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Tag Archives: networking

The Art of Networking

Networking is a special form of communication aimed at developing a network of people with a stake in your life and career. Having a strong network is critical to your professional development but you cannot approach this in a selfish way – as with every stakeholder relationship, there needs to be a two way advantage, the only difference is rather then seeking mutually advantageous business or project outcomes, you are looking to your network to help you become more successful. This is achieved by developing a well-rounded network.

Some of the important people to have in a well rounded network include:

Your Mentor: This is the person who has reached the level of success you aspire to have. You can learn from their success as well as their mistakes. Heed their wisdom and experience. Mentors help you discover your solutions to your challenges.

Your Coach: The coach is someone who sets you goals, targets and challenges (think ‘sports coach’). They help with critical decisions and transitions and offer an objective perspective with no strings attached.

Your Industry Insider: This is someone in your chosen field who has expert-level information and who keeps you informed of what’s happening.

A Trendsetter: This is someone outside of your chosen industry who always has the latest buzz on any topic that you find interesting. The goal in having this person in your network is to look for those connections that spark innovation via the unconventional. It will also help you keep your conversations interesting.

Your Connector: This is a person who has access to a vast array of people, resources and information. As soon as they come across something related to you, they send you an e-mail or picking up the phone. Connectors are great at uncovering unique ways to make connections, find opportunities that otherwise would be overlooked.

An Idealist: This is the person in your network you can dream with and brainstorm ways to make the dream come true. Without judgment, they are focused on helping you achieve the impossible.

A Realist: On the flip side, you still need the person who will help you keep it real and challenge you to actually make your dream happen.

The Visionary: Visionary people inspire you by their journey. One personal encounter with this type of person can powerfully change the direction of your thinking and life.

Your Partner: You need to have someone who is in a similar place and on a similar path to share with. This is a person you can share the wins and losses with. Partners will also share resources, opportunities and information.

Your mentee: This is someone you can serve as mentor to. Someone you can help shape and guide based on your experiences.

Building a diverse network that includes people from different industries, backgrounds, age groups, ethnic groups, etc. … that fit into the roles listed above is far more empowering than building a deep network that only includes people from your current profession, limiting potential opportunities.

Achieving a dynamic network requires you to find the right people connect with and through the connections develop a robust relationship.  The balance of this rather long post will look at these two aspects in turn.

Meeting people, or at least being in a room with a lot of other people is fairly easy to achieve, there are professional associations, conferences and a range of other events you can attend, the only real challenge is creating time and picking up the courage to go out and meet people face-to-face.

Unfortunately, virtual networking is only a pale substitute; certainly networking tools such as LinkedIn and others have users that number in the millions, allow professionals to expand their networks to numbers never before possible, and help you connect with colleagues past, present and future from around the world these are largely ‘shallow’ connections. In-person networking, where connections are more personal, builds relationships that are stronger and creates impressions longer lasting. Virtual networking can certainly help feed into personal networking but then you need to make those connections and impressions that count.

The next time you attend a networking event and start a conversation with a stranger (or a virtual contact) you need to be an effective communicator and develop rapport.  These ideas will help:

Never pass up an opportunity to connect. Sometimes even a seemingly random relationship leads to a big payoff.

Make connections from the executive suite on down. Seek contacts are at all levels in a hierarchy and take the time to talk about their hobbies and interests, even at work!

Be prepared. Have a standard set of questions that you can use to begin a discussion; not only will you be ready to approach someone; you won’t do all the talking. The fastest way to build new relationships is to inquire about the other person’s work, and then ask about their biggest challenges or successes. For more on questions see: Active Listening.

Focus on each connection. When you are networking with someone at an event give them your undivided attention. Networking is about building lasting relationships, not about pushing unwanted business cards at strangers. Concentrate on what the person is saying and try to pick up nuances you can leverage later. But don’t ignore the cards – people are impressed when you meet again and you recall their name along with details of your last meeting and most of us need a prop to help remember this key information.

Build rapport. Build rapport by applying these simple steps:

  1. Find common ground. When you talk to people try to find out what you have in common with them by asking different questions and listen closely for commonalities. Try to find professional and personal commonalities, just make sure it doesn’t feel like an interrogation!
  2. Maintain eye contact. When you’re speaking to someone your eye contact will let them know you are interested and listening. This is a key part of ‘Active Listening’.
  3. Use open body language. Face your body toward them and at times even lean in when they are talking, this will show them you’re engaged. Avoid leaning back, facing away from them or crossing your arms, as this can indicate you don’t agree or that you’re uninterested.
  4. Be aware of your facial expressions. Be conscious of your facial expressions when people are talking to you. If frowning they may think that you disagree with them and if you’re smiling and nodding they will think you agree or are telling them to go on, but your expression needs to be authentic.
  5. Mirror the person you are speaking with.  Mirroring means matching the body language, speech and tone of the person you are talking with, and is a great way to build rapport quickly.
  6. Be confident and friendly.  People are naturally attracted to warm, happy and friendly people so make sure you are. Not only will it make you more likeable, you will also help those who are nervous to feel more relaxed around you.
  7. Make them feel good about themselves. When the opportunity arises, pay the person you are talking with a genuine compliment. When we make others feel good about themselves, they naturally warm to us and remember us more positively.

Then Follow up right away. Connect with your new contacts on LinkedIn or friend them on Facebook if you use your account for professional purposes. This is where in-person networking and online networking converge, and don’t overlook the potential of e-mails and phone calls to people you know and with whom you’d like to stay in touch.

Effective networking is both fun and valuable all it takes is practice.

Learning from your Mistakes

I have had to confront a couple of different aspects of people getting things wrong recently. The experience triggered 2 or 3 thoughts……

The first was the advice given last century by (from memory) Fred Daly MP to a new member of parliament ‘always leave the back door unlocked’ – no matter how sure you are of the correctness of your position in an argument always have a way to back out gracefully.

Every one wants to employ experienced people but very few employers tolerate mistakes…. To quote Denis Waitley: “Mistakes are painful when they happen, but years later a collection of mistakes is what is called experience” and Franklin P. Jones “Experience is that marvellous thing that enables you to recognize a mistake when you make it again”. You cannot attempt something new without occasionally making mistakes – the skill is to use your experience to recognise a pending mistake early and short circuit the error.

Lesson’s Learned should be the repository of ‘other peoples’ mistakes that you can draw on to avoid repeating them yourself – as quoted in ‘The Knack’, “A smart person learns from his or her mistakes. A wise person learns from other people’s mistakes.”

And then there is the question of what to do about your mistakes. The generally accepted process for getting over a mistake is:

  • Acknowledge it (“my mistake”)
  • Make restitution if needed (eg apologise)
  • Learn from it
  • Move on, only people who have never made anything have never made a mistake.

In moving on though, make sure you take your enhanced experience with you.

One last thought from Helen Keller: “Life is either a daring adventure or nothing. Security does not exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run than exposure.”  The same idea applies to making decisions; every decision you make may be wrong but in the long run no decisions are usually worse than wrong decisions and your decision may be correct (but it helps if you can leave the “back door unlocked”).

Surviving the credit crunch

Depending on where you are in the world your economy is either in recession or sinking towards recession, with only a few exceptions such as China where growth has merely slowed to a moderate rate of expansion.

However, after more than 20 years running SMEs (small to medium enterprises) I definitely feel the doom and gloom in the press is greatly exaggerated. To a very great extent, it’s when the going gets tough, the tough get going! Not to build empires, but to position themselves for the inevitable upswing.

This blog is written from the perspective of sole contractors and small professional consultancies and is very much what we are doing in Mosaic Project Services to win through yet another downturn. It’s rather long, but I hope you find it useful.

Unemployment

The first thing to consider is unemployment. In a recession unemployment tends to double and the number of people ‘not seeking work’ also increases. In Australia this means rising from the 2% to 3% range to maybe 4% to 6% an increase of some 4% at the maximum. Double this again for the number of people on the margins ‘not seeking work’ and you could say 8% of people who are likely to have a job in good times won’t have one in a recession. This suggests around 92% of people who are likely to have a job in ‘good times’ still have a job in bad times. Therefore as an individual contractor or small business your challenge is to make sure you are part of the 90% still working – looks at this way, the challenge is not so hard.

Cash Flow

The next issue is cash flow. In the good times we all ran up too much credit and the temptation is to eliminate debt. The bad news is that now is a bit too late! There are several challenges to consider in order:

  • The first issue is to minimise fixed outgoings (these are the real break points if your income stops for a period)
  • The second is to build up some cash reserves or liquid assets (essential to cover ‘fixed outgoings’ if you income stops for a period)
  • Only then should you consider major debt reductions. Remember, one of the good points in a recession is interest rates drop.

We are not in a position to offer financial advice but we have noticed it is much easier to re-engineer your finance if you still have a job and with proper advice there are a range of opportunities ‘out there’ because the banks and card companies are chasing business as well.

Maintaining an income is the other side of cash flow management. This requires a careful balancing act……

  • Most employers / clients are feeling the squeeze and will employ the ‘golden rule’ (He who has the gold makes the rules). Don’t let your pride stand in the way of negotiating a rate cut but at the same time make sure you are still being paid at the ‘right rate’ for today’s climate.
  • If you are between contracts make sure the rates you are asking for are consistent with ‘today’s market’. Yesterday has gone and tomorrows rates are likely to be lower still.

Keeping a Job

‘A bird in the hand is worth two in the bush’ – a moderately paying job now is worth more than the possibility of a higher paying job later. Consider this simple equation: if you turn down a job today at $650 because you feel you are worth $700 per day minimum and eventually after 4 weeks you are successful and win the $700 job you will have foregone 20 days at $650 = $13,000. This means you will be working for the first 260 days in the $700 job before you break even with the income you would have earned at $650 per day. This is 1 year’s work (52 weeks) and in a recession most contracts are for 6 months or less. To make matters worse, if at the end of the day you take a job at $650 or even $600 you never make up the lost income. Unfortunately, the business world will be well into recovery before contract rates start to rise significantly.

Marketing

Keep on marketing. The competition to keep your existing contracts or win new work in a recession is definitely more intense. To keep in front of the pack and minimise reductions in your contract rates you have to be offering a ‘better package’ to employers and really be out there selling your capabilities.

Most jobs go to people who know people they are never advertised, the approximate ratio in ‘normal times’ is 80% to 20%. The reason job ads drop so dramatically in a recession is the fact most businesses can easily fill most jobs by word of mouth and personal contacts. A certain proportion are obliged to advertise (eg, governments) but if there’s no policy in place mandating advertisements, businesses won’t wast money.

The answer to winning jobs before they go to market is networking. Attend meetings, attend workshops and conferences, catch up with old colleagues and be seen. There are two critical rules to networking.

  • Start before you need your network and keep networking
  • Add value to the network. You must contribute as well as take from the overall network; no one likes a sponge who soaks up everything for his/her self.

There are lots of websites with hints on networking – do your homework.

Developing a ‘better package’ for both individual contractors, and consultants running small businesses, has a range of facets:

  • Qualifications help. Organisations have to filter 100s of applicants for each job; the easiest first step is to discount ‘unqualified’ people. More importantly acquiring a relevant qualification shows a willingness to invest in your future. Many employers will read this as a strong positive indicator of your overall willingness to maintain a positive approach to your career.
  • Be seen as a useful expert. Useful experts contribute practical assistance to their peers and industry. Write papers, mentor colleagues, assist on committees, etc.
  • Be easy to find. People won’t ring back in a recession, email, telephone, social network sites, etc all help you to be easy to find and you distribute these contacts via every reasonable means.
  • Have a strong brand. People need to know who you are and what you (or your business) stand for. Reputation really matters.
  • Be flexible. Make sure your skills are transferable and within reason you are ‘transferable’ and can go where the work is. This may not be ideal but maintaining an income matters.

A last thought is to strap on your parachute on before you are asked to jump. Almost every item discussed above and particularly networking is easier if you are in a job. Certainly in my experience it is always easier to find another job when you have one. The challenge is to ethically manage your career and survival through the next few months; reputations matter in good times and bad.

The good news is if you manage all of this and come through the recession successfully, you will be ideally positioned to take advantage of the next growth phase and accelerate your career to new heights.

Good luck and good networking.