Do you want your business to be recognized as America’s Fastest Growing Private Company? The Inc. 5000 list is the list every emerging company wants to be on. It honors the genuine achievement by the team of the company or the founder. And to be on this list, you have to build something great from the start. Though this is something hard to do, it is something that makes the business great.
The application for the Inc 5000 list is not complicated. In this, you would find out the tips that would help you complete it properly. But before that, do you know why you need to be on the list? Here are the reasons:
1. National Enhanced Brand Recognition & Media Exposure
You rise above the competition and reach every home in the United States easily. It just gets the best for you and the company.
2. Greater Productivity & Sales Advantages
This would improve the recruiting opportunities for your business. Other than that, you can purchase the Inc. 5000 logo for your business and use it on anything and everything. This would increase your sales and it would help you go above your competition.
3. Exclusive Benefits for Business Leaders
Other than all the great things mentioned above, the leaders get a dedicated and permanent business profile on Inc.com along with potential editorial coverage in the magazine.
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Inc determines the percentage of growth over three years of the company, and if it is high, the company makes the list of 5000, and it is published online. The process of the application opens at the end of January every year on the website. But for this, you need to be eligible as mentioned below:
- It has to be the United States based and a privately-owned company that is independent. It should not be a division of another business.
- Revenue in 2016 exceeds revenue in 2014.
- Had revenue no less than $2,000,000 in 2017.
- Had revenue no less than $100,000 in 2014.
- Have started earning revenue on March 31st, 2013.
The application is found online and has a fee of $150 for it. You can also pay $200, where the rest of it would go for you to attend the Gala event in October for Inc. 5000.
As mentioned above, your company would be ranked by the percentage of growth in revenue of three years. The formula below would give you an idea to calculate yours.
The equation for growth percentage is (2017 revenue / 2014 revenue) – 1 x 100 = total growth percentage.
As per Inc, the revenue means allowances, fewer returns, and gross income, before any price of items sold. It is the same amount that you would write in your corporate income tax return. But in case you do not have the final amount, write an estimate. The accurate number can be submitted with the verification materials.
After the application has been submitted, you need to submit the revenue verification form before the deadline. And it is recommended to fill the form and send it online, fax or via email as soon as you have your numbers ready instead of waiting for your CPA. Otherwise, Inc would contact you for it.
The revenue verification form would need to have the numbers from 2014 to 2017 along with the signature and name of the CEO. A professional has to sign it as well who confirms the information where the person does not have to work in that company itself necessarily. His credentials also have to be added to the form.
This professional can be a: Attorney; IRS Certified Enrolled Agent; Certified Management Accountant; Chartered Financial Analyst; or CPA.
If you are concerned that you would be disqualified if your revenue has declined between the three years, you should not be. Inc compares the details with many other companies to select the choice. So, if your business has done well, you need not worry.
Some things to keep in mind:
- The Inc. 5000 Conference and Gala is in October 2018.
- The list would be live on the Inc.com website during August 2018 and the top 500 in the September print issue.
- The honoree packets would be given to the honorees via mail after the list goes up. It would contain promotional material and the company’s official rank.
- The applicants are notified by email if they have made the list or not by mid-July.
When you make the list and are about to mention it in a press release, be assured that it is the best and proves that your company is worth the position it has received.
Take Your Place at the Top
The Inc. 5000 pictures approximately 40 years of Extraordinary American business growth stories. All honorees in the past years have profited from being a part of this, and many of the businesses that were a part of the list have even become substantial business icons. So, with this, you can get a chance to be a part of the premium list of companies in the world like Facebook, Chobani, Pandora, Under Armour, Microsoft and many more.
Moreover, IncParadise was selected and invited to apply for Inc 5000 in 2018, the most prestigious business list of the year. And yes, they do send out invitations. And the invitation here was since they identified our company to be one of America’s fastest-growing businesses—and a potential honoree for the 2018 Inc. 5000 list.
You too can be on that list, just make the right decisions and take the help of professionals for your business like IncParadise. If you want to make your idea a great one, prepare your business plan and connect with Inc Paradise for having the company registered and all the legal matters handled properly.