Business: Two online properties in the background screening space
Purchase: The companies were purchased in January 2008 and held for 10 years.
Growth: Through our ability to add resources, implement an effective operating system, and coach and lead our team, we grew sales by 500% and grew profits by 700%. The staff size grew from 18 to 70 total employees.
Key Growth Drivers:
- Marketing expertise. We identified the market we were serving and the offering that was the value to that market. The underserved market we identified was small business and small landlords who wanted customized background reports that were integrated with their current operating technology, along with reports that were easy to read, informative, and completed quickly for a reasonable price.
- Refocused on the company’s superior skill. We realized that the company was not simply a production center, running background reports. It was a technology and marketing company that brought additional value to the target market.
- Standardized products and streamlined operations. Through an extreme retention and 106% customer revenue retention.
- Clarified and upheld the economic model of the business. We engaged employees by making a game out of delivering on the economic model. The employees made choices and took actions that were focused and aligned with protecting product margins and growing profit.
Focused, consistent execution and effective problem-solving. We never lost sight of our goals and stayed together as a team, making tough choices while working, winning/losing, and having fun together.