In our previous blog in the No Man’s Land series, we talked about the decision to grow your business. Although a hard decision to make, there is often great reward in making this decision.
So, after thinking it through, you may have decided that growth is indeed the right path for your business to follow. You are ready to step out into this new adventure and see where your company is headed. So, what can you expect for your business with this new growth plan?
Doug Tatum, author of No Man’s Land gives some examples of what the “growth business” industry looks like:
Growth companies have an average revenue growth of at least 20% over a four year period
- Of the 20 million companies in America, there are roughly 350,000 growth companies.
- Most growth companies are small to mid-sized, and only 5% employ over 100 people after their growth spurt.
- Growth companies exist in all sectors of the economy.
- Growth companies are not all young; up to half have been in business for at least 15 years.
- Growth companies are all over the country.
- Growth companies are innovative. In fact, one estimation showed that these companies are responsible for two-thirds of the economy’s innovations.
Another important aspect of growth companies is that they provide and create jobs. Why are these companies hiring so many people? Well, they’re in the process of renewing and growing their business, and these efforts require all hands on deck. As these companies grow, they also need to grow their employee base to scale to keep up with the changes going on in the business.
Now, we come to the closing of our No Man’s Land blog series. We hope you have gained knowledge on how to navigate through No Man’s Land. We leave you with two closing pointers to keep in mind when you find yourself on the journey through No Man’s Land.
- Think strategically when making decisions about the business. Also, be sure to consider factors in both the long and short term.
- Always be conscious of the four Ms and the rules and implications that come with each.
- Market alignment – make sure business is still meeting the needs of the market while keeping up with the entrepreneur’s visions
- Management expertise – hire at the top, and have management that truly knows the ins and outs of the business
- Model that is scalable – make sure the value proposition is still attainable at a higher level
- Money – make sure money is managed and invested strategically, and is ultimately reducing the risk of the company
“Growth companies are America’s National Treasure” – Doug Tatum