Can't Spare the Time to Network? Can You Afford Not To?

BY Ivan Misner

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I occasionally hear people express concern about family obligations interfering with their ability to attend business meetings. When I conducted a large scale survey on gender issues in networking, I expected to see a dramatic difference between men and women relating to family obligations and time devoted to networking. Instead, what I saw surprised me.
Several women had told me over the years that attending networking meetings in the morning was very hard for them. This is understandable, because even though our society appears more gender-equal than in the past, a large number of women have told me that they still handle the lion’s share of household operations, organizing family events and taking kids to school.
Yet in our survey results, differences in scheduling preferences between men and women turned out to be very small. Only a few more women (9.3 percent) than men (8.4 percent) expressed difficulty with morning meetings. Almost 22 percent of men, compared with about 19 percent of women, said that it was always easier to attend networking functions in the morning. Although the women in our survey found morning meetings to be less convenient, it was not by a large factor.
It seems that the truth of the matter is this: The benefits of networking outweigh scheduling obstacles.
Both women and men understand that, and this is why I believe the results were so even.
First, let’s take a hard look at financial benefits. As you know, in any business there are both soft- and hard-money costs to consider. “Hard money” is that which you take out of your pocket and includes credit cards, cash, checks and other possessions with monetary value.

The term “soft money” is used to assign value to services or invested time, otherwise known as sweat equity. It may come as a surprise to you, but the riches that invested time reaps are greater than hard money spent. You also get more value for your soft-money investments than you would for spending what you think the equivalent is in actual dollars.
If you were to add up the soft-money investments of labor, networking, connecting, and building relationships, you may be surprised at the financial value you’ve delivered to your business.
Let’s look at the array of positive wealth effects that networking brings, beyond just sales numbers.
• Added sales volume
• Higher average transaction amount per sale
• Greater closing ratio
• Referrals tend to be very qualified professionals
• Higher occurrences of leads and referrals
• More repeat business
• Greater positive word-of-mouth marketing benefits
• More customer loyalty
• Stronger community recognition
• Greater perceived value
The more solid relationships you build, the more credible you are. The more your credibility grows, the more people will hire and recommend you.
Even more important: The impression of quality is created through networking.
The impression of quality is a powerful one. It is well-known that consumers are willing to pay more for services and products that they equate to be high in both ethical and product value. From locally grown organic produce and safer foods, to fair-trade-produced coffee and businesses that donate a portion of their proceeds to philanthropic ventures, consumers, by their spending choices, are showing the market that ethics and quality are what they want.
What better way to convey the image of quality for your business than with the support vote of those who believe in you so much that they can’t stop talking about you?
By the validation of many people vouching for you, your name is passed along with more and more frequency and confidence. After you have repeatedly established proof of quality, you’ll be referred in such a manner that neither your rates nor quality are questioned. These benefits transcend gender differences.

7 Key Habits of Super Networkers

BY Lewis Howes

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The ability to network successfully can be one of the greatest assets in business. It allows some people to find incredible opportunities, while others just watch from the sidelines.
Effective networking isn't a result of luck -- it requires hard work and persistence. What does it take to be a super networker? Here are seven of the most important habits to develop:
1. Ask insightful questions.
Before attending networking events, get the names of the people who are expected to attend and search social media sites like LinkedIn to figure out which topics they're probably most interested in. For people who are already in your network, don't assume you know everything they're up to. Find out what they're currently working on -- or perhaps struggling with. This attention to detail can go a long way at your next one-on-one lunch or dinner meeting.
2. Add value.
One of the most powerful networking practices is to provide immediate value to a new connection. This means the moment you identify a way to help someone, take action. If, for instance, you know someone in your network who can help a new connection with a problem, drop what you're doing and introduce the two individuals.
3. Learn their 'story.'
Ask successful entrepreneurs to tell you how they got where they are. Most people think of this as an exercise in rapport building, but hearing these stories can tell you a lot about a person's approach to business. The more you understand your networking partner's mentality, the better you can add and extract value from your relationship.
For example, some entrepreneurs pride themselves on working 16-hour days and doing whatever it takes, while others focus on being strategic and waiting for the right opportunities to open up. These are clues that can not only allow you to see what people value, but also what working with them might be like.
4. Share a memorable fact.
When someone asks, "What do you do?" don't give a canned elevator speech about your company and career. Mention something personal that defines who you really are. Maybe you have a passion for playing an instrument or an obsession with collecting antiques. These are also "things you do," so make it a point to share them. Such personal details can help lighten the mood and get people talking.
5. Keep a list.
What's your routine after attending a networking event or meal? If your answer is, "I go home," you're probably going to miss out on opportunities. Write down important topics that came up at the event. This habit can help prevent opportunities from falling through the cracks and give you something to reference in conversation the next time you meet. You can also develop a reputation as someone who's on top of things.
6. Make small promises and keep them.
No matter how small a promise you make -- such as sending an email or returning a phone call -- delivering on that promise reflects on your character. By following through on your word, you start building a reputation for trustworthiness, which is exactly how every great networker wants to be perceived.
7. Reward your 'power' contacts.
Keep a list of your top five to 10 networking partners and do something each week to add value to one person's life or business. You might send them a book or set up a lunch to introduce them to one of your other contacts. This habit can help you be proactive about staying in touch with your most powerful contacts. Just as with fitness or investing, the most successful people are the ones who choose to be consistent in their actions.
 

How to Make the Most of Your Holiday Downtime

BY Lisa Evans| December 25, 2012|

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The holidays are typically slow at many companies. The lack of business can seem daunting to ambitious, always-on-the-go entrepreneurs. Colin Sprake, motivational business speaker and author of the upcoming book The Entrepreneur Success Recipe (Morgan James Publishing, 2013) says the best way to avoid anxiety during the holidays is to be prepared.
"Many entrepreneurs don't plan for slower periods, this adds a huge amount of stress over the holiday season and often has the entrepreneur living a life of anxiety and fear rather than one of enjoyment with family and friends," says Sprake. He offers these six tips to make use of your holiday downtime.
1. Reflect on the year. "[The holidays are] a time of reflection on where your business is going," says Sprake. Review marketing, sales and profit strategies, reflect upon what worked and what didn't, what you can improve upon, which products and services were profitable and which were not so you can enter the new year prepared to tackle the problem areas of your business.
2. Set goals. Just as you make New Year’s Resolutions to lose weight or eat healthier, take advantage of your business downtime to set some goals for your business over the next 12 months. Be sure to place your goals somewhere accessible so you can review them on a regular basis and evaluate your progress.
3. Invest in your intellectual capital. Take the time to read a great business book and get some ideas to improve the areas where you’re lacking. You can also use the slow time to research courses and workshops you may want to attend in the New Year.
4. Take time off. "It’s vital for entrepreneurs to take time away from their business and recharge their batteries," says Sprake. Taking time away helps to relieve stress, avoid burn out and will have you returning in the New Year feeling rejuvenated and ready to tackle anything thrown your way.

5. Get personal chores done. A strong personal foundation is essential to propel your business forward. Take advantage of your downtime to schedule your annual dental and eye exams and get any personal chores such as cleaning out the garage or organizing your home office out of the way so they don’t add to your stress later in the year when your phone is ringing off the hook.
6. Thank your support network. While we often take time to thank clients for their business, Sprake says it's equally important to show gratitude to family. "Your family supports you through the thick and thin of your business," says Sprake, who hosts a gratitude dinner for his family around the holidays to thank them for helping him achieve his business successes.

Nine New Year's Resolutions for Stressed-Out Entrepreneurs

BY Kara Ohngren

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With 2011 quickly drawing to a close, that dreaded time for New Year’s resolutions is upon us. We know, we know. You already promised you’d join a gym or try to be “greener” next year, but those aren’t the kind of resolutions we’re talking about. We’re talking resolutions for the overworked entrepreneur.
We teamed with Santa Fe, N.M.-based work-life expert Stephanie Marston to assemble a list of life changes to help you balance your business and personal worlds. Marston is the creator of 30 Days To Sanity, an online stress-management course, and she just might help to make 2012 your most relaxed year yet.

I Will Know When To Turn Off

Every entrepreneur knows it takes seemingly endless hard work to make a new business profitable. But you’re not the Energizer bunny; your batteries need to be recharged. “Set a strict turn-off time,” says Marston. “A specific time every evening when you refuse to even think about work.” Who are we kidding? You’re going to think about it, but don’t act on those urges. Instead, chill with the family or grab a bite with friends. Then wake up the next morning ready to hit the ground twice as hard.

I Will Make My Home A Tech-Free Zone

One of the biggest threats to work-life balance is technology. There you are enjoying a nice relaxing evening at home when your iPhone calls out to you. It isn’t even ringing, but you think you probably should give it a quick check. Stop right there. New rule for 2012: One email glance before bed and that’s it.

I Will Take A Real Break

We see you sitting at your desk eating that cheese sandwich you threw together at the last minute in the company kitchenette. This is no lunch, my friend. “Take a true lunch,” Marston says. Stepping away from your desk can get your abstract thinking juices running wild. That unsolvable problem just might figure itself out over a delicious chicken salad on sourdough.  

I Will Not Pencil Myself In

Sadly, there’s no permanent ink app on your Droid. You pencil in time for yourself, but then an interview comes up or a new order comes in. So you delete that well deserved R&R from your electronic calendar. “You must truly commit to your personal time,” Marston says. “Do not cancel on yourself.” So no more penciling yourself in. In 2012, fun will be scheduled with a pen.

I Will Eat Better

Everybody has tried the “I’m going to eat healthier next year” resolution at least once, but for small-business owners, it’s of the utmost importance. We all know you will only get from your company what you put into it. The same is true for your body. Your mind works better when properly fueled with three squares a day of food high in protein and B vitamins. As much as it may hurt to say it, 2012 is going to be a fast food-free year.

I Will Relax

If you’re going to be a more balanced entrepreneur in 2012, you have to learn to unwind. A Thai massage or a day at the spa is a great way to relax, but we all know splurges can be tough right now. So keep it simple. "Curl up with your favorite novel or film," Marston advises. "Clear a block in your schedule for a workout." All the hard work in the world won’t mean much if you don’t leave a little time for pampering.

I Will Deny The Big G

One of the biggest reasons a business owner overworks is guilt -- The Big G. You feel guilty because you’ve left your work at the office. You believe the extra diligence of taking work home will translate into higher profits. Now we’re not saying hard work doesn’t lead to success, but it has to be hard work within reason. So from now on, no more guilt about leaving your work at work. You’re not a machine.

I Will Say No

You’re probably asking yourself, “How will I ever get my work done if I’m saying no to it?” Well, you don’t have to comply with everything and everyone. Take a good long look at your business priorities and if a potential course of action doesn’t fit with them, simply say “no” to it. Practice this regularly, and you’ll find 2012 brimming with personal time.

I Will Make Work Play

Finally and maybe most important, enjoy your business. Find the members of your team that you most connect with and schedule a weekly lunch or happy hour. Not only will this make you feel as though you’re working with your friends, but it also will show your employees that you value and respect them on a personal level. That tiny feat will lead to a massive increase in productivity.

How to Stick to Your New Year's Resolutions

BY Lisa Evans| January 1, 2013|

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While goal-setting is an important factor in the success of our business and personal lives, most of us will see our New Year’s resolutions fail before the calendar turns to February. "People set goals all the time, but 70% of [them] never end up getting carried out in any significant way," says Mark Murphy, author of Hard Goals: The Secret to Getting from Where You Are to Where You Want to Be (McGraw Hill, 2010).
While, conventional wisdom tells us that goal setting should be SMART (specific, measurable, achievable, realistic and time-limited), Murphy says the key factor in sticking with resolutions isn't that the goals aren't clear or measurable, it's that people don't care enough about them. Instead, Murphy says goals need to be HARD (heartfelt, animated, required and difficult) to be successful. Here, he explains each of the aspects that are key to making this year's resolutions stick.

1. Build an emotional attachment to your goal. Whether your goal is to quit smoking or double your company's sales, Murphy says an emotional connection to the goal is essential to make it a success. "Goals get abandoned easily because you don't really care about them,” says Murphy. For example, resolving to quit smoking because you know you "should" isn’t likely to be a powerful enough reason to make you stick with it. But, connecting non-smoking to a longer life and the opportunity to see you children grow up will give the goal an emotional tie, and make you more likely to be successful.

2. Create a visual representation of your resolutions. "Many business goals are numerical," says Murphy. The problem with this is that numbers are difficult to forge an emotional connection with. Animating your goals by creating an image or a vision board that represents them helps to create an emotional bond to them. If gaining 20% market share means your product will be on the shelves of a major retailer, drawing that image and putting it in a common area where you and your staff can view it is a daily reminder of where you want the company to go and helps to cement the goal in everyone’s minds.

3. Set a shorter timeline. Goals can be given a set of urgency by breaking them down into six month, three month, monthly and daily goals to keep you on track. A yearly sales target of $5 million doesn’t create the same sense of urgency as $15,000 a week or making five extra sales calls per day. "(This) forces the goal into the here and now," says Murphy.

4. Make your goals challenging. "One of the big failures that we found with the S.M.A.R.T. goal setting process is that the goals really have to be more difficult than we would typically be used to," says Murphy. While we often play it safe, fearing that if the goal is too difficult we won’t be able to achieve it, Murphy says making goals challenging is the key to their success. "When the goal isn’t difficult, we're about as mentally engaged with it as we are on our drive to work in the morning," says Murphy.
By demanding more of yourself and your team, it forces you to harness your energy, engage with the goal and in exchange, experience the same sort of adrenaline rush as you get when crossing the finish line of a marathon. "There's a dose of adrenaline-junkie-ism among the entrepreneurial crowd," says Murphy, making entrepreneurs the perfect candidates for setting challenging goals for 2013.

New Year's Resolution Tips for Busy People

BY Jason W. Womack | December 31, 2012|

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It’s that time of year again, another new year. If you have read any popular blogs lately, seems like everyone is talking about “the time to set goals.” Even one visit to a local bookstore will remind you what you already know: “You can be better, successful, healthy, and rich, if only you’ll set goals and work toward them.”
Why is it, then, that people we all know (maybe you included) fail to achieve new year’s resolutions? Many people simply don’t even make them anymore. Perhaps the idea itself has a bad reputation. Let’s start with the word itself:
Resolution comes from the Latin word: resolvere. Break it down, and you get: "re- (expressing intensive force) + solvere ‘loosen.’”
Uh-oh, when we make a new year’s resolution, we’re actually “loosening” ourselves up to step in to something new.
What does the word resolution mean to you? To me, when I resolve to do something, I make a firm decision and declaration of intent to achieve the goal, to finish the project, to ship the product. To do that, to achieve any goal really, requires that I look around and “let go” of some things, not do as much in some areas of my work and my life, and to delegate or forget doing some of the tasks that no longer are a part of moving the mission forward.
It's simple to make a resolution (Scroll down, review the prompts below, and pick one or two that you’d like to achieve.). It isn't always easy to move from “thought to achievement” on the "big, hairy, audacious goals" that so many entrepreneurs are fond of setting.
For many entrepreneurs, life is getting only busier. At the same time, the stakes are getting higher. Managing yourself well through your year is more important than ever. One way to do that is to reduce the “friction to implementation.” Simply, make your goals easier to achieve, celebrate your achievements more often, and reset your goals to be directional instead of destination-oriented.
What’s the secret? Unlike the Nike quote where you “just sit down and do it,” actually making significant, lasting change is going come down to two concepts: Focus and Iteration.
Take for example the typical resolution of “I’m going to manage physical inventory better” or “Finally, I’m going to get organized.” Both of these are uniquely “un-doable.” Meaning, there is not a clear-cut, objective “there” you’re going to get to.
What do you do? Start by focusing on the intention underneath the resolution. Take for example the idea of managing inventory. What are seven to 10 reasons you have for wanting to take on that goal? One could be: “We want to be more responsive to customers’ needs.” Another: “We want to more effectively manage our cash flow.” Now, when you reflect back (once a week, once a month) on the “new year’s” resolution to “better manage inventory,” you have some more objective line items to which to compare your progress over time.
Which leads to the next idea of effective goal management: efficient resolution-setting. Iterative improvement is important to study, understand and work with throughout the year. One of the common misconnections of traditional goal-setting work that people do is to “assume” that once they achieve the stated goal, it will be obvious that it’s time to reset the goal, to state the next resolution.
What I know about how this works is this: As you get closer to realizing an intention, you need to already start iterating, already begin re-calibrating your focus on the “next-next” thing. This does not mean that you’re “never satisfied.” Instead, it represents your focus and responsiveness to the dynamics of the market, social shifts, changes in the way your customers operate.
It is that time of year again. Use it to your advantage. Focus on the things you see that need your attention. As an entrepreneur you know how important it is to choose what needs to be fixed. Pick your areas of opportunity, state your intention, and use focus and iteration to get more done.
Here are some ways to think about using those two concepts: Focus and iteration.
Don't "Write a book."
• Do write one story about a memory.
Don't "Get in shape."
• Do pick a 5K run to train for and complete.
Don't "Get rid of debt."
• Do pay an extra 5% of what you owe next time.
Don't "Get organized."
• Do review, purge and clean one shelf (drawer, closet).
Don’t “Manage your time better.”
• Do get used to working in blocks of 15 minutes (1% of your day).
Don’t “Become a better person.”
• Do schedule the “next” volunteer event to spend a half-day helping.
Don’t “Learn more.”
• Do invite someone you respect to meet for a coffee or lunch five times over the year.

The Entrepreneurial Instinct: How Everyone Has the Innate Ability to Start a Successful Business

In her book, The Entrepreneurial Instinct: How Everyone Has the Innate Ability to Start a Successful Business, author Monica Mehta explores the role of brain chemistry in entrepreneurship. In this excerpt, she details goal setting.
Achieving your goals isn’t just about hard work and discipline. It’s about physiology. By understanding how the brain processes success and failure, you can jump-start your productivity to create a winning streak and put an end to failed New Year's resolutions.
The more times you succeed at something, the longer your brain stores the information that allowed you to do so well in the first place. That’s because with each success, our brain releases a chemical called dopamine. When dopamine flows into the brain's reward pathway (the part responsible for pleasure, learning and motivation), we not only feel greater concentration but are inspired to re-experience the activity that caused the chemical release in the first place.
This is why the cultivation of small wins can propel you to bigger success, and you should focus on setting just a few small achievable goals. While your ambitions can remain grand, setting the bar too high with goals can actually be counterproductive. Each time we fail, the brain is drained of dopamine making it not only hard to concentrate but also difficult to learn from what went wrong.

Why We Learn More From Success Than Failure
Ever find yourself destined to repeat the same mistakes over and over again? According to a study completed by researchers at MIT’s Picower Institute for Learning and Memory, that is exactly how our brains are wired to work. Their findings determined that our brain cells only learn from experience when we do things right and failure doesn’t register the same way.
In the experiment, monkeys viewed two images on a computer screen, one that presented a reward if the subject reacted by looking right, another when it looked left. The study showed that the brain response when a monkey received an award for looking the right way improved its chances of performing well on the next trial.
The study makes important discoveries not only about the way we learn but the brain’s neural plasticity or ability to change in response to experiences. When behavior is successful our cells become finely tuned to what the animal was learning at the time while a failure shows little change in the brain or improvement in the monkey’s behavior.
Set Goals Your Brain Likes
Collecting wins, no matter how small, can chemically wire you to move mountains by causing a repeated release of dopamine. But to get going you have to land those first few successes. The key to creating your own cycle of productivity is to set a grand vision and work your way there with a few, achievable goals that increase your likelihood of experiencing a positive outcome.
“Your vision is your destination, and small, manageable goals are the motor that will get you there,” says Dr. Frank Murtha, a New York-based counseling psychologist with a focus on investor psychology, behavioral finance and financial risk taking. “Without the vision you’re on a road to nowhere. Without the goals, you have a destination but no motor. They work in tandem, and you need both.”
Create a Road Map for Your Subconscious Mind
Kick off goal setting by preparing a short vision statement of where you want to go. “Vision creates a picture for the subconscious mind. Our subconscious is what makes us such good problem solvers compared to a computer,” says Dr. Richard Peterson, a psychiatrist and neuroeconomics researcher who has written two books on financial risk taking. “We can see 1,000 dimensions of a problem and sort it down to the most important very quickly.”
The subconscious is not only responsible for 90 percent of the decisions we make in day-to-day life, but is also the part of the brain that is largely in charge when we are performing creative tasks or charting unknown territory. The very act of giving your emotional brain a detailed portrait of your end goal also ensures that, even inadvertently, you will take the steps needed to steer yourself toward it.
Articulate your vision with words and a picture or two; the more detailed the better. Post this where you can see it regularly.
Work Your Way There With Short-Term Goals
To rack up those first few wins, you’ve got to set only a few short-term goals at a time. Each should ideally take no more than three months to achieve. The goals should be realistic and specific, and incorporate your strengths. Writing them down, ideally in a place where you will see them every day, will help you stay focused.
If success releases the production of dopamine, failure can do the opposite. Setting over-reaching goals, or too many goals at once, can be counterproductive for those seeking to harness the power of the brain’s reward center. If you set four goals and achieve only two of them, it’s human nature to focus on what went wrong; even the successes you were able to accomplish fail to drum out what you weren’t able to achieve.
Remember, success begets success.