What do some of the fastest growing companies have in common?
According to the Women Presidents’ Organization (WPO) that ranked the fastest growing privately held, woman-owned/led companies, there are six stats that each of the business have in common.
Six stats on the 2016 50 fastest growing companies:
- Average Age: 49
- CEOs that founded the business: 92%
- Listed companies that do business globally: 44%
- Provide health insurance: 92%
- Plan to continue to grow their company: 90%
- State hiring the best talent as their biggest business challenge: 44%
Also, each of the businesses needed to reached revenue of at least $500,000 by the first week of 2011 and $2 million in 2015. All eligible companies that applied were ranked according to a sales growth formula that combines percentage and absolute growth.
“This year’s 50 Fastest list represents our most diverse ranking ever, with an immense geographic reach covering 20 states and one international winner in Turkey, as well as industries ranging from energy efficiency services to cybersecurity and engineering,” said Marsha Firestone, Ph. D., president and founder of the WPO.
So, if you are a startup founder thinking about what the pathway to your future growth may look like, the stats above may be a useful benchmark. A standout metric is the 44% of CEOs that state hiring good talent is their biggest challenge. Each of the metrics may be worth considering to increase awareness of what it may take to bring your startup to the next level.