There are a lot of books, blogs, and tools for small companies and for large 500 companies. Unfortunately, the middle market often gets forgotten or overlooked. The challenges faced by middle market firms are unique and should be treated as such.
At Rhythm Systems we work with top middle market firms from around the world. During the last 10 years, we have helped these firms develop over 3,000 strategic annual and quarterly plans, and helped them to execute over 250,000 priorities successfully.
Based on our clients' experience, and research from many esteemed organizations, we identified the top ten challenges middle market companies face and identified clients who have battled and overcome these challenges and why.
Top 10 Challenges
●Winning or keeping your best customers
●Focusing on the strategies that matter most
●Developing a process for innovation
●Improving alignment and communication
●Scaling operations to keep up with growth
●Navigating leadership team challenges
●Integrating acquisitions
●Managing remote employees
●Building the right culture to sustain growth
●Being reactive rather than proactive
The full 10 case studies are available in our new book, Predictable Results (available mid-October 2017), but I am excited to share a sneak peek of two growth stories below. Both are focused on growing revenue, one through acquisition, and one via organic growth.
Organic Growth: Win New Customers and Sell More to the Ones You Love
BioPlus, a leading specialty pharmaceutical firm, knew that they could serve more patients but they were limited by the way the healthcare industry worked. Doctors and patients were frustrated about how long it took to get critical medicine. The firm was already more efficient than the industry, but they were not effectively meeting their customers needs and this was a limiting factor to growing. They decided to wrestle this problem and come up with a solution. Their commitment to discussing this important strategic challenge at quarterly and annual planning sessions helped them make their breakthrough. They challenged themselves to reduce the time they could deliver medicine to the patient from two weeks to two hours. This move was hard, but they did not give up and figured it out. The result was 140% growth every year for the last three years. If you want to learn the techniques they used to make this breakthrough, download the full chapter here.
Growth by Acquisition
MobilityWorks is a trusted dealer for buying or renting a wheelchair accessible vehicle. They were committed to growing by acquisition, but this strategy was not without great risk. Fifty to ninety percent of acquisitions fail, so their fears were not unfounded. The company knew that to scale their acquisitions, they would need a solid execution blueprint to set themselves up for success and limit the chaos. MobilityWorks committed themselves to thinking strategically and executing with great discipline. They thought deeply about what acquisitions were worth it and how it would affect their cultures. They planned incessantly every year and quarter, and every week to ensure that they would be successful and get the right strategic initiatives done well. Through their commitment to strategic thinking and planning they were able to grow from a few locations to 65 locations in 24 states with their culture intact and chaos limited.
If you are growing by acquisition and want to see a solid blueprint to limit the chaos associated with acquiring and integrating new companies, click here to download the full chapter.
These stories will provide you with patterns of success and direct you to practical tools and business guides that show you how to build focus, alignment, and accountability in your organization. You’ll soon be on your way to the predictable results every leader wants.