What do the CEOs of some of the fastest-growing companies in the U.S. say about their strategies of success? That’s what Tom Hall found out when his marketing and public relations firm queried hundreds of such executives. Tom is a former Vistage member and chairman of Tucker Hall in Tampa (Florida). Below is a short excerpt from his survey report. More information can be found on his Web site (see Additional Resources ).
We sent questionnaires to the CEOs of 586 of the fastest-growing companies in America, most of them publicly held. We identified them by using reports from security analysts, annual reports, published reports and other sources. These companies appear often on lists such as the Forbes 200, the Hoover 250 and the Fortune 100 Fast Growing Companies.
We followed up with around 116 companies by telephone and studied the profiles of 200 more, to total 316 businesses contacted and/or analyzed.
We asked our CEOs: “What do you believe is the single most important business strategy that influenced the rapid growth of your company?” Here’s what they said.
- Differentiation. Being able to set their company apart from competitors was the single most important strategy among managers of fast-growth companies. This strategy was used by more than 54% of the companies studied.
- Focusing on People. Growing executive talent from within was a contributing factor in 19% of the companies reviewed.
- Acquisition. Taking advantage of opportunities to grow by buying market share contributed to growth among approximately 12% of the businesses.
- Superior Implementation. Simply doing the same thing better than any competitor was a growth factor in 8% of the responding companies.
- Opportunistic Growth. Being open enough to profit from unforeseen opportunities to grow (or save) market share was a strategy used by 7% of the companies surveyed.The most interesting distinction between the fast-growth companies and their slower competitors is that the speedy growth firms had clear key strategies they relied upon. So it seems to us there are six top strategies. The sixth is “have a strategy.” Additional Resources This link will transport you temporarily to a non-Vistage Web site. To return to CEO Insight, simply close the browser window that will open when you click on the link. Tucker Hall –a Tampa (Florida) marketing and public relations firm. (http://www.tuckerhall.com/)