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Community Viewpoint: Why applying to the Inc. 5000 list could be a lucrative opportunity for business in the Lynchburg region
Community Viewpoint

Community Viewpoint: Why applying to the Inc. 5000 list could be a lucrative opportunity for business in the Lynchburg region

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Alerting all businesses in the Lynchburg region!

If a privately owned business or organization achieved greater profits in 2020 than in 2017, then they should strongly consider applying to Inc Magazine’s yearly list of 5,000 fastest-growing private companies in America, also abbreviated Inc. 5000 for short. The Inc. 5000 list, the gold standard for privately owned businesses who are looking to accelerate their growth exponentially, could be an important recognition opportunity for businesses in smaller metros like the Lynchburg region. Plus, the benefits received by businesses on the list can also apply to the region they are in.

Applications to the Inc. 5000 list are evaluated in part by gross business revenue over the past three years, and those with the largest percentage between year one and year three are ranked according to those metrics. The competitiveness of the list increases each year, as well as the prestige of being recognized, which is a great motivating factor for businesses in the Lynchburg region to apply!

Businesses who take the plunge and highlight their rapid business growth may stand a greater chance at getting recognized, leading to the potential for even further growth and expansion.

A variety of outstanding reasons show why applying to the Inc. 5000 list may be strategic for a privately owned business experiencing significant growth. First, selection to the list is more attainable than one might initially think. In last year’s list, the 5000th business selected had 18.3 percent annual growth, which is not an impossibility for an organization experiencing rapid success. Secondly, consumers will take notice because inclusion in the list gives credibility and recognition to what the business has accomplished. Third, recognition, like being included on the Inc. 5000 list, helps shine a light on the connection between mission-oriented organizations and their team’s performance, helping these teams feel recognized and supported.

That is a recipe for cohesion, that tech giants like Apple and Google wouldn’t have been successful without, not to mention the added boost from media recognition and credibility.

Being perceived as a growing and successful company may bring greater media visibility to the surrounding region, help attract new talent to the region’s workforce, and inclusion on the list can assist organizations in this regard. Finally, gaining the prestigious inclusion of being an Inc. 5000 list organization can raise the organization’s profile nationally, which could help boost the Lynchburg region by bringing more jobs to the region. The Inc. 5000 list also takes economic growth during COVID-19 to be a significant accomplishment for any organization, and factors that in as well when deciding to include a business on the list.

The growing resilience of organizations in the Lynchburg region, many of whom have switched to telework, have an incredible story to tell of overcoming adversity over the past twelve months, and applying to the Inc. 5000 list gives them a potential outlet to do just that.

To be eligible to apply for the Inc. 5000 list, businesses must be privately held, for-profit organizations, not the subsidiary of another company. Additionally, the organization must have begun generating revenue by March 31, 2017, generated at least $100,000 in revenue through the 2017 fiscal year, and generated at least $2,000,000 in the 2020 fiscal year.

Final applications are due April 30. Apply here:

The Lynchburg Regional Business Alliance believes this is an excellent opportunity for businesses in the Lynchburg region to gain better visibility, boosting their national profile, and bringing more jobs to the region. If you are the owner of a privately owned business experiencing exponential growth, please consider applying to the Inc. 5000 list today.

James Black specializes in communications for the Lynchburg Regional Business Alliance.


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