Podcast Summary: "Throwback: 6 Simple Steps To Grow Your Business | Ep 279"
Podcast Information:
- Title: Build with Leila Hormozi
- Host/Author: Leila Hormozi
- Description: How can you create an unshakeable business? Leila Hormozi shares her journey from crossing $100M by age 28 to growing acquisition.com into a billion-dollar portfolio. This podcast delves into the lessons learned in scaling significant businesses and aiding portfolio companies in doing the same.
- Episode: Throwback: 6 Simple Steps To Grow Your Business | Ep 279
- Release Date: May 30, 2025
Introduction: Transitioning from Seven to Eight Figures
In Episode 279, titled "Throwback: 6 Simple Steps To Grow Your Business," Leila Hormozi explores the critical distinctions between leading a seven-figure business and scaling it to an eight-figure empire. Drawing from her personal experiences and observations within her companies, Leila delineates six transformative steps that leaders must adopt to achieve exponential growth.
1. Actively Seeking Employee Feedback
Key Insight: Transitioning to an eight-figure business requires a shift from assuming team satisfaction to actively soliciting and valuing employee feedback.
Discussion: At the seven-figure stage, Leila recognized that she was not formally seeking feedback from her employees. She assumed that frequent interactions provided ample opportunity for team members to voice their concerns or suggestions. However, she realized that without structured feedback mechanisms, underlying issues might remain unaddressed.
Notable Quote:
"Seven figure leaders are like the boyfriend that's not asking the questions... they just assume that the girlfriend is happy."
[02:45]
Actionable Takeaway: Implement formal feedback systems, such as regular surveys or one-on-one meetings, to ensure transparent and honest communication within the team.
2. Surrounding Yourself with Smarter Individuals
Key Insight: An eight-figure leader understands the importance of hiring people who are experts in their respective fields, even if they surpass the leader's own knowledge in those areas.
Discussion: Leila observed that at the seven-figure level, CEOs often position themselves as the smartest person in the room. This mindset can hinder growth, as it prevents the incorporation of diverse expertise necessary for scaling. To break this plateau, it's essential to recruit team members who bring specialized knowledge, thereby enhancing the company's overall competency.
Notable Quote:
"In an eight figure team, that CEO is recruiting people to be smarter than them in that specific area."
[07:20]
Actionable Takeaway: Prioritize hiring experts in key areas of the business. Recognize and embrace the value that specialized knowledge brings to the organization.
3. Embracing Curiosity and Admitting What You Don’t Know
Key Insight: Confidence at the eight-figure level stems from the ability to acknowledge gaps in knowledge and proactively seek solutions.
Discussion: Leila contrasts the insecurity felt by seven-figure leaders when faced with unknown challenges with the confidence of eight-figure leaders who openly admit when they lack certain information. This humility fosters a culture of continuous learning and improvement.
Notable Quote:
"Eight figure leaders understand that curiosity is important. Saying what you don't know and what you're not good at is important."
[15:30]
Actionable Takeaway: Cultivate a culture where admitting uncertainty is encouraged, and use it as an opportunity to learn and grow rather than a weakness.
4. Shifting Focus from Operational Tasks to Team Building
Key Insight: Scaling requires leaders to transition from handling day-to-day operations to strategically assembling and managing a robust team.
Discussion: At the seven-figure stage, leaders like Leila were deeply involved in operational tasks such as client interactions and project management. As the business grew, the focus shifted to team assembly, hiring, firing, delegation, and evaluating management performance. This strategic oversight is crucial for sustaining and driving growth.
Notable Quote:
"When I was at seven figures, it was all doing all projects, all high-level individual work... At eight figures, it was all assembling a team, hiring, firing, delegation, management."
[22:10]
Actionable Takeaway: Delegate operational responsibilities to trusted team members and concentrate on strategic leadership activities that drive long-term growth.
5. Valuing Operations as a Growth Facilitator
Key Insight: Unlike seven-figure leaders who may view operations as a hindrance, eight-figure leaders recognize operations as essential for efficiency and scalability.
Discussion: Leila highlights that seven-figure leaders often perceive operations as bureaucratic red tape that slows down the business. In contrast, eight-figure leaders understand that well-implemented operations streamline processes, enhance customer experiences, and increase profitability. The key is to establish flexible operational systems that support growth without inducing chaos.
Notable Quote:
"Eight figure leaders understand that operations are important and they are actually there to make the business run smoother, better, faster, more efficiently and more profitably."
[29:45]
Actionable Takeaway: Invest in developing flexible operational systems and hire skilled operations professionals who can enhance business efficiency.
6. Adopting a Strategic Approach to Hiring
Key Insight: Moving from reactive hiring driven by desperation to a deliberate, logic-based hiring strategy is vital for scaling.
Discussion: In the seven-figure phase, hiring is often done out of necessity, leading to rushed and less selective recruitment processes. Leila emphasizes the importance of a strategic approach at the eight-figure level, where hiring decisions are grounded in assessing cultural fit, skill competency, and long-term potential.
Notable Quote:
"At eight figures, you have to hire from a place of logic and calm. You have to make sure that the strengths of that person fit the strengths of the role."
[35:20]
Actionable Takeaway: Implement a structured hiring process that prioritizes alignment with company culture, role-specific expertise, and the ability to contribute to long-term goals.
Conclusion: Embracing Flexibility and Continuous Adaptation
Leila wraps up by underscoring the importance of flexibility in leadership. Being adaptable and open to change is essential for transcending the seven-figure barrier and reaching higher echelons of business growth. She also hints at the continuation of these principles when scaling beyond eight figures, maintaining a consistent path of strategic delegation and team empowerment.
Final Thoughts:
"If you're set in your ways and you believe that everything that you're doing now is right, then you're never going to get to eight or nine or ten figures because it all is going to look different at eight or nine or ten figures."
[44:15]
Overall Takeaway: Scaling a business from seven to eight figures involves profound shifts in leadership styles, team dynamics, and operational strategies. By actively seeking feedback, surrounding oneself with expertise, embracing learning, focusing on team building, valuing operations, and hiring strategically, leaders can create an unshakeable foundation for sustained growth.
Relevant Timestamps Summary:
- 02:45 - Importance of active feedback solicitation
- 07:20 - Recruiting smarter team members
- 15:30 - Embracing curiosity and admitting ignorance
- 22:10 - Transitioning focus to team assembly
- 29:45 - Valuing operations for efficiency and scalability
- 35:20 - Strategic hiring over hiring out of desperation
- 44:15 - Emphasizing flexibility for continued growth
This episode provides a comprehensive roadmap for entrepreneurs aiming to elevate their businesses. Leila Hormozi's insights bridge the gap between theoretical strategies and practical applications, offering listeners actionable steps to enhance their leadership and operational effectiveness.