FOR IMMEDIATE RELEASE
Friday, February 5, 2010
2.0 Minutes with Jim Vigars
Phoenix Business Journal
Jim Vigars, president and CEO Sonoran Bank NA
Jim Vigars
Sonoran Bank is a single-branch financial institution in Phoenix.
What is one of your business goals for 2010? A minimum of $10 million in deposit growth.
How have you changed your business strategy to reflect current economic conditions? We have had to be more conservative in our loan-to-value guidelines because of declining values.
What resources did you use to help develop your business and marketing plans? We used a local media firm to help us put together a 12-month marketing plan.
How do you use technology to promote your business? We have a very active Web site, and we have just begun using social media.
How do you recruit and retain quality employees? We have had little turnover since our inception. I believe that success is based on a good working environment and great benefits.
What is a significant goal you achieved in the past 12 months? We had a 30 percent increase in customers.
What is the biggest challenge you've overcome in growing your business? Making people aware of Sonoran Bank. When you are a small bank in a large market, the biggest challenge is getting the word out that you are here.
What advice do you have for entrepreneurs just starting out? Capital is king. Control overhead and improve cash flow as quickly as possible.
Do you have an exit strategy or a succession plan for when you retire? We're working with our employees to develop a succession plan.
What do you know now that you wish you had known when you started your business? We tried to do our own marketing and public relations for the first six to nine months to try to save money. That didn't work. I would use a marketing professional immediately if I had it to do over again.
How do you market? Direct mail, Internet, newsletters and direct contact.
What's the best piece of business advice you ever received? You can't get where you're going unless you know how you're going to get there.
Article ® American City Business Journals Inc. All rights reserved.
