Each year, Entrepreneurs’ Organization (EO) celebrates hundreds of its members whose businesses earn a spot on the Inc. 5000. The 2019 Inc. 5000 featured a whopping 287 EO member–owned organizations!

The annual list curated by Inc. magazine honors the extraordinary journeys of the fastest-growing, privately held companies in America. For a chance at a place on the list, you must first apply—and the application deadline is Friday, 22 May 2020.

4 Reasons to Apply

Applying is a worthwhile effort, and your organization could gain significant benefits. Just ask Chelle Neff, owner of Urban Betty salon and an EO Austin member.

“To be named as an Inc. 5000 company two years in a row was a huge goal of mine. I feel it’s like winning the ‘Oscars of the business world.’ I will always throw my hat in the ring for Inc. 5000 and strive to grow just for that honor. I would love to get it three times!”

Earn one of the 5,000 coveted spots and you’ll receive:

1. Media coverage in national and local media, plus a permanent, dedicated company profile on Inc.com.
2. A boost in your industry credibility–which translates to better recruiting and sales opportunities.
3. Countless partnership and networking opportunities.
4. Increased employee morale—which leads to increased productivity.

If you’re struggling to weather the global pandemic, being an Inc. 5000 honoree might deliver the edge you need to land new clients and make great hires.

Does Your Company Qualify?

First, let’s cover the basic requirements. To qualify for the 2020 Inc. 5000, your company must:

• Be privately-owned, based in the United States and independent
• Have started earning revenue by 31 March 2016
• Show revenue no less than US$100,000 in 2016
• Show revenue no less than US$2,000,000 in 2019
• Revenue in 2019 exceeds revenue in 2016

3 Signs You’re Ready to Apply

Previous honorees also point to these must-have ingredients for sustained growth:

1. Longevity. “Most companies on the Inc. 5000 are not startups. In fact, 80 percent of companies were at least seven years old when they first made the list,” explains Rajeev Agarwal, an EO member in Seattle. And he should know! Agarwal is the founder and CEO of MAQ Software, a data management and analytics software developer that has made the Inc. 5000 list nine times.

2. Good people. Ask Inc. 5000 honorees what factor launched them to the list, and you will probably hear a theme emerge: It takes a great team.

“Putting together an exemplary team of professionals is a key factor in our success. Our skilled, experienced team is the right combination to fully meet our customers’ needs while continuing to grow and expand—yielding extraordinary results internally and externally,” says Justin Crosslin, co-managing principal of Crosslin Technologies and a 2019 Inc. 5000 honoree.

Dan Stewart—co-owner of Strike Visuals and an EO Utah member—agrees. He says the key to his company’s growth is “a trifecta of critical factors: hiring good people, cultivating the right culture and encouraging empowerment.”

3. A well-managed P&L. Successful entrepreneurs understand their profit and loss statements inside and out. They also appreciate the difference between profitability and cash flow, explains financial expert Greg Crabtree.

When Drew Louis, an EO San Diego member and president of Del Toro Loan Servicing, reviewed every one of his organization’s processes and roles, he was shocked to find 4,000 hours of wasted time. When the issue was corrected, it “saved money and increased the turn-time for clients, which helped with referrals and repeat business. Also, profit margins increased from 5 to 40 percent!” Louis’s company has made it on the Inc. 5000 list three times.

Chelle Neff saw remarkable growth in her salon when she worked with a business coach who helped her restructure to an la carte price menu with fewer discounts. “Revenue grew by 30% the next year and 82% within three years.”

So, do you think you have what it takes to earn a place on the 2020 Inc. 5000? Get your application in today!

EO members: Our partnership with Inc. provides you a discount on the application and a chance to win complimentary tickets to the Inc. 5000 conference. Be sure to use your special EO code when you apply!

The post 2020 Inc. 5000: Application Deadline Is Here appeared first on Octane Blog – The official blog of the Entrepreneurs’ Organization.