Companies, Nonprofts Experiencing More Growth Than In 2011
Are happy days here again for business? You'll get different answers to such a seemingly simple question.
But that's to be expected, since corporate happiness has different ways of expressing itself. For this year's top-growing companies in Central Massachusetts, happiness has come in the form of strong revenue growth from 2009 through 2011, more than double for some companies.
Two years ago, the Worcester Business Journal put its annual focus on the region's top-growing companies on hiatus because of the Great Recession. Last year, we brought it back. This year, after looking at some of the numbers the companies reported to us, we're even happier with what we're seeing. For instance:
• This year's top five private companies have generated an average three-year revenue growth of 213 percent, well above the 129 percent posted by last year's top five.
• This year's top 10 added, on average, 97 employees from 2009 to 2011, much higher than the average of 37 from last year's top 10.
• Our top 10 nonprofits saw an average revenue growth of 28 percent from 2009 through 2011, only slightly lower than the 36 percent reported by last year's top 10.
Here's how we put together our list of top-growth private companies and top-growth nonprofits, which you'll find on pages 16 and 17:
• First, the organizations must be based in Central Massachusetts.
• Revenues had to have been at least $500,000 in 2009 and had to have grown in each of the three years from 2009 to 2011. In addition, private companies had to have been profitable in at least two of the three years.
• To calculate each organization's score, all companies were first ranked by revenue percentage growth from 2009 to 2011. They were then ranked again by dollar growth over the same period.
• Finally, the two rankings were added to determine a final composite score starting with the lowest ranking and ranked by the lowest number (for example, the top-ranked company in each category received a 1, the next received a 2, etc.)
• In the case of a tie score, the highest ranking was awarded to the organization with the highest dollar growth.
Some of the companies and nonprofits that made our 2012 lists appeared on previous lists. But others have emerged, especially Columbia Tech/Coghlin Cos. of Worcester, which not only cracked the top 16, it rose to the top spot among our top private companies (See profile on the next page.). The same goes for The Training Associates of Westborough, which placed third on the private companies list (See profile on Page 14).
They pin their success on different factors. For instance, The Training Associates said word of mouth led more big companies to contact them for information technology training, a critical function for any company in an increasingly complex technological world. And Columbia Tech/Coghlin credits a more robust web presence as a key to its growth, something its CEO, Chris Coghlin, was targeting.
“It's amazing to watch a vision come alive like that,” he told us.
With another year close to being in the books, newcomers to our top-growth lists for next year could already be in the midst of big changes.
After all, when it comes to business, change is one thing you can count on.
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