We fired half our team…this is why..

Summary

• As Leila Hormozi, co-CEO of Acquisition.com, my company generates about $85 million per year, and the goal is to help entrepreneurs without hefty fees.
• This video is the second in a foundational series designed for CEOs and leaders looking to scale their businesses.
• A crucial aspect of leadership is accountability, defined as the quality or state of being responsible for one's obligations.
• It's essential to regularly inform your team about how they're measuring up against expectations.
• Remember, you cannot delegate accountability; you must be the primary source and exemplar of it in your company.
• Symptoms of low team accountability include low revenue per employee, hidden expenses, poor sales performance, and high employee turnover.
• As the CEO, you are essentially the chief accountability officer, and your role is critical to setting and maintaining high standards.
• Tactically, there are two types of accountability: tactical for small issues and developmental for larger, ingrained ones.
• Holding a grown adult accountable can be uncomfortable, but it's necessary for the health of the business and team respect.
• Common excuses to avoid accountability include the beliefs that you shouldn't need to babysit adults, they should know better, or you don't have the time.
• To implement accountability, use the formula: Expectations + Measurement * Feedback = Accountability.
• Expectations involve understanding the company's mission, values, and the specific roles of team members.
• Measurement is about using timelines, scorecards, KPIs, MBOs, and other metrics to quantify expectations.
• Effective feedback amplifies accountability by letting team members know where they stand and where they need to improve.
• In practice, you can enforce accountability through meetings, one-on-one conversations, team surveys, and public recognition.
• Evaluate your current level of accountability on a scale from 1 to 10 and challenge yourself to improve incrementally.
• Fostering accountability can transform the culture and efficiency of your business, leading to a more profitable and enjoyable work environment.

Video

How To Take Action

I would suggest starting with setting clear expectations. Break down your company's mission and the specific roles of your team members so everyone knows what they're working towards. Make sure you're specific about what success looks like in each role.

A good way of doing measurement is to use tools like timelines, scorecards, KPIs, MBOs, and utilize them consistently. These will help you and your team understand how well they are meeting expectations at any time. It's like giving your team a roadmap and checking in to see their progress.

Then, give feedback regularly. It's the key to accountability. It lets your team know how they're doing. It's like scoring in a game; without it, you won't know who is winning or what needs to change to get better.

For low-cost, high-value actions, you can start by holding one-on-one meetings. Here, you can have honest conversations with your team members about their performance and expectations. Regular team meetings can also help reinforce the standards you expect from everyone.

Public recognition is another great tool. Celebrate the wins and set an example of success. When people see their teammates being recognized, they're more likely to strive for the same.

Remember, always be the example of accountability. You can't expect your team to be accountable if you're not leading by example. So if you say you'll do something, make sure you do it.

Lastly, evaluate your current level of accountability from 1 to 10. Aim to move the needle a little bit at a time. It's not about huge leaps but consistent, incremental improvement. Each step makes your business culture stronger and more focused on growth and success.

Quotes

"Accountability is really just the quality or state of being responsible to one's obligations"

– Leila Hormozi

<<<

"You are the sole source of accountability in your business"

– Leila Hormozi

<<<

"If you want to continue to not meet my expectations, here's what you need to do"

– Leila Hormozi

<<<

"Accountability is what ties a commitment to a result"

– Leila Hormozi

<<<

"Expectations plus measurement times feedback equals accountability"

– Leila Hormozi