In the words of Inc. Magazine, “The list is a distinguished editorial award, a celebration of innovation, a network of entrepreneurial leaders, and an effective public relations showcase.”
Just being on the list is a good first step. The next is to take advantage of the tremendous credibility it provides by incorporating into your Public and Investor Relations efforts. Taking advantage of this honor gets your name out and differentiates your company from your competitors. Our clients:
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- Showcase it on their website
- Highlight it on social media
- Use it in every email blast
- Print on literature
- Include it in their press release boilerplate
The Inc. 5000 list may seem a lofty goal, but several of our clients were surprised to learn it was well within reach. Here’s how…
Small or New Company
A small and/or new company can more easily meet the requirements of the Inc. 5000 application. Why? It is e
asier to double a small amount of revenue than it is a large amount of revenue. For instance, doubling your revenue from $1 million to $2 million in one year is easier than doubling from $10 million to $20 million – where $10 million needs to be added in just one year.
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- As of end of 2021 – Inc. 5000 is looking for your 3-year revenue growth rate. For the 2022 list, that would be revenue from 2021 minus revenue from 2018; with this difference divided by your 2018 revenue. You might be surprised how much the growth was – even if your revenue stalled a bit in 2020 or 2021.
- The 2021 Inc. 5000 List (for growth from 2017 to 2020) had the top company at 48,345% revenue growth! The bottom 16 companies, however, each had 39% growth in revenue. Over three years, that 39% (or more) might be viable for you.
Growth Strategies
Be the best and promote it
- Be the Best - One client became the “best” SQL consultant – wrote books, made presentations, answered technical questions from anyone that asked, worked to gain certifications and partnerships with large high-tech suppliers – then hired others that were the “best” in adjacent technologies.
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- Promote – he then constantly reminded his target audience about his company’s skills through blogs, social media, podcasts, and more presentations. He gained new business through this outreach and referrals from very satisfied customers – all has fueled growth.
By the way, this client is pivoting from mainly project work to ongoing support, knowing that major tech vendors have a tough time providing timely, insightful support on complex issues. This is and will be a great source of recurring revenue.
Improve your offering by listening to your customers
Another client - in an old-line, flat-growth, price-dominated industry, that sells into the construction market - heard from customers that delivery was the ONE factor that could beat the lowest price.
Doubling down on efforts to make delivery happen, this company:
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- Streamlined manufacturing (no small feat).
- Improved communication with the customer – adding checkpoints between order placement and delivery to understand construction schedule changes that might alter delivery needed.
- Developed a Preferred Customer Program – with the promise of on-time delivery for repeat buyers who would annually forecast when delivery was needed.
- Promoted a reputation for on-time delivery that brought in repeat customers.
These initiatives happened when our client listened to their customers and took action.
How to Qualify:
All of the following must be true in order to qualify for the 2022 Inc. 5000. Your company must:
- Have generated revenue by March 31, 2018
- Have generated at least $100,000 in revenue in 2018
- Have generated at least $2 million in revenue in 2021
- Be privately held, for profit; based in the U.S., and independent
Revenue needs to be calculated and validated by your accountant when you apply. Profit is not taken into consideration. The deadline for 2022 has passed – but there is always 2023! Let us know if we can help.
Mayfield Consulting’s team has hundreds of combined years of experience in sales and marketing, providing market research, business due diligence, sales, marketing and PR strategy and implementation. All services are performed by seasoned professionals for business-to-business companies. Mayfield has special expertise in software, security, business services, financial services, and classic manufacturing industries. With a tagline of “Where Results Happen,” Mayfield Consulting has clients that have been named eight times in the last nine years to the Inc. 5000 List of America’s Fastest Growing Private Companies, won more than 50 awards, and experienced exponential growth.
