Why Applying to the Inc. 5000 List Could be a Lucrative Opportunity for Business in the Lynchburg Region
Alerting all businesses in the Lynchburg region!
If you made higher profits in 2020 than you did in 2017, then you should consider applying to Inc Magazine’s yearly list of 5,000 fastest-growing private companies in America, also abbreviated Inc. 5000 for short. The list is the gold standard for privately-owned businesses who are looking to accelerate their growth exponentially, which is important for businesses in smaller metros like the Lynchburg region because any benefits received by businesses on the list can also apply to the region they are in.
The 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!
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 a fast-growing organization. Secondly, consumers will take notice because inclusion in the list gives credibility and recognition for what the business has accomplished. Thirdly, 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.
Also, being perceived as a growing and successful company may bring greater media visibility, help attract new talent to the organization’s workforce, and being included in the Inc. 5000 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.
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.
Early bird applications are due by close of business on Friday, March 26, 2021, and the final application deadline is four weeks later, on Friday, April 30, 2021.
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!