69. Building a 12-Time Fastest Growing Company with Irfan Rajabali
In this podcast episode, Dwayne interviews Irfan Rajabali, from EB Box Company, about his journey from a corporate role to leading a family-owned business that became one of Canada's fastest-growing companies for 12 years in a row without a traditional sales team or a modern website. The discussion delves into key aspects of entrepreneurship, such as identifying market gaps, providing additional value, focusing on customer needs, and building scalable processes and teams. Rajabali shares insightful strategies for managing crises, emphasizing consistency, and continuously investing in technology and people to sustain growth. This episode offers an in-depth look at practical steps and mindset shifts necessary for business success, providing invaluable lessons for aspiring entrepreneurs and business owners.
Time Stamps:
00:00 Introduction
01:32 Meet Irfan Rajabali
02:26 Journey into the Family Business
05:13 Navigating the 2008 Financial Crisis
05:55 Focusing on the Food Sector
06:32 Delivering Value to Clients
09:37 Early Challenges and Consistency
16:50 Evaluating Risk and Reward
21:55 The Importance of Industry Size and Scalability
30:31 Organic Growth and Client Relationships
38:16 The Importance of Quality and Technology in Business
38:57 Unpacking the Success of a Sales-less Company
40:00 Transitioning to the Food Packaging Industry
41:15 Understanding Customer Needs and Optimizing Production
43:08 The Impact of Crisis on Business Strategy
44:45 Building a Customer-Centric Business Model
45:47 Scaling the Business: Processes and Teams
56:26 Investing in Technology and Equipment
01:07:51 The Entrepreneurial Journey and Business Philosophy
Key Takeaways
• The importance of identifying market gaps and delivering consistent value
• How to transition from a corporate career to running a family business
• Strategies for scaling a business without a traditional sales team
• The power of reinvesting profits for long-term growth
• Building a customer-centric business model in the packaging industry
Strategic Business Growth
Crisis-Driven Decision Making
- Used the 2008 financial crisis as an opportunity to identify market needs
- Recognized that food industry remained stable during economic downturns
- Focused on solving specific customer pain points in food packaging
Value Creation Formula
- Identified and filled gaps in service and delivery
- Maintained 20% spare production capacity to handle urgent customer needs
- Focused on delivering all three elements: price, quality, and service
Customer-Centric Approach
- Built direct relationships with customers as the business owner
- Provided personal cell phone number to ensure immediate response
- Created systems to support consistent service delivery
Scaling Methodology
- Focused on removing internal bottlenecks before external growth
- Invested in technology and equipment that adds customer value
- Built robust processes before expanding customer base
Notable Quotes
"Ultimately entrepreneurship, at least in my journey, was about showing up, about having some consistency, about understanding that problem and the values that existed."
"The box in and of itself is somewhat of a commodity. It was about delivering that value that allowed them to accept orders, to allow them to react to changes in the market that allowed them to grow."
"Being an entrepreneur is probably the most expensive MBA he could have paid for."
"I remember telling my wife, I'm going to close my eyes, put my head down and work at this till I'm 40."
"If you continue to do it and with your customer in mind and focused on the value that you were trying to create, the money sort of will come."
Business Growth Framework
- Crisis/Fear → Decision
- Search for the Gap
- Fill the Gap
- Provide Customer Certainty
- Focus Business on Singular Purpose
- Build Machine to Scale:
- Build Teams
- Identify Processes
- Remove Bottlenecks
- Automate Where Possible
- Monitor Customer Transactions
- Continuously Iterate and Improve
Connect with Dwayne Kerrigan
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Disclaimer The views, information, or opinions expressed by guests during The Business of Doing Business are solely those of the individuals involved and do not necessarily represent those of Dwayne Kerrigan and his affiliates. Dwayne Kerrigan or The Business of Doing Business is not responsible for and does not verify the accuracy of any of the information contained in the podcast series. The primary purpose of this podcast is to educate and inform. Listeners are advised to consult with a qualified professional or specialist before making any decisions based on the content of this podcast.
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