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The Sales Podcast

Nov 3, 2020

  • If you're going to take a position, take a bold one
  • Bought a business plan from Amazon from his son who was getting started but they were all bad
  • All the business plan books were fantasy
  • No one can tell you how much money you're going to make in your business
  • If my business plan can knock you out then the market really will
  • Micro-start your business
  • Do not quit your day job
  • Beta test your business
I'm going to win, of course. (If you're going to take a position, take a bold one.)"
  • Build a business you want to keep
  • If you can't pivot you may not survive
  • If you have more money going out than coming in and you don't know when it's going to may not make it
  • How to know when to call it a day
    • When nobody wants what you have to sell
    • When you don't know how to market to them
    • When people won't pay the price you need to sell it to be profitable
  • He gets a daily spreadsheet that shows all of his key metrics
  • You need a dashboard to see blips vs. trends vs. sustained trends
  • A startup is like flying a kite: any little gust can bring it down
  • "If you meet with your accountant every three months I know you're going to have problems."
  • Focus on the fundamentals. Do you have what your customers want?
  • Annual practice
    • War Game Scenario: what can put you out of business? (Build a moat around your business.)
    • Always add a new profit stream
You better be competitive."
  • It really is a mindset
  • Are you an entrepreneur or a business owner with a couple of entrepreneurial moments?
  • What makes you happy? Is it profitable?
  • Hire who you really need, that one critical hire that moves the needle
  • Start with sales
  • Don't try to save money or hire a family
  • Maybe sign off on each job at first
  • Be a good mentor for a bit to grow
  • You gotta have a few "yous"
  • Your #1 job as a business owner
  • Sell them in the future
  • Staffing was key to his growth
  • He made the sacrifice to hire great people from his own profit
  • 1 + 1 = Done
  • He doesn't want another entrepreneur. He wants an analytical person who will eat, sleep, and drink this work.
  • They are an industry expert and will make great money
  • Your people must know there is extraordinary oversight to remove the temptation to steal
  • He teaches his partners how to hire
  • They can't hire "7's." They're either a six or an eight.
  • He does a 50/50 partnership in the profits but not the stock
  • He always does 50/50 because without him there would be no company
  • If asses don't move when you talk, you're not a leader
  • Your social media efforts are all for a vanity if it doesn't make you money (See Why Social Media Gooroos Are Broke!)

Get all of the show notes for every episode of The Sales Podcast with Wes Schaeffer, The Sales Whisperer®.

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