Business planning and marketing are the keys to earning a spot as a Fortune 500 company.
According to TimeWarner.com, Time Inc. is the largest magazine publisher in the U.S. and includes brands such as Fortune Magazine. Fortune is reported by Mondo Times as gearing its content to readers from Wall Street, Silicon Valley and the small business owners of main street. Fortune is, however, noted for its "Fortune 500" list -- an annual list of the 500 U.S. companies with the highest profits for that year. According to BusinessPundit.com, several Fortune 500 companies started out with next to nothing, including eBay, Apple and Starbucks. There are several steps to getting your company listed amoung the Fortune 500.
Instructions
1. Start a company involved with something you are passionate about. Decide on the type of business you want to create and develop a business plan that details the products and/or services you plan to provide, as well as your vision for the brand. Sample business plans and information about starting a business can be found on Bplans.com and SBA.gov.
2. Spend the first weeks and months listening. Fortune magazine suggests assembling a team of dependable leadership to help you listen to the needs and wants of your customers.
3. Focus on the culture of your business. Corporate culture is defined by Entrepreneur.com as "a blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time." For example, a new corporate logo or dress code can be a symbol of your company's vision and personality.
4. Look for improvements. Make asking for feedback and suggestions a part of your daily business practices. It is important to know the expectations your customers and employees have for your business so that you can meet and exceed those expectations.
5. Avoid becoming locked into old practices. It is vital for a business to change with the times as new technologies and services become available. A new company can make your company obsolete if they are able to provide the latest in services and your company is not. Fortune suggests testing new theories and practices to stay ahead of your competition.
6. Develop a marketing plan. According to Microsoft, marketing is more about boosting profits than increasing sales. This is done by convincing customers to purchase your products or services over your competitors by making your product more valuable or unique than your competitor's product. Resources, such as Mplans.com, can help you begin the process of developing a marketing plan.
7. Increase profits and income. The Fortune 500 list is determined by reported profits and incomes of businesses based in the United States. For your company to be listed among the top 500 wealthiest companies, it must have a multi-million dollar income. For example, Blockbuster comes in last place on the 2010 Fortune 500 list with an income of $4,161,800.
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