The Most Miserable Place In Business…
Summary
- The most difficult phase in business is between $1 to $3 million in revenue.
- This phase is challenging because you don't yet have enough money to gain leverage, but you need leverage to make more money.
- During this period, you often have to work double time, doing both your current job and the job that will help you grow.
- It's crucial to get more output from your existing team to push through this phase.
- Setting a culture of ambition and growth is important. Emphasize to your team that their career growth is tied to the growth of the company.
- Explain to your team that as the company grows, they will gain more responsibilities, titles, and pay.
Video
How To Take Action
Actionable Strategies for Small Business Growth
Maximize Team Output
I would suggest focusing on getting more output from your existing team. To do this, clearly communicate your expectations and set ambitious, but attainable, goals. Encourage your team to push their limits and provide the tools they need to succeed.
Create a Growth-Oriented Culture
A good way of doing this is by fostering a culture of ambition and growth. Talk to your team about how their career growth is tied to the company's success. Highlight that as the company scales, their responsibilities, titles, and pay will also grow. This can motivate them to work towards the collective goal.
Personal and Team Development
Invest time in personal and team development without spending too much money. Utilize online resources like free webinars, tutorials, and articles. Organize regular skill-sharing sessions where team members can teach each other what they know.
Efficient Time Management
Since you need to work double time, efficient time management becomes crucial. Prioritize your tasks and delegate whenever possible. Use productivity tools like Trello or Asana to keep track of projects and deadlines.
Gain Leverage with Minimal Costs
Identify ways to gain leverage without significant financial investment. Automate repetitive tasks using free or low-cost software. For instance, using email automation tools can save time on routine communication.
Foster Open Communication
Maintain open lines of communication within your team. Use tools like Slack for quick messaging and regular check-ins to ensure everyone is on the same page. Encourage feedback and be open to suggestions.
Monitor Progress Regularly
Set measurable goals and track progress regularly. This can be done through weekly or bi-weekly meetings where you review achievements and set new targets. Adjust strategies as needed to ensure continuous growth.
By implementing these strategies, you can navigate the challenging $1 to $3 million phase more effectively, setting a strong foundation for long-term success.
Quotes
"The most miserable place in business is 1 to three million it's the swamp"
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- Alex Hormozi *
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"You don't have enough money to get leverage but you need leverage to make more money"
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- Alex Hormozi *
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"You're probably in a period where you have to work double time"
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- Alex Hormozi *
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"Some of that is getting more output out of the team you have as well"
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- Alex Hormozi *
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"You will have career growth if this company grows"
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- Alex Hormozi *
