Networking Insight

IdeaSlam - Chicago EFactor Event on 6/26

Below is information about an event that I have co-organized.

IdeaSlam

At IdeaSlam, as entrepreneurs, we come together and work to accelerate our ideas. The main purpose of the event is to WORK with others, BRAINSTORM together, and get a glimpse of who you would like to COLLABORATE with further in the future.

PROGRAM

6:00 PM - 6:45 PM - Food, Drinks and networking

6:45 PM – 7:00 PM - Idea-people pitch

7:00 PM – 7:30 PM - Breakout into teams and work on idea

8:15 PM – 8:30 PM - Finalize finding and presentation

8:30 PM - 9:00 PM - Pitches and wrap up

HOW IT WORKS

- Show up with an idea or ready to help work on an idea

- Connect with attendees on EFactor before the event - join the Group

- Tell about the idea and get in teams of 5 to work on them

- Plan out the idea and how you will go from idea to IPO

- Each team then presents their findings

Event Details

Date: 6/26/13

Time: 6-9pm

Location: Catapult Chicago, 321 N. Clark St., Suite 2250, Chicago

Price: $10

Sponsors: EFactor, Catapult Chicago

For more details and to register, go to http://www.efactor.com/ideaslamchi#

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Book Review: Into the Storm by Dennis Perkins

Into the Storm was written by Dennis Perkins who is the author of Leading at the Edge and the CEO of The Syncretics Group, a consulting firm dedicated to helping leaders adn teams thrive under conditions of adversity, uncertaintly, and change.

The book is comprised of the following parts:

• The Story of the AFR Midnight Rambler and the Sydner to Hobart Race
• Critical Strategies for Teamwork at the Edge

The book shares the true story, in vivid detail, of the AFR Midnight Rambler who won the 1998 Sydney to Hobart Race, which is one the most dangerous offshore ocean sailboat races. What is interesting about this story is that this boat was the smallest to win in 10 years at the time and they sailed in a deadly storm.

The author explores the incredible teamwork that allowed the Midnight Rambler to win against all odds. He reveals the following 10 critical strategies that are applicable in the workplace:

• Make the team the rock star
• Remove all excuses for failure
• Find and focus on the winning scenario
• Build a gung-ho culture of learning and innovation
• Be willing to sail into the storm
• Cut through the noise of the wind and the waves
• Find ways to share the helm
• Step up to conflict - and deal with the the things that slow you down
• Master the art of rapid recovery
• Never give up - there's always another move

While reading about the team's journey, they had many critical decisions to make such quit or be bold and head into the storm, share the load by organizing a "wave splotter" system, and shift from survival to racing mode to quickly recover from setbacks.

The inspiring story of this team is very applicable for any team enviornment. Into the Storm is a fun read disguised as a business book.

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Build Value Into Your Business Relationships

In order to build and sustain long term relationships, you need to find ways to build value.  Every day in the business world, we meet new people. Some of these people become part of our lives and many do not. How do you ensure that you become part of someone's business life?

It takes a lot of time and effort to stay connected. So, you should think of ways to add continuous value.  Find ways to stand out from everyone else. Also, find out what the other person needs.

What does value look like? Value comes in many forms but the key is that the other person finds it valuable. By providing the right kind of value, you will be abel to build long term relationships.

Ways to provide value include:

• Making connections
• Sharing job opportunities
• Sending information
• Sharing business opportunities
• Staying connected through social media
• Sharing your subject matter expertise
• Inviting pepole to events
• Inviting people to participate at events

Make sure that you are consistent and persistent in what you share and how you share. You need to stay relevant and top of mind. Over time, your value will be associated with how others perceive you.

What other ways do you provide value?

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Seven Summer Networking Tips

With the summer fast approaching, you should start to think about how you will continue to build you relationships.  Summer is not a time to slack off.

In fact, the summertime is a great opportunity to build up your existing relationship. At the same, you will be able meet new people in a generally more relaxed time of the year.

Here are seven summer networking tips to remember:

1. Invite people to attend with you at summer festivities, happy hours, sporting events, etc. Take the opportunity to meet with othes in a casual envirornment.
2. Meet others for lunch on a regular basis. Take the time to set up lunch meetings to get to know people.
3. Host your own happy hours. Great opportunity to bring your network together to meet new people.
4. Make introductions between those in your network.  Constantly try to add value by making strategic introductions.
5. Write subject matter expertise articles. Work on building your brand by writing articles, blog posts, etc. so you let others know about your expertise.
6. Be consistent and persistent. Don't let the summer stop you from your regular relationship building activiites.
7. Have fun. The summer is a fun time so find creative ways to interact with other people.

What other tips do you have?

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How to Boost Your Business through Referrals by Steve Fretzin

One of the best ways to build your business is through referrals. Unfortunately, for most business owners and salespeople, referral business does not come without some hard work. If only there were easier ways to increase clients through referrals. How much would your business increase if you were provided with one referral from every existing client?

Even better, what if your existing client provided you with a quality introduction to a new prospective client? The difference between a referral and a quality introduction is simple, but significant. A referral is a lead passed on from a client which typically includes just the individuals name and contact information. However, this lead ends up as a glorified “cold call” most of the time. A quality introduction, on the other hand, is a completely different opportunity. It’s a more personal introduction by your client that includes an endorsement about why this client relies on your products or services, and most importantly, how you helped the client to solve a problem or achieve results.

Next, we should eliminate the “head-trash” that we all burden ourselves with every day. I define “head-trash” as the reservations, fears, and negative past experiences that keep us from thinking and acting clearly to achieve the results we desire. For example, if you aren’t currently comfortable when asked for a referral from an associate, chances are you won’t feel comfortable asking for one yourself. Another important factor in removing “head trash” is your confidence. You must truly believe that you are the best and most qualified individual in your industry to do the job.

Now, put the two parts together. Eliminate your head-trash by believing that you are helping others by asking for the referral. Then, upgrade the introduction by preparing your existing client for your introduction. For example, after asking a client for an introduction, he might say “I have a great lead for you. Here’s his name and number.” Now is the time to move the referral to a quality introduction by asking a few background questions about the prospect, and replying, “Thank you, would you do me a personal favor? Would you call your friend and give them a little background about how we met, why we started working together, and the results you’ve achieved since working with me? Also, at the end of your conversation, would you make sure that he will accept my call?” In most cases, your existing client is more than happy to comply with this request.

Try to eliminate “head-trash” and give this approach a try with your happiest and most loyal clients. You’ll see the difference in the introductions you receive, how receptive they are to meet with you, and most importantly, their interest in doing business with you.

About Steve Fretzin

Driven, focused and passionate about helping business professionals reach their full potential, Steve Fretzin is a Chicago area premiere business coach, speaker and author. He provides one-on-one coaching, group training and seminars through Sales Results Inc., a company he founded. In addition to Sales Results Inc., Fretzin oversees Team Discovery, LLC, the American Club Association, and Networking Monkey, LLC, the number one ranked portal on Google for Chicago area networking events.

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What are the Benefits of Building Strong Business Relationships? by Jaguar PC

 

Whatever your line of business, the ability to build strong, long-lasting relationships is likely to be a key factor in determining whether you will be successful for any length of time. Like relationships in any area of life, finding the people you want to be close to and build one with can take a long time, and it might need a lot of effort on your part to ensure that it continues to work.

What are the key relationships that businesses should look to establish, why are they so important, and what are the best ways to maintain them?

Customer Loyalty

If you don’t have a relationship with your customers or clients, then you don’t have a sustainable business. It really is as simple and as brutal as it sounds. It doesn’t matter whether you are a B2B or B2C company; if you can’t get this right then you’re nowhere.

Why is customer loyalty so important?

When you are looking for new customers, you need to be able to demonstrate what you do well. What is the better option? The business that has had a core of customers loyal to them for months and years, or one that doesn’t have many regular customers? We know who we’d be dealing with.

Building customer relationships is easy, and is based primarily around providing quality products or services, and being a great communicator. Get those two elements right, and you’ll be well on your way.

Building Business Bridges

One type of relationship that businesses often neglect are those with other businesses. While you’re not going to want to buddy up with a fierce competitor, there are ways you can work with other business, for example those in your local area, so that mutual benefits are enjoyed.

This might mean giving recommendations to customers who are seeking the service of another business, or even marketing a selection of their products or services through a referral or affiliate program. Mutually beneficial business relationships will be formed quickly and easily if you’re willing to reach out and talk to others.

Making Your Business Grow

Such relationships can have a huge impact on the growth potential of businesses. Let us look at businesses in a local area, for example. By forming a local business council, for example, these companies can work together to find ways of better targeting the local community so that everyone receives greater exposure. This will often happen as a consequence of a major retailer, such as a supermarket, moving into the local area, but there’s nothing to stop it being a powerful alliance at any other time, either.

Taking the point further, small businesses could agree to work together in shared space, or split the costs of common sundry supplies, for example, both of which will free up cash for the business to use to stimulate growth or invest in other areas.

The Opportunity is There

Opportunities to benefit from such relationships are staring businesses in the face, there just seems to be a reluctance to take advantage of it. If your business has the chance to work with another which will have benefits for you both, reach out, discuss your ideas, and move forward. It could be the most productive thing you could do for your business.

This article is written by Jaguar PC, providers of managed VPS hosting with 24/7 professional support and daily backups.

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Getting Tangible Business Out of Networking by Steve Fretzin

Recently I had the pleasure of meeting with one of Chicagoland’s top networkers. This gentleman is very well connected and admired by many business people. He enjoys meeting new people and is the kind of person who gives selflessly to almost everyone he meets. After about thirty minutes of discussion, he confessed something very interesting to me. He said that he wasn't getting enough tangible business for the time he was investing in his networking.

This problem is an unfortunate reality about networking that most people face. While giving is still the most important element of networking, doing so without a smart strategy can lead to poor results. To better understand a strategy as it relates to networking, consider a talent scout. A talent scout doesn’t randomly head out into the world searching the streets for a new actress. He also understands that true talent is rare and that most of the people he meets will not end up becoming a star. In networking, we encounter the same challenges as the scout. Approximately 90% of the people we connect with are not going to end up becoming valuable strategic partners. They simply may not have the right set of contacts or business focus that you need in a strategic partnership. In order to properly scout out the best and brightest people to partner with, here are the four key criteria for a solid networking partner:

1. Must be Likeable – In order to create a long term and productive relationship with another business professional, it is imperative that you actually like one another. Finding someone that you could be friends with will help out tremendously in building trust and becoming friends.

2. Must be Trustworthy – While it may be difficult to discover in an initial one hour networking meeting, try to give your new prospective partner a few tasks to work on for you. This will help you to better understand their ability to follow up and stand behind commitments. Missed calls or rescheduling multiple appointments are warning signs that this person may not follow through very well or have enough time for you.

3. Must be an Expert – One of the worst feelings you can have is referring the wrong person to one of your friends or clients. If you have a clear understanding of someone’s skill sets and their ability to follow through, it will help you determine if they are referable. Look for online recommendations, testimonials, and an overall track record of accomplishments.

4. Must have a Network – As you can imagine, it’s difficult to obtain referrals if your new friend doesn’t know anyone. Find a new strategic partner who is “wired in” to the marketplace. Although the average person has an average of over 200 connections, someone with many high level connections will fast track your success in building your business. As a best practice, create a mental or physical check list as you’re meeting new people. Rate them on these four criteria to help you determine which new connections will provide you with the most value. As an avid networker myself, it’s my nature to meet with everyone and try to help them all out. While this approach might be a terrific karma building exercise, it’s not the most effective networking tactic. Keep in mind that your most precious asset is your time. By networking with intelligence, you will manage your time and expectations of others more successfully to achieve the best results.

About Steve Fretzin

Driven, focused and passionate about helping business professionals reach their full potential, Steve Fretzin is a Chicago area premiere business coach, speaker and author. He provides one-on-one coaching, group training and seminars through Sales Results Inc., a company he founded. In addition to Sales Results Inc., Fretzin oversees Team Discovery, LLC, the American Club Association, and Networking Monkey, LLC, the number one ranked portal on Google for Chicago area networking events. In addition, Steve is the author of Sales- Free Selling, which explores the lives of three business professionals who are struggling to make it in a competitive and negatively-charged environment where traditional methodologies of selling are simply not working.

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Social Networking Humor

EFactor Presents: Food Frenzie - 4/24

Below is information about an upcoming event that I co-organized in Chicago.

Are you an aspiring restaurant owner or chef? Either way, your business is built around the idea of serving great food and drinks at the highest level of customer satisfaction! During this panel discussion, learn from some top-notch hospitality industry entrepreneurs on how they grew their successful ventures, the steps they took to get them where they are and keep their customers full and happy.

After attending, you’ll have insights on:

• Where to begin
• Gaining customers at the right locations
• What's the right price
• Marketing your brand and integrating social media

Entrepreneur Speakers

• Matt Matros, Founder, Protein Bar
• Bill Reeder, President, Campus Cooks
• Julia Stamberger, President & CEO, GoPicnic
• Kim Shambrook, President & Executive Chef, Bespoke Cuisine Event Details

Event Details

• Date: 4/24/13
• Time: 6-9pm
• Location: Catapult Chicago, 321 N. Clark St., Suite 2250, Chicago
• Price: $10 early bird, $15 regular, $20 at door
• Sponsors: EFactor, Catapult Chicago, Taylor Group Insurance Agency

For more details and to register, go to http://www.efactor.com/foodiefrenzychi

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Seven Business Relationship Killers

Building and nurturing relationships takes a lot of time and effort. Without properly caring for your relationships, you may lose some of them. Below are seven sure fire ways to kill off some of your relationships. In fact, you may want to lose some of them, especially if they are only one sided and/or a pain to manage.

1. Mostly a taker - If you mostly ask people in your network for help and don't give any in return, then there is a good chance that some will not want to interact with you anymore. It is important to be a giver more than a taker.

2. Don't care what others have to say - When interacting with others, you usually get a good sense of their needs and interests. However, if you come across as non-caring and only want to talk about yourself, then you will turn others away. Make sure that you acknowledge what others share and most importantly take a real interest.

3. Sell too much - If you are always selling your products/services when communicatinng with others, then you are bound to turn them off. Rather, focus on selling yourself so others can get to know you. When the time is right, they will make a purchase based on trust and friendship.

4. Show no value - If you don't show that there is value with you being in someone's network, then you may lose that connection. It is important you are constantly providing value whether it simply sharing industry resources or making referrals.

5. Rude and disrepectful - People generally don't want to be around others who are rude and disrespectul. If you act this way, then you are sure to lose many relationships. Focus on being genuine and nice to others.

6. Don't make introductions - If you are always receiving introductions and never making introductions, then those that make the introductions will feel that your relationship is one-sided. Make sure to reciprocate and make introductions back when approrpriate.

7. Not fun to be around - If you are always a downer, then people won't want to be around you. Be happy and smile around others to make them feel comfortable.

What other business relationship killers can you think of?

Related Post: Seven Ways to Lose Credibility with Your Network

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