“The 3 Evil Es” That Almost Killed My Business
Summary
- Don't set unrealistic expectations for your business's growth; shifting from outcome-based to process-based expectations can prevent you from making hasty decisions that might harm your business.
- Avoid letting emotions drive business decisions; I recommend slowing down decision-making when emotional and making key decisions from a state of contentment and gratitude.
- Be cautious with expenses; don't hire or spend in anticipation of growth. Let the growth justify the expenses. This minimizes the risk of jeopardizing your business.
- Tackle one issue at a time, focusing on excellence in what you do, which will lead to more stable emotions and fewer unnecessary expenses.
- I believe setting wrong expectations is the most dangerous of the evils because it's based on beliefs that can be rigid. Reframe these as assumptions to remain flexible and open to change.
- Keep a high standard for your process and focus on over-delivering to customers, which in turn will keep your business's emotional and financial health in check.
- Remember, good process drives good results; focus on refining your business processes, and the outcomes will follow.
Video
How To Take Action
A good way of doing business is to focus on what you can control. Start with setting realistic goals. Don't think you have to make a million dollars in six months. The goal is to get better every day at what you do. This means take your time, work on your business processes, and strive for excellence, not just big numbers.
When you're making decisions, slow down. If you're feeling rushed or really excited, wait a day. Sleep on it. Make big choices when you feel calm and thankful. You'll think clearer and make smarter calls for your business.
Be careful with spending money. Don’t hire new people or buy stuff just because you think you're going to grow. Let the growth happen first, then spend the money. Think of your budget like a fortress – you want to keep it strong and secure.
Fix one problem at a time too. This will keep you from getting stressed and spending on things you don't need. Make sure everything you do is the best it can be. That way, customers will love your service, and you'll feel better too.
Remember, good work leads to good things happening. Keep practicing and getting better. If you do good work and treat people right, growth will come. Don't rush – take it one step at a time and watch your business get stronger.
Quotes
"Good process drives good results"
– Alex Hormozi
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"We want to be intolerant of anything other than excellence but focused far more on the process than the outcome"
– Alex Hormozi
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"When you're making decisions, try and extend the space"
– Alex Hormozi
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"Keep the expectations driven around process not outcome"
– Alex Hormozi
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"When you reverse it the other way, you'll start making terrible decisions"
– Alex Hormozi
