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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Why Are Business Plans Important?

A business plan is a powerful tool and resource for business owners and entrepreneurs.  A well-crafted business plan lays out the foundation for consistent, good decision-making that leads to success.  When starting or running a business there are lots of different items to consider.  Your personal business plan will allow you to think through your business, to understand what you don’t know about your business, and to bring organization to your busy schedule.
 

Thinking Through Your Business

Successful businesses usually start with an idea for a product or service.  Taking that product or service and turning it into a successful business venture is much tougher than we think.  Sitting down and detailing information about your business will help you consider things you had not before.  For example business plans really help us consider things like:
 

  • How are going to fund our new business?
  • Where do we stand in the industry? Are there barriers to entry? How can we overcome them
  • What is our niche?
  • Who are we going to sell to and how are we going to gain their business?

 
One of the greatest benefits to a business plan is that it will lead you to consider and analyze key factors that you may have otherwise overlooked.
 

Understand What You Don’t Know

In the start- up phase of a business there still many unknowns about the business.  Creating a business plan is like taking a step by step walk through of key business variables, allowing you to uncover information you may have not known about your business.  One such example can be analyzing your respective industry and target market.  Knowing your competitors, what they do, and how they fare can be crucial to a successful business venture and without a business plan may be overlooked.  By creating a business plan the entrepreneur opens an opportunity to expand their knowledge and become a more efficient business owner and manager.
 

Organize Your Busy Schedule

Many start-ups begin with a few or even just one employee carrying out all the various tasks that are often spread out among a whole executive board including financing, marketing, scheduling, etc.  Taking the time to create a business plan will once again create a base to make consistent and good decisions concerning your business.  A quality business plan will aid in prioritizing goals, decisions, and actions to be taken in the present and future.  This ultimately helps entrepreneurs to organize their time better and be more efficient allowing themselves to carry out all the various functions required in a star- up position.
 

Conclusion

Creating a business plan is an important and crucial step in starting a business.  They provide vision and direction to the business owner which allows for consistent decision making now and in the future. This base also allows entrepreneurs to organize their time more effectively. The process of creating a business allows entrepreneurs to think through and really understand their business.  Creating business plans are a learning opportunity and become a valuable asset to any new business owner.

Business Plan vs. Business Model

For decades the business plan has been the heart and first step to starting a business. In order to receive funding from banks or venture capital firms, the business plan was a must have.  A business plan involves a mission statement, problems, solutions, data, and forecasting all used to show how a start-up would execute success in the coming months and years.

Is the Lean Start-up Taking Over the Business Plan

Over the course of the last decade a new approach has evolved called “Lean Start-Up.” The lean start-up approach is based upon a distinction between large companies and start-ups: large companies execute a business model and start-ups are searching for one. The lean definition of a start-up is, “a temporary organization designed to search for a repeatable and scalable business model.” This is done through a three step process outlined as (1) Creating a business model canvas, (2) Customer development, (3) Agile development. Following this process focuses on creating a minimum viable product and testing it with customers rapidly and frequently while making constant adjustments until the right fit has been found. These adjustments may include changes to the product itself or in the target market. This method is catching steam; in fact schools such as Harvard, Stanford, and Berkley have already begun to teach it as part of their entrepreneurial curriculum.

Why a Business Plan is Still Relevant

With the growing popularity of the lean approach the traditional business plan approach is being considered obsolete to some. But a business plan used correctly is still a valuable asset to a business that cannot be replaced by the search for a business model. Consider the differences between a business plan and a business model.

A business plan defines why you are in business and what your company does. The business plan provides an overall plan and vision to be followed in the future.

A business model describes how your company does business.

A business plan provides the vision needed to begin answering how you want to run your business. With this being said a business model is often included within the business plan itself. The lean approach is an excellent method to finding your niche within the market and defining what exactly you are going to include in your business plan once the niche is found.

The lean approach provides the methodology in order to find a business model but the entrepreneur still needs to execute the newly discovered model. A well-designed business plan provides the direction needed to effectively execute the model over time. Considering all of this, a business model cannot replace a business plan as it is inherently part of the plan itself. Using the lean method within a larger scale business plan can be an effective strategy to entrepreneurial success.