Where To From Here? How Mid-market Firms Can Level Up

Common statistics indicate that, on average, start-ups and small businesses tend to fail within the first 1-5 years of operation. But what about those unicorns that manage to push through and establish themselves as competitive mid-sized firms? How might they get an even bigger piece of the pie?

While few in number, successful mid-market operations contribute significantly to the economy. They’re also valuable employment generators – typically employing anywhere between 50 and 250 individuals. But part of what makes these companies successful can also lead to their stagnation. This is because oftentimes the strategies that worked to build the business from small to medium may not work to grow it from medium to large.

To avoid becoming obsolete, medium-sized firms should ensure that they remain flexible. The ability to pivot towards adopting new technology, meeting actual (not assumed) consumer needs, and upskilling talent is vital for growth and longevity.

But adaptability without structure is also problematic. It’s necessary, therefore, to balance adaptation with clear and consistent practices and processes that team members in any location can readily follow. Think of multi-nationals – most adapt some aspects to appeal to local markets while holding other aspects as ‘the gold standard’. In this way, these companies function recognisably across various markets while still appealing to any given context.

Another key area is to balance hiring top talent with training and equipping current employees to implement scalable strategies. The more confidence there is in the team, and the less micro-management is required for seamless operations, the greater the chances of growing a business across different, even international, markets.

For mid-sized businesses looking to promote further growth, but who may be unsure of next steps, employing the services of specialised business consultants can really help. It’s important to remember that no growth can happen without support.

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