Building A Business Growth Strategy

The session started with a presentation from Lindsey Puckett, Assistant Vice President, Business Banking at Fifth Third Bank. She provided attendees with tips for building an effective growth strategy. “The best way to stay mindful of your goals,” Puckett explained, “Is to make sure you have a solid business plan.” A business plan is what keeps you on track with your goals and vision. You need to update it, refer back to it, and use it to make solid business decisions. Additionally, you need to understand your strengths and weaknesses. It is important for you to seek the assistance of Advisors who can provide you with solid business advice and direction. Businesses can benefit from the advice of a Certified Public Accountant (CPA), a Business Banker, an Attorney, Marketing Specialist and other professionals in key areas related to your business. Identify key roles that represent a gap in your business and understand how advisors will provide you with advice to guide your business growth.

Furthermore, you should always have a mentor. Find someone who is where you want to be, who is good at all the things you want to be great at, and who can help guide you. Then, ask your mentor: How have you achieved what you’ve achieved and what challenges have you faced? If you are unable to secure a mentor, continue attending educational workshops, obtain business coaching and study valuable business information. It is also important for you to give back and consider serving as a mentor to other entrepreneurs that may need your assistance.

She further discussed strategies on how to “access to capital”. When business owners submit loan applications, there are five pieces of information lenders will consider.