Middle Market Trends
Overall company performance in the middle market has improved significantly according to 72% of middle market organizations surveyed by the Middle Market Center, setting a new record for organizational confidence. 77% report year over year growth in revenue and 55% year over year growth in employment. Leaders consistently report plans to invest rather than hold cash in reserve, representing an intent to scale quickly. These plans necessitate very careful strategic planning back by precise execution, the two areas where leaders report the greatest need for improvement. Additionally, Mid-Market organizations are reporting significant difficulties bridging the talent gap and finding suitable employees for key positions. As a result, more attention is being given to retention of current employees, including increased salaries and benefits, additional training, advancement opportunities and more. The need for strategic and execution genius in leadership has never been greater.
Gallup’s research shows that only one in 10 people possess high talent to lead. Though many people have some of the necessary traits, few have the unique combination of talent needed to help a team achieve the kind of excellence that significantly improves a company’s performance. The World Economic Forum identifies the top skills required for the 2020 workplace. Those skills are “complex problem solving,” “critical thinking” and “creativity”. Businesses with tools in place to empower these skill sets will lead the charge. It is the leaders with the greatest combination of strategy and execution, skilled in complex problem solving, critical thinking and creativity that will overcome the “Valley of Death” that comes every time an organization moves forward in a significant way.
For a core purpose to succeed, the organization must be fully committed from establishment of the purpose through each new initiative. Growth Guy and Scaling Up Author Verne Harnish shares the importance of establishing a common language around core purpose and values, “Identify some “legends” and current stories that represent each value. …stories provide the explanation for any core values that might seem unusual or cryptic on their own.” Organizations that develop and retell the Legend of their purpose over and over invariably outperform those who fail to connect purpose to other elements of the business, such as performance, compensation, marketing, accounting, etc. Every element and every person inside the organization must believe and commit to fulfillment of the core purpose, the Legend of the organization.
Middle Market organizations are facing an exciting, but precarious time when solid leadership and a fully committed organization will mean the difference between climbing the peak towards achievement of the next goal or extinction in the Valley of Death.
Want to conquer those Valleys of Death? Call 702-421-3212 today to discuss your company’s goals and receive a free 20 minutes consultation with our team.