The 5 Fronts of Digital Transformation in the Middle Market

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Oct21 19 -1291224126

The past 18 months have brought unprecedented challenges to businesses of all sizes, and the U.S. middle market was not immune.

The National Center for the Middle Market (NCMM) has been tracking the performance and sentiments of companies between $10 million and $1 billion in annual revenues since 2012. After experiencing negative growth rates in 2020, average revenue growth for the period of June 2020 to June 2021 was 8%. That’s good news, as average annual growth dating back to 2012 has been approximately 6.5%. However, a closer look reveals a split recovery: 45% of companies reported revenue growth of 10% or more, but another 34% experienced flat or declining revenue.

Employment growth also returned to positive rates, with an average growth of 5.9% across the sector. In addition, 70% of the middle-market workforce reported being back to their primary work location as of June 2021. Leaders of midsize companies also cited the two most difficult aspects of running their business in the current environment: 51% said they are challenged by employee communications, engagement, and productivity, and 45% reported issues with customer engagement.

+INFO: Harvard Business Review

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