Get The Answers: Fast 50 award helps companies win recognition

Matt McKendry. Photo / Supplied

A badge of honour is a great way to showcase products and staff, writes Matt McKendry, Deloitte partner, and leader of the Deloitte Fast 50 awards programme.

Creative SMEs are going to be the saviours of the economy, business commentators say.

Those companies that are truly making strides in this tough climate should be celebrated and unabashedly seeking recognition for their feats.

Each year the Deloitte Fast 50 awards programme recognises the fastest growing companies in terms of revenue increase.

Over the past 11 years, it has become a barometer of the hottest companies in the country and those that are really going places.

For companies that make the index, they get external vindication of their business processes and it's a great way for them to showcase their product or service and their people.

What kind of preparation is involved in applying for the Deloitte Fast 50?

Entering the Fast 50 is a relatively simple process. All entrants need to do is fill out an online form at www.fast50.co.nz which takes only about 20 minutes to complete.

Before starting, it pays to have at hand a few key statistics, including operating revenue, staff numbers (FTE), export sales and R&D investment as a percentage of revenue (if applicable) for the past three financial years (2009 to 2011).

What types of companies enter the Fast 50? How big do they have to be? And how high does their rate of growth need to be?

Each year we get a range of companies in the index.

It's open to any business, large or small, public or private. We don't care so much about size, we want to recognise growth, it's all about revenue growth.

Entry is open to all businesses that meet these criteria:

* Operating revenue of at least $300,000 in the 2008-09 financial year.
* New Zealand operations for at least three years.
* Submitted verified revenue information for 2009, 2010 and 2011.

Traditionally the threshold for inclusion on the index is around 150 per cent growth over the three-year period. However, it could all change this year with the base year being 2009 - the height of the financial crisis.

Some companies that have made it on to the Fast 50 during the past 10 years include Trilogy, AuthorIT, 42Below, Trade Me, Escea, HRV, Kiwibank, Torpedo7 and NextWindow.

What are the benefits for companies that make it on the Fast 50?

The Fast 50 is really a badge of honour for any business and attracts positive attention from the media, the wider business community and both local and international investors.

We quite often hear from winners that they are cold-called by potential investors offering funding, their customers offer congratulations and the interest from local and national media is significant.

It is also great for building a business's staff morale.

How can companies leverage their win internationally?

The Fast 50 is a Deloitte initiative that's run in more than 30 countries.

There are also regional growth indexes focused on technology-based businesses.

All technology businesses that enter the New Zealand Fast 50 are submitted into the Deloitte Asia Pacific Technology Fast 500.

For the past few years New Zealand has been punching above its weight with an average of 50 businesses being represented on the index.

One made it on the Tech 500 index and subsequently secured a highly respected board member from Silicon Valley.

Even if a business does not meet the NZ Fast 50 entry threshold, it may qualify for the Tech 500 as the entry level is US$50,000.

Entries in the 2011 Deloitte Fast 50 are open until 5pm on Friday, August 12, and winners will be announced on November 9.