Have you wondered why some companies grow every single year, regardless of the economy, competition or other external factors? And have you wondered what the secrets to their success are?
|Cynthia Pharr Lee, APR|
There's no need to wonder any more. Inc magazine's March 2014 issue provides the answers.
Based on a study of more than 100,000 U.S.-based midsize businesses, INC's comprehensive section identified, then studied "...sustained growth champions," or those few companies which had added head count for five consecutive years, from 2007 to 2012.
Only 1.5 percent of companies met the test. Through this first ever study, INC identified its first "Build 100" list.
The key finding, "The only statistically significant predictor of a company's future success is steady growth; short- and even long-term bursts mean almost nothing."
Gary Kunkle, INC's economist-in-residence and lead consultant on the study summarized, "Slow and steady wins the race. Incremental advancement, repeated over time, achieves greater results."
A few other findings: how employees are treated really matters if growth is a goal. Also, "…there is a direct connection between the sharing of financial success with employees and higher revenue growth and productivity."
Read the entire INC. section to learn how to sustain growth in your business.
This blog was contributed by Cynthia Pharr Lee, C. Pharr President and Founder