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Tip No. 4: Invest In Marketing
Getting the word out is a tried-and-true means of increasing share, but counterintuitively, marketing is often one of the first areas cut by companies when times get tough. Fast Growth companies know the bottom-line value of strong marketing; just as Netarx went ahead with its marketing plan, so did public-sector specialist Carahsoft (2010 Fast Growth No. 14).
"While I know that some companies may be experiencing a downturn in demand, our public sector business remains strong in all sectors -- even in the state and local market, which may be one of the hardest-hit verticals," said Carahsoft President Craig Abod. "In fact, by redoubling our marketing efforts and tuning our message to focus on technologies such as VMware, Adobe Connect and Adobe LiveCycle that help customers do more with less, we were able to grow our state and local business by almost 100 percent over last year."
Tip No. 5: Hire A Good Lawyer And Tax Accountant
Entrepreneurs are at risk of losing thousands of dollars a year by not using the proper tax strategies, said Deborah Sweeney, CEO of MyCorporation, an online legal and business filing service focusing on entrepreneurs and small business. Small companies in particular -- even fast-growing ones -- don't always choose the correct incorporation structure or take all the tax deductions to which they are entitled. Companies with revenue of less than $10 million made up one-quarter of the Fast Growth list-- and those are just the types of companies that Sweeney said could use the advice of a good lawyer and tax accountant. In addition, an attorney can offer suggestions about trademarking a company's name, product or services -- crucial for stepping up those marketing efforts.
October is Fast Growth month on CRN Community! Executives from Fast Growth 100 solution providers will be blogging daily to share their secrets to growth. Join the conversation at community.crn.com/groups/fast-growth.
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