Larby Amirouche On Why You Want To Be A Fortune 500 Business
Fortune 500 Business
Most probably, every starting entrepreneur or even established CEOs like Larby Amirouche dream of being part of the Fortune 500. There is a high chance that this is one of their bucket lists.
Larby Amirouche is the Founder and CEO of IronBelly Tech. He is a digital marketing and e-commerce trendsetter for more than a decade now. He seems to achieve everything any entrepreneur can dream of, however, he still wants to be part of the Fortune 500.
Here he will share with you why other entrepreneurs must dream to be part of this list.
What is Fortune 500?
If in the entertainment industry, they have Top 100 Hits, Blockbuster Films; the business industry has Fortune 500.
Since its first release in 1955, Fortune 500 has become a popular list that is published annually. It is a list compiled by Fortune magazine that ranks 500 of the largest United States corporations based on its total revenue for their respective fiscal years.
The list includes a wide range of companies. It has both public and privately-owned companies whose revenues are publicly available.
The man behind the concept of the Fortune 500 was Edgar P. Smith, a Fortune editor.
How to Start a Fortune 500 Business?
Probably after you heard what is Fortune 500, you already desired to be part of that list. Aside from a lot of money being part of the list gives you bragging rights.
However, there are tricks that these entrepreneurs did that’s why they landed a spot on this list.
Here are the steps on how you can build a Fortune 500 business:
Step 1: Know Your Passion
You will never enjoy something that you are not passionate about. Before you jump fully on the idea of building a Fortune 500 business, you must first decide on the type of business you want to create.
Similar to Larby Amirouche, since the beginning, he was passionate about technology and how it can improve businesses. So he created a business dedicated to improving businesses through technology.
After you decided, develop a business plan that details the products or services you plan to provide, as well as your vision for the brand.
Step 2: Seek Professional Opinion
Building a multi-million company is not easy so it is just right that you seek advice from more experienced entrepreneurs. Dedicate the first months or weeks of planning by listening to their opinions and advice for your business.
According to Fortune magazine, it is recommended to assemble a team of dependable leadership to help you listen to the needs and wants of your customers.
Step 3: Focus on The Culture of Your Business
This must be part of your vision for the company. You will be the trendsetter within your company so you must set the company culture you want in the long run.
Company culture includes values, and beliefs all companies develop over time.
Step 4: Look for Improvements
If you already own a business and finally you committed to your goal to be part of the Fortune 500, looking for things to improve on your part is essential.
You can gain unbiased feedback by asking your valued customers about feedback and suggestions as a part of your daily business practices.
Even before you commit to your Fortune 500 goal, it is important to know the expectations of your customers and employees towards your business. From those feedbacks, you can meet and exceed those expectations.
Step 5: Commit to Changes
Indeed some of the traditional practices have proven that it can help businesses, brands, and companies to be where they are today but embracing changes will take you to places.
In this digital era, new technologies and services become available and as an entrepreneur, you need to maximize it.
An emerging business can make your business look obsolete and old-school if they adapt the latest in services and make use of what’s trending.
Fortune magazine suggests that one way to be at the top of your game is to test new theories and practices. This will help you to stay afloat.
Step 6: Develop a Marketing Plan
After you completed the initial steps, you can now develop a marketing plan. According to Microsoft, marketing is more about boosting profits than increasing sales.
Marketing is your way to convince your existing and potential customers to purchase your products or services. You can do this by making your product or services more valuable than your competitor’s product.
Step 7: Increase Profits and Income
Even though you already executed these first few steps perfectly, you still need to meet the standards Fortune magazine imposes on businesses who want to be part of the coveted list.
The Fortune 500 list is determined by reported profits and incomes of businesses based in the United States. Your business or company must have a multi-million dollar income.
Achieving multi-million profits needs a lot of work. It does not happen overnight.
If you own a small business or a start-up, do not be discouraged if you still need to face a few more years but it is definitely worth it and possible.
Look at what happened to Apple, Microsoft, even Jeff Bezos of Amazon. All of these multi-million dollar companies struggled when they started but they made it through.
Similar to Larby Amirouche, he is still making his way to be part of that list. Larby Amirouche has been in the industry for more than a decade and he continues to make his way up. Everyday learning and achieving goals never stop.
Larby Amirouche is a trendsetter in internet marketing and e-commerce. He is famous for his successes in boosting branded products through direct-response campaigns. He is passionate about enabling entrepreneurs to chart their own destiny.