Growtion Founder & CEO Mal McCallion shares valuable business growth strategies and startup activities he has gained over the years. Over the course of his career, Mal has been involved with the launch of national brands such as Zoopla and Primelocation. He’s also contributed to the development of dozens of small-to-mid-size enterprises (SMEs). To listen to the full SOB The Podcast interview check out the video below. Here, we share 7 key takeaway points directly from the interview.
1) Importance of execution
Mal places a lot of importance on the execution of an idea or a plan. His own organization-growing is a blend of growth and execution; the philosophy behind it is that execution of growth is more important than mere theories. He believes that a theoretical plan that only relies on knowledge but not on actual practice or implementation is destructive for startups. So, he considers an executable plan a very important part of a business or startup strategy.
2) The essential aspects of growth
The three essential aspects of the growth of a startup or business are product, marketing, and sales, the rest of all the business operations are of secondary importance and if these three aspects are executed with perfection the other operations also become quite easy to handle. The product should be made while keeping the target audience in mind which helps in increasing sales and promoting word of mouth marketing among people. For the second step, marketing, social media is very important as it helps to gain a following and promote a sense of brand among potential customers. Lastly, sales are also essential because a common mistake that a lot of entrepreneurs do is that they hope that marketing would be enough for selling their product which, unfortunately, is a wrong notion.
3) The importance of Why
The main question that every entrepreneur or businessperson should ask himself is that why they are doing something. This applied in every single activity of business from meeting to management to marketing to customer relations to investor relations it is important to ask yourself that why are you doing this? This helps in clearing the vision as well as connecting with other people who share the same vision. It also helps in minimizing the distractions that surround a person.
4) Building a relationship with the customer
Building a relationship with the customer on a personal level is very important because that builds the reputation of the company and helps in better satisfying the customer as they feel themselves being considered important in it. A story or narrative around the product is very important; this helps in attracting customers who have the same vision as you and helps in gaining their trust.
5) Common mistakes of entrepreneurs
The most common mistake among entrepreneurs and business people is that they get carried away by the distractions that their environment offers. The immense amount of information that surrounds a common person in this age makes it very difficult to be decisive and this, in turn, can lead to a person pursuing a lot of different goals at the same time, which ultimately is destructive for the person or the organization. This is why the three important aspects of a business product, marketing, and sales have been mentioned which if focused on can help minimize distractions.
6) Steps of sale
Important steps of sales have been mentioned as the identification of the potential customers, engaging with them through social media or any other means, converting them into followers, and then, the most important step, urging them to actually buy their product.
7) Words for aspiring entrepreneurs
Lastly, he mentions that the pandemic has brought many opportunities for aspiring business professionals and entrepreneurs. The importance of working remotely and online has grown significantly which has made its effects on the business world giving rise to these new opportunities. People who want to be successful should recognize them and try to innovate their business accordingly to succeed in this domain.