TLDR;
Leila Hormozi discusses how to continue growing, adding value, and maintaining your position in a high-growth company. She emphasizes the importance of open-mindedness and coachability, and outlines five key strategies: implementing peer-to-peer feedback, providing bottom-up feedback, adopting a holistic view of the company, taking on and improving 20% of your boss's responsibilities, and understanding how to drive or protect revenue. These strategies aim to help individuals become indispensable assets to their organizations by aligning their growth with the company's overall success.
- Implement peer-to-peer feedback to foster a culture of accountability and open communication.
- Provide bottom-up feedback to ensure leaders are aware of problems and can address them proactively.
- Adopt a holistic view of the company to understand how different departments contribute to the overall success.
- Take on and improve 20% of your boss's responsibilities to demonstrate initiative and add value.
- Understand how to drive or protect revenue to align your role with the company's financial goals.
Intro [0:00]
Leila Hormozi introduces herself as the co-CEO of Acquisition.com, a portfolio of companies generating approximately $85 million in annual revenue. She aims to provide viewers with the knowledge and strategies needed to scale their businesses from $3 million to $10 million in annual revenue. The video addresses a question from a portfolio company employee about how to continue growing, adding value, and maintaining their job in a rapidly expanding company. Hormozi acknowledges that high-growth environments can be challenging and shares insights on how to beat the odds and remain a valuable asset to the company.
The Core Question [0:50]
The central question addressed is how to sustain growth and value in a high-growth company. Hormozi emphasizes that while the answer might seem straightforward, many individuals lack the necessary character traits, such as open-mindedness and coachability, to implement the strategies effectively. She stresses that being closed-minded is detrimental in a fast-growing company, as it hinders one's ability to adapt and learn.
The 95% Statistic [2:10]
Hormozi recalls a team meetup she hosted for Gym Launch in 2019, where she informed the 120 employees that statistically, 95% of them would no longer be with the company in five years. She clarifies that her intention was not to instill fear but to provide them with the same information she possessed, enabling them to defy the odds. Hormozi believes that withholding crucial information from the team is a disservice, and she aims to share the traits and strategies necessary for long-term success within the company.
Peer-to-Peer Feedback [3:58]
One strategy to keep up with a growing company is to shift from top-to-bottom feedback to peer-to-peer feedback. As companies grow, leadership often struggles to maintain accountability due to the increasing number of employees. Encouraging team members to provide feedback to one another creates a flywheel effect, where issues are addressed more effectively and communication becomes more streamlined. Hormozi emphasizes that peer feedback is often more impactful than feedback from a superior, as it fosters a sense of collective accountability and shared responsibility.
Bottom-Up Feedback [7:26]
Providing bottom-up feedback, or managing up, is a crucial skill that involves giving your boss constructive criticism and insights. Hormozi notes that many employees, especially those new to management roles, are hesitant to provide feedback to their superiors. However, she argues that it is essential to inform leaders of problems and challenges within the company, as it is easier to address small issues before they escalate. Hormozi encourages employees to muster the courage to share their perspectives, as most leaders will appreciate the honesty and proactivity.
Holistic View of the Company [9:34]
Instead of solely focusing on the depth of their specific skills or department, employees should develop a holistic view of the company. Hormozi observes that many leaders silo themselves, prioritizing their own department's success over the overall well-being of the company. She argues that the moment individuals stop thinking about their own career and department and start considering the entire business, they will achieve greater success. Hormozi suggests learning how to read the profit and loss (P&L) statement and attending other departmental meetings to gain a broader understanding of the company's operations.
Do 20% of Your Boss's Job [12:34]
To continue growing and adding value, employees should aim to do 20% of their boss's job, but do it better. Hormozi acknowledges that this advice can be controversial, as some individuals feel they already have too much on their plate. However, she argues that taking on responsibilities from your boss and executing them effectively demonstrates initiative and can lead to promotions. Hormozi notes that it is often easier to excel in these tasks because the boss is typically juggling multiple responsibilities simultaneously.
Understanding Revenue [13:45]
Understanding how the company makes money is crucial for employees who want to add value and move up within the organization. Hormozi emphasizes that even those in non-revenue-driving roles should understand how to either drive or protect revenue. She suggests that leaders teach their teams how to read the P&L statement and hold them accountable for revenue-related metrics. By focusing on the bottom line and identifying new ways to drive or protect revenue, employees can become linchpins within their organizations.
Summary [15:57]
Hormozi recaps the five key strategies for continuing to grow in a company or getting promoted: peer-to-peer feedback, bottom-up feedback, expanding knowledge to gain a holistic view of the business, doing 20% of your boss's job better, and understanding how to protect or drive revenue. She encourages leaders to share these insights with their teams to foster a culture of growth and value creation.