Amid considerable economic and political disruption, leaders of the fastest-growing private US companies maintain an overwhelmingly positive outlook, according to a recent survey by Oracle and Inc. Media
About 89% of survey respondents, from companies that are current or recent Inc. 5000 honorees, said they’re either “extremely” or “very” confident about their companies’ prospects in 2017. A clear majority said their companies plan to expand their workforces (91%, with 42% saying they plan to hire “significantly” more employees); offer new products (61%); and move into new markets (65%) in the coming year. Some 38% said they plan to open new offices, and 32% plan to expand internationally.
The single biggest obstacle to maintaining their momentum? Effectively managing fast growth, cited by 49% of the leaders of these high-performing companies. (The average growth rate among companies in the latest Inc. 5000 ranking was 128% over three years, with average annual sales of $40 million.) Survey respondents cited the ability to sell more and attract and retain skilled employers as their second and third biggest obstacles to growth.
When asked what they would do if an extra $1 million fell into their lap, 46% of respondents said they would upgrade and expand their sales teams; 44% would expand advertising and marketing; and 43% would improve business operations.