The speaker Sam Palazzolo started the webinar by explaining what are the In.500 companies. The Inc.500 is prestigious group of companies that have achieved remarkable success in their respective fields in United States. Companies from all sectors that are manufacturing, Auto industry, technology, consumer products, advertising and textile etc. are included in this group. They have totally outperformed their competitors in all department to achieve a massive success thanks to some really effective and result oriented Exponential Growth Strategies they have adopted.
Exponential Growth of Inc.500:
As mentioned above, Inc.500 companies have grown exponentially over the years. The exponential growth for these companies is calculated over three years’ time interval. The minimum qualifying organization to join the list in 2013 had a 34% improvement in its performance over a period of three years. Some of these companies also had 42000% increase in their growth rate. Similarly, some of them have annual revenue of one million whereas others earn billions of dollars each year. In fact, it is not the volume of profit that propels companies into Inc.500 but it is the exponential growth strategies they adopt to achieve such fantastic results.
What Actually Inc.500 Companies Do?
You will find a lot of similarities between the companies that have found their way on the Inc.500 list and the exponential growth strategies they implement. If you analyze how these 500 business leaders operate, you will realize that each one of these leaders went or go through four phases and these four phases are further comprised of ten components.
The Four Phases of Exponential Growth:
According to numerous researches conducted by various organizations, most of the Inc.500 companies, if not all, go through four different phases of exponential growth. The first of these phases is the planning and the second phase is alignment phase to help reinforce some of those plans. The third one is the Analyses and Development phase that establishes the various benchmarks or baselines for the organizations and its employees. Implementation is of course, the last phase of exponential growth which is perhaps the most important of all phases.
Every organization sets high goals, make plans and do analyses but it is totally another thing to implement those plans effectively and most importantly, achieve long lasting results in the process. Inc.500 companies seem to have better grasp on these things as compared to other entrepreneurs and that is the reason of their unbelievable and continuing success.
Ten Key Components of Transformation:
The four phases of exponential growth are further divided into ten key components of transformation. The planning phase has only one component that is the Innovative Vision. The Alignment phase has two components that are Leader Alignment and Stakeholder Endorsement. Change Agility, Communication and Culture are the parts of Development and Analyses phase. The last phase that is Implementation has the most number of components such as Workforce Engagement, Training and Development, Integration and Continuous Improvement.
You might already be familiar with all of these concepts and have already introduced some of them in your organization as well. However, what the Inc.500 companies do is that they implement all these concepts in their true letter and spirit and that is why they are dominating their respective industries in United States of America.
- Innovative Vision:
Innovation Vision is not only about what your organization is all about but and what are your ultimate goals but it is about how you are going to attain them. There are four key components of Innovative Vision such as Mission and Vision of the company, its Goals and Priorities, the Strategy adopted to attain those goals and finally, what are its ultimate Targets.
- Leader Alignment:
Leader Alignment is the process of getting all the leaders on board in order to implement your plans. If you fail to do so, there is ever likelihood that your plans are going to fail.
- Stakeholders Endorsement:
Stakeholders Endorsement is similar to the Leader Alignment as you need to get all the stakeholders on board and moving in the same direction if you want to implement your plans effectively and most importantly, successfully.
- Change Agility:
Most of the organization simple resist any change in their work or thinking style. The Change Agility makes you agile and encourages you to change the way you work. You need to think how difficult it is for you to change making the Change Agility a key component of exponential growth.
Communication is also a key component because it is very difficult for some of the individuals or even organizations to communicate the great plans they have made whether you are transmitting them face to face or electronically. You need to improve your communication skills to be really successful in modern and extremely competitive world.
Culture defines what is your organization and its subsections stand for. Again, it becomes difficult for organizations and business leaders to bridge the cultural gaps among the people. The Inc.500 has devised really effective strategies to handle this issues satisfactorily and as a result, the benefits they are reaping are outrageous.
- Workforce Engagement:
We have discussed in an another webinar that you as a business leaders need to fully engage your workforce to attain the goals you have set and that is exactly what Inc.500 companies are doing. It is important to analyze how willing your employees are to take the action and if they are not, things can get drastically wrong.
- Training and Development:
Many of the Inc.500 companies formulate and pursue aggressive programs to not only train but develop their most valued or key employees. However, they do not restrict these programs to employees who are already performing brilliantly but also include all the employees who have the potential to become key performers in the future.
Integration is the ninth key component of the exponential growth displayed by Inc.500 companies. It is the process of integrating the organization’s vision with implementation of that vision within the organization in both personal and product or service perspective.
- Continuous Improvement:
The exponential growth never ends with the above mentioned 9 components. There is always a room for improvement and this is where Inc.500 companies excel because they do not simply rest on their laurels. They always seek new avenues for improvement within their organization whether it is about leader alignment or communication. This naturally helps them to perform better and achieve results that other companies can only dream of.
Concluding, it can be said that leaders of Inc.500 companies support their strategic vision and try to implement their plans in a better way as compared to other CEOs. They are much flexible in their approach, willing to keep all stakeholders on board and have the ability to change according to circumstances. All these attributes have contributed towards the massive successes they leaders enjoy.