Middle children. Middle class. Middle market. None of them get enough attention – but according to Tom Stewart, it’s the American middle market that matters most to your growth.
Stewart, executive director of the National Center for the Middle Market (NCMM), calls it the sweet spot of the U.S. economy. Mid-sized companies – with annual sales between $10 million and $1 billion – are substantial drivers of job growth, employing one-third of the total U.S. workforce.
Overall, their outlook for business in the U.S. is positive, but their confidence in the global economy is waning – and leaders and policymakers across all sectors around the world need to pay close attention. Stewart, who gained an extraordinary view of world-class industries and leaders during his former career with Booz & Company (now Strategy&), and as editor of Harvard Business Review and Fortune, points to new data from NCMM’s quarterly middle-market indicator: expect tempered hiring and scaled-back foreign business investments.
The forecast isn’t doom-and-gloom. Opportunity for further investment in home-grown, low-risk innovation is ripe. “It’s incredibly important to understand the role of innovation among these [mid-market] firms,” says Stewart.
Put your finger on the pulse of the middle market. Contact us to learn more from Stewart about how this sector of the economic growth engine will affect your business.