Growth can be tricky. There are no hard and fast rules that explain how a business should grow. However, the collective wisdom of several Inc. 5000 companies (including Nebo Agency, represented by CEO Brian Easter) help suggest some areas to focus on that may be useful to entrepreneurs hoping to withstand recessions and grow despite economic fluctuations.
Last evening, Easter participated in a panel discussion along with Joe Best (Quality Wine & Spirits), Scott Weiss (SpeakEasy), Brett Levine (Jurlique), and moderator Lisa Calhoun (Write2Market). Presented by Inc. and UPS, the event focused on the subject of growth. Overall, panelists appeared to have benefited from organic bottom up growth rather than top down growth. Easter noted that Nebo Agency has been deliberate with its growth. In the interactive marketing space, some agencies vacillate between 40 to 80 to 120 and back to 80 people depending on the economy, crippling these companies’ ability to grow in the long-term. By taking a more measured pace and focusing on clients and projects that allow Nebo to be successful, Nebo Agency has grown 20-30% a year through both good times and bad.
Calhoun pointed out that high-growth companies seem to say “no” as much as they say “yes.” Often, that means resisting the temptation to borrow or accept a lot of capital. Weiss said that if he had to choose between 20% growth with borrowed money or 12% without borrowing, he’d choose the 12%. Easter added that Nebo Agency has never taken a dime from anyone. Tough economic times hurt weaker companies, but good companies thrive in a bad economy. Best said that too much capital can lead to a kind of cash euphoria for companies, although Levine said that an infusion of venture capital can help certain organizations through periods of instability.
Hiring talented people obviously assists with company growth and stability. Easter said he often asks around the industry to find out which people have the best reputation in their fields. Then he hires them. Weiss, whose employees have been with SpeakEasy for decades (four have been there over 30 years!), said he gauges talent by assessing the quality of questions that candidates ask. If candidates ask great questions, that engagement suggests a deeper level of critical thinking and creativity versus those candidates who are more passive or just ask about superficial employee benefits.
Among the final tips shared by the panelists…
- Levine reminded attendees to leverage Atlanta and Georgia resources to help grow their business. Atlanta is a very entrepreneurial city, and there are many organizations ready to help spur growth.
- Weiss said to ask prospects, “What’s in the way of you saying ‘yes’?” It’s amazing how powerful this question works to identify and overcome sales objections.
- Best said to identify what it is you’re doing that, if you did it, would get you more business. Then do it.
- Finally, Easter said if you can give meaningful answers to a prospect within the first five minutes they engage with you, then your close ratio increases by 70%. As long as you focus on being helpful and providing value, then you don’t have to focus on hard selling.
Thanks again to Inc. and UPS for providing Nebo Agency with the opportunity to share our insights.
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