On Sept. 20, minority business owners and entrepreneurs gathered at the Pennsylvania Convention Center for the Minority Business Enterprise Growth Symposium, part of the annual R.O.A.R. (Return on All Relationships) Conference and Business Exchange hosted by the Eastern Minority Supplier Development Council. The Symposium addressed the business development gap in the marketplace for mid- to large-sized businesses looking for assistance taking their companies to the next level. Conference organizers invited Fox Management Consulting (Fox MC) at Temple University’s Fox School of Business to provide business building and entrepreneurship expertise to conference goers.
Dr. TL Hill, Associate Professor of Strategic Management and Managing Director of Fox MC, hosted a session, “Build, Buy, or Sell: Applying Strategic Thinking to the Next Step of Wealth Creation” at the Symposium. During this session, he presented a strategic framework intended to guide business owners through an evaluation process. By proactively researching, analyzing and monitoring specific industry and market factors, business leaders can make informed decisions about the best next step, whether it’s investing towards organic growth, acquiring another business or selling to a firm better positioned to address market realities.
Hill encouraged participants to evaluate the profitability of each business line, spot possible industry disruptions and conduct an honest analysis of competitors. He concluded by emphasizing the importance of establishing a regular connection with customers.
“It is essential to understand what matters most to your customers, and whether they see value in what you offer” Hill said. “You really need to get inside their heads, to understand what they think, feel, hear, see, say, and do.” Throughout the session, he illustrated concrete ways of applying strategic concepts by using examples from past Fox MC projects.
Following the session, Hill fielded questions from participants representing a variety of industries, including commercial flooring, IT, medical care and science laboratory equipment. During the Q&A, he addressed strategic alliances, mergers and acquisitions, and organic versus inorganic growth.
“Dr. Hill provided a structure for the audience to follow with concrete examples from various industries to drive his points home,” said James Sanders, Vice President of Commercial & Industrial Lending for Customers Bank, and a fellow Symposium speaker. “The ‘Build, Buy or Sell’ session was spot-on, and it was clear that the audience left with concrete tools and strategies about wealth creation.”
Fox MC’s participation in the Symposium is the latest example of the company’s commitment to offering entrepreneurship education and expertise to leaders across the globe. Fox MC develops customized entrepreneurship education programs to support entrepreneurs, government and nonprofit organizations, service providers, and students.
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