Most companies dream of double digit increases in revenues and profits. How about accomplishing that every year for more than a decade? Jason Jennings explains that there is no secret formula: All you need to do is "think big and act small."
The author and his researchers examined over 100,000 domestic companies and uncovered nine that consistently increased their profits and revenues by over 10 percent each year for the past ten years. This list of impressive companies spans a variety of businesses and includes O'Reilly Automotive, Sonic Drive-In, the SAS Institute, and Strayer Education. Jennings explains that "…because each [company] nailed the fundamentals better than all the other companies, their dramatic and consistent growth occurs naturally, even organically."
The author describes these fundamentals as ten building blocks to success, and outlines each building block in chapters such as "Get Your Hands Dirty," "Have Everyone Think and Act Like an Owner," "Choose Your Competitors," "Build Communities," and "Create Win-Win Solutions." He also advises readers to stay close and connected to their customers; it's okay to let go of what doesn't work. Taking this commonsense approach to think big and act small could significantly contribute to creating and sustaining a profitable enterprise.
Cabela's, an outdoor sporting goods store, is a good example. It was strictly a catalog business that decided to branch out into retail by opening one store. The store was an immediate hit and additional outlets opened in strategically viable locations. Not a bad strategy: The company has been enjoying an average 17.3 percent annual revenue growth over the last ten years.
Jason Jennings is a business speaker, author of Less is More, and coauthor of It's Not the Big that Eat the Small…It's the Fast that Eat the Slow. —S. J. Johnston