For many companies, providing value for clients is a top priority. But for a select few enterprises, the value-added aspects are just as important as simplifying complex concepts. Welcome to the world of surety bonds, a unique financial arrangement between three different parties. Viking Bond Service, Inc. delivers financial worth to a wide-ranging client base and also helps clarify and streamline unorthodox monetary procedures. As a leading surety bond issuer, Viking Bond offers a complete line of surety bond services, including everything from commercial bonds to fidelity bonds.
Viking Bond President Mike Herranen’s unique vantage point from a specialized financial perspective offers many lessons for up-and-coming entrepreneurs. Mr. Herranen took a few minutes to speak with Innovative Company about a host of relevant subjects, including advice for young business leaders, the importance of having (and sticking with) a plan, personal inspiration, effective marketing methods and how failures can help spur future success.
1.Who has been your greatest inspiration?
Watching how successful many in our industry have become. Not only financially but as a matter of respect and comradery amongst our industry peers.
2. What piece of advice would you give to someone who wants to become an entrepreneur?
Plan well. There are many late nights spent working on procedures, documents, and systems. However, no matter how well you plan, there are inevitably bumps in the road, especially early on. Don’t give up.
3. Where do you see your business in 10 years?
We have been in business for fifteen years at this point and none of us are getting any younger. So if the conditions are right, probably a sale and retirement.
4. How do you go about marketing your business? What has been your most successful form of marketing?
Back when we started I would have said cold calling, because that is how we began. However, the primary marketing avenue these days is via internet. Putting your company name at the top of the page when a potential client searches for your product is the name of the game; that’s how business is done in the 21st century, and we’re proud of our efforts to remain relevant in this digital age.
5. What have been some of your failures, and what have you learned from them?
I think the biggest sin is complacency. When you are small and hungry you tend to put a lot more energy into pushing things along. But when your company grows and times are good, it is a natural reaction to sit back a bit. But that is when you should push the most.
6. How does your company provide innovation within your industry?
We were one of the first to push for a completely paperless system, and we achieved it, prior to our many of our peers. We designed our own database and systems and thus became more efficient than many. This offered us an advantage in providing faster service to our clientele.
To learn more about Viking Bond Service, Inc., please visit their website or call 888-278-7389. They also offer a no-obligation free quote and a convenient online application. Thanks for reading our blog, and feel free to leave feedback. And stay tuned for more interviews with notable business figures!