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How to Multiply Your Networth Through Your Network
The document provides tips and strategies for effective networking to multiply one's net worth. It defines networking as building relationships based on trust and reciprocity. The benefits of networking include salary growth, promotions, career success, and generating new ideas. Effective networking requires skills like public speaking, listening, nurturing relationships, and following up with contacts. Key aspects include creating an elevator pitch, preparing for networking events, starting conversations, and leveraging one's network through people, contacts, systems, knowledge and customers.
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Similar to How to Multiply Your Networth Through Your Network
How to Multiply Your Networth Through Your Network
- 1. 1 How to MultiplyYour Networth ThroughYour Network President, AfricanBBF ..........dedicated to networking, business mentoring and business building
- 2. 2 What is Networking? •Networking is building and maintaining productive personal, business and professional relationship that benefits both parties • It is a long-term strategy based on trust, sincerity and reciprocity of relationship – (Williams, 2000) • Experts say networking is about exchange and building relationships
- 3. 3 What Do YouWant From Networking? • To find employment • To achieve goals • To find opportunity for growth • To build business contacts and associates • To expand your network • To increase market share and customers • To find new ideas • To find new colleagues/friends • To pursue a hobby or interest • To gain new perspective on topics of interest to you • To go into business for yourself
- 4. 4 Is Networking WorthThe Investment? • The phenomenon of business networking has been studied for the last 25 years, but recently, there has been a renewed interest. There are sound, peer-reviewed studies from US, Germany and China that have positively linked networking to: • Salary Growth (Wolff H.G, et al, 2009) • Increase promotions (Michael J and Yulk G.H, 1993) • Perceived career success (Langford P.H., 2009) • Job satisfaction (Wolff H.G. and Moser K, 2009) • Production of creative ideas (Zhou J. et al, 2009 (Byham, W.C , 2010) • One of the four key essential leadership skills is relationship building/network building – Developing Business Leaders for 2010, in The Conference Board
- 5. 5 Result of MyNetworking • Started a Music & Movie magazine - 2003 • Motivational Speaker - 2004 • Founding President of Croydon Communicators Toastmaster Club – 2005 • TV Presenter - 2007 • Presence in 180 Countries - 2008 • School Governor - 2011 • Chair, CIPD Lambeth Group – 2011 • President, African Business Building Forum - AfricanBBF
- 6. 6 Which Kind ofPeople Would You Like to Attract to Your Network? For yourself your career or your Business Your Bank Manager Your Supplier PR & Marketing Headhunter Solicitor Trusted Employee Valued Client AccountantMentor/Coach Manager Your Line Manager or CEO Investors
- 7. 7 How Can YouExpand Your Network & Contact? • Join a career related organisation • Become a board member of an active association • Volunteering • Join a public speaking club • Join your old student association or Alumni • Join social media – E.g. Linkedin or Ecademy • Go to a Networking Event
- 8. 8 Questions Time • Doyou make opportunities to meet new people? • Do you regularly attend meetings at work or socially? • Do you introduce yourself to speakers at training courses, conferences or dinners? • Have your contacts grown in number over the last few years? • Do you talk to peers in other organisations? • If you needed urgent help with your career or business, do you know people who would be prepared to help?
- 9. 9 Networking Essential Skills •Public Speaking/Self Promotion • Research • Listening • Nurturing • Building rapport • Persistence • Organisational • Ability to follow up
- 10. 10 What Is AnElevator Pitch? • An Elevator Pitch is a concise, carefully planned and well-practiced description about you and your benefits • It is the basic introduction of who you are, what you do and what you are looking for when networking • It is something you should practice and perfect
- 11. 11 Creating Your ElevatorPitch • A “Hook” – Grab attention • Keep It Short & Simple (KISS approach) • What Is In It For Me? (WIIFM) • What do you want them to do for you? • Not more than 90 seconds
- 12. 12 Where Networking CanTake Place • Social Gathering • Product Launch • Award Ceremony • Religious Gathering • AGMs/Conferences • Networking Event
- 13. 13 How Can YouPrepare For a Networking Event? • Venue • Time • Cost (if any) • Attendance • Dress code (if any) • Will you be expected to introduce yourself to the whole group? If yes, for how many minutes?
- 14. 14 Networking - ReadyTo Go • Practice your elevator pitch • Dress for success - make sure you present a good visual image • Take a supply of your business cards in your wallet/case • Put on a smile and go to the event • Arrive Early
- 15. 15 At the NetworkingEvent • Use all your networking skills • Use your „elevator pitch‟ • Meet new people • Build trust by listening • Arm yourself with common ground for conversation • Be there • Leave them feeling better • Collect business cards and keep them safely • Have fun
- 16. 16 Starting a ConversationAt Networking Event • F – From/Family: Where are you from? • O – Occupation: What do you do for a living or what is your profession, what do you enjoy most about your profession or how did you get started? Or What is the best thing about your job? • R – Recreation: What do you do for fun or recreation? • M – Motivation: What motivates you to do what you do or which one sentence would you like people to use in describing the way you do business? - Power, M.P, 2009
- 17. 17 After the NetworkingEvent • Evaluate the event. Was it successful? Should you have done things differently • File the business cards information you have collected • In golf as in networking it is the follow-through that count – Nigel Risner
- 18. 18 Leveraging Your Network/Contact • Comingtogether is a beginning, staying together is progress, working together is SUCCESS – Henry Ford
- 19. 19 What is Leverage? •Leverage is the ability to use other people‟s money, expertise, technology, time, ideas or network to achieve more, with less effort. • Leverage =Speed=Goals – (Hansen & Allen,2002) • What really distinguishes high performers from the rest of the pack is their ability to maintain and leverage personal networks. – “The Social Side of Performance”, MIT Sloan Management Review
- 20. 20 Leveraging Your Network •Leverage Other People (colleague, headhunter, business partner, mastermind group, joint venture or a mentor) • Leverage their Contact (their friends & network) • Leverage their Systems • Leverage their Knowledge, Skills & Time • Leverage their Platform (e.g TV, Radio etc) • Leverage their People‟s Money (borrowing or tapping into their financial resources, VC & BA) • Leverage their Customers (e.g. a customer database, Mailing List)
- 21. References/Further Readings Barrett, Aand Beeson J (2002) Developing Business Leaders for 2010, a report from The Conference Board Byham, W.C (2010) Business Networking Can Be Taught, Training & Development, May Cope, M (2003) Personal Networking: How to Make Your Connections Count, Prentice Hall Cross, R, et al (2003) The Social Side of Performance, MIT Sloan Management Review, Oct 15 Hansen, M.V & Allen, R.G, (2002) The One Minute Millionaire: The Enlightened Way to Wealth, Three River Press, New York Olomu, D, (2005) 4 Indispensable Strategies for Success, London Power, M.P (2009), How To Become An Irresistible Networker, London Priestly, D (2010) Become A Key Person of Influence, Ecademy Press, London Risner, N (2009) You Had Me at Hello: The New Rules for Better Networking London Williams, T (2000) Networking As A Way of Gaining Business for Training Consultants, Industrial and Commercial Volume 32, No 5, pp 169-172
- 22.
Editor's Notes
- #20 Effective networking is all about using leverage. It is whom you know, and whom they know and how you use them, that will get whatever it is you need and achievedI continually leverage my contacts to accomplish what others may say is impossible. And, in using that leverage, I make sure that it is always beneficial for both sides of the equation.