Think They’re a Small Piece of the Pie? Think Again.
From mom-and-pop shops to Fortune 100 international corporations, the range of sizes that business come in is dramatic. Big companies are often heralded as leaders in innovation and job creation. Small companies are often considered best at addressing customers’ needs in the most personalized manner. But what about those businesses that fall somewhere in the middle? Are they simply lost in the shuffle? Not by a long shot.
In the US, businesses with average annual revenues ranging from $50 million to $1 billion are generally classified as midsize. While accounting for only about 3% of the nation’s companies today, they are responsible for 1/3 of the country’s jobs—as well as 1/3 of the Gross Domestic Product. In addition, they have grown steadily in the past year and appear perfectly poised for ongoing growth. Plans to invest in additional human and IT resources will be integral to this.
What makes these midsized businesses successful might just be what some people may think would make them plain—their blending of the best assets of big and small companies in one. Midsized businesses have enough revenue and capital with which to invest in their infrastructures and keep things running, even during difficult times. This is something that small businesses in particular struggle with, giving medium-size businesses a strong competitive advantage over their smaller counterparts. From sales and marketing to technology, midsized businesses have proven their ability and their willingness to provide the necessary support.
At the same time, midsize companies tend to more wholeheartedly embrace change than other businesses. Small enough to make decisions more quickly than big companies, they are agile and can respond nimbly to market changes. These businesses are also highly conscious of their need to serve their customers and to cultivate strong engagement on social channels and other arenas.
Perhaps most importantly, midsized businesses connect the dots between customer satisfaction and healthy infrastructures and workflows. At Xerox, we’re proud to offer these companies solutions, like Xerox® ConnectKey® Technology, that help them do just that.
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[…] Xerox has identified yet another area where the Goldilocks principle can be applied. Businesses across the nation vary in size, service, and product, however the driving force in the United States is none other than midsized businesses. Midsized businesses are classified as a business with the average annual revenues ranging from $50 million to $1 billion. […]