For Entrepreneur360 'Data Champions,' Success Is Steady, Plotted and Planned
Entrepreneur's New Year’s Guide
Through surveys and available data, we've examined hundreds of small businesses and come away with six archetypal sets of practices and characteristics that we believe are representative of most growth companies operating today.
The qualifications were simple: Companies had to be domestically owned, privately held, for-profit and have shown net capacity growth over at least two years, with an employee size in 2015 of 10 to 1,000.
The generally conservative companies in this group focus on steadily pushing forward via careful planning and data analysis, and by working hard to empower employees. The reward is continued growth and solid cash flow that enables avoiding debt.
Modest growth targets and conservative management leave Data Champions more willing and able than other types of companies to fund themselves primarily through earnings. Their focus on data can make them more prepared to meet challenges than their peers and their emphasis on treating staff well may pair with having much higher expectations of employees.
- They often emphasize a reliance on performance data, sharing it across the company to help employees at all levels make decisions.
- They are much more likely than their peers to offer employees higher pay and a share of profit.
- They pay close attention to planning and managing growth, looking to build a sustainable functioning business.
You don’t have to shoot for the moon or embrace every touted management approach to be a leader. Well-established tactics such as self-funding expansion, being generous with employees, setting modest targets and keeping a careful eye on financials and other performance metrics can do the trick.
Dumbo Moving and Storage
H &F Bread Co.
Reed Manufacturing Co.
Site Work Solutions
Read more about each archetype:
- What Entrepreneur360 'Controllers' Know: Watch Markets and Keep the Customer Happy
- The Success Secrets That Helped the 'Best Practicers' Land on the Entrepreneur360
- How Staying in Front of the Pack Helped the 'Forward Thinkers' Nab a Spot on the Entrepreneur360
- Growing Against the Grain: Meet the Entrepreneur360 'Contrarians'
- Confident and Sales-Focused: A Look at the Entrepreneur360 'Classics'