Survey says: Midsize businesses likely to grow, invest in 2015

As 2014 draws to a close and businesses are looking toward 2015, the inaugural survey from The Hartford’s 2014 Midsize Business Monitor found that a majority of midsize business owners are optimistic about the economy and plan to make key investments to drive growth for their companies, including investments in operations, technology, and new products and services, as well as adding staff and expanding into new markets.

According to the survey, 66% of midsize business owners and C-level executives are optimistic that the national economy will strengthen in the next six months. Showing their optimism, these businesses indicated that, in 2015, they’re likely to make investments in the following areas:

• Technology (88%)
• Operations (87%)
• Additional staff (74%)

As for growth opportunities, a majority of midsize business owners and executives said they’re looking at:

• A new product service or offering—76%
• New customer segments—70%
• New geographies—61%

“Midsize businesses are vital to the U.S. economy, fueling growth as both customers of and suppliers to smaller and larger businesses,” said David Carter, senior vice president of Middle Market insurance at The Hartford, in a prepared statement. “The investment and expansion plans of businesses in this sector create a ripple effect of opportunity for companies of all sizes that provide the products and services they will need.”