Get Recognition for Your Growing Business!

Burnsville-based Innovative Office Solutions LLC, a business to business solutions company owned by Jennifer Smith, is one of the top 50 fastest-growing women-owned/led companies.  Office Solutions LLC is #20 on the national list of flourishing women-owned businesses, co-sponsored by the Women Presidents’ Organization, a national non profit with 97 chapters located internationally, and American Express OPEN the small business division of American Express. 

Jennifer saw her 10-year old local company gross revenue grow from $19,904,040 to $42,738,090 in just two years.  In addition, Jennifer hired 12 additional employees during that time. 

Innovative Office Solutions LLC was ranked according to a sales growth formula that combines percentage and absolute growth.  In order to help Jennifer seize more business opportunities, she was offered a $500 American Express gift card and potential to be featured on OPENForum.com.  

The Top 50 generated a combined $4 billion in 2011 revenues (mean of $80.1 million) and collectively employed 26,883 in 2011 (projected 34,550 employees in 2012). 

I interviewed Marsha Firestone, Founder and President of the Women Presidents' Organization (WPO), about the list and how you can apply for next year’s ranking.  

1) If a woman has a quickly growing company, how can she apply to be on the list?

Applications for the 50 Fastest go out in January and are collected until mid-February. Applications are available on the WPO website. To be eligible for the list, companies must be privately owned, women-owned or led, and have generated at least $500,000 in annual revenue in 2006 and $2 million by year-end 2010.

2) What are the advantages of being listed?

Aside from being named one of the 50 Fastest Growing Women Owned/Led Companies in North America, there is a significant amount of media coverage. They will receive national coverage as well as local coverage. There is also an awards ceremony held in conjunction with the WPO conference. At that conference they are given the WPO member only opportunity to meeting over 700 other women business leaders. You can view the Wall Street Journal article here.

 

3) What advice do you have for women who want to start their own businesses?

·         Be clear on what you’re selling and use research to ensure there is a need for your product.

·         Do not overreach by trying to be too much to your customers

·         Don’t forget to pay yourself

·         Don’t skimp when hiring professional advisors, lawyers and accountants in particular.

·         It takes a lot of positive energy to run a business, be aware of that and keep your fire fueled.

4) What tips can you give if growth seems slow?

Find a peer advisory group to hear and share ideas and expertise.

Define your goals and be realistic about them, don’t push too hard.

As Jim Collins teaches in his latest book Great by Choice, push ahead in bite size increments.