar and you can draw this you know what i'll do for you right now all right so the quad marketing calendar looks like this here you've got internal and you've got external so here you have employees and you've got prospects internally which is this way you should be marketing to your employees so that you tell them about the vision and about the mission about why you do what you do this has to happen all the time so that people continue to want to work for you internally to your prospects which are now customers over here you need to continue to market them to get them to buy again and again right we need to keep them to keep buying over here in external for prospects you need to get people to become customers so we're marketing externally most people understand this one this is the one that most people do most people don't do this one most people definitely don't do this one and i'll tell you the one that people miss the most this one is that they don't have an acquisition process for getting new talent so just like you run ads generate leads nurture leads set appointments sell fulfill you should be able to run ads for new employees you should be generating leads you should be working those leads you should be setting interviews which are sales you make job offers just like you make normal offers and then the onboarding experience that you have for a customer is the onboarding experience that you have in parallel with an employee and then just like you continue to ascend and resell your customers you ascend and continue to manage your employees these are parallel processes that happen in every business and most people don't know about it and you heard about it here first at the world's best youtube channel in the world with the the handsomest and most uh sickly now rona written uh youtuber out there and this is called the quad bargaining calendar and it was because we were missing this framework my hr director did not understand this framework that we lost out on 10 to 12 million revenue and i don't want you to do that all right and so the reason i made this video is so that you can recognize which of these four in the quad marketing calendar you are not using so that you can shore up that part of your business and ultimately scale it and make all of your wildest dreams intro all right my name's alex from rosie like i said on acquisition.com hope you enjoyed this video and guys i'll see you guys the next one keep being awesome bye

Similar Posts