Q&A - What Are You Thinking?

We recently posted three questions to the Sterling Bank LinkedIn group about advice they have received, advice they would give, and how the recession has affected their business plans. The following are selected responses from across the state.

What is the best business advice you ever received?

Christy Shows
Marketing Manager at Cushman & Wakefield

You can be a worker bee or you can be a leader. But, if you choose to be a leader then you need to be willing to take risks and make the tough decisions.

Esther Foster
Owner/Designer, FosterCreative

Always maintain your integrity. Make sure everything you do is something you will be proud of always. Regardless of what everyone else does or says, in the end it is what you do that matters most.

Mary Collins
Owner, Collins Benefits Solutions, Inc.

Smile when you are talking with anyone -- on the phone or in person. Have a servant heart.

Pamela House Lovett
Sterling Bank - Senior Vice President

Golden Rule - Treat everyone as you would like to be treated.

What advice would you give to someone starting a business now?

Pamela House Lovett
Sterling Bank - Senior Vice President

Develop a detailed business plan. Seek the advice of friends, colleagues, family members and experts. Create contingency funding sources. Market relentlessly. Know your unique value proposition.

Kathryn Watson
Get Clients Now! (tm) Coach

Network, network, network, oh and follow up also. :-) Jack Canfield, author of Chicken Soup For the Soul books, says instead of ready, aim, fire, you should ready, fire, aim. What this means is don't get stuck aiming for the right client, or making sure everything is perfect before you begin to market. Just get out there. Yes, you will make mistakes but that's ok. You will learn and you will get better. Help everyone you can and it will come around full circle. Keep a positive hat on all day long and I guarantee that people will begin to flock to your business!

Susan Gramatges
COO at Pierpont Communications, Inc.

Run - don't walk, and buy Guts and Borrowed Money: Straight Talk for Starting and Growing Your Small Business by Tom Gillis. Best down to earth advice for anyone wanting to start a business by one of the smartest men I've ever known!

Sheila Harrison
Publisher/President at The Business Guide

Make sure you have a source of income to live on while building your business. You most likely will have a period of time, different for every business, when your expenses will exceed your income...don't use credit cards, and banks won't even talk to you about a loan or line of credit untill you have a successful track record.

How has the recession changed how you will do business in the future?

Jane Swanzy
Owner, Swan Marketing, LLC

I am partnering with a much larger business on some projects. They have better buying power and higher credit lines than I do, so I have taken my ideas to them and we are working together to sell more. I don't know if this will be a long-term arrangement or not, but for now, when cash flow is a little tight, it is a big help.

Esther Foster
Owner/Designer, FosterCreative

I believe every challenge presents an opportunity to grow. We have expanded to include services that have required me to further educate myself in new areas. It has also presented the opportunity to review our operating procedures to make sure we are operating efficiently.

Mary Collins
Owner, Collins Benefits Solutions, Inc.

Customer Service and relationships are still the secret to success no matter what the economy is.

Sheila Harrison
Publisher/President at The Business Guide

The recession has made all clients and potential clients more careful with their spending. That means, I have to have a clearer and more defined value proposition to present to them with a tangible ROI they can use to justify the purchase of my product and service. Remember - tell them the benefits, not just the features.