Top 86 fastest growing companies in Utah

If you live in Utah, especially the Utah Valley area, you see new businesses popping up all the time. Betty next door just thought up the cutest new baby headband and they’re selling like hot cakes or Ryan at church just quit his career because his marketing company is doing so well.
Well quite a few of these companies are really successful, nationally speaking. Inc. 5000 just put out their top 5000 fastest-growing privately held businesses in the nation for 2014 and 86 of them are Utah born, 14 making it in the top 500.

86: Connexion Point
104: Alliance Health
124: VRx
149: Buy PD
150: Goal Zero
218: Universal Synaptics
224: PcCareSupport
254: Boostability
264: Simplicity Laser
331: eLearning Brothers
335: HireVue
339: OnSite Care
392: JayBird
408: Peak Capital Partners
545: Icon Homes
552: Zarbee’s Naturals
604: Silencerco
614: Facility Nexus
621: Pluralsight
632: Glover Services
710: Citadel Insurance Services
851: CPC Diversified Fund
862: Four Foods Group Holdings
863: Edge Homes
1024: Inthinc
1027: Candlelight Homes
1038: Landmark Home Warranty
1103: Vetora
1139: Cariloha
1157: InsideSales.com
1167: Zija International
1211: 3 Key Elements
1220: Enve Composites
1226: Safe Money Millionaire
1468: Executech
1492: iDrive Logistics
1497: Health Catalyst
1531: Lawn Butler
1592: Creminelli Fine Meats
1604: Home Base Appraisal Management
1636: Subzero Engineering
1649: ApplicantPro
1680: Five Star Franchising
1709: Aquatherm
1718: You Need A Budget
1873: Blade HQ
2109: Clearlink
2138: TrueNorthLogic
2146: Vitality Medical
2148: HealthEquity
2181: Dish One Satellite
2185: Premier Plastics
2236: BodyGuardz
2289: Veritas Funding
2301: Got Your Gear
2392: Conservice
2475: Alpine Technical Services
2565: Cytozyme
2585: Packsize International
2595: DigiCert
2686: Costa Vida
2871: Mindshare Technologies
2887: Intermountain Electronics
2943: Parallel HR Solutions
3085: Nammo Composite Solutions
3182: We R Memory Keepers
3294: Fishbowl Inventory
3363: VLCM
3446: Hycomp
3696: U.S. Translation Company
3743: eFileCabinet
3848: Candle Warmers Etc.
3996: SwipeClock
4163: Spectra Management
4257: Academy Mortgage
4271: Spring Works Utah
4334: England Logistics
4417: Leonard Consulting
4446: The Summit Group
4474: Cuisine Unlimited
4510: OptionsAnimal
4595: BidSync
4727: Resource Management
4789: ThomasARTS
4804: Veracity Networks
4875: VitalSmarts

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How the SBA Can Help You Get Your Business off the Ground

It is no secret that the U.S. government is a massive buyer of services and commodities. Government contracting exceeds half a trillion dollars each year and a major focus by the government, through the Small Business Administration (SBA), is that a portion of these funds be dedicated to small businesses. Currently, “the government-wide procurement goal is that at least 23% of all federal government contracting dollars should be awarded to small businesses (sba.gov).” The 23% mentioned here is in regard to prime contracts. Often prime contracts for large dollar projects will require that the prime or general contractor subcontracts small businesses at percentages higher than the 23%. In fact this percentage can be as high as around 80% of the work or procured items must be provided by small businesses.
 
So what does this mean for your startup? This emphasis on small business by the federal government means there are a lot of opportunities for small businesses. In fact, any government procurements between $3,000 and $150,000 are set-aside for small business prime contractors (sba.gov).
 
Your small business has two routes through which it can tap into these funds the government sets aside for small businesses. First, is to become a prime contractor and the second is to subcontract with a prime contractor. Both can be very profitable for your young business and provide early cash flow for future expansion.
If such opportunities fit your profile, visit SBA.gov to learn more about how you can be considered for government contracts. As well the website has databases for both prime and subcontract listings where you can search by your expertise, location, and other criteria.
 
While government contracts have a large upside, they also have their caveats as well. Generally, they are more heavily regulated, require more extensive external reporting, and business processes can be directed by the government.
 
Small business opportunities are many through government contracts and, despite caveats of working with the government, can provide great opportunities for building a foundation for your small business and potentially future expansion.

Look at Both Sides of the Income Statement

Whether it is continuous improvement efforts or your business is struggling, it necessary to look for ways to improve business. Under each circumstance the focus and knee-jerk solution tends to be increased efficiency through cost cutting strategies. While cost cutting helps, it usually does not solve all problems for a business and eventually becomes more and more cost cutting activities. In such a case the cost cuts are only a quick-fix masking other issues found on the “other side” of the income statement.
 

Cost Cutting Can Be Just a Band-Aid to Bigger Problems

 
High costs can drown a business, we all know that but cost cutting is something businesses are usually always doing in order to be as efficient as possible. In times of struggle or even failure cutting costs buy time but usually do not solve deeper issues.
 
By only cutting costs the focus is exclusively placed on expenses while revenue is forgotten completely. It takes both to lead a profitable business. The knee-jerk reaction to look at costs may prove to be a Band-Aid to larger issues related to customer retention and acquisition. Such a cover-up blinds us from these other sources of inefficiencies found on the revenue side of the income statement.
 
Only cutting costs may also make a current problem even worse. By cutting costs, business functions have to be removed which leads to a lower quality product or service that may end in lost customers on the fringe of your customer base.
 

Analyze Cost and Revenue Drivers

 
A proper analysis to improving business must include both your expenses and your revenue. Looking at both cost drivers and revenue drivers you will identify any possible cause of inefficiency in your business model. Quick fixes of cutting costs will help but only delay greater issues down the road when customer base disappears due to outdated products, poor pricing strategies, lack of customer incentives, and low customer acquisition rates.
 
Issues are too often much greater than simply one side of the income statement. As business leaders we must avoid the knee-jerk reaction to only analyze a single side, which usually is cost. Analyzing both will create not just solutions to current problems, but will provide sustainable growth into the future.