Have you ever dreamed about growing your business 10 times to what it is today? Business growth is alluring for many entrepreneurs, but only a few know what it entails. Sometimes, these goals can lead to even more problems and stunt future opportunities. Thus, business growth should be built on strong values and fundamentals.
In this episode, Mark Patchett joins us to talk about how to achieve business growth. He shares that not all companies are ready for scaling up and how to properly prepare for it. We also touch on why messaging is the future of successful businesses, and how to find the right partners to grow your business.
If you are interested in creating growth that’s right for your business, then this episode is for you!
3 Reasons to Listen:
- Discover how to achieve business growth and know when you’re ready for it.
- Understand the importance of values, fundamentals, and lifestyle in learning how to achieve business growth.
- Learn the right way and first steps towards building growth.
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- Episode Details
Mark Patchett is the founder of Growth Shop, where he helps businesses scale rapidly and sustainably. With over 10 years of experience in e-commerce and business growth, Mark has helped over 250 companies from hyper-growth startups to global brands like The Economist, the BBC, Channel 4, Qantas, and more!
Mark’s specialization includes growth modeling, building highly distributed teams, campaign and creative strategies, structures KPIs and team management, building tool stacks, and automation.
[02:09] Mark’s Background
- At Growth Shop, Mark helps businesses grow quickly through tried and tested strategies.
- He used to work in marketing, user experience, and SEO before focusing on business growth. His journey was all about learning and continuously building on his experiences.
- Growth Shop originally had an executional hub in Saigon, Vietnam but the company met several issues like time zone and COVID-19 restrictions. So they set up shop in Ukraine.
- If you want to expand internationally, you need to know more about the place’s context.
- Invest in places and communities that will help you achieve your mission.
[09:21] What Fuelled Mark’s Growth Mindset
- Mark’s grandfather’s entrepreneurial nature influenced him. He pioneered the health food industry in Australia.
- After getting a stroke and not being able to talk, his grandfather would communicate with Mark through business books.
- To learn how to achieve business growth, become your manager and always look for ways to be more effective and efficient.
[12:59] The Value of Slowing Down and Learning Consistently
- Remember to find time to slow down and relax.
- Michelangelo’s best ideas came to him when he went on three-hour walks.
- Relaxation helps people sustain their growth mindsets.
- When hiring people, Mark values deep thinkers and readers.
[14:28] “Relaxation is actually the most optimal tactic for growth.” - Click Here to Tweet This
[18:40] Building Lean Growth Teams
- For Mark, being lean means being able to achieve large goals with low operational costs.
- It doesn’t necessarily mean paying people a low amount of money. It means paying them the right amount and giving them performance-based incentives.
[22:55] Contemplating How to Achieve Business Growth
- Before thinking about growth, you need to understand your reasoning and your values. Some companies need to prepare for it first.
- Instead of solely thinking about growth, ask yourself: How do we grow and…?
- Mark’s company’s values are smarter, faster, and happier.
- You can build things quickly by having an intelligent approach and people will be happy with the result.
[24:28] “Growth is really important, but only when you've worked out your values and the reason you built what you've built.” - Click Here to Tweet This
[28:40] Mistakes and Challenges to Watch Out For
- Revenue does not solve all problems. Forcing short-term revenue growth can lead to many issues because someone in your company will have to bear that brunt.
- Mark shares that conducting a SWOT analysis on himself helped him identify what he’s good at, what to get better at, and what to hire for.
- If you’re not good at a particular skill set, you can look for others to do the tasks for you.
[36:05] Learning How to Achieve Business Growth
- Start with your whys. Why do you want to get to a certain level of growth and do you know what its implications are?
- Know your specific goal, whether it’s revenue or profitability. Then identify KPIs for each.
- Optimize your economic fundamentals as much as possible. You can’t know how well you’ve done without understanding your numbers.
- In some cases, you can get away with it, but only if you have a deep understanding of your products and customers.
[39:04] “Before they think about growth, they need to ensure that the economic fundamentals of the business are as optimized as it can be.” - Click Here to Tweet This
[42:35] Marketing for Business Growth
- When your economic fundamentals are solid, then you can focus on other drivers, like ads and marketing.
- People discover brands through active and latent intent.
- Google and Facebook may be able to target certain demographics, but in focusing on these, they lose the ability to know their economic value.
- Your business needs to focus on your brand value and community.
- Fundamental principles of business, like copywriting, have not changed even though the format has.
[46:39] “There's a resurgence back into understanding the value of your brand, and there's a resurgence back towards the importance of community.” - Click Here to Tweet This
[49:17] Preparing for Growth
- Understand and be aware of your problems. Know what has and hasn’t been solved.
- Ultimately, growing your business is a process that involves tests. There’s no silver bullet.
[51:40] The Right Way Towards Business Growth
- Learning how to achieve business growth starts with your foundations. Know your margins and your product inside and out.
- For example, do you know what it will cost to acquire a customer?
- Next, optimize processes like your working capital cycle, cash flow, and cash reserves.
- Then, look for strategic partnerships.
[53:55] How to Find the Right Strategic Partners
- Look for complementary products or services.
- When you identify common themes, it’s easier to look for partners who are in the same space but offers different things.
- This strategy compels you to think outside the box.
[56:57] The Future is Messaging
- Messaging is important because it creates personal conversations.
- It’s crucial to have a communication touchpoint where you can authentically and gently communicate with someone over a prolonged period.
[01:00:10] “The people that are going to win are the people that have learned a way to communicate like a friend would, where people are excited to hear from you.” - Click Here to Tweet This
[01:00:39] How to Get Started
- Talk to people and customers.
- Be curious and learn from them as much as possible. They will give you all the answers.
[01:02:01] Seek, Go, or Create?
- Mark resonates with “seek” the most.
- He believes that you need to keep looking ahead.
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