The mid-market stage is one of the most challenging phases of a business' life, and many entrepreneurs have faltered at this point, failing to make the leap and scaling up into a large firm. This is because of huge changes in the playing field, and entrepreneurs are often not familiar with the new landscape and do not realize that their previous methods and processes are no longer sufficient in taking the next step.
According to business leadership education provider Growth Institute, it is important that mid-market businesses first scale up their team, especially the leaders, before they are able to scale up their company. This means strengthening their leadership team's knowledge, skills, and capabilities, equipping them with all they need to guide their business to the next stage.
“There are many business coaching options for start-ups and large corporations. However, the mid-market is usually served by independent consultants doing bits and pieces, and we're the only ones putting it together,” says Daniel Marcos, co-founder, and CEO of Growth Institute. “The mid-market is a very wide net, with businesses ranging from $5 million to $50 million in revenue. These companies often do not have the resources to hire big-name consultants or to create their in-house company university to facilitate the learning of their team members.”
It was this lack of providers servicing the mid-market that led Marcos and his business partner, renowned business author Verne Harnish, to found Growth Institute. The company's flagship program, MBD All Access, contains material from more than 80 industry thought leaders, including a wide range of business growth tools, solutions, and resources that are specifically designed to provide learners with valuable knowledge and skills to scale up their businesses. Growth Institute has more than 140 business courses, encompassing all aspects of a business' operation – sales, negotiations, hiring, business culture, and many others.
The MBD All Access program is a series of 13 master business courses, and each course is made up of 3 pillars. It includes pre-recorded content with a thought leader or business expert, weekly live online Q&A sessions that are focused on how to implement the lessons learned, and various downloadable material and exercises that learners can work on in order to see results within their own organizations. All of Growth Institute's learning material is hosted on its online learning platform, called Dojo.
Harnish says: “Businesses often come to us wanting to learn how to scale up their company. What we tell them is that they need to scale up their people first, and we have created the path that shows them how. Many companies say they want to achieve $50 million in revenue. I say, great, now who do you have to become as a team, to command a business of $50 million?”
Growth Institute believes that entrepreneurs must first realize what they have to become, or what kind of value they need to provide to the market before they are able to move to the next phase of growth. The company's long-term goal is to help 10 million leaders of mid-market companies be able to do two things. The first is to scale up their impact, which includes increasing investment, serving more clients, hiring more team members, etc. The second is reducing “drama” in the business. Marcos says that a major issue in mid-market companies is that the huge amount of change causes a lot of uncertainty and drama in operations. Growth Institute helps them stabilize their processes and professionalize their business in preparation for the next stage of growth.
“To quote Marshall Goldsmith, what got you here won't get you there. Growth Institute helps mid-market companies professionalize their operations and get the right systems of processes to be able to operate at a higher level. Mid-market leaders must look to improve their skills to match the demands of a large business, and Growth Institute can provide them with what they need,” Marcos says.
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