Through surveys and available data, we've examined hundreds of small businesses and come away with six archetypal sets of practices and characteristics that we believe are representative of most growth companies operating today.
The qualifications were simple: Companies had to be domestically owned, privately held, for-profit and have shown net capacity growth over at least two years, with an employee size in 2015 of 10 to 1,000.
Below, we examine the traits of Data Champions, one of the six archetypes of the Entrepreneur360™ Performance Index. To see the other five archetypes, click here.
The generally conservative companies in this group focus on steadily pushing forward via careful planning and data analysis, and by working hard to empower employees. The reward is continued growth and solid cash flow that enables avoiding debt.
Modest growth targets and conservative management leave Data Champions more willing and able than other types of companies to fund themselves primarily through earnings. Their focus on data can make them more prepared to meet challenges than their peers and their emphasis on treating staff well may pair with having much higher expectations of employees.
Key characteristics
- They often emphasize a reliance on performance data, sharing it across the company to help employees at all levels make decisions.
- They are much more likely than their peers to offer employees higher pay and a share of profit.
- They pay close attention to planning and managing growth, looking to build a sustainable functioning business.
Takeaway
You don’t have to shoot for the moon or embrace every touted management approach to be a leader. Well-established tactics such as self-funding expansion, being generous with employees, setting modest targets and keeping a careful eye on financials and other performance metrics can do the trick.
.ttl360 {width: 150px; display: inline-block;}.img360 {float: left; margin: 6px 24px 6px 0;}.card360 { display: block; overflow: hidden; padding: 12px; font-size: 17px; line-height: 25px; margin-bottom: 24px; -webkit-box-shadow: 0px 1px 5px 0px rgba(0,0,0,0.5); -moz-box-shadow: 0px 1px 5px 0px rgba(0,0,0,0.5); box-shadow: 0px 1px 5px 0px rgba(0,0,0,0.5);}.card360 h3 { margin-top: 0;}
Assay Depot
Founded: 2007
Business Type: Pharmaceutical
Website: https://www.assaydepot.com
Birds Barbershop
Founded: 2006
Business Type: Personal services
Website: http://birdsbarbershop.com
Burns Marketing
Founded: 1972
Business Type: Marketing
Website: http://www.burnsmarketing.com
CarGurus
Founded: 2006
Business Type: Automotive
Website: http://www.cargurus.com
CircleUp
Founded: 2011
Business Type: Crowdfunding
Website: https://circleup.com
Enlisted Design
Founded: 2008
Business Type: Design
Website: http://enlisteddesign.com
Formlabs
Founded: 2011
Business Type: 3-D printing
Website: http://formlabs.com
Legion Logistics, LLC
Founded: 2009
Business Type: Transportation
Website: http://jointhelegion.com
Live Lingua
Founded: 2008
Business Type: Education
Website: https://www.livelingua.com
MedCPU
Founded: 2008
Business Type: Health care
Website: http://www.medcpu.com
O3 World
Founded: 2005
Business Type: Marketing
Website: http://o3world.com
RebelMouse
Founded: 2012
Business Type: Publishing
Website: https://www.rebelmouse.com
Ring
Founded: 2011
Business Type: Cloud security
Website: https://ring.com
UniqueHR
Founded: 1991
Business Type: Human resources
Website: http://www.uniquehr.com
WebpageFX, Inc.
Founded: 1997
Business Type: Marketing
Website: http://www.webpagefx.com
Read more about each archetype:
- What Entrepreneur360 'Controllers' Know: Watch Markets and Keep the Customer Happy
- The Success Secrets That Helped the 'Best Practicers' Land on the Entrepreneur360
- How Staying in Front of the Pack Helped the 'Forward Thinkers' Nab a Spot on the Entrepreneur360
- Growing Against the Grain: Meet the Entrepreneur360 'Contrarians'
- Confident and Sales-Focused: A Look at the Entrepreneur360 'Classics'