Double Your Revenue in 5 Years? Here’s How One Company Did It
LetterLogic founder Sherry Deutschmann opens up about four things that helped her build a $30 million company.
Graham Winfrey (Staff Writer, Inc.com)
Nashville-based entrepreneur Sherry Deutschmann has come full circle since quitting her job at billing and payments company IXT Solutions and starting her own business in the mailing space, LetterLogic. Today, her former employers are LetterLogic customers.
A seven-time Inc. 5000 honoree, LetterLogic prints and mails statements and invoices for businesses primarily in the healthcare sector. The company has doubled its revenues since 2009, from $15 million to $30 million.
One of the business practices that sets LetterLogic apart from its competitors is its guarantee that all mail gets delivered to hospital patients’ proper addresses or clients get their money back. The company also uses clients’ specific logos and colors on its materials to help create a more custom-tailored product.
Deutschmann recently sat down with “The New York Times” to discuss some of the other key business strategies she’s adopted since going out on her own.
Be Generous with Employees
LetterLogic helps motivate its workers by sharing 10 percent of its profits every month, split evenly among all employees. The company also offers generous benefits such as tuition reimbursement and even helps employees with down payments on their mortgages.
In addition to sharing monthly financial statements with everyone in the company on a monthly basis, LetterLogic makes sure all its employees know the cost of doing business, right down to the penny. The only thing the company doesn’t share is people’s salaries.
Employees at LetterLogic who express an interest in starting their own businesses are encouraged do so. The company lets workers rotate around different jobs to learn all aspects of running a business. LetterLogic will even finance an employee’s venture, if the concept is approved.
Go Green Whenever Possible
LetterLogic produces all its materials from sustainable sources, even the windows on its envelopes, which are corn starch-based. The company recycles more than four tons of paper and cardboard each month and pays its employees for every mile they walk or bike to work.
As you might expect, LetterLogic also provides electronic statements to go along with all printed materials.
Could your company benefit from adopting some of LetterLogic’s business practices?
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