How Steven went from near bankruptcy to building a thriving STR business (Ep 610)
Summary
This podcast episode details how an STR host rebuilt his business after a difficult partnership breakup and financial struggles. The host focused on streamlining operations, cutting unnecessary expenses, and restructuring his team, including renegotiating salaries and implementing a bonus structure. Hosts can learn from these experiences to evaluate their own business operations and team management.
Key Insights
- •The host renegotiated salaries and implemented a bonus structure to motivate and retain employees after cutting expenses.
- •The host transitioned from a partnership, emphasizing the importance of clearly defined roles and responsibilities in business partnerships to avoid conflict.
- •The host streamlined his business by eliminating unnecessary apps and expenses, simplifying operations. The host cut expenses and got rid of a lot of the fat in the company.
Action Items
- ✓Evaluate your current expenses and identify areas to cut unnecessary costs. Look at subscriptions and apps you're using. Determine if they are providing ROI or if they can be replaced by less expensive options.Effort: mediumImpact: medium
- ✓When making changes to compensation, ensure you do it thoughtfully and consider implementing bonus structures to motivate and reward performance.Effort: mediumImpact: medium
- ✓Review your team structure and consider if there's a need to streamline it. Assess how much time and resources are spent on managing team members.Effort: mediumImpact: medium
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Curated by Learn STR by GoStudioM