Storage Wins EP452: Don Costa - Is Your Business Lean, or Just Fat and Bloated? (Time to Jump in the "Business Gym")
Don Costa was managing a 16 person team before COVID hit. He's now running his team incredibly lean and he's learned a couple of things along the way. He shares how to build a strong business foundation, what to do when you have a real winner on your team to keep them engaged, and so much more on this week's episode!
KEY TAKEAWAYS:
- Since COVID, Don has chosen to downsize his team (and get lean!)
- Don asked himself, how can he and his team make more money than what they're already doing.
- It makes no difference what your gross rev is when your margins are tiny.
- When you're in growth mode, how much money are you really keeping?
- What does it mean to have a strong business foundation?
- If you have a buy box, stick to it! Don't try to put a square peg through a round hole.
- How did Don's business get so bloated?
- Business is meant to serve you and others. This is why you must have a plan.
- Don knows that if he is bored, he is dangerous. He will always be working and doesn't plan on ever retiring.
- What is Don doing to get more business through his door with less staff?
- Do not stop following up until the seller tells you to kick rocks.
- The best acquisition managers have a very small life span. You get a good 12-24 months before they move on.
- You have to hold your team accountable and sometimes that means listening to sales calls.
- By hiring more people, you can actually end up starving your top-player out. And guess what happens when you starve a winner?
- How is Don keeping his team sharp and up-to-date?
- If you don't have a good disposition's person in your corner, you're doing all of this wrong.
- If you're not training your team in marketing and sales, you're doing yourself a disservice as well.
- Prepare for the worst, but hope for the best.
MENTIONED IN THIS EPISODE:
The Flip Empire Experience in the Florida Keys; Flipempire.com/private
Up your Sales Game: http://flipempire.com/sales
Connect with Don: Fliptalk.com & Instagram Check out Don's Flip Talk Podcast
BOOK RECOMMENDATIONS:
Profit First by Mike Michalowicz
Don't Wait To Enjoy Your Life Tomorrow, Live It Today! How To Grow Your Business, Expand Your Impact, and Experience Your Perfect Life:
Get Access Now: Free 5 Part Video Training Series on "How To Quickly Generate The Most Qualified Motivated Seller Leads & Produce High Margin Deals WITHOUT Investing a Bunch Of Your Time and Money"
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Tweetables:
"A stable business first, a stable foundation, is the most important thing. And, you can get fat/bloated and become more bureaucracy than a business."
"You create this machine (for residual income), but you end up feeding the machine."
"If I have a winner on my team. If I have the greatest pitcher of all time, why am I going to have that person on the bench 50% of the game?"
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