My Favorite Business Rankings – I - INC 5000

This is a similar article I posted over one year ago. I decided to repost it since I am kicking off a new series.  So much of what we see today is rankings. I think it took off with David Letterman’s Top Ten List…(I hope people remember this).

Frankly, I get sick of reading all of them.  Often I will read the methodology first. Sometimes you know after reading it that the ranking is utterly useless.  However, over this one and the next few posts I highlight my favorite rankings and why. 

First up is the INC 5000. This ranking is billed as the definitive list of the fastest growing private companies in the US. 

It is a fascinating list to sort through. Thanks to great sort options you can actually find clusters of private fast growth companies.  You can sort by state and industry too. The write-up on each firm is very helpful and a link to the company is also listed. You can search past rankings to 2015.

One unique point.  You may think INC scours the US looking for these firms.  Not really, it is decided by application.  Hence, each firm must apply through INC for inclusion in the annual ranking.

Four more reasons I really like this one. Some the names are priceless.  Second, individual stories are very well done. Third, good data on privately held firms.  

And finally, the summary above the rankings is very helpful. The summary is whatever you chose to cut and dice the list by.  For example, if I do a search by Virginia firms, I find that the median growth is 152 percent, total revenues exceed $18.4 billion, 33,611 jobs were added, 22 are new, and 224 of the firms have been on the list before.

Link:  https://www.inc.com/inc5000

Business Resources IX - Tracking Incentives

 Well, I was wrong. I had two more business resources to present. The first one was the project brief.  The second and last one is a variation of an incentive tracking spreadsheet I developed during my tenure with West Kentucky and later revised for my time with economic development in Prince Wiliam County.

One (and a fair one at that) criticism we get in economic development is not tracking incentives offered and received by a client.  In West Kentucky we always required an MOU that spelled out amounts, timelines, thresholds, review dates, and claw backs.  These documents are public, you just need to ask the city or county. 

Note that the timeline also includes state incentives, when appropriate.  This allowed me to track all incentives offered to a firm and all accepted by a firm. 

The need to track the incentives received and review dates is a critical foundation in economic development. After all, this is taxpayer funds.  We must be the absolute best stewards of these dollars as possible.  We must always work to maintain trust with our shareholders, stakeholders, and pubic at large.

Hence the need for the tracking spreadsheet.  I can determine every step of the incentive negotiation, approval, receipt, and review of any package received. 

The process is straightforward.  After the incentive is received by the company it is logged in by month. From this I can check the spreadsheet every month to see which company’s review time is coming up.  After that determination is made, I then draft the necessary correspondence and set up a meeting to review the company data and ensure that thresholds are indeed met.

If a company is not in compliance with the MOU, I then draft correspondence noting that the company is not in compliance with the MOU and what steps will be taken to ensure that they get into compliance. 

This may involve a give and take over a couple of weeks.  The goal is not to penalize the company, but to find a path to compliance.  If it appears that the company will not ever get into compliance with the MOU, then claw back procedures are implemented.  Fortunately, I never had to institute any claw back steps. However, if I did, the MOU clearly spelled out how.

This was a smooth process and it clearly spelled out the procedure for every step.

Link to spreadsheet:  https://docs.google.com/spreadsheets/d/1qZDXGrgWswRBFJf4mtjOcFJh22ibQ6Qi/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

 

Business Resource VIII – Project Brief

Sometimes you know so much about a project you cannot easily sum it up for your board or elected officials.  I had to come up with a solution.  

The result was I developed a project brief template during my tenure in West Kentucky.  It was my goal to put all the necessary and appropriate data on one page. It must be easy to follow, easy to read, cover key issues, and use headings, etc.  Also, no cheating by using small print.

You will find two links to project briefs I initially used in Prince William County.  I preferred this style, but of course the County has its own formats. Naturally, I conformed to the agency templates. 

As you look at these you will find a company overview, the current situation, key actions taken, CEO requests, etc.

Project Brief I

https://docs.google.com/document/d/16JhrfMCPSCsi4GjLm1DZ1Lpt0afBFjLt/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Project Brief II

https://docs.google.com/document/d/1z9AZrzILeSH0qpBL61pqdc-zEuNJeWL6/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Business Resource VII – The Business Retention and Expansion Questionnaire

 I started with the Prince William County Department of Economic Development in June of 2011.  During my interview I was asked what I would do. I gave something along these lines: 

“I would focus my attention on basic industries with an employment range of 5-50 employees.  These are the businesses that could benefit from various programs in the County and Virginia and usually simply do not have the time to find out what is available.  These are your job generators.  However, the first order of business is to schedule BRE calls with the leading businesses in the County. We always need to know their challenges and expansion potential.  But the bulk of my time will likely be sent on the businesses with an employment range of 5-50.”

I did exactly that.  Among my first activities was to create a BRE questionnaire.  It is attached.  It is very dry if you read it. However, in eight years of using this and improved versions was I never finished it.  As you can see, it is three pages and most of the questions are open ended. 

What are the goals/objectives of this strategy?  It is fourfold:

--Start a long-term conversation

-- Strive to be the first call a business executive or his team makes when considering an expansion or an employee reduction.

--Strive to be the individual the executive or his team calls when they have questions or concerns about your jurisdiction.

--Develop a relationship with the business executive and his team so your calls and emails are returned promptly.

The interview helps you learn what is important to the team.  This allows you to customize unique opportunities to the executive and his team.  

If this makes sense to you, be warned, the responsibility on the BRE professional is significant. It encompasses this:

--Read business publications.

--Know the people who can help your client.

--Have a general idea of the federal, state, and local resources available to the client.

--Have a general understanding of the policies and practices of your jurisdiction.

How do you do this? Just review the six other postings of previous resources.  These took years to build, manage, and keep updated. But it was well worth the effort.

 This is a link to the survey:

https://docs.google.com/document/d/1TV41anrklF0-ekxI1SC2niTwhYb6lO3Q/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Until COVID, I was doing a variance of a BRE interview for Development Services.  I scheduled brief meetings with small businesses who went through the County permitting process.  Generally, the questions were open ended. 

This is the last entry of the business resource series. As you can see, I tried to develop several comprehensive resources for businesses in Prince William County whether I am in Economic Development or Development Services.  And I will continue doing so.

Business Resource VI – Business Services Luncheon for Small Businesses and Government Contractors

 This was one of my first significant accomplishments during my tenure with the Prince William County Department of Economic Development.  It was an event in 2013 and the title was “Business Services Luncheon”. 

The premise is very simple.  I invited 13 agencies/services to attend the luncheon. It was at no cost to them.  The only requirements were the agency had to be nonprofit or not-for profit, agree to send at least one representative, offered programs focused on small businesses and government contractors, exhibit at a table, and stay the entire time.

All agencies invited agreed to attend.  We had organizations that covered financing, trade, business expansion, networking, labor, business counseling, and transportation.  For the small businesses and government contractors, it was a one stop location to access key services and secure contacts.

The format equally is simple.  All the exhibitors took a table in the lobby in one of the County’s hotels.  Everyone (participants and exhibitors) went to lunch. We listened to a speaker, then adjourned to the lobby.  The participants could seek out the exhibitors they thought could help them with a challenge.

We invited numerous businesses that fit the criteria. In the end, we had over 65 businesses attend.

I created the program for the participants. As you will see, it has the full contact information of each exhibitor and a brief description of the services offered.  Every business attending could quickly scan the program and seek out the appropriate exhibitor or exhibitors.

This was well received by participants and exhibitors.  Several exhibitors stayed well past the time as did numerous participants.

Attached you will find the program and pictures of the luncheon.

Link to program:

https://drive.google.com/file/d/1NyQi_r7oKIiA9YM5y0LG0iF8MUFsEhBf/view?usp=sharing

Link to pictures:

https://docs.google.com/presentation/d/1Y6wJNUMEc6fQgRluRBLdlt_i0n_k5JeV/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Business Resource V – A Permitting Guide for Prince William Science Accelerator Tenants

One of the far-sighted actions taken by Prince William County was the creation and funding of the Prince William Science Accelerator.  The accelerator is the result of years of work and effort by Ms. Martha Schoonmaker.  She is an economic development visionary.  

In a nutshell, the Prince William Science Accelerator was created to provide the catalyst for a growing life sciences industry cluster. I could go on, but the purpose of this post is to highlight my minor contribution.

One of the early concerns was the permitting process.  It is important to remember that the clients applying for space in the accelerator are scientists.  These individuals know their science and products/services.  However, permitting was new to them.

Former Prince County economic development director Jeff Kaczmarek asked me to put together a working permit guide for future tenants.  It is highly customized and applicable only to this facility.  I started working on the draft and immediately contacted staff in Development Services (permitting).  Working with me, they offered concrete steps to ensure that the process was as expedited and smooth as possible.   All of these are Joint Occupancy Evaluation (JOE) permits. 

Working with all the key partners, I was able to distill the process into 10 steps on two pages (and not small print). When appropriate, a contact, website, and link to an application was included.  I also added the expected cost and how long a tenant should be prepared to spend getting a permit.  It is essentially a soup to nuts document.

Link to the process:  https://drive.google.com/file/d/1o0PEj1T8v5C5eTD4iZ1k8EM-9-1b7-ie/view?usp=sharing

Business Resource IV – The Permitting/Registration Process for a Winery and Brewery

 I moved to Development Services in October of 2019.  These are two products I developed and I am immensely proud of.  It took several weeks to create.  As far as I know, nothing else like it exists.  It is a comprehensive flowchart for a winery and a brewery of the required local, state, and federal permits, taxes, and registrations.  The top page shows the flowchart and below it is contact data and links to the appropriate government site. When possible, I included links to the appropriate forms.  This is a never-ending project.  In fact, I added another page on resources for breweries and wineries just this month.

This looks pretty simple. However, I burned through approximately 30 drafts and revisions.  In addition, I communicated with numerous federal, state, and local departments and regulatory agencies. 

Link to brewery flow chart:

https://docs.google.com/spreadsheets/d/16yHSEkblEeNrhxb7LNGY4O1O3hpK8VS3/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true

Link to winery flow chart:

https://docs.google.com/spreadsheets/d/1bUBnoTaz-C6xA3qWFXfGHosWCjMTw-bL/edit?usp=sharing&ouid=105727592661546387822&rtpof=true&sd=true