If you are typical of most mid-sized businesses, you can be proud of what you have accomplished during these trying economic times.
Unfortunately, most of us do not expect the economy to improve regardless of the outcome of the November elections (only 15% according to ADP Research). However, we are not letting that affect the way we do business. In fact, 75% of mid-market executives (Forbes) believe their companies are poised for continued growth.
This resolve is especially impressive and encouraging given the stability of these firms during the past four years.
A recent study by the National Center for the Middle Market at the Ohio State University found that 82% of us survived the “Great Recession” of 2007. Comparatively, the U.S. lost over 40% of its small businesses in the same downturn. Although Corporate America survived at a 97% rate, they also cut over 3 million jobs while we added 2.2 million new employees to our level.
Statistically, we are a very important group.
40 million American workers are employed by medium-sized firms, and together we produce nearly 1/3 of the private sector GDP (the Economist).
Not coincidentally, a Deloitte survey found that businesses’ renewed focus on the customers’ experiences was the most important factor contributing to their success. Chicago Metal Rolled Products and many of you are generation’s old and/or family owned. Our strength may be in the quality of our products and services, but our reputation is verified through the loyal relationships we have with our customers.
Whether or not the politicians consider our group influential enough for their agendas, medium sized companies will continue to stimulate the economy based on the values that proudly built our companies and America.