Garry McGuire is entertaining you in those little moments of boredom throughout your day. Whether it be waiting in line at coffee shops, watching CNN while on the StairMaster or while on a flight, he and his team of about 70 people places television-quality media there for your entertainment pleasure as CEO of RMG Networks.
When he came on board two years ago, the company provided content to about 10,000 screens but now reaches 60 million viewers each day through more than 190,000 screens.
“As we are growing and expanding rapidly, we are trying to stay focused on what we do best, which is entertaining and informing people when they are on the go throughout the day,” McGuire says.
Smart Business spoke with McGuire about how he’s grown RMG.
What is the key to successfully growing a business?
The key to growing a business is singular focus on one, two or no more than three objectives — and being able to be flexible and change your plan as needed to stay focused on those same objectives.
How do you choose what to focus on?
The most important one is really focus on the customer and the problem you are trying to solve. A lot of companies try to focus on how great their product is without keeping in mind the problem you are trying to solve at the end of the day. A lot of technology companies in particular tend to do that. They invent a really cool technology that does a really cool thing, but it might not actually be solving a problem that people care about. Timing your product with a particular pain in the market place is probably the most important element.
Just stay focused on what you do best, what you do better than any other company in the marketplace. As you begin to grow your business, don’t lose focus on those core fundamentals that you’ve become successful at or that you’ve become known for in your quest for new business or adding new features to your business.
I worked for really small companies and really large companies. At one point in my career, I worked for Compaq when it was in massive acquisition mode, and it was sort of a race to become the biggest computer company in the world. It made all kinds of acquisitions — some of them were brilliant and some were disastrous mistakes. What I was able to ascertain from that was that in your quest for getting bigger, bigger is not always better. I’ve seen that in so many examples, large and small. Sometimes you get very wed to an opportunity, and it’s very emotional rather than rational. I’ve seen a lot of business leaders make mistakes based on that.
How can you stay rational when you are looking at those big growth opportunities?
I think just talking to as many advisers or people you respect who come from a pretty independent perspective is the most helpful way. I try to do that a lot with my board, with investors, with advisers — just to try to collect as many data points as possible. Don’t drink the Kool-Aid. Especially in a company as a president or CEO, you tend to be surrounded by people who agree with you. So as many people as possible who you can talk to outside of that circle, the better decisions you make.
How do you choose good advisers to speak to about these things?
Look for people who have worked in senior positions in your same industry, who are not currently working in the industry. They’ve maybe retired or they’ve changed or they’ve moved on to another profession. I have a couple of advisers who are in that role. I think it’s good to have an adviser completely outside of your industry, because they can look at it from a truly outsider's position. It’s also good to get advisers who don’t have the same background as you. My background is more sales and marketing and our business has a lot of technology and finance, so I tend to try to surround myself with advisers who have different skills than I do, just to try to complement my weaknesses.
How to reach: RMG Networks, (415) 490-4200 or www.rmgnetworks.com