At the core of Entrepreneurs' Organization (EO)'s mission is an unwavering commitment to providing entrepreneurs at every stage with the knowledge and tools necessary to scale and grow their business as they achieve new levels of leadership. We asked some of the 287 EO-member companies named to the 2019 Inc. 5000 list of America's fastest-growing, privately held companies which specific strategies contributed most to their ability to achieve double and triple-digit growth. Here's what they shared:
What was the key business strategy or pivotal factor that catapulted you to the Inc. 5000 list?
"Putting together an exemplary team of professionals is a key factor in our success. The IT industry's small applicant pool makes finding rockstar employees difficult. We tackled this challenge head-on. Our skilled, experienced team is the right combination to fully meet our customers' needs while continuing to grow and expand--yielding extraordinary results internally and externally."
"When originally structuring our price list of services, I offered package deals and all sorts of special discounts to attract new business. After struggling to make ends meet, I ran a report to see how much money we were giving away: an astonishing $50,000 in just one year! A business coach helped me restructure to an a la carte price menu with limited discounts. Revenue grew by 30% the next year and 82% within three years."
"The most important factor to our growth was taking the time to establish strong systems and processes, and a supportive culture from the top down. It allowed us to evolve and grow while maintaining quality and consistency."
"It's a trifecta of critical factors: hiring good people, cultivating the right culture and encouraging empowerment. Against traditional wisdom of hiring existing superstars, we've bootstrapped and hired potential superstars--then empowered them to grow into superstardom under our umbrella."
"Our 257% year-over-year growth resulted from intelligent strategy, a robust business framework and a passionate commitment to our idea. Our phenomenally talented, dedicated team who genuinely believe in what they are doing drive our commitment to innovative applications of our technology--that's how our flagship product became the industry-leading responsive textile."
"We aim to generate maximum value on the first impression. We work relentlessly to capture experiences and then loop customer feedback into an evolving process of delivery across technology, education and support, partners and affiliates plus team members. We leverage AI and incent our network to introduce the company to their audiences. By living our values during crisis (and joy!), we nourish a collaborative culture to impact each other positively."
"The single most pivotal factor is having a great team of leaders committed to our established core values and goals. Our leadership team allows me to get out of the day-to-day operations and work on big-picture industry issues, building our identity as a progressive company that is committed to creating solutions to challenges that others may not even be thinking about as problems. We're a group of professionals operating with a different set of intentions than our competitors."
"Timing and preparation presented the tremendous opportunity to take advantage of both consolidation within the insurance industry and changes in distribution models. We've completed eight acquisitions within 11 months, becoming the largest exclusive Nationwide agency in the country. Along with our unique organic growth, we will continue to serve our clients by providing the right coverage at the best price."
"When I started the company after college as one person and a pickup truck, I had little technical knowledge of the swimming pool industry, so my focus was on out-customer-servicing everyone else in the market. As we've grown, we've stayed true to that foundation. We also adopted the use of technology very early for our industry to better communicate both internally and externally."
"The biggest and best thing I did during our growth was to review every single role and process--and I uncovered over 4,000 hours of wasted time! This saved money and increased the turn-time for clients, which helped with referrals and repeat business. Also, profit margins increased from 5 to 40 percent!"
"One Vine Wines has been a B2B wine company for 17 years. In 2016, we initiated a concerted effort to grow our B2C wine business through our online wine store, Big Hammer Wines. As a result of digital marketing efforts and key marketing partnerships with organizations with large email lists, we've successfully scaled our direct-to-consumer wine sales."
"If I were to I attribute one factor to our exponential year-over-year growth it would be that we finally put the right people in the right seats. It was a challenge to find the right balance of experience and adaptability in a team, but we've got it and are running with the opportunity."