Large corporations often grab headlines. But when it comes to job creation, innovation, and economic growth, the true workhorses of the world are middle-market companies.
In the United States, there are nearly 200,000 mid-market businesses, according to the National Center for the Middle Market (NCMM). These businesses, which the NCMM defines as having revenues between $10 million and $1 billion, represent one-third of the private sector GDP.
“The United States is experiencing the third-longest period of interrupted growth in its economic history, and this has been led by mid-market companies,” says Thomas Stewart, NCMM’s executive director.
In Europe, the mid-market makes up a small percentage of total companies (ranging from a low of 1.2 percent in Germany to 1.7 percent in France), yet generates about one-third of private sector revenue and employs about one-third of each country’s workforce, according to a report by ESSEC Business School and GE Capital.
If you’re helping lead a mid-market company (or a smaller company hoping to become one), this data demonstrates not only the significant value your sector contributes to the global economy but the tremendous opportunities that lie ahead for continued growth.
What will it take for your organization to reach its next level of success, whether that’s achieving financial goals, geographic expansion, or moving beyond the mid-market to join the big leagues?
The answer lies within three critical areas: how efficiently your company operates, how quickly you can adapt to change, and how successfully you recruit and retain talent.
In this three-part blog series, we’ll take a closer look at each of these areas, what the challenges are, and steps successful midsize companies have taken to address them.