The company's top accounts include Sempra Energy, the U.S. Army and United Healthcare.
Foreclosures Boost Business
In some instances, companies must push a proactive agenda and reach out for new business. But for others, new business comes to them.
Take Realty Marketing Association Inc., based in Las Vegas. Founded in 1998, the company in 2004 had $484,000 in revenues, rising to $8.9 million in 2008.
A wave of home foreclosures across the country has provided a welcome boost for the company, which is No. 3 on the list of fastest-growing companies. As a contractor for the federal government, the company steps in when a bank seizes property.
Owner and founder Felix De Herrera said landing federal contracts is the best way to spur growth for a company.
"Government contracting has really allowed me to grow from where we were in the year 2000 to where we are in 2009. People should really be looking at government contracting."
A few years ago, the U.S. Small Business Administration recognized Realty Marketing as an 8a certified company, a distinction that allows minority-owned companies to compete with larger companies for government contracts.
The company contracts with the U.S. Department of Housing and Urban Development in Texas and New Mexico. As soon as HUD forecloses on a property, the department turns to Realty.
The company evaluates the property, makes repairs, and then lists the properties with real estate brokers. With total home foreclosures hitting 3 million in 2008, the business of managing foreclosed properties for the federal government is increasing.
The company makes most of its money on marketing and closing fees as the properties turn over. He believes that business will continue to boom.
"There's going to be an upsurge of properties that foreclose coming in the third quarter of this year," De Herrera said. "It is an excellent time to buy properties right now."
While many companies in the private sector have reduced their budgets, one sector that appears to continue its spending patterns is the federal government.
New-Mexico based GenQuest, an administrative support services company, has experienced growth because of government contracts.
With 41 employees, GenQuest, No. 10 on the fastest-growing list, has seen its revenue jump from $487,000 in 2004 to nearly $4 million in 2008.
The company contracts with the U.S. Department of Energy and U.S. military to provide an array of services, including workplace mediation services, executive coaching and training, and administrative and technical support.
As the state of the economy forces agencies to guard spending more carefully, they look to companies such as GenQuest to provide services at lower cost.
"We are still experiencing growth during this tough economic time, and the reason is we have the flexibility to literally go help a federal agency for six months or two years and do it more cost effectively," said Terri Giron-Gordon, president and founder of GenQuest, an 8(a) government-recognized company.
"As they decide not to bring anyone on, we can go ahead and fill those critical gaps."
The recession and pressures in the workplace have provided a steady revenue boost for GenQuest.
With layoffs so frequent stress levels are high, which leads to workplace communication problems, Ms. Giron-Gordon said. The company also provides management seminars. As companies downsize, managers need training to develop a competitive edge.
Unlike some companies, which credit their growth to the pursuit of new business, GenQuest said its key to growth is providing a high-level of service to its clients. Government agencies, Ms. Giron-Gordon said, will hire GenQuest for additional contracts if they know the services they provide are strong.
One key element to great customer service, Ms. Giron-Gordon said, is finding employees who share her vision and philosophy.
That philosophy? Keep it simple.
"We try to stay focused on our capabilities," Ms. Giron-Gordon said. "If you deliver and provide great customer service, things are going to happen."
Most Popular Stories
- SpaceX's Satellite Launch Is 'Game-Changer'
- Reid Confident Congress to Pass Immigration Bill
- Maui Visitor Killed in Shark Attack
- Donors Abandon GOP Over Gun Stance
- Mexico: 'Extremely Dangerous' Radioactive Material Stolen
- CEOs More Optimistic About Economy, Hiring
- Climate Change Early Warning System Urged
- Private Sector Employment Surges by 215,000 Jobs
- Calif. Likes Christie, Says Tea Party's a Drag
- Newtown 911 Tapes Being Released Today