Here are three of those characteristics and how they affect business chiefs’ outlooks in particular areas, from the view of Thomas Stewart, executive director of the National Center for the Middle Market, in Columbus, Ohio.
1. They are conservative about growth projections. The center’s latest report of expectations, during the first quarter, showed that mid-market chiefs were expecting 5.3% growth for all of 2015, even though they collectively reported mean growth of 7.4% for the previous 12 months, and there were continued signs of U.S. economic strengthening. “Every time we survey them, they under-promise and over-deliver,” Stewart said of mid-market chiefs. “Some of that is their innate caution as executives. I’m just not sure how much of a discount there is for that.”
2. They are careful with cash outlays. More mid-market chiefs – 67%, compared to 63% previously – said that if their company had an extra dollar they would invest it rather than save it, compared with a year earlier. But, Stewart pointed out, these CEOs are “still fairly conservative about spending cash. They like to finance investments from retained earnings rather than selling equity or taking on debt. So they carry a lot of cash partly because they don’t want to go to the capital markets.”
3. They are frustrated at the talent shortage. Only one-third of mid-market firms surveyed during the first quarter expected to hire in the second quarter, while 39% expected to hire at some point this year. This was down from the fourth quarter, when 52% of respondents said they planned to staff up over the next year. But, noted Stewart, most mid-market chiefs report that recruiting and retaining talent remains their No. 1 challenge. “They’re feeling the talent pinch at all levels,” he said. “And going up against larger companies and even startups sometimes, mid-market companies don’t have the big brands – as a selling proposition, they have to work harder to get the attention of people who might actually want to come to work for them.”
Overall, of course, these characteristics bespeak a conservatism that isn’t surprising for a mid-market that forms the backbone of the U.S. economy and accounts for most of its growth. Keeping their powder dry helps mid-market chiefs fight more effectively in the battles that count.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
