What key opportunities should middle market companies capitalize on and incorporate into their company’s strategic growth strategy?
Focusing first on people is crucial to the success of any middle market company. Strong recruitment and retention efforts allow for all the other elements of a successful business to fall into place. An exceptional and positive work environment comes from hiring high-quality people and an employee-focused culture. This work environment will further motivate colleagues, boosting morale. High morale allows for colleagues to be creative, think outside of the box and solve problems. It also will positively impact client relationships and a client’s willingness to do business with your company.
Furthermore, your people are the key to your success with clients, innovative strategies, and effective delivery of your services and solutions. Consider your talent and all it takes to recruit, train, nurture, and grow them the foundation for success. Focus on not just their satisfaction through company culture, but also their growth and development as an asset to the company. Skill development and leadership programs concentrating on top talent are a must and will benefit the company just as much as the colleague.
Invest in internal communications to ensure staff are involved and informed in two-way dialogues. This will be vital for their engagement. Now, how do you know if all your efforts are working? You must gauge the success of your positive company culture, developmental programs, and communications efforts by building a colleague engagement plan and measure/monitor engagement.
With a strong foundation in your people, look to processes and explore continuous process improvement initiatives. Business Excellence and the Lean Six Sigma methodology teach how to choose and use the right tools to solve problems in any setting. In the constantly changing industries, we are strongest when our processes are in a state of continuous improvement.
Working in a continuous improvement environment leveraging Lean Six Sigma problem-solving principles provides colleagues the opportunity to actively engage in improving small and large work processes. Colleagues can see a direct connection between how their work helps save on unnecessary costs and achieve company goals, which is fulfilling, inspiring, and rewarding.
So, first, focus on the growth of your people – they are the foundation for a company’s success. Second, apply those principles of continuous improvement to drive superior performance in the functions that enable the business. Taking advantage of these opportunities all within business’s means will be instrumental in your company’s strategic growth strategy.
nThrive is a middle market business leader in the Greater Philadelphia region and nationally. Learn more about the middle market and how the Chamber’s Middle Market Action Team is driving rapid growth in companies with annual revenues between $10M & $1B through targeted programs and strategies.
The Mighty Middle Market: The Driving Force of the U.S. Economy
Gain expertise from local middle market leaders and discover how the middle market is essential to our regional prosperity. Hear from keynote speaker Tom Stewart, Executive Director, National Center for the Middle Market (NCMM), as he details how the fastest-growing companies deploy the growth factors in one of three growth DNA types: Investors, Innovators, and Efficiency Experts.
Wednesday, January 30
8:00 – 10:30 a.m.
Sheraton Valley Forge Hotel