Business Growth: How to Build Business Relationships After a Networking Event

rawpixel-com-267082.jpgIn previous blogs, I’ve discussed how to effectively attend networking events. You’re now quite adept at working the room and making the most of your opportunities. And, some of the connections you’ve made have the potential to develop into valuable business relationships. However, attending the event is only the beginning. Whether or not you’re able to build successful business relationships after attending a networking event depends on how well you follow-up.

Business owners often share with me that their networking event was not successful because they didn’t get any ‘real’ leads, but the truth is, that leads are not built in a day and this is why follow up after attending a networking event is so critical. In order to build business relationships after a networking event, you’ll need to follow up. I’ve outlined below seven tips I believe will help to increase your success at the networking events:

  1. Review and prioritize the connections you made: Review your notes and the business cards that you collected. Google the people you met and interacted with. Make a list of the ones that you believe could be a potential client, strategic partner, vendor or referral source and prioritize in order of importance.
  2. Send an email within 48 hours: Send a quick “nice to meet you email”, and personalize it by mentioning some of the things you discussed at the event. Suggest a face-to-face meeting for coffee or lunch and include a few date/time options.
  3. Connect on LinkedIn and other social media networks: This will help you build your online connections and a potential referral network. Connecting on social media also ensures that you and your connections will always be able to contact each other.
  4. Pick up the telephone and make a call: We’re so used to email, social media and text, that making a phone call has become a novel idea. Pick up the phone, have a chat and suggest a time to get together.
  5. Deliver on any promises that you made: In the course of discussion, did you promise to send your new contact some information he/she was looking for? Deliver on your promises as quickly as possible.
  6. Introduce people to each other: Add value. You may have met someone who you believe would be a great connection for someone else that you know. Make the connection. They’ll both thank you for it.
  7. Create a monthly follow-up plan: Building relationships takes time. A monthly follow-up plan will help you cultivate your contacts and build successful business relationships after attending a networking event. It’s also a great reminder.

Are you following up after attending networking events? Want more advice on building successful business relationships after attending a networking event, or general advice from other business owners like you? Find out if a TAB Board is right for you!

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You’ve Built A Wealth Of Business Expertise – Now What?

office-1209640_1920Many senior executives want to share the lessons they’ve learned from their 20+ years of experience at several large corporations, but with the changing landscape of corporate culture, these execs are being ‘pushed’ out or looking for new opportunities.

I’ve spoken to countless senior executives that have climbed the proverbial corporate ladder, and have been dedicated to progressively building their careers at a huge multinational for years, even decades. However, they are finding that the face of the company is changing and a younger group of individuals now reflect the corporate culture. Some are facing the possibility of being phased out, or are looking for ideas and direction for what may become the next chapter of their career.

There is little doubt that today’s rapidly changing, globally competitive environment often requires a shift in mindset and competencies, and a growing number of senior executives in their 50s are evaluating their value and long-term growth plans. These professionals were hired by large multinationals when in their 20s and have enjoyed travelling the world, solving business issues, creating new processes and plans, organizing teams, going to tradeshows and conferences, and engaging in high-stake meetings with their colleagues in Asia. Where do they go from here?

When you have fully invested in your career and have a wealth of knowledge, the question is how can you share your wisdom and help others reach their goals?

If you are interested in learning about an opportunity to leverage your business expertise and provide guidance to business owners while giving you the freedom to work at your own pace, build equity, meet local business owners and become part of your business community, check out this website or simply contact me to discuss your situation.


Put an End to the Feast and Famine of Owning Your Own Business

indexI’ve seen it time and time again, business owners, whether they own an accounting, engineering firm, marketing agency or IT company, are left feeling vulnerable due to the feast and famine of income streams.

When I meet with business owners they share with me their concerns about their struggle for consistent revenues; one month the financials look great, but next month, they are not on target and they begin to stress about making enough income to cover their expenses. Sometimes this cycle is endless and it can take a toll on the many business owners striving for income predictability and growth.

When a business experiences the feast or famine scenario, things like hiring staff for a project today in hopes that there is work for them tomorrow can result in more stress and pressure on the owner to bring in more business.

Owning a business can be one of the most rewarding experiences, but so often business owners are conflicted with decisions about hiring the right staff, committing to paying rent for the appropriate space, investing in office equipment and technology, not to mention marketing. Without consistent and predictable revenue it is hard to make long term plans that will allow owners of professional services businesses to accomplish their goals.

If you are interested in learning about a professional business that will put an end to this feast or famine scenario but still give you the freedom to own a business, check out this website or simply contact me to discuss your situation.


The Roles They Are A-Changin’

changes-aheadAs a business owner, you know how important it is to keep things fresh and innovative in your workplace, but when making changes, you’ll need to consider how your plans might impact your employees.

If you are in the process of job redesign where employees are assigned new roles that play into their strengths and contribute to a more successful business, these changes can be stressful to your employees. If someone has been hired for a particular job and then he or she is suddenly expected to perform a different role in the organization, tension and stress can result.

A recent report found that 46% of 1,018 Canadian employees recently surveyed had taken time off work or noticed other employees taking sick leave following workplace changes, a common symptom of a stressed-out workplace.

I’ve outlined below a few tips on how you can shift roles in your organization without contributing to employee stress:

  1. Share your vision.

Why are you doing this? What is this change going to accomplish for your organization? Sharing this vision with employees will allow them to understand exactly why this is happening, and help them find their part in it.

  1. Keep the lines of communication open in regards to role change.

Ask employees how they feel they can contribute to a new role and encourage conversation. By doing this, you can evaluate each employee’s strengths and weaknesses, while giving them an opportunity to work in a new role they would truly enjoy.

Make sure employees stay up to date as things begin to shift. For example, when you have made some final role decisions, send out an email to all staff informing them of the new structure. Keeping everyone in the know will ensure a smooth transition process.

  1. When your employees begin their new role, make sure they feel supported.

Assuming a new role can be challenging, especially if the employee doesn’t have a lot of previous experience in the position. Positive reinforcement can go a long way, as employees are less likely to experience stress when they report a positive and supportive workplace culture.

In today’s workplace, you need to keep things fresh, but maintain a balance against a backdrop of inclusiveness and communication. Learning how to handle change effectively is what will keep your team on the right path to growing your business.

How have you successfully restructured your business?


When You’re Looking for One in a Millennial

entrepreneur-593358_1280Every day, thousands of millennials are entering the workforce for the first time. Now, many small business owners are considering hiring these individuals and asking what they need to consider before they opt to hire them.

There is no denying that the millennial generation is much different than the generation of workers that has come before them.  This means that as a small business owner, you’ll need to make some changes to your business culture in order to accommodate the very unique needs of this particular group.

I’ve outlined a few key items you might want to consider before hiring millennial workers to ensure success for both your company and your potential millennial hire.

  • Flexibility

Millennial workers, unlike any other generation before them, are keen on the idea of having office hours that suit their personal needs. How flexible are you willing to be with your office hours? When interviewing potential millennial candidates, ask about their work schedule expectations. If you run a business that can only accommodate the hours of 9am to 5pm, then you can expect a millennial may not find your opening suitable to them.

  • Millennials want to be valued

Millennials need a great deal of validation from and communication with their supervisor/manager to let them know how they are doing, and to give them praise (preferably in a group setting) when they have done a good job. In the workplace, this may require more of your time and attention. They want to be noticed for their work and you will need to be available to give them ongoing feedback. Do you have the time to provide them with ongoing feedback and praise? If not, a millennial may not feel valued in your office.

  • Company Culture

Millennial workers are expecting an inclusive and exciting company culture that promotes social relationships and fosters innovation. If you have other millennial staff, or see your company hosting social nights or team-building activities, a millennial might fit in well. Their need to work and collaborate with a team is key to their success. Is your office made up of employees aged 45+? If so, a millennial worker might feel like an outsider and have trouble fitting in.

There is no doubt this new generation of workers are the future of business, and they have so much to offer, but we need to learn how to accommodate their needs if we are to add them to our workforce.


The Importance of Onboarding New Clients

onboardCongratulations! You’ve landed a new client, now what? The first few months of your new business relationship will determine the level of satisfaction your client has with you and will ultimately factor into whether or not you have a solid working relationship from which to grow. In order to maximize your level of service during this new and exciting time, I highly recommend following a carefully crafted onboarding process.

An onboarding process acts as somewhat of a blueprint for the next few months of the new relationship by clearly outlining expectations for both parties involved. Moreover, it protects both parties by mitigating any form of miscommunication or false expectations.

I’ve outlined below the steps involved in creating an effective onboarding process:

1) Send a welcome email

With most things in life, first impressions matter. This is no different in business, and sending your client a personalized welcome email from a C-level individual at your company not only shows your commitment to working with them, but it’s also a nice gesture that opens a line of communication.

2) Learn their resources

Since every company is different and operates in their own way, knowing what resources they have available is important to accomplishing your goals. For example, and depending on the type of services you’ll be providing, you’ll need to establish what platforms each company uses, what internal staff will be directly working with you, and whom you can go to with questions.

3) Establish mutual goals

A new business relationship is a two way street, and success is dependent upon clear communication and support offered by each party. Simply because a working agreement has been established, it doesn’t automatically mean both parties are on the same page. It is through the onboarding process that the details of the contract can fully be planned for effective execution.

4) Have a kick-off meeting

Whether over the phone or in person, hosting a kick-off meeting with key members involved in the launch of a service is an important step for setting expectations and weeding out any kinks that may have been overlooked during the original planning phase.

5) Obtain feedback

Once your business relationship has begun, checking in with your client to provide updates and ensure their satisfaction is key to demonstrating your willingness to foster a successful relationship. Not only will this show them your commitment to providing excellent customer service, but it will allow for any concerns or necessary changes to come to light. Having a 30, 60 or 90-day feedback session is recommended, but you can customize this plan based on your client’s preferences.

As you’ve probably realized in your business ventures, every client is different. Making tweaks to your onboarding process may be required depending on what each client’s expectations of you are and vice versa. Ultimately, an onboarding process is created to help you achieve success and maintain a mutual understanding with your client, so putting in the time to carefully craft one is in your best interest.

  

Do you have an onboarding process in place for new clients?


Why Join A Peer Advisory Board?

round table.jpgForbes published an article on the importance of peer advisory boards, “10 Reasons To Join A Peer Group.” While I thoroughly enjoyed the read, I noticed the author overlooked a few key benefits that I’ve been lucky to witness firsthand as a facilitator. As a business advisor, I take pride in facilitating a peer advisory board that has proven results for my members. The peer boards help business owners reach new heights and succeed in ways they never imagined.

Peer advisory boards led by trained facilitators embody the power of collaboration, accountability, and perspective. A deep bond can be created and a business asset is formed that business owners crave and are hard pressed to find in any other forum. I’d like to share with you my list of top 7 reasons many business owners join a peer advisory board:

1) Perspective

One of the greatest benefits of joining a peer advisory board is the exposure you’ll receive to other small business owners much like yourself. Entrepreneurship is unlike any other job, which means the challenges you face on a daily basis are just as unique. As a member of a peer advisory board, you’re able to share ideas with people in similar situations. As a result, the business ideas you’ll be provided with won’t just be erroneous but tried and true.

2) Accountability

As the owner of a business, there aren’t many people you have to report to other than perhaps a Board of Directors or other shareholders. When you’re part of a peer advisory board, however, your fellow business owners will often hold you accountable for the executive decisions you’ve elected to make. Many peer groups meet once a month and they often expect some form of progress each month.

3) Feedback

We’ve all had ideas that we considered to be foolproof, but as we’ve come to know in business, not every idea is feasible. In becoming a member of a peer advisory board, you’ll receive constructive criticism from the board regarding your potential business decisions. This allows you to fill in any gaps that you may have overlooked.

4) Confidentiality

With competition at an all time high, it’s difficult to know whom you can share your ideas with. With peer advisory boards, anything that is discussed is confidential among members, so you’ll receive reassurance in knowing that you can freely discuss your business decisions without compromising trade secrets.

5) Motivation

As previously mentioned, you’ll surround yourself with like-minded entrepreneurs as a member of a peer advisory board. What this means is that you’ll witness them experience successes and/or setbacks, just as they’ll witness the same for you. Either way, you’ll challenge one another to learn from your mistakes, grow, and ultimately succeed.

6) Structure

A common benefit I hear from board members is that a peer advisory board allows them to focus on developing their business rather than working in the business. Don’t get me wrong, one of the best qualities of a business owner is someone who knows the ins and outs of their product or service, but when it boils down to growth, strategic decision-making is a necessity.

7) Reassurance

As the saying goes, “it’s lonely at the top.” But it doesn’t have to be. Your fellow board members are there to support you through your journey, and many if not all are experiencing, have experienced, or will experience the trials and tribulations you are facing as a business owner. They are as much of a support group as they are anything else.

 

Have you ever considered joining a peer advisory board? What would be your top reason for joining?