SunTrust is my bank, because it truly supports the small business owner from start ups to established companies (unlike the "bank of opportunity"). One major plus of doing my business banking with them is that they host panel discussions on a regular basis covering important/timely topics for small biz owners. Today I attended my first. I was interested to see what the speakers had to say, but it was at the Mandarin Oriental and free breakfast was involved too!
Aside from free eggs and pastries, I learned a great deal from the speakers and the attendees. In particularly, from panel speaker, Steve Strauss, author of The Small Business Bible (of which I am the proud owner of a signed copy). Steve pointed out that increased marketing and innovation is key to your company surviving and thriving through poor economic times. In addition, small biz owners should go back to the 80/20 rule to find what proportion of time they spend on the parts of the business that generate the most revenue. Since, the 80/20 rule is admittedly one of the only things I clearly remember from college, I believe this is solid advice that I plan to keep close in my pocket as I enter the bricks and mortar business world this summer.
Aside from what I actually learned today, I'd like to highlight my favorite quotes from a few of the entrepreneurs in attendance:
"My exit strategy is spelled D-E-A-T-H"
"I'm in the business of making money. I don't do poverty"
"I knew there was something valuable to the chicken manure when I saw the heaps steaming"
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