Becoming a Fortune 500 company: Strategic Differences that Can Make it or Break it

If there's any club that nearly every entrepreneur wants to be a part of, it's the Fortune 500 club. But getting there is no walk in the park. Most businesses never make the revenue threshold required to be a part of that coveted list, but those who do share a few key traits that likely helped them rise to the top. Learning from these traits can help you make greater strides towards owning the next Fortune 500 company.

Willingness to Be Adaptable

Adaptability is perhaps one of the most helpful characteristics to have if you're looking to become a Fortune 500 company. The market is ever changing, times come and go, trends rise and fall, and if you're not willing to make strategic and flexible changes to move with the tide, you will likely end up drowning in the sea. Whether it's updating UPC labels and going electronic, automating systems, or changing your business structure, adaptability is key.

Go Long

Too many business owners and entrepreneurs are focused on the here and now and what will happen in their own lifetime as far as the business is concerned. But those business owners who have made it to the Fortune 500 list all seem to have a long-term focus extending well beyond their own life span. If you're not comfortable with setting your company up to live longer than you, making the Fortune 500 club will be a lot harder.

Focus on People

Every company seems to think they really do make human capital a priority. But very few actually put people first. If you really want to make it to the big leagues, you'll have to realize that human capital is the scarcest resource of all and act accordingly. Whether it's Google's rigorous hiring methodology or General Mills' exceptional leadership program, nearly every Fortune 500 company has people as the priority.

Creativity Over Capital

Business owners and entrepreneurs today live in an exciting time where Fortune 500 capital isn't necessarily required to become a Fortune 500 company - as long as Fortune 500 ideas are driving the company forward. Apple is the quintessential example of this. Understanding that strong ideas, creativity, and innovation should be the driving factor and conducting business accordingly can help to propel you along the course to Fortune 500 bliss.

Continuous Growth

When you create your business strategy and make decisions, non-stop, continuous growth should be in the forefront of your mind. The Fortune 500 companies that have gotten there - and then stayed there - have done so because they are continuously growing. The revenue threshold, after adjusting for inflation, of Fortune 500 companies since the list's inception in 1955 is over 4 percent, which is perhaps the best example of how companies on the list got there by growing and continue to grow once they're there. To reach the ranks of the Fortune 500 list there should never be a point at which you are satisfied with your company's status - always move forward and focus on growth.

While there is no magic recipe that will catapult your business onto the Fortune 500 list, it is certainly advisable to study the companies who have gotten - and stayed - there to learn a thing or two. These characteristics show up in nearly every company who has ever graced the Fortune 500 list, so embracing these characteristics in your own business will very likely aid your progress towards your Fortune 500 goals.