Fast 50 2020 No. 47: Hydra-Flex Inc.
October 22, 2020
By Minneapolis/St. Paul Business Journal, Oct. 2020
Hyrda-Flex Inc. is a repeat Fast 50 honoree. This year the manufacturer lands at No. 47 on The List with revenue growth of 50.32% from 2017 to 2019. It’s revenue last year topped $24 million. For more insight into this fast-growing company, we asked CEO Jaime Harris …
What are some business decisions your executive team made that were critical to your company’s growth from 2017 to 2019? Developing a strategic plan, hiring to match that plan, and creating departmental alignment to company priorities were critical to Hydra-Flex’s growth. The executive team started a repeatable strategic plan process with a consistent format to determine the two-, five- and 10-year vision for the company. The strategy focuses on not only growing in our current markets, but continuing to diversify into other markets where we can provide measurably better solutions. Organizational charts in alignment with the strategy were developed to ensure the company has identified the key roles to make the vision come to life. Additionally, using technology for goal alignment has helped all departments contribute to top priorities.
What’s the biggest challenge facing your company right now? The biggest challenge is related to one of our core values: innovation. We are a manufacturing company and must continually invest money and effort into innovating measurably better products that make an impact for our customers. As we grow, we need to retain our ability to be agile and quickly get quality products out to existing and new markets.
What strategies are you using to tackle it? We are investing a lot of people and capital resources in our product development process. We are creating roles to lead efforts in finding new business opportunities while adding technical positions to engineer the products that come out of those findings. During 2019, we moved our headquarters and manufacturing location to allow for continued growth for the whole company. This new space is especially beneficial for the engineering lab to be able to develop in-house prototypes and testing space to validate our products.
How has the coronavirus pandemic affected your company’s operations? Coronavirus has affected our revenue projections and ideal company culture, but because of our team’s GRIT we have been able to maintain operations and even continue moving the company forward. We are proud that we have not had any layoffs or furloughs due to the pandemic. Once we weathered the initial downturn, we started playing offense and used that time to look at some of the company’s and our customers’ unmet needs. We are a big family at Hydra-Flex, so we are all missing the days when we are all together under one roof.
Growth rate: 50.32%
2017 revenue: $16,067,942
2018 revenue: $20,058,472
2019 revenue: $24,152,862
Top executive: Jaime Harris
Business: Manufacturer of fluid-handling equipment and nozzles
Employees at end of 2017: 54; Now: 87