When we think about company size, we typically picture two varieties: Enterprise-sized companies and small businesses. But the presence and impact of mid-sized companies is not to be overlooked. According to 2012 research by Forbes Insights and BMO Harris Bank, mid-sized organizations are doing quite a few things right. The study, called “Inspired for Growth: Lessons from Middle Market Companies”, explored the perception of senior executives at companies with revenues of $50 million to $499 million. Here are a few things that middle market companies are doing well according to the study.
- Recreating themselves
In order to stay afloat, companies have to constantly evolve. Executives at middle market companies recognize this, and two-thirds of them said that companies have to change strategic course in order to grow and thrive in the economy of today. The other third of executives believe that in order to grow, a company needs to change its business model entirely. Smaller companies feel that this need will only become more vital in the future.
Sure, every company is aware that a company needs to change to grow, but not all companies execute this change. Middle market companies, however, are largely putting this into action. Many mid-size companies are focusing their resources on altering or evolving their business models, while others are focusing on creating entirely new products and services.
- Give the Customers The Best Experience
It is all too common for companies to tell customers that they’re getting a great value when they truly aren’t. Stating that the customer matters only gets a company so far. It’s the quality of the product or service that truly makes for a good customer experience. The study stated that sixty percent of executives at mid-size companies viewed improving the customer’s experience a their top priority.
Executives at mid-size companies depend on customers more than large corporations do. In addition, mid-sized companies tend to have fewer customers in their roster, giving them a better opportunity to build strong relationships with clients. Half of mid-market executives said that the most critical factor in their success was their focus on the customer experience. Of all of the areas, companies are focusing their resources most on customer service.
- Focus On Hiring and Keeping The Right People
Even the best strategic plans can fail without the right people in the right positions. With growth comes the risk of a company losing its entrepreneurial character. This is very important since the workplace environment is important to current and prospective employees. If your company loses its spirit, the company can have difficulty evolving. Many executives stated that retaining a qualified workforce was considered an extremely important initiative. The executives also stated that the top six risk in their growth plans are all related to their workforce. The key is not only to keep people at a company, but to make sure the people who stay are the right people. You also need to make sure their skills and responsibilities remain fresh.
Middle market companies are doing well in today’s market. It is their ability to anticipate future needs that will determine their future. If they continue to work hard to assess the company landscape, develop employees, and maintain their entrepreneurial culture, mid-size companies are bound to stay successful.