Network: One More time, With Feeling this Time
July 30, 2010
Networking, for the most part, needs to be fun. The stiff lipped amongst may ask, “Why does it need to be fun?”
Simply put, networking is about making personal connection and we are the most ready, willing and able to make that personal connection when we are having fun.
So, if there is something you love or enjoy very much (such as antiquing, motorcycling, quilting, private aviation, art, fine wines, religious and philanthropic activities) and if the demographics of the other people that enjoy those activities fit the profile of your prospective client, get more involved and have more fun. Obviously, this is a group where your networking will consist more of simply showing up, being an active high profile participant and finding some way of letting it be known what you do. This is not an area where others would appreciate being marketed to in a direct way, because, like you, this is where they come to relax. But, over the long term, being a valued member of this social group and letting them know what you do and that you are always open to referrals, is often a great way to build a high quality network.
When you meet others in your social groups that are interested in building their network, be helpful to them in their endeavors. This creates a networking friendly atmosphere with the primary focus on Fun. And when we are having fun, personal connections are easy to make.
Coach Chuck
Networking And the Personal Connection
July 26, 2010
Networking is how we develop a sales team through the process of personal connections, by building purposeful relationships. To be an effective networker, we are just as committed to being on other peoples’ sales teams as we are in building our own. That means. That means we listen to, pay attention to and focus on what other people need. That is how the personal connection is made.
If we actually listen to some one, we may be the only person that day, or for some people, much longer, who have actually paid attention to what they are saying. Further, in this age of e-mail, junk mail, pay per click, twitter, digital billboard, we all have the experience of a never ending supply of people trying to extract something from us. What a breath of fresh air it is when some one actually wants to help. If they do the same for you, then there is a possibility that a real relationship can be formed.
Coach Chuck
973-670-7215
Improve Networking Results
July 24, 2010
In networking, you goal is to:
- Meet prospective referral sources and develop a contact sphere
- To meet prospective clients.*
In a networking environment where people meet on a regular basis you might walk up to Mary and say, “Mary, when you were talking, you mentioned that you are a business attorney. As you know I am a business coach. When you said that you like to approach issues in (and then you paraphrase something she said) that resonated with me. I think you and I think about business in the same way. Maybe we could help each other get business, what do you think?” If the networking environment is one where you don’t know the people you are sharing the room with, it becomes very key to you develop questions that help you to quickly establish whether the person you are speaking with is a prospective client, referral source or neither.
If you get a positive response, set up a time to either meet or talk on the phone to follow-up further.
If you are a business attorney, for example, and you heard some one say something about their business partner, you might say: “I heard you mention something about your partner. I’ve worked extensively with partnerships … I’d like to meet with you to see if there are ways I could be helpful to you. Would you like that?”
If the response is positive, make arrangements and move on.
This type of approach works well because it sets the table for when you do meet, as to what the meeting is about.
Meet in a way that is comfortable, where both feel free to talk. This is information gathering. Whether this is a meeting with a prospective client or a referral source, this meeting is all about listening to their issues to see if you can help. While the meeting has a high level of comfort, there should also be a structure. After listening to their situation, this is when you have an opportunity to say something to the effect of, “this is how I see it….” and then let them know that you have heard, digested and interpreted what they had to say. And follow up with, “this is how I think I could be of help,” and then describe in broad strokes, without giving away the store, what you would do. If this is a prospective referral source, you might give an example of how you would refer them and then say, “Likewise, with me, you might say …” and then give an example of how you can be referred. If this is a prospective client, after you have said how you might be able to help them, you simply ask, “How does that sound to you?” This is one of many times when shutting your mouth and letting the other person speak first is key. If they say they like the idea, say something to close the deal, such as, “my retainer for this would be X and you would be billed at Y per hour. Are you ready to get started?” Another approach is to ask if they have questions about your services and how they work. This is where they will often ask about pricing. In either case, this is another moment when silence is important. Let them work it out for themselves. This is not a hard sell. This is one in which the prospective client has articulated their issue, you have offered a solution and it is up to the prospective client to think it through and say what they want
.
Whatever the outcome of this discussion, you will want to decide what kind of follow-up, if any, you want to have with this individual. If it is a referral source, my suggestion would be to suggest that two of you touch base in no more than two weeks. At that time, you will discuss any opportunities that have arisen to refer the other person, how it went and how it might be improved. Continue this process and a great power team will be created. If it is with the prospective client, the follow up will be about getting started working together or whatever your business proposition happens to be.
You should always know your conversion rates. How many prospective clients come out of how many hours of networking? This will help you evaluate the value of a given networking venue and/or the value of your networking abilities. What is your conversion rate of prospective clients into clients? This will help you understand your effectiveness when you meet prospective clients. Likewise with referral sources, it is very important to track where your clients come from to know which of your referral sources are the most valuable. Certainly it is important to cultivate new referral sources, but it is more important to maintain and improve current good ones. Just like it is much cheaper to keep a current client happy than it is to get a new client, the same thing applies to referral sources.
In summary, early in the networking process you quickly determine if there is a connection and what the nature of that connection is. If there is, you let the other person know what the possible connection is you see and that you’d like to meet them and explore it further. When you meet, you listen until the person has really had a chance to fully express themselves and then let them know that you were listening by saying back to them what you heard and what you think the most important issues are. You offer a solution and see if they want to continue. Decide if there is going to be a follow up. If so, schedule the follow up and describe what you hope to accomplish in that follow up meeting.
This is a manner of networking that has the potential of yielding great results.
*See previous blog, “What is the Purpose of Networking?”
Coach Chuck
Why Do We Network?
July 22, 2010
The purpose of networking can be broken down into two categories:
- Meet and arranging follow-up with prospective clients.
- Meet and arranging to follow-up with prospective referral sources.
A great referral relationship is created when people meet the same clients in a noncompetitive way and feel comfortable referring them to each other. Ex: A CPA meets with business owners on a regular basis. I am a business coach. I don’t do accounting work. The CPA doesn’t do Coaching. This has the potential of being a great referral relationship.
The success or lack thereof of each networking event is measured in the quality and quantity of prospective clients and prospective referral sources that are obtained in the event.
Coach Chuck
973-670-7215
Trusting Our Gut In Business
July 20, 2010
Whether we follow our gut or a well structured plan actually depends upon how well we have practiced successfully what we have a hunch about. If we have successfully gotten the result we want in something we have a hunch to do, then there is a good chance that following our “gut” is a good idea. What we are actually following here, however, is muscle memory. We are following a well structured plan that we have practiced so much it has become a hunch.
Even in cases where we have had great success, however, the caveat to following our hunch is to be observant of reality. One guy had a great investment strategy that had worked well for him. Then, he bought six stocks in a row that went against him. He became stubborn because of his previous success and did not recognize that the experience he was having with the six bad trades, was a foreshadowing of a changed market. Consequently, he lost a lot of money. So, no matter how good we have been, be open to reevaluating the facts in light of new information.
In summary, if you are in the zone, stay in the zone, but when results begin to vary, adjust quickly, let go of the hunch to move on to something new or different.
Business Coach Chuck @ 973-670-7215
It’s a Family Busiess
July 18, 2010
The challenges of running a business are huge. They inspire us in ways that we didn’t know they could. Imagine, if you will, these challenges, and then add family to the stew!! Sometimes it is a wonderful stew and some times it is a witches brew.
When I asked a prospective client why she called me, she said, “It’s my employees” she said, “they act like children.”
Two of the employees, I discovered, were her chilvdren. They were key managers. They were acting like children because they were her children. The ones that weren’t her children were working for her children. They patterned themselves after their boss, her children. Later, I observed that not only did they act like her children in the workplace, but, indeed, she acted like their mother. Statements among the three of them were like, “I feel betrayed.” “That is just childish.” This is not exactly the kind of language you’d expect to hear between a boss and an employee. Boss employee language might be something like, “you did not give the support in this situation we had agreed upon,” or, “you did not perform this task correctly.” The language was personal rather than professional.
The approach that has the potential of solving the business problem while supporting the family involves attention to both the business and personal. It involves recognizing that while business and personal in the family should be different, that is not always the case.
Acknowledging this reality results in the potential for a more profitable business and a happier Family.
How this is done is as different as families and businesses are different, but it is what Business Coach Chuck does.
Family, Business and Family Business
July 16, 2010
A happy family is 80% support and 20% accountability.
A successful business is 80% accountability and 20% support.
In other words, in a happy family, if a family member has a bad day, home is a place to retreat, renew, refresh and be loved regardless. In a successful business, if a member has a bad day, week, quarter or year – we want to know why and how is that going to be different next time. In a healthy family, a reasonable dose of accountability keeps us from enabling self-defeating behavior. In a successful business – there is enough support to let the individual know that they have a team behind them. It’s the proportion of one to the other that distinguishes the personal from the professional.
When these proportions get altered significantly, dysfunction erupts. If one feels like home is too demanding, then joy leaves one’s life while if the work place gets “too understanding” of failure then, well, failure results.
No wonder then that family businesses are often such treacherous places. Without clear distinctions between work and home, families and or their business can fall into disarray.
The same thing is often true of small businesses, where relationships within the business may begin more personal than business.
Working with families and small businesses to create healthier relationships for happier personal lives and more successful businesses is a very high priority with Coach Chuck.
Business Coach Chuck @ 973-670-7215
Golf and Bagger Vance
July 14, 2010
What do God, Golf and Bagger Vance have in common. First of all, Everything. But now, let me break it down a little bit. In Both Golf and Business, people on the outside don’t get it. They don’t get that in each of these endeavors we are constantly called upon to reach deep inside ourselves – usually when no body is looking, like when the ball is in the rough or the woods or on the other side of the fairway – and asks, “whach-ya-gonna-do-now, huh?” and then we can do the right thing or the wrong thing. The thing about golf, and the thing about business, is that when we do the right thing – regardless of outcome – the result is joy. It just feels so good to do it Right – oh yeah!! Joy, joy, joy is the spirit of God. God could give a rat’s a…, err uh, God could care less about Business or Golf. But God – and just for the record, I don’t care who or what your God is – God cares ALOT about reaching deep, doing the right thing and feeling it, feeling that joy. Am I ready for Sunday morning TV or what! at Coach Chuck’s Church of the 1st Tee … I’ll see you at the clubhouse.
There is no book that captures the spirit of golf like The Legend of Bagger Vance. Golf is a game of mind, it is a game of our integrity, of our past, of what everyone thinks of us. And ultimately, is a game that asks, “can we just let go of everything, everything that is, or ever was, and hit the damn ball the way it needs to be hit?” And its not about thinking it. Its just about doing it. The caveat is you go through all the other stuff first, until you find yourself alone with the ball. Its you, yourself and doing the right thing – with nobody looking. What are you going to do? Bagger Vance: the book, the real deal, about the game of golf.
Coach Chuck973-670-7215
Hard Nosed About the Soft Side of Business
July 12, 2010
When involved in a business transition, the business owner typically focuses on:
- What’s the bottom line?
- Cut to the chase – what are the numbers?
Unless the transition that we are talking about is the sale of the business, for which the owner is going to get cash, the bottom line is only one snapshot in a dynamic moment in time. “The Bottom Line,” that which we tend to be hardnosed about, is the result of everything that is done and market conditions and all kinds of “The Soft Side” of business.
Business transitions are as simple as moving from one business season to the next and as complex as purchasing a business to merge with an ongoing business. A Business transition may be creating sales oriented staff from a group that is currently task oriented. A transition may be selling the business wherein the owner is going to get paid over time or buying a business where you are going to pay over time. A transition is any change in business. When there is a change there is a transition. The one thing we can rely upon is change. Therefore, transition is part of business. The more that transition is built into the business, the faster reaction time the business can have.
So, what does a transition business coach do? We get very clear about what the business owner wants to transition into. We get very clear about what the reality of the situation is presently. We get a handle on what is going to be required to make that transition. What is going to need to be different? Then we coach toward an assessment of the current staff, clients, market, vendors or who or whatever is relevant to that change. Included in this coaching process are the vision, mission and intention of the owner and key players.
The result will be a strengths and needs assessment along with a strategy and coaching toward implementation for the soft side of business transition. Additionally, the foundation will be in place for the recognition of ongoing transition so that change, in the future will be an ongoing intentional part of business rather than being treated as a problem.
Cutting to the chase, the point of all of this is, of course, a better bottom line!!
Coach Chuck973-670-7215
What is a Business Coach
July 12, 2010
What is a business coach? What is the process and what could you expect were you to hire a business coach? Frankly, that is a question that you are going to need to ask the individual coach. There are many different backgrounds and educations for coaches. Some have coaching accreditation. As for myself, my educational background is in psychology and counseling. This combined with my extensive business experience informs and has helped me to create an effective and individualized coaching strategy.
I have a masters in clinical psychology/counseling where I was educated in both the theory and the practice of assessing human behavior as well as how to aide people to achieve desired results. My experience in mental health is very broad and is combined with 19 years business experience in the financial markets. The specific experience in mental health that informs my methods more than any others is experience is working with families. The family is the basic social unit. The dynamics that occur in families form the basic components of in the rest of our social life, especially in our work life. Additionally, small businesses are often family owned. Even if they are not family owned, the personal lives of the owners and the work life of these owners are inescapably entwined.
My coaching method would begin with an understanding of where you see yourself right now. This sounds simple enough and sometimes it is. Most of the time, however, it is not. Were it simple you would not be seeking a business coach. Your business life does not stand in isolation from the rest of your life, so when we are assessing the starting point, we get a thorough understanding of the rich context of your current situation.
Next, we’d like to look at where you would like to end up. This is broken down into a few areas. First of all, we look at how you think things should be right now, but aren’t. This is not long term at all. In fact, you might be gasping for air right now and before any planning can be done, we need to address the current situation. Dealing with current situation may or may not be a significant issue. It almost always takes longer than the business owner originally anticipates. But, laying the foundation is key to moving forward.
From this foundation, a vision for the business has the where-with-all to emerge. And, emerge it must. A vision is more than just figuring out what the business should do. We dig deep. Business is hard. Things happen. Economy happens. Employees happen. All kinds of things happen. Imagine coming home from the beach on a summer Sunday evening. The traffic is insane. Imagine it comes to a stop. There has been a disaster. No one is going anywhere. What do you want to do then? Most people at that point just want to get home. I’ve never heard of any one in a situation like this simply saying, “Ah screw it! Traffic is really bad. I’m not going home. That would be too hard?” Can you imagine?
We attempt to tap into and encourage your organic and natural vision. In order to get through the traffic jams of business life, your vision must be as certain to you as your home is.
And then, we look at the obstacles between now and your vision. And then we devise strategies to succeed.
In actual practice, this is certainly not a straight line. Each of the areas described above influences each of the other areas. You are never completely in one stage or the other.
Something we are doing concurrently to the above process is graphically depicting your business pipeline. How do customers find out about you? How do you (Your business) and your client connect? How is the client treated? What services or products do you provide the client? How, exactly, is that done? How do you get paid? What happens to the money?
If you are providing a product, the same process is done with the product.
We come to understand the ratio requirements of each part of the pipeline to the other parts of the pipeline. How do you generate revenues while at the same time meet new prospective clients? This pipeline is a living, dynamic organism. If you get twice the number of clients, it is not jus a matter of multiplying the rest of the pipeline by two. Different methods of providing service need to be developed for differing volume numbers. We don’t just manage the pipeline. We inspire the pipeline. That is a matter of assessment and transformation all the time.
So, if you were to ask this coach, Coach Chuck, “what is a business coach and what might I expect form the business coaching process?” You would get an answer similar to what I outlined above.
Coach Chuck
973-670-7215
Partnerships Don’t have to be forever
July 10, 2010
What are the things that you consider when deciding whether or not to go into a partnership? A partnership should be among people that bring complementary strengths together that when combined are greater than the sum of the parts. In other words, the two people, if working together with common goals, will achieve more than they could alone.
The key here is complementary strengths. Take two attorneys that practice different kinds of law who are always finding that they often refer the other attorney’s kind of law out to some one else. This might be the basis of the two attorneys getting together to discuss a partnership. Could the two together gather resources that would allow each more success in their chosen fields? If yes, then the process then is to discover whether or not the partnership is a good fit.
A partnership, like a marriage, is a very comprehensive relationship. Issues of trust, compatibility, shared vision, compatible work ethic and working styles are just as important as whether or not business complement exists.
Very often people will form a partnership based upon the personal issues of trust, compatibility, shared vision, work ethic and style without examining the actual business compliment elements. Other times, people will form a partnership based upon business partnership without examining the more personal issues. Either of these methods have a poor prognosis of success.
Strategic Partnerships however can be entered on a very limited basis. For instance, the two attorneys above may decide that if they share office space and staff and agree to refer each other, without partnerships beyond that, may, in some circumstances, find greater success than trying to bring together a shared vision and so forth. A Financial Planner and Personal fitness trainer may decide to run a workshop together addressing the needs of retirees, without any obligation to each other beyond the workshop.
When contemplating a partnership, consider the question: what makes us a partnership that is greater than what we would be on our own? Further, ask if these accomplishments are greater than what could be accomplished through strategic agreements or partnerships, rather than a full-blown partnership. If the answer to these point to partnership, then carefully consider your commitment of each partner to each of the other partners success and how that would change in good times and bad – to put another way, through sickness and health.
Coach Chuck
973-670-7215
As a summary, partnerships are for those joining complementary strengths between compatible people with a shared vision. This is truly a rare relationship. Strategic partnerships are like dates. One can engage in strategic partnerships with a greater attitude of experimentations.
Networking, After the Intro
July 8, 2010
This article is about the first meeting after the networking event. In other words, you were at a convention, BNI meeting or whatever, met some one with whom you thought there could be mutual benefit. In order to learn how to get up this part you might want to read my article about how to meet people. For now, however, we assume you have met some one and are now meeting with them for the first time.
For the most part, I would suggest something very casual – such as breakfast or coffee in a premium coffee shop. The idea here is to be at ease. That is not a cash register in front of you: don’t make them feel like one. Remember, they were at the same networking event that you were. They were looking for something. Make this about them.
- “Why were you at ________?” Or “What are you looking for?”
Be completely transparent. There is nothing to hide here. You are both business people in search of something.
Now, this is a tough one:
- Listen.
Listen completely.
Be completely okay with not understanding what, exactly they are talking about.
- “When you say ________, what, exactly does that mean?”
No one likes a know it all and most people like to talk about what they do know. When you have really understood them and what they are looking for, stop and reflect. Is there any way you can be helpful? Perhaps there is another networking source you have met to whom you may refer them. If there is, make the referral or suggestion. If this seems to connect with the person, spend just a few minutes on how to make the connection.
Once the other person feels totally listened to and helped or at least been the recipient of your authentic concern, connect something they have talked about, in some way with what you do. Remember, most people completely lose interest when it is not about them. Let’s say the person is an interior designer and you are a financial planner. They say mentioned having spent summers as a youth with an aunt who owned an antique store. You might say something like, “I was impressed by how you were so influenced by your aunt. I was influenced with how poorly my parents planned their future! I think that’s how I got into this field.”
- Then give a very short version of your background as it pertains to what you do.
- An even shorter version of what you do.
If they express curiosity or ask questions, answer with examples that are relevant to them. For instance, with the interior designer, talking to them about what some VP of ABC corporation did is irrelevant, but if you can tell them a success story about a shop owner or some other independent businessperson with whom they can identify, then that will be helpful to them.
At this point, you have some choices – what you want is to either qualify them as potential clients or get a referral. What I do is combine those two into one and ask:
- “Do you know anyone that might benefit from that?”
Maybe it is because I’m generally diligent up to this point, but for me, about 1/3 of those people say something like, “I might want to use your services.” They become prospective clients.
What to do from here is subject for another article, but for me, about ½ of those people actually become clients.
Coach Chuck
973-670-7215
Networking: Meeting People with a purpose
July 6, 2010
How do you meet people and what do you do at an event where business people are gathered? The following is something that is very natural and works for me. It might work for you too.
- Walk up, confidently, but in an unthreatening manner and say, “Hi, I’m _____,” and then be quiet.
- They will almost always say their name; sometimes they will say their name and whom they are with. Let them say as much as they want to say.
- Make an authentic, positive comment about the event. If the speaker was terrible say – “it feels great to get up and walk around.” If the speaker was great say, “That speaker really made a good point about such and such.” Whatever: make it positive. Life is good in your world. That’s why other people are going to want to be in your world!
- Pretty early on, ask, “So what do you do?” Again, let them tell you as much as they want to tell you. Spend your time listening.
- Decide if you think the relationship might be one that you might want to develop. If not, say, “great to meet you, “ and move on. If yes: ask one or two questions that invite brief clarity on the issue that you think might be of mutual benefit. If, upon asking those one or two brief questions you still think that there might be a mutual benefit follow that up with something like
- “That’s interesting, my focus is _________ and it seems like you and I might have something worth following up on in more detail, what do you think?
- If they say yes, ask for their card, and ask if you could give them a call this ____ or ____.
- Regardless of the answer, thank them and move on.
Coach Chuck
973-670-7215
Business Coach Chuck's Blog 