We’re in an age that celebrates furious entrepreneurs who are finding the next big thing. Some frenetic founders include, Marc Benioff who tries to turn hyperactivity into a new model for tech growth and corporate activism, James Dyson who revolutionized products ranging from vacuum cleaners to hair dryers.
To be recognized for five consecutive years as one of Canada’s Fastest–Growing Companies and continuously climbing the charts is a huge success to Wish Group (www.wishgroup.ca). Every entrepreneur knows that in order to be a fast growing company you need to be creating new products and services. But, we didn’t do this by creating better batteries with James Dyson or coming up with the latest OS X with CEO, Tim Cook. There are many companies on that list that don’t rely on sheer innovation to be listed on PROFIT 500.
So, is finding that innovation gap in your company the true secret to fast growth? The answer is not necessarily.
Perhaps I will enlighten you with what we do at Wish to accomplish this five-time fast growth achievement.
Recruiting Top Talent That Suits Your Culture Is Always the Top Factor
In 2001, when I started Enunciate Conferencing we hired people who were incredibly passionate about every aspect of teleconferencing. We stayed away from those whom we could tell were just trying to ‘pass by’ or put some time in while waiting for the right opportunity. Given that the top 20% of your group dictate the pace of the organization, I needed to ensure that this group would eat, sleep and breathe conferencing. From my experience, when people find their passion or calling in life, then work no longer begins to feel like work and skills are always being monetized. It’s important you find people that aren’t afraid to roll up their sleeves, who are dedicated to the mission, and the words “that’s not my job” do not exist in your employee’s vocabulary. There are lots of good places to start when recruiting top talent; you could use an agency such as Peoplesource, grab referrals from your top employers or constantly work your network.
Create a Winning Culture
Ever notice when watching any kind of sports game that the team who is winning versus the one losing has different behavioural tendencies? The winning team is celebrating success by constantly high fiving one another and cheering each other on whereas the losing team has a negative demeanour so obvious that it’s worn on their sleeves. In your workplace, you need to be the winning team. Celebrate successes on the weekly, ring a bell when somebody closes a deal, send positive companywide emails when there is an accomplishment in the office, walk the floor and breathe high energy by focusing on the good things happening within the company.
Go Wider and Deeper in Your Existing Client Base
At Wish, we focus on established revenue sources. Rather than only trying to acquire new customers, direct your attention to the core customers you already have. You can do this by implementing a referral, creating a customer loyalty program or trying out marketing strategies based on previous purchase behaviours to encourage repeat business. Within the Wish organization, we have several business lines from various telecommunications solutions, staffing and media so we like to cross sell as much as we can. We also put an emphasis on social media through The Mike Agency, which connects us with our customers more directly and intimately, allowing us to engage at a whole new level.
Be Adaptable
One trait that successful start-ups often have in common is the ability to switch directions quickly in response to changes in the market. Often times as a smaller start up or a younger entrepreneurial company, you will be competing against large multibillion-dollar organizations. Don’t try and beat them at their own game, focus on the niches that they don’t service well and use your size to your advantage. Be nimble and take advantage of a trend or switching course and always provide a white glove service that will distinguish you. Everyone always thinks ‘big’ buys from ‘big’; I don’t necessarily always buy this. I believe ‘big’ buys from ‘best’ and often times it’s innovative entrepreneurial companies that were purchased by a larger company.
Focusing on Customer Experience
Customers’ perceptions of your business can really make or break a business. And in the fast-growing digital world we live in, social media plays Queen B. Fast-growth depends on making your current and potential customers happy with their experience. Simple things such as following up with a new customer once they’ve signed, onboarding properly is key, and making sure an invoice is NOT the first communication your new clients have. Being in communication throughout the entire process is important to your customer. One of my biggest pet peeves is when suppliers seduce me in the beginning to get my business and I receive a whole load of wonderful invites to these fantastic events, but then they get aggressive with pricing to earn my business. A few years go by and I hardly hear from them again. This is how you lose business because there is always somebody out there trying to seduce your clients away!
Strategize
As I’ve mentioned in my previous blog, one dominant skill that differentiates highly successful people between average performers is strategic planning. If you want to have fast growth it’s important to plan ahead. Planning your next step, even if that means anticipating all possible scenarios, is the best way to stay grounded and secure as your business evolves.
Please, check out our press release for PROFIT 500 and thanks for reading!