Fast, flexible, and down to earth

The 2011 Fastest Growing Companies round-table discussions was a free-flowing exchange of rich information and new ideas. And these company growers have their feet firmly on solid ground

An amazing exchange of high-value information and new ideas took place at a recent event that included round-table discussions with the 2011 Fastest Growing Companies. The round-tables dealt with key management issues for high-growth companies. Topics included recruiting and retaining exceptional people, utilizing innovation to accelerate growth, how to have the right management structure for rapid growth, and arranging proper financing options to ensure opportunities are not overlooked.

The working group considering recruitment and retention suggested that the old ways of doing things do not work anymore. They felt that using their own assets to acquire information on who might be available -- particularly through social media -- is an effective means to recruit exceptional people. The group also believes that partnerships/relationships with local schools – universities, community colleges, private institutions –allows for the development of “farm systems” for identifying genuine talent before it gets in the market.

On the retention side, it was deemed that any company which is successful at keeping great people must be focused on vision, values, and integrity. And making your company a fun, understanding place to work where communication is a priority will help to keep all that high-value talent you’ve worked so hard to recruit.

As for innovation accelerating growth, it is apparent that Canada is lagging behind most other G-20 countries in registering patents, productivity, accessing capital and growing R&D clusters. The innovation group suggested that as a community we should encourage a culture where business failure is supported. And those entrepreneurs who try hard, fail, and dust themselves off and start again, should be nurtured and assisted instead of being ridiculed and marginalized. We need to grow a culture where our young people want to create employment through business growth and get away from a culture of just finding a job.

Innovation and commercialization of research and brainpower are the future. The management round table had a few suggestions for making sure the right management teams are in place.

Motivate, incent, and reward innovative ideas and performance at the management level. Have only the right people in the right roles. Be ruthless in ensuring you have the best management team. And make them responsible and accountable and constantly monitor results.

And while the company should be flexible in dealing with great managers, it is best to focus only on what the firm is good at. Anything you don’t absolutely need to do in-house should be outsourced. Reducing overheads requires fewer managers, professional development investment, and it allows management to pursue excellence in core business and customer relationships.

As for financing rapid growth, the round table members felt there is a process for dealing with financing issues. Cash flow monitoring is critical, as in anticipating cash needs and preparing for same. Communicating often and candidly with suppliers, lenders, and equity partners will lead to strong support when the critical times come – as they most assuredly will. And always look within to find ways to create cash such as re-financing leases and other assets.

And as always, relationships are the key to successful re-financings.

The Fastest Growing Companies and their sponsors are working together to build new relationships and strengthen existing ones. New opportunities abound for these great companies.

For more information check out the photo gallery, click on sponsors’ logos to visit their websites, and click on the digital edition of Progress for a complete list of all the 2011 Fastest Growing Companies.

They are the future and these companies are the real deal.

Neville Gilfoy
President & Publisher