WILL THE MID-MARKET LEAD OUR NATION'S RECOVERY?
DOUG FARREN
Doug Farren is the founding operational leader for the first-ever National Center for the Middle Market—a collaboration between Ohio State University Fisher College of Business and Chubb, to provide knowledge, leadership, and innovative research on businesses with annual revenue between $10 million and $1 billion.
Doug holds a Bachelor of Science in Marketing from Penn State University and an MBA in Operations and Logistics Management from Fisher College, with extensive experience in inventory planning, supply chain collaboration, international supply chains, financial planning and analysis, and talent acquisition.
In case you missed it, we heard from Doug Farren, Managing Director of the National Center for the Middle Market. He walked us through the 2020 Middle Market Indicator Report findings.*
These findings are interesting to note since middle-market businesses, which total about 200,000 in the U.S., outperformed during the financial crisis of 2007–2010. In total, they added 2.2 million jobs across major industry sectors, demonstrating enormous value to the overall U.S. economy.
Here's what we learned about their pandemic performance:
- While middle-market companies hit dramatic lows in 2020 like all other companies, 44% are projecting revenue growth in 2021
- On the upside, they have experienced opportunities to hire more qualified candidates. And overall, these companies are creating highly sustainable jobs.
- Education and training are becoming a growing focus of middle-market companies to address diversity, equity, and inclusion.
- Investment appetites remain conservative, but 57% of C-Suite leaders say they will invest, with digital transformation being a primary focus.
Overall, the middle-market expects a return to positive growth in 2021, driven primarily by business, professional, and technology services organizations.
*The Middle Market Indicator Is A Business Performance Update And Economic Outlook Survey Conducted Among 1,000 C-suite Executives Of Companies With Annual Revenues Between $10mm And $1b.
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