{"id":2296,"date":"2012-03-10T18:48:03","date_gmt":"2012-03-10T18:48:03","guid":{"rendered":"http:\/\/faisalhoque.com\/?p=2296"},"modified":"2012-03-10T18:48:03","modified_gmt":"2012-03-10T18:48:03","slug":"sustainable-growth-for-small-businesses-thriving-through-innovation","status":"publish","type":"post","link":"https:\/\/staging.frameroinfotech.com\/fh\/sustainable-growth-for-small-businesses-thriving-through-innovation\/","title":{"rendered":"Sustainable Growth for Small Businesses :: Thriving Through Innovation"},"content":{"rendered":"

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If you\u2019re not in the financial services industry, it\u2019s unlikely you\u2019ve heard of FactSet Research Systems, a financial data and software company headquartered in Norwalk, Conn. But as a small business owner or an entrepreneur, you might want to take note. With revenues of $727 million in 2011, FactSet\u2019s innovative product suite rivals giant competitors like Bloomberg L.P., Thomson Reuters and Standard & Poor’s Capital IQ. Sustained innovation through a repeatable process has landed FactSet on the Forbes\u2019 “200 Best Small Companies” list for 15 consecutive years.<\/p>\n

Doing business in a transformative age leaves every industry vulnerable amid unprecedented change. So many companies that grew into giants have blown up, leaving a legacy of collapse as they failed to adapt to change, whether it was unforeseen market conditions or a nimble competitor that seems to have sprung out from nowhere. Small businesses\u00a0struggle to manage success as they grow. It\u2019s easy to give into momentum at the fist sign of success and forget that others are forging ahead while you rest on your laurels. FactSet ushered in steady sales and earnings even as the global economy and the industry it serves sustained massive losses and setbacks.<\/p>\n

Fiscal 2011 was FactSet\u2019s 31st year of consecutive revenue growth. Since the company\u2019s initial public offering in 1996, FactSet was among just six U.S. public companies to post 15 consecutive years of earnings growth. Howard Wille and Charles Snyder left their Wall Street jobs in 1978 to start a computer-based financial analysis business. FactSet released its first customer terminal in 1981 and has adapted its model to work on new technologies as it grew its business globally. FactSet Content is now used as a source by thousands of major news organizations, including The Wall Street Journal, CNNMoney, The Associated Press, Barron’s, MarketWatch and Dow Jones Newswires.<\/p>\n

Traditional business practices did not stress the need for agility and innovation. But physical boundaries have been blown away by the Internet age, and agility and innovation are paramount to the growth and survival of any organization.Organizations must understand the business mission and appreciate the technologies that enable it in order to survive and thrive. Convergence occurs when you establish an organizational structure, process, information flow and automation that unite decision-making from the boardroom to the project team. All members of the converged organization must work together knowing what resources are available and what is required to act on any opportunity or threat.<\/p>\n

Every small business owner must be familiar with these terms:<\/p>\n