When founding the consulting arm of the business, Costello made one decision which drove the growth of the company in its early days.
“I’d done some work while I was still at the law firm for the Australian Institute of Company Directors and when I started Governance Matters, I thought I’d do some more for them to raise my profile.
“I went to see them in the national office and it was right at a time when they were quite secretly going to discontinue a relationship with one of the universities which had been running a directors program and build it themselves. I happened to hit them while this was happening and then they used me as one of their flagship facilitators for their program.”
Costello says this gave her “colossal exposure” and she never looked back.
“It was the most natural form of marketing. People could see me and came to trust me.”
One of Costello’s biggest lessons since becoming a business owner has been learning that she doesn’t always know best.
“I always used to think I knew the way to do something. Coming from a background in law, I was used to thinking in black and white and critiquing what people were saying,” she says.
“I used to think my way was always the way to do it and it took me forever to learn to actually shut up and listen. I used to think my ideas were the best, but in reality if the market doesn’t want them, who cares.”
To develop her latest innovation, Costello ran focus groups with clients and listened to her staff about what would work best.
“I got my classic subscribers into a room, talked about the idea and got them to pick it apart. I facilitate a group of executive women who look to take position on boards called Behind Closed Doors, and because I’m the facilitator I also got the group to help me with my business,” she says.
Aside from work, Costello’s great loves are meditation, family and travelling.
“I’ve been away with my husband to Oman. I love Arabs and the Middle East. It’s a safe and divine country,” she says.
“I read prolifically, usually several books a week. I love my grandchildren too. I have three grand kids and they’re heaven.”
Costello’s other interest is archaeology.
“I’ve been on one dig in Turkey and I also like reading books to do with astrophysics.”
Looking forward, Costello aims to internationalise the business in the next 18 months.
“I believe in setting ambitious goals. I want 10,000, not 1000 subscribers. I’ve noticed with my clients if they have ambitious goals aligned with reality, you work harder towards that,” she says.
“I’m doing this to have a company which is saleable, rather than reliant on me. I’m likely to be one of those people who if it comes to fruition won’t sell, but I have already had some discussions with potential acquirers.”
Costello says if one strategy fails, businesses need to adapt, finesse their approach and try something new.
“Just don’t be rigid in your notion of what will work. You have to be enormously flexible.”
