Business Archives - Page 5 of 34 - Dr. Ivan Misner®

A Little Good Advice Can Go a Long Way

AdviceHorn

Photo Courtesy of Stuart Miles at FreeDigitalPhotos.net

It’s no secret that we all want to do business with people whom we know and trust.  So, how do you build rapport and create trust with new contacts at networking events?  By offering value-added advice–solid, helpful information provided out of a genuine concern for another person.

Let’s say you’re a real estate agent talking with someone at a networking event who, although not ready to buy a home today, is heading in that direction.  You could say something like this:

Well, I know you’re not interested in buying a home right now.  But, when you’re ready to start looking, I highly recommend checking out the north part of town.  A lot of my clients are seeing their homes appreciate in the 10 to 20 percent range, and from what I understand, the city is thinking about building another middle school in that area.

See how it’s possible to offer some value-added advice without being too salesy?  A statement like this acknowledges that your prospect is not currently in the market (first sentence) but still demonstrates your expertise, so he will remember you when he’s ready to move.

This model works for consultants, CPAs, accountants, financial planners, coaches–just about anyone in a service-based industry in which knowledge is the main product. If you’re concerned about giving away your intellectual capital for free, look at it this way: few people are going to sign up to do business with you if they’re not sure you can do the job.  In the absence of a tangible product, you have nothing but your technical expertise to demonstrate that you have the goods.  And when you think about it, that makes sense.  Whenever you’re ready to buy an automobile, it doesn’t matter how much research you’ve done on a particular model, you’re probably not going to write your check until you’ve taken the car for a test drive.

The same is true for your prospects.  Give them a little test drive to show how it would feel to do business with you. If you’re a marketing consultant, give them a couple of ideas on how they can increase the exposure of their business.  Don’t go overboard; maybe offer a technique you read in a magazine or tried with one of your clients.  Just give them something they can try on to see if it works.

Not only will this open up a good conversation with new contacts while you’re out networking, if you play your cards right, whom do you think they’ll go to when they’re in need of your kind of service?  When it comes to building rapport and creating trust, nothing does it better than offering value-added advice.

Are You a ‘Cave Dweller’?

The concept of being a cave dweller stems from the idea that we wake up in the morning in a large cave with a big screen TV, we go out to our garage, get into a little cave with four wheels, we drive to our other big cave with computers, stay there all day, get back into the little cave, drive right back to the large cave, and we don’t get out and connect with people.

In this video, filmed at a recent Referral Institute® Conference, my good friend Mike Macedonio explains the ‘Cave Dweller Reality Check Sheet’ which you can use to make an hourly break down of your day in order to determine whether you’re spending too much time cooped up at home or in the office.  Mike recently filled out the sheet and his results gave him the eye-opening realization that even as a referral marketing expert, he was still falling into the trap of being a cave dweller!

So, watch the video, make your own Cave Dweller Reality Check Sheet, and find out whether or not you’re taking enough time out in the world to meet others, make real connections, and make a conscious effort to grow your business.  I’d love to hear your results so please come back and share them in the comment forum below.  Thanks!

In this video,

Where to Start When Starting Your Own Business

I recently got asked a really great question: Where do I get connected with people who can help me open a business?IvanOldSchool

Though there is evidence that business is currently on the rise and the economy is moving in a positive direction, the recent downturn in the economy prompted many people who found themselves unemployed to tap into their entrepreneurial spirit and consider starting their own business.

This begs the question above–are there efficient ways to get in touch with people who can help you start your own business?

The answer is yes, and here are my three recommendations:

1) Go through your contacts and talk to people you personally know who have started a business. Set an appointment.  Let them know what you are doing and ask if they’d give you an hour of mentoring.  If possible, meet with them in person.  Show up with specific questions written out in advance.  Send them the questions prior to the meeting so they have a good understanding of what kind of information you’re looking for.  When you meet, focus on those questions, write down the answers, and stick to the time frame you promised.  If the conversation goes well, ask if you can meet with them in the future.  Follow this process with two or three people who have opened a business successfully.  I guarantee you will find this to be very valuable.

2) Find a business coach who has experience with start-up businesses. Hire them to coach you through the process.

3) Read, read, read!  There are a lot of books out there on opening a business. I have personally reviewed many of the books published by Entrepreneur Press on starting a business and they are excellent.  Go to EntrepreneurPress.com to see some of them.

I strongly encourage anyone genuinely interested in starting their own business to pursue the endeavor. I have owned my own business for thirty years (that’s a picture of me at top right, when I first started my company, BNI, and was running it from my house and garage with only one other employee in the mid ’80s) and it continues to be an amazing and fulfilling journey. I don’t think I would ever go back to working for someone else.

Who Cares about Your Business?

Do you know who really cares about your business and wants to help you?  Realistically, there are only a few basic ways of motivating people to care about and help build your business.  Basically, it comes down to relationships and rewards.  

Photo courtesy of graur codrin at FreeDigitalPhotos.net

Photo courtesy of graur codrin at FreeDigitalPhotos.net

Some folks, usually friends or family, will simply want to help because they like you and want you to do well.  These people will be motivated by the relationship itself.

But in most other cases, the long term motivation to build your business is not based primarily on whether or not the other person likes you.  Business partnerships, including referral relationships, almost always include some form of mutual reward; typically in the form of social or financial gain.  Both you and your networking partner have something to gain, and you are both eager to help each other achieve it.

Some people are motivated by the potential for business referrals you can send, while others are motivated by the prestige and opportunities created by having a relationship with you.  Regardless of the underlying motivation behind them, relationships can take time to prove profitable in a substantial way, but that doesn’t mean they aren’t worth cultivating.  Ultimately, strong relationships will steer back opportunities because of the nature of networking itself and of the endless variety of products and services to which it can lead.

I firmly believe that most relationships will probably prove rewarding in the long term, even in cases where you don’t receive referrals in return.  There are a few super successful people to whom we send referrals who’ve never reciprocated with a referral back.  We’re motivated to continue helping them in any way we can simply because they will work with people we refer to them.  That makes us look good, because it’s very difficult for the average person to start a working relationship with these very successful, very busy people.

If we refer someone, it opens a door that might never have otherwise opened.  The new person that we are referring to our very busy friends or associates is the one who now goes out of his way to reciprocate.  That’s our motivation; helping our networking partners achieve their goals.  And, of course, in one form or another, it winds up coming back in some way.

What are some experiences you’ve had in which you’ve benefitted in some way or another as a result of truly caring about others’ businesses and helping them to grow and achieve their goals?  I’d love to hear your story/stories so please share your experiences in the comment forum below.  Thanks!

Has Your Business Mission Changed?

In this video, I answer the question of how the mission for my own business, BNI® (the world’s largest business networking organization), has changed over the last thirty years.

In every business, there are some things which remain constant and other things which become transformational.  The one thing which has remained constant in my  own business is the philosophy of the organization, Givers Gain®, which is inculcated into the core of the entire company worldwide.  The organization itself, however, has a transformational nature in that we are Changing the Way the World Does Business®.  This is probably the biggest example of how our mission has changed as we started out as a tiny fledgling organization in Southern California not realizing we would eventually become a huge global company.

After watching the video, I’d love to hear your thoughts as well as your ideas on how the mission in your own business has changed.  Please share your thoughts in the comment forum below.  Thanks!

Follow the Money Trail

How many businesses would you say you’ve supported over the years by being a loyal customer?  Think about it, you could have been solely responsible for the new wing your veterinarian added to her office last year, just from all the money you’ve invested in your pet’s care over the last ten years.  For some businesses, not only may you have been a customer–you may also have recommended them to other people.  When was the last time those businesses returned the favor and helped your business succeed?  There’s a strategy I like to call “following the money trail” which shows you how to leverage the law of reciprocity with the businesses you have financially supported.

Before you read on and get deep into this strategy, go find your checkbooks–both personal and business.  I’ll wait . . . There, now that you have your checkbook(s) in front of you, it’s time to follow the money trail.  Scan your checkbooks for local businesses that you have paid.  You may notice regular expenditures, such as your hair stylist, veterinarian, physician, lawn care service, housecleaning service, dry cleaners, day care, pet resort, or grocery store.

First, let’s put this money trail into perspective.  Start by analyzing just how much you have invested in these businesses.  Get out a piece of paper and draw a table like the one shown below.

29PercentGraphReviewing these figures will help you realize just how much you’ve invested toward the success of some of your favorite businesses.  Staggering, isn’t it?  Now, what can you do with this information?

The law of reciprocity states that if I help you, you will, in time, help me in return.  I would venture to guess that most of these establishments have never been approached by their customers with a request of reciprocity.  What would you say to them?  How would they react?  Why bother?  You might wonder: What could a hairstylist do for me–or for a financial planner–other than style hair?

Seeking reciprocity begins with your willingness to ask the question.  Your request needs to be specific and needs to be supported by how much you have invested in their business over the last year or so.  Are you willing to approach your favorite businesses and ask them to support your business in some way?  If yes, let’s start with the example below and then consider what you could do for your business.

Example: Financial Planner Seeks Reciprocity from Hairstylist

First, the financial planner needs to take the hairstylist–let’s call her Joan–to lunch or coffee and engage her in conversation.

Financial planner:  Thank you for joining me for lunch.  I wanted to get some time with you away from the salon so I could talk with you about your business–and to ask for some help with my own business.  I’ve enjoyed being your client for the last five years, and I’m glad I was able to refer four other people to your salon who have become clients.  I wanted to ask if you might be willing to help support my business as well.

Joan:  I have very much enjoyed you as a client, and I really do appreciate your referrals.  What do you have in mind?

F.P.:  As a client, I receive your quarterly newsletter.  I see that you often have advertisements from community businesses.  Would you give me space in your newsletter for an ad for one year?

J:  Sure, but that would cost about $500 for the year.

F.P.:  I was hoping that you would give me the space for no charge in return for my past referrals and for being such a loyal customer, even after moving twenty miles away.

J:  I see your point.  No one has ever asked me to do anything like this before.  But it makes sense to me since you are actively supporting my business.  The least I could do is give you ad space.  Sure.  I’d be happy to help you.  Is there anything else you’d like me to do?

F.P.:  As a matter of fact, there is.  Could you leave one of my newsletters in your waiting area for your patrons to read while they wait?

J:  Of course–that would be no problem.

In this example, Joan was willing and able to help the financial planner expand her visibility.  Most people, once it’s pointed out to them, understand that the law of reciprocity goes both ways.  If they seem reluctant to help you, it’s time to reconsider your loyalty.  Should you continue to support someone else’s business when he or she flatly refuses to help your business in return?

As a client, you’re giving a lot to someone else’s business.  It’s not unreasonable to ask for something that supports your business in return.  Now think about your business and the businesses you support.  What can you ask of them?  Can you contribute to their newsletter?  Will they display your pamphlet?  Will they post your business announcements?  Can you leave a stack of business cards on their coffee table?  Will they pass out your business’ coupons to their customers at the register?  Will they sponsor your next event?

Make it a point this week to approach at least one establishment for help with promoting your business.  After all, when you follow the money you’ve spent on other people’s establishments, isn’t it about time some of it came back around to you?  Also, I’d love to hear about your experiences with this so please come back and share your thoughts and experiences in the comment forum below.  Thanks!

 

 

Networking Amidst Cultural Differences

Photo Courtesy of Potowizard

Photo Courtesy of Potowizard

Understanding cultural differences when doing business around the world is  becoming more important in a global society.  Even within large countries like the United States, there are definitely differences from one region to another.  When you go beyond that and look at one country vs. another, the differences become even more impactful on business.

When we concentrate on similarities with each other in business, the differences aren’t that important.  Problems arise when the differences appear to be all there are.  When entrepreneurs focus on the perceived differences between each other in business, these differences can become stumbling blocks to developing a strong relationship, which is, after all, the ultimate goal of networking.  When you factor in differences in communication and behavioral styles it exacerbates the perceived differences.

Although many networking basics are universal, if you can factor in these and other cultural nuances you will definitely get a leg up when doing business in other countries.  Your networking etiquette will be greatly appreciated as your business increasingly takes you into other countries, especially if you can learn a few words or commonly practiced traditions of that country.  Showing this kind of respect will go a long way in making a smoother connection with the local business people you are trying to work with.

The old saying “When in Rome, do as the Romans” is very appropriate.  However, one thing I’d strongly suggest–don’t just “do as the Romans,” take the time to actually “ask a few Romans.”  I have had amazing suggestions from local business people I knew in other countries who thoroughly prepped me for the cultural differences in networking prior to my arrival in their country.  Their counseling and coaching made a huge difference in my ability to connect in an appropriate way throughout many of the countries I have visited.

If you have any useful tips or bits of advice for successfully networking in a certain country or region of the globe, please–by all means–share this information in the comments section.  You never know who you could be helping!

Are You Walking the Talk in Your Business?

I recently saw someone’s Twitter update telling me all about how his vitamin line will not only make me skinny and healthy, but will also make me wealthy. While there is nothing objectionable about any of these outcomes, the jarring reality is that the man promoting this wonderful opportunity is neither skinny, nor healthy, and he had just been posting updates about how he was desperately trying to dig himself out of debt!

Do you see the disconnect here? I’m sure you have seen people at networking meetings and events who will stand, introduce themselves, and deliver a promise-filled monologue about how their product or service will bring you all kinds of things which they themselves obviously do not have the benefit of enjoying.

Photo courtesy of marin at FreeDigitalPhotos.net

Photo courtesy of marin at FreeDigitalPhotos.net

What’s missing is congruency. When your professional message is not congruent with your personal situation, your networking efforts will not be effective. If you are promoting yourself as a wellness coach, and yet you are often sick and carrying 20 extra pounds, there is a jarring incongruence for which it will be hard for you to compensate. When I want to refer my colleagues to a wellness coach, I will refer one who is healthy, fit and obviously achieving the results she promises I will receive from participating in her program.

This may seem logical, but I often see people all over the world with incongruent messages. Ask yourself how congruent your message is.  If you’re a professional organizer, is your briefcase a disaster? If you’re a car detailer, how does your own vehicle look? If you have never done so, take stock today of your message. Evaluate what you’re saying the benefits of your products or services are compared to what you are showing people they are.

Ralph Waldo Emerson once said, “What you do thunders above your head so loudly, I cannot hear the words you speak.” In his book Inside the Magic Kingdom, Tom Connellan calls this “walking the talk.” How are you doing when it comes towalking the talk in your business? It will have a definite effect on the success of your networking efforts.

Share a story with me about someone (don’t name names!) whose message was not congruent with their actions.  I’d love to hear other stories.

Top Etiquette Tips on Doing Business & Networking Globally

We’re constantly becoming more of a global community and we’re receiving more and more opportunities to network worldwide right alongside cultures which are very different from our own. This makes it very important to know what to do and what to say when it comes to respecting cultural norms, boundaries, and traditions–more importantly, we need to know what not to say and what not to do (trust me, by the personal stories you’ll hear in this video, you’ll realize that I learned this lesson the hard way).

At a recent 2015 Referral Institute® conference, I had the pleasure of speaking to my friend, referral marketing trainer Tiffanie Kellog, about cultural etiquette and why it’s so important to be aware of it.  I offer my top tips on doing business and networking globally and also reveal one of my favorite online educational resources which deals with this topic.

Do you have a story about an experience doing business and/or networking globally which stands out in your mind?  Please share it in the comment forum below.  Thanks!

Referral Marketing Is Risky–It’s Also Rewarding

In a radio interview I once did, the host of the program asked me whether I consider referral marketing the safest form of advertising. Without the slightest hesitation, I confidently answered, “By all means, no.” Based on his response, I’m sure he was shocked by that answer.

Photo courtesy of Zuzzuillo at FreeDigtalPhotos.net

Photo courtesy of Zuzzuillo at FreeDigtalPhotos.net

I went on to explain that I believe very strongly in the tremendous benefits that word-of –mouth marketing can bring. However, there are unique risks associated with referral advertising that are not an issue in commercial or other forms of advertising.

When you give a referral, you give a little of your reputation away. If the business you’ve referred someone to does a good job, it helps your reputation. But if it does a poor job, your reputation may be hurt.

As I said, the payoffs of referral marketing are immense—when it’s done correctly.

But referral marketing involves a really big risk: giving away a piece of your reputation every time you give a referral to someone. When you tell a valued customer that a friend of yours is going to take good care of them, you must have confidence in that friend.

But what happens if your friend lets your customer down? It comes back to haunt you. Your customer begins to lose faith in you and, because of that loss of faith, you just might lose that customer down the road. This is why it’s so important to develop strong relationships with those to whom you’re referring business and vice versa. Once those strong connections are forged you can rest easy, knowing when you tell someone a business associate or a networking partner is going to take good care of him or her, that’s what will happen.

Do you have a story others might learn from about a time when referral marketing really paid off for you, or a story about how you experienced the unique risks associated with referral marketing firsthand?  Please share your experiences in the comment forum below.  I’d love to hear from you–thanks!

 

‘More Money Mondays’–FREE Referral Tips to Shorten Your Work Week

At a recent Referral Institute® Conference, I had the opportunity to talk with my good friend (and partner in the Referral Institute), Mike Macedonio, about a fantastic new (and completely FREE) service which is available to businesspeople and networkers across the globe.  It’s called ‘More Money Mondays’ and by signing up for the service you get weekly referral marketing tips delivered to you via e-mail each Monday which will help you learn how to simultaneously build your business and make your work week shorter and more enjoyable.

Watch the video now to get all the details on this exciting new service and CLICK HERE or go to www.MoreMoneyMondays.com to sign up for your FREE weekly referral marketing tips.  If you’re already utilizing ‘More Money Mondays,’ I’d love to hear what you think of the service it provides–please leave your thoughts and feedback in the comment forum below.  Thanks!

“Glimpses of Heaven on Earth”–Improve Your Business & Your Life

In this video I talk to my friend and fellow TLC (Transformational Leadership Council) member, Martin Rutte about Martin’s new book, Glimpses of Heaven on Earth.

Watch the video now to learn about Martin’s ideas on how we can all focus on ten fundamental values and take small, simple, easy, concrete steps on a daily basis to mold our own life into one that mirrors our individual idea of heaven on earth in all aspects from business to relationships to personal purpose and more.

After watching the video, think about what one action you might take within the next 24 hours to move yourself forward with beginning to implement Martin’s strategy for improving your business and/or life in general.  We’d love to hear your thoughts and ideas so please share them in the comment forum below.  Thanks so much and, as always, thank you for watching!

For more information on Martin and his new book, please visit www.ProjectHeavenOnEarth.com.

 

 

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