Pain Points/Solutions for mid market companies

Part
01
of three
Part
01

Pain Points for Mid market companies.

The top challenges faced by mid-market companies in the United States are hiring employees, growing revenue, adhering to government regulation, issuing employee healthcare plans, increasing profit, disciplined financial planning and execution, managing and sustaining the “right growth”, attracting and retaining talent, budget constraints, and mobility security.
After an extensive search through industry reports, government databases, market studies, and other trusted media sites, we were able to compile a list of the top challenges faced by mid-market companies with employee strength between 100 to 1000. The key challenges were identified from pre-compiled lists that determined the pain points of mid-sized businesses, based on interview and survey responses from business owners, executives and senior managers. The “top” challenges were identified according to the ranking of each pain point.

Business Challenges

1. Hiring Employees

According to a survey conducted by Wasp Barcode Technologies, 56% of business owners believe that hiring employees to maintain the rate of business expansion is a major concern. Mid-sized businesses (100+ employees) need a specialized workforce and skilled labor force to progress. It is also found that mid-sized companies are less flexible, leading to poor communication between different departments. This leads to the biggest business challenge of hiring the right employees to fill in the gaps of each business process.

2. Growing Revenue

The challenge of growing revenue is a key pain point for businesses of all sizes since the size of the business correlates with revenue strains. For mid-sized businesses with more than 100 employees, the focus is mainly laid on increasing the customer base, acquiring talent, and developing comprehensive solutions for loss management, rather than focusing primarily on increasing revenue. According to the Wasp Barcode Technologies survey, 43% of respondents believe that growing revenue is a major pain point.

3. Government Regulation

Government regulations are updated from time to time and businesses are expected to adhere to them. Most businesses feel the pressures of government regulations as they grow larger. According to the Wasp Barcode Technologies survey, 36% of respondents believe that fulfilling regulatory requirements can be daunting. Many business owners state that government regulations can be unfair to small and medium-sized companies since most regulations allow the larger organizations to “destabilize local markets”, causing further problems for smaller companies.

4. Employee Healthcare

In the United States, it is a basic requirement for companies to provide their employees with a healthcare plan. For mid-sized businesses, issuing and managing the right healthcare plan is a pain point that 32% of respondents from the Wasp Barcode Technology survey believe. For companies with many employees (100 to 1000), it can become a strenuous and challenging task to keep tabs on compliance. Companies will also have to take the rising healthcare costs into consideration, which pose more problems in extending the existing budget that has been allocated to employee healthcare plans.

5. Increasing Profit

31% of business owners, executives, and senior managers (Wasp Barcode Technology survey) state that increasing the profit of their business is another important pain point. Mid-sized organizations tend to focus on achieving stability and increasing their customer base in order to drive profits at a more steady pace. Many organizations are “sales-oriented”, where employees focus on promotion and are rewarded based on the sales goals instead of focusing on profit goals.

6. Disciplined Financial Planning and Execution

According to the insights from Oliver Wight principals, disciplined financial planning and execution is a key challenge that is faced by mid-sized businesses across the country. Most organizations develop forecasts and operating plans based on marketing, research and development, sales, supply chain, and various other functional areas. This results in the finance department of the business to develop and include their own forecast into the plans, which ultimately produces unreliable outcomes. In order for organizations to overcome this challenge, they would need to develop an “Integrated Business Planning process” that will take every aspect into consideration and allow for a smooth financial planning and execution approach.

7. Managing and Sustaining the “Right Growth”

Many mid-sized companies face problems when they do not have the right ratio of ‘projects to the number of employees’ and when they do not prioritize their projects. This, in turn, leads to resources being shifted and re-shifted, causing further delay in the completion of their projects. Thus, managing and sustaining the right growth of the company is a major concern. The problem can be controlled by providing visibility for a fixed period (example — 24 months) that will enable the business to predict and prevent problems in advance.

8. Attracting and Retaining Talent

When unemployment rates are low, attracting and retaining talent force can be quite a challenge. Business owners of mid-sized companies, and startups, are so focused on increasing their customer base and driving innovation that most times they neglect the development of a “structured business management plan”. In order for businesses to ensure its growth in attracting and retaining talent, professional management processes such as IBP (Integrated Business Planning) should be adopted.

9. Budget Constraints

Budget constraints is another key challenge faced by medium-sized businesses. For mid-sized companies, investing slightly more in a specific area can mean cutting back in another. This increases the importance of prioritizing their need for spending, for example — prioritizing tech spend can include aspects like investing in financial software, productivity software, CRM systems, and security systems.

10. Mobility Security

Business owners have admitted that mobility security is another major concern for mid-sized companies. Technology services and security systems are found to be the top priority for mid-sized IT businesses. According to Bright Ideas, a survey revealed that 83% of SMEs (Small and Medium Enterprises) do not have a proper security plan.

Conclusion

To wrap up, we have identified ten key challenges that mid-market companies face in the United States. The pain points are hiring employees, growing revenue, government regulation, employee healthcare, increasing profit, disciplined financial planning and execution, managing and sustaining the right growth, attracting and retaining talent, budget constraints, and mobility security.

Part
02
of three
Part
02

Software solutions for Mid-market companies (1)

According to the sources we've collected, five of the most popular software and corporate service solutions used by mid-sized firms are Code42, WordStream, TeamViewer, Newton, and Sage Intacct. These companies have been determined as top choices based on customer satisfaction scores provided by our sources. Furthermore, since there were no specifications as to what kind of software to compile, each company on this list provides a different type of software.

Code42

Code42 is a type of cloud software used for online data backups, and holds a 9.63 out of 10 satisfaction rating. Used by 2.4 million people and 47,000 companies worldwide, Code42, Inc. has often been praised by customers for "continuous and automatic data protection" that is both effective and easy to use. The official website for the software also claims to back up data 96 times a day to ensure effective recovery.

The software offers a variety of data protection features for its consumers, including insider threat detection, ransomware recovery, and device migration. They also provide three types of pricing plans — Standard, Premium, and Enterprise — designed to suit the preferences and budgets of different potential buyers.

The company's current revenue stands at above $100 million, and in July 2017, they were listed in the Forbes 2017 Cloud 100 among the best cloud companies across the world.

WordStream

A Premier Partner of Google, WordStream is a popular advertising software, designed specifically for small and medium-sized corporations to increase their revenue and customer pool via paid search and advertising campaigns. The software enables consumer companies to manage all their advertising through "step-by-step guidance" delivered clearly and efficiently. On average, companies and businesses using this specific program receive 60% more leads than those who don't. It holds a 9.49 out of 10 satisfaction rating.

WordStream provides multiple services that are beneficial for effective advertising, including call tracking, Facebook advertising, and reports designed to analyze success and performance. Various pricing plans are available to fit different budget types, and payments can be made either monthly or annually.

The official website also hosts a number of features that don't require purchase, including a free-to-use tool that reports business' current advertising performances and free trials for the software's services.

Currently, WordStream's revenue is $32.6 million. In 2016, the company was named in the Inc. 5000 List of Fastest-Growing U.S. Private Companies, having been included the past three years, as well. Its three year growth rate was listed as 577%.

TeamViewer

TeamViewer is a "help desk" software that provides remote online support, holding a 9.41 out of 10 satisfaction score. It can be used for a multitude of purposes for mid-sized firms, including remote control of "any computer or Mac" connected to the internet in just moments, and is highly useful for online meetings and web conferencing.

The software has been installed on over 1.5 billion devices — with 750,000 new IDs created each day — and 90% of Fortune 500 companies use it. Furthermore, over 20 million devices installed with TeamViewer are online at any given time, and it is available in over 30 different languages. TeamViewer offers three subscriptions for software licenses — Business, Premium, and Corporate — to meet varying budgets.

The current company revenue is $165.5 million.

Newton

Newton is an applicant-tracking software created specifically "by recruiters for recruiters" — the only one of its kind. With approval from consumers consistently over 95%, it is recognized as the top applicant tracking software for mid-market companies, and is used by over 8,500 HR and recruiting professionals each day.

Newton Software assists businesses and companies in managing and organizing recruiting processes, including making it easier to broadcast job openings, accept applicants, perform background checks, and schedule interviews. The company's official website states that unlike competitors, they don't charge per job or per employee, and offer unlimited features, users, and support at $399/month. The website also hosts side by side comparisons with competitors, showcasing how Newton offers the most features.

Currently, the revenue for the company is estimated to be $1-5 million.

Sage Intacct

Sage Intacct is an accounting and financial management software. It is recognized as a top accounting tool for mid-sized firms, ranked at number one out of five total software programs.

The software helps companies to speed up turnaround times by automating important financial processes and keeping general ledger entries organized. Intacct also makes it easy for employees to pull up financial data anywhere from both desktop and mobile devices for important presentations and meetings, since it's a cloud-hosted ERP.

In 2017, the company's revenue was placed at $88 million. While pricing is not listed on Sage's website, a quote can be requested in order to learn costs.

Conclusion

To conclude, these five companies and their software are recognized as the top software solutions for the specified demographic of firms and corporations. While each serves a different purpose, each provides a necessary component to success for software customers.
Part
03
of three
Part
03

Software solutions for Mid-market companies (2)

The current software solution providers ranking highest in customer satisfaction and market share among mid-market business owners are Salesforce CRM, Infor ERP, SAP, Asana, and HelloSign.

METHODOLOGY

The top software solution providers were selected using the following methodology. We first reviewed multiple reputable industry sources to identify the top challenges mid-market businesses were facing. We found that the most often mentioned categories were customer relationship management, enterprise resource planning, supply chain management, and project management. These core software needs were used as the jumping off point in our quest to find the top five software solutions. A search was conducted for each category, seeking the best software solutions currently available based on market rankings and customer reviews. We then analyzed the compiled rankings and reviews to determine the top choices for each category as well as the top pick over all.

Salesforce CRM

Salesforce CRM claims to be an out-of-the-box customer relationship management solution that can be set up in minutes. Top features include customer contact data entry automation and a cloud based architecture surrounding one common platform for infinite scalability. Customers cited the vast catalog of applications, recognizable familiar interface, and steady innovation pace as top reasons for selecting Salesforce CRM over lower priced competitor options.

Salesforce CRM offers packages at various price points from $25 per user/per month to $300 per user/per month

A Salesforce CRM representative reports that on average, Salesforce CRM users have reported 38% faster decision-making, a 25% increase in revenue, and a 35% jump in customer satisfaction.

Salesforce CRM was founded in 1999 and is based in San Francisco, CA.

Infor ERP

Infor ERP offers a vast array of industry specific software applications and suites. All software packages were engineered for speed and provide a simple, user interface designed for transparency. Other top features include, journals, tagging, audit trail tracking, invoice customization options, AP/AR automation, inventory pricing and costing, automated reconciliation, and payroll management.

Public pricing information is not available for Infor ERP and can be obtained by contacting the company directly.

Infor was founded in 2002 and is based in New York, NY.

SAP Business By Design

SAP Business By Design is an enterprise resource management platform offering mid-market companies the ability to connect every function to the cloud allowing them to scale and compete with larger enterprises.

The SAP Business By Design package is described as an integrated, end-to-end, ERP “suite in a box”. Top features include the proprietary SAP HANA in-memory processing, SAP Fiori user experience, and built-in mobile apps.
The SAP website offers a comprehensive training portal and various customer support options for assistance with implementation, troubleshooting, maintenance and training.

SAP reports that more than 250,000 of its customers own small to midsize businesses.

Pricing data is not publicly available but can be obtained by contacting SAP directly to determine subscription package sizing and customization needs. Pricing is subscription based and includes maintenance, upgrades, backups, and recovery in the monthly fee.

SAP Software Enterprises was founded in 1972 and has office locations worldwide. The company's United States headquarters are located in Newtown Square, PA.

Asana

Asana project management software consistently ranked highest for overall customer satisfaction though it has a smaller market presence than industry giant Microsoft whose Project Portfolio software is Asana's nearest competitor. High profile companies Uber, Dropbox, and United Way use Asana to fulfill their project management needs.
Asana's most popular features include an ability to set task deadlines, user specific to-do list creation, task prioritization, baseline assessments, budgeting, commenting or discussion options, document uploading, and Gantt charting.

Asana offers a web based platform as well as mobile platforms for iOS and Android.

Pricing is subscription based with per user/per month prices which vary depending on package options. Asana offers a basic level package for $0 to allow users the opportunity set-up and test the product before purchasing.

Asana was founded in 2009 and is located in San Francisco, CA.

HelloSign

HelloSign claims to provide the easiest way to send, receive and manage legally binding signatures for businesses of any size. Top features include automatic email reminders, flexible signing workflow, document/project tracking and team management capabilities.

HelloSign's document signature platform boasts the ability to integrate with many of the leading platforms and applications such as Slack, Salesforce, One Drive, Dropbox, and many more. The e-signature software is heavily integrated with Google allowing users to sign in to the Hello Sign platform using their google credentials and providing a seamless interface with Google Drive. G-mail users can review and sign documents received via email using the HelloSign G-mail extension which allows the user to complete all required steps without leaving G-mail.

HelloSign offers a REST based API which supports JSON for developers.

HelloSign offers multiple platforms. Pricing ranges from a free option which will allow 1 user to manage and send 3 documents per month to a business option priced at $40 per month which includes management and sending of unlimited documents for up to 5 users. The company also offers enterprise and developer packages with pricing available by contacting the company directly.

HelloSign was founded in 2012 and is located in San Francisco, CA.

CONCLUSION

To conclude, the five companies listed in this report are each ranked at the highest level in their respective categories based on customer satisfaction scores, and size of market share.
Sources
Sources