The Inc. 5000 is one of the best-known recognitions of the fastest-growing privately held companies in the United States. With the 2022 Inc. 5000 open for applications, let’s explore why a business might consider applying, what’s involved, and results from making the list.
What is the 2022 Inc. 5000?
The Inc. 5000 has been around since 2007 with the predecessor, the Inc. 500, having started in 1982. It is a recognition of the fastest-growing privately held companies in the United States by measuring verified revenue over a 3-year period. In the case of the 2022 Inc. 5000, revenue is measured from 2018 to 2021.
Why Apply for the 2022 Inc. 5000?
There are few reasons to apply for and make the 2022 Inc. 5000:
- Bragging Rights
- Press Coverage
- Brand Visibility
Bragging Rights
Awards never hurt and saying you made a prestigious list is always a nice way to flex your business. This can help for recruiting employees, raising capital, and getting your swagger on with others.
Press Coverage
America loves growth and the Inc. 5000 is all about growth and highlighting the American Dream. The list has many small companies, with $2 million in minimum required revenue in 2021. Press large and small love to highlight those who made the list amplifying the already large reach of Inc. Search Google News for “inc 5000 list 2021” and start scrolling to see all the coverage. For those who are web savvy, this can also mean a lot of backlinks.
Brand Visibility
Building off the press coverage, is the visibility that comes with making the Inc. 5000. A business can expect a lot of outreach when making the list. Private companies often don’t have the budget for brand awareness, but this can be a nice way to create awareness.
2022 Inc. 5000 Eligibility
There are 4 prerequisites to apply. A business must:
- Have generated revenue by March 31, 2018
- Have generated at least $100,000 in revenue in 2018
- Have generated at least $2,000,000 in revenue in 2021
- Be private, for-profit, and based in the United States
The Process to Apply for the 2022 Inc. 5000?
The process to apply for the 2022 Inc. 5000 is simple. The application will gather some basic business information and you will need to verify revenue in 2018 and 2021. Revenue verification can be via:
- Digital signature on a revenue verification form with the company CEO and a co-signer from a licensed certified public accountant, chartered financial analyst, certified management accountant, IRS certified enrolled agent, or attorney.
- PDF revenue verification form with the same signature requirements as the previous option.
- Redacted tax returns for 2018 and 2021
- Audited financial statement for 2018 and 2021
The cost to apply is $195 by March 25, 2022 and $245 from March 26, 2022 until April 22, 2022. Revenue verification materials must be submitted by May 6, 2022.
The Results of Making the 2022 Inc. 5000
Companies are ranked by the growth percentage from 2018 to 2021. In 2021, the top company grew 48,345% and the 5,000th company grew 39%. In 2020, the 5,000th company grew 55% and in 2019, the 5,000th company grew 52%. Calculate your growth and compare the 2021 list to estimate where your business might land on the list.
In addition to your 3-year growth rate and ranking, the list will also include the following business information:
- CEO
- Industry
- Location (city and state)
- Year founded
- Number of employees
- Web links
Some businesses on the list are also highlighted with an article. In past years, revenue numbers were published publicly, but that data is now by purchase only starting at $4,995. If a business is worried about competitors seeing their revenue, know that they will have to drop a pretty penny to get to it.
Deciding to Apply for the 2022 Inc. 5000?
Here at LedgerGurus, we work with a lot of businesses who would qualify for and rank on the 2022 Inc. 5000. If the reasons above make sense, this is a low-cost and low effort prestigious list for a business to achieve (especially if your accounting is in order). It could be beneficial for any business considering funding, raising their profile, or selling. So, get out there and make the list!
