3 Things He Did for 300% Business Growth | BSS Ep.06 | Rajiv Talreja | Thermosonics

Summary

This story highlights the journey of a man who turned a struggling business into a thriving enterprise, generating over 10 crores annually. Initially unsure how to execute his idea, he made key changes that led to dramatic growth. By charging for the value they provided, enhancing their online presence via LinkedIn, and investing in employee growth, his business experienced a 300% revenue increase. The company also streamlined its operations by introducing seven business functions, creating efficient systems, and centralizing data, ensuring long-term success in a competitive market.

Takeaways

• 😀 A man started a business in 1991 without knowing how to execute it, but by 2023, his business was generating over 10 crores annually and had grown substantially.
• 😀 Over 1.30 lakh businesses are registered in India annually, but many fail or stagnate, with over 9.30 lakh businesses closing every year.
• 😀 From 1999 to 2021, the man's business was surviving, but in 2022, it grew by 12%, and in 2023, it saw a massive 300% growth.
• 😀 The business is focused on providing noise reduction solutions, a growing field due to increasing noise pollution in India, which is a major problem.
• 😀 Noise pollution levels in Indian traffic often exceed safe limits, and more than 1 billion people in India are at risk of hearing loss due to excessive noise exposure.
• 😀 Noise barriers, like those seen along highways, are one of the company's products designed to reduce noise pollution and improve quality of life.
• 😀 The business thrives in the noise control field, which is still developing in India, with increasing demand despite market challenges.
• 😀 The business made three major changes to drive growth: charging customers for the value provided, increasing their online presence, and focusing on employee growth.
• 😀 The company began charging customers for consultations and solutions, which acted as a filter to identify serious buyers and avoid wasting resources on uncommitted inquiries.
• 😀 The company focused on LinkedIn as a platform for marketing and lead generation, identifying it as the best tool for reaching decision-makers in their field.
• 😀 To foster employee growth, the business hired senior executives to train existing staff and ensured financial and technical development opportunities, leading to substantial personal and professional growth for employees.

Q & A

What was the main challenge the man faced when starting his business in 1991?

The main challenge was that he had no clear idea of how to execute the business or how to succeed in it. He started with limited knowledge but managed to grow the business over time.

How did the noise pollution problem in India contribute to the growth of the business?

Noise pollution, particularly from traffic, is a growing issue in India, with levels often reaching 75-95 decibels, much higher than the recommended 55 decibels. This problem led to an increasing demand for noise control solutions, such as noise barriers, which the business provides.

What key change led to a 12% growth in 2022 for the business?

In 2022, the business began charging customers for consultations, which filtered out non-serious inquiries and helped them focus on genuine prospects. This change contributed to a 12% growth.

How did the company use LinkedIn to grow their business?

The company recognized that LinkedIn was a key platform for reaching decision-makers in their industry. They started a campaign on LinkedIn, which helped increase their visibility and allowed them to connect with potential clients.

What role did employee development play in the company’s success?

The company invested in employee growth, both in terms of technical skills and financial development. By offering training and opportunities for financial advancement, the employees became more motivated and helped contribute to the business's success.

Why was charging customers for consultations an effective strategy?

Charging customers for consultations helped filter out those who weren’t serious about buying, ensuring that the company's time and resources were spent on genuine prospects. This strategy improved overall efficiency and profitability.

What are some of the products offered by the business?

One of the main products offered by the business are noise barriers, which help reduce the noise pollution from highways. They also provide other noise control solutions to mitigate environmental sound issues.

How did the business use data and technology to improve its operations?

The business centralized its data systems, allowing all departments to input and analyze data from a single software platform. This helped streamline operations and improve decision-making across the company.

What lesson can other business owners learn from the man’s approach to customer inquiries?

Other business owners can learn the importance of identifying serious customers early in the process. By charging for consultations, businesses can ensure they are working with genuine clients, saving time and resources.

What were the three major changes that led to the business's significant growth in 2023?

The three major changes were: charging for consultations, improving their online presence with LinkedIn marketing, and focusing on employee development both skill-wise and financially. These changes collectively contributed to a 300% growth in 2023.