Becoming a Fortune 500 company is not an easy task. But, modeling your small business after the structures and processes used by Fortune 500 companies can be a pretty smart idea. Fortune 500 companies do have many things in common. Here are just a few of the things that set Fortune 500 companies apart from those that do not end up quite as successful.

1. They Hire Experts.Bam! This is one of the most important things that Fortune 500 companies really model for smaller companies. They understand the skill set that each of their internal members brings to the company, and they know where the cracks are that need to be filled. By filling the cracks with experts in each particular field, they ultimately build an extremely successful team, one that takes the business to an entirely new level.Not only can you get outside help that adds an expert level, outsourcing can be far less expensive than having a full time, salaried employee with benefits in every position. One added bonus—there is no time investment in the training process when you hire an expert—this person should already know what they are doing, and only need training the processes and techniques that specifically apply to your company.
2. Keep An Eye on the Bottom Line.If you want your company to function like a Fortune 500 company and be successful, then you had better have a very clear understanding of your bottom line. Know where the money comes from and where it goes. Be intimately familiar with your budget and expenses.Most importantly, make smart decisions about spending and investing. This is one area in which hiring an expert can be a great idea. You may not be a financial expert, so focus your expertise on your products and services, and consider hiring a business consultant or financial consultant to help keep you in the black.
3. Have a Well Designed Brand.Branding is critical when it comes to business success. The biggest companies have the most recognizable brands. Developing your brand, including the emotional appeal to your target audience, is important. Make sure you get it right!
4. Specialize Instead of Generalize.Fortune 500 companies are run by people who know what they are good at. When your products and services are specific, unique and memorable—and useful to your target audience, you are going to be more successful. Find your niche, and excel within it.

Branch out slowly, and be careful of overgeneralizing and overstretching your expertise.When it comes to success, there is no real “budget.” Sometimes it comes down to making what you have work for what you need. It is imperative to invest money to grow your business, but the “right” amount will be different for each company. Get your company on track to be a Fortune 500 company, or one with similar success, and watch things grow by following in their footsteps and imitating their successful actions.