Leaders of three Louisiana companies share their recipes for rapid growth

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    There are a lot of ingredients that make up a company’s recipe for rapid growth.

    The leaders of three of the fastest-growing businesses in the country shared some of those ingredients that helped them secure spots on the Inc. 5000 list of the fastest-growing companies in the U.S., in the latest episode of Business Report’s “Strictly Business.”

    Paola Alvarado, president of Core Specialty Services; Mo Vij, president and CEO of 365Labs; and Craig Stevens, founder and president of Genesis 360; spoke about what it took for their companies to be named to the Inc. 5000 list of the fastest-growing companies in the U.S., in the latest episode of Business Report’s “Strictly Business.”

    Here are some key takeaways from the episode:

    • Genesis 360: Stevens started with a low-risk parking lot striping business, funded by $60,000 in stocks, and then expanded into building and heavy civil construction. His strategy included maintaining low overhead and establishing relationships with banks for lines of credit before actually needing them. The company uses a procurement team to identify opportunities involving government and commercial sites, expanding geographically as needed.
    • Core Specialty Services: Alvarado was driven by a passion for creating a people-centric company. A pivotal moment was navigating the challenges of COVID-19, where it provided essential services and letters for its customers. Its growth strategy focuses on consistent service and repeat business from existing customers and referrals. “That’s why we even name it Core,” Alvarado says. “The core is the nucleus, which, for us, is our customers and our team.”
    • 365Labs: Vij set out to solve government inefficiencies based on his personal experience. After researching the industry, the company developed products that resonated with public safety agencies. Talent acquisition was one challenge, particularly attracting experienced tech professionals back to Louisiana. To combat this, it focused on building a tech hub in Baton Rouge and hiring individuals who understood its clients’ needs. The company also emphasizes transparency and offers employees a stake in the business to foster an entrepreneurial culture.

    Watch a replay of this episode, and check out all of our episodes in the “Strictly Business” library.