2018 Impact Report: Interise companies show strong revenue growth, retaining profitability
Nationally, small businesses exhibited strong average revenue growth of +6% last year (Sageworks). However, Interise’s 2018 Impact Report demonstrates that revenue growth for Interise companies was over 9 times greater - with the revenue of Interise companies increasing by an average of + 50%. And among those businesses that grew in revenue, minority-owned businesses outperformed with average revenue growth of + 150%.
The vast majority of Interise businesses are growing, and they retain profitability while doing so. 80% of Interise companies report that their businesses were profitable last year, regardless of revenue growth, indicating the use of sustainable practices to scale their business.
Tamara Neale, a 2012 NYC MWBE StreetWise ‘MBA’TM alum, attributes much of her company’s success in scaling to the strategic growth plan she first developed during the program. The Leading Niche, Neale’s data analytics and IT firm, has been recognized for outstanding growth in ICIC’s Top 100 Companies and Inc’s 5000 fastest growing privately-held companies.
The Leading Niche has exhibited consistent and sustainable revenue growth since Neale graduated from the StreetWise ‘MBA’ TM program. She advises that “…as a small business, you have to have the boldness and the courage to scale... And then [you have] to make strategic decisions and steps — it’s one thing to grow, but you want to make sure you grow strategically to make sure that you can handle the growth.”
Interise recognizes revenue growth as an impact metric —not only because of gains in profit, but also because revenue growth stimulates local economies, providing the necessary funds for new employees, business expansion, and community outreach.
Neale, for example, maintains a goal to hire at least 35% of her employees from “underserved communities.” The Leading Niche also partners with local community colleges to help students build skillsets and resumes.
Growing scaled, sustainable businesses among minority business owners and in economically disadvantaged communities can create opportunity and work to reduce inequality and decrease the racial wealth gap.