Business Education

Top Networking Mistakes Too Many Entrepreneurs Make

Even though we’re becoming more digitally connected through social media and other technology, personal interaction cannot be replaced. Whether you want to open a retail shop or start another type of business, you’ll have to network. While reaching out on social media is a must, there’s just no substitution for face-to-face conversation. We’re innately social creatures and you can definitely use this trait to your business’ advantage. But, don’t put unnecessary obstacles in your way. Instead, understand which networking mistakes most entrepreneurs make.

Top Networking Mistakes too Many Entrepreneurs Make

There’s no question opportunity awaits for you to start a business. And, there are also a number of financing options available. However, there’s another component to starting a company and making it successful. Of course, this requires customers patronizing your business. The question is, just how do you find customers or clients? The age-old answer is simple: networking. This practice provides a wonderful opportunity but it’s vital to do it right.

There is a right way and a wrong way to network. If you are one of those people who hate to network and view it as phony or pretentious, then you are doing it all wrong. Networking is not about building a mammoth list of contacts or passing out business cards like you’re dealing poker. Networking means building mutually beneficial relationships. —U.S. News and World Report

Networking allows you to become a known quantity. It also serves to sharpen your people and communication skills. But, it can also be frustrating, tiring, inconvenient, as well as near disastrous. What’s worse, is networking can also be counterproductive. If you want to get the most out of networking, you’ve got to know what does and doesn’t work. Here are some of the worst networking mistakes too many entrepreneurs make:

Selling, not networking. Alright, this makes the “all-too-obvious” list. But, it definitely bears inclusion here because it cannot be left out. Think about what’s most annoying about those loud, hard-selling commercials you hear and see. Now, imagine you are the embodiment of those — selling, selling, selling to each individual you meet. That’s certainly not productive. Keep the sales talk to yourself and meet people, have pleasant conversations, instead.
Failure to make and follow a plan. Entrepreneurs are notorious for making plans and following them step-by-step. Planning and executing provide awesome results because you set goals and then achieve them, one-by-one. That gives you a sense of accomplishment and increases your level of motivation. So, do the same when you go to a networking event. Make a plan and follow it.
Not networking with regular consistency. If you network, you’ve got to do so consistently. Without consistency, you send a modest signal you’re not really interested in others. Also, without consistency, you run the real risk of always being relatively unknown and that’s not a good thing.
Talking too much, as well as listening too little. Even if you’re not engaged in selling this or that product and/or service, talking too much is a big no-no. Everyone knows talking too much is downright impolite. Moreover, if you manage to hold back, be sure to actually listen. There’s a difference between being politely silent and being an active listener.
Making pre-conceived assumptions about people. “Never judge a book by its cover.” So the old adage goes and it’s proven true, time and time again. Since this is the case, make a sincere effort to not form assumptions about others. If you do, it will have an impact on how you come across.

What networking mistakes do you think should be included? How do you approach networking at-large? Please, share your thoughts and experiences by leaving a comment!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Should You Scale or Scuttle Your Startup

May 16, 2017 No Comments

When business begins to slow, your sense of confidence can slide, and it’s a scary sensation that usually follows. Facing the possibility of having to close the doors isn’t a pleasant one, and, you could feel like a complete failure. Before you begin to pack-up your office, take some time to look at the situation objectively. Ask yourself what’s the most likely cause and begin to take steps to solve rather than scuttle. If you are experiencing a steady slide in sales, there’s obviously a reason why that’s so. The good news is, there are always options, which can range from scaling out, scaling down, or, shutting down. The latter might not be the most welcome, but, sometimes it’s the best option, providing you with an opportunity to try something else. How to Solve the Scale or Scuttle Situation Should you be facing a mountain of bills, not seeing a jump in revenue, and having to cut back where you’ve never cut before, it certainly can be frightening and frustrating. The first place to begin is with yourself, your emotions, dreams, and, mental state. If you’re in a situation that simply taxes you too much and drains your energy, you ought to consider closing and starting fresh with something new. However, if you believe you can turn things around, you should seriously consider scaling down or out. …you’re stressed out, your relationships are fraying and your resolve is destroyed. Nevertheless,you must take action in order to end the turbulence with as much poise as possible. You can’t change the past, but you can certainly determine how you [proceed]. —Entrepreneur.com Scaling down is obviously taking measures to reduce your business workload to concentrate on key accounts. Scaling out isn’t the same as going up, it’s more lateral, providing more of what you already do, not offering new things. If you’re still wondering which way to go, take the following into consideration to make an informed, well-thought decision: Look at your workable options. One mistake some failing businesses make is to hammer a square peg into a circle, meaning they attempt to go beyond their core competencies, and, that’s just not a good idea. You’ll nearly inevitably see this backfire and make things go from bad to worse. Be prepared to stunt growth. Some businesses falter, not because of the lack of revenue, but because they take on too much. Should you and your team be stretched thin, it’s time to scale back and produce the best you can deliver. What you’ll find is more happy customers, co-workers, and self contentment. Get some unbiased advice. An outside view by an experienced business consultant can shed a lot of light on problems you didn’t even realize existed. Have your business evaluated and get some helpful advice that isn’t tainted by being too close or too attached. Know your company’s limits, and, its potential. Here again, if your company can’t comfortably keep pace with demand, it’s time to pull back and deliver quality over quantity. Should you be experiencing a spike, consider your business’ potential and grow incrementally. Understand your cash position. Having less cash isn’t necessarily or always a bad thing. It causes you to look at and prioritize expenses, weeding out what’s not needed. You’ll find creativity if you don’t succumb to fear. Another factor you’ll have to face is the emotional adjustment. We’re told all our lives that quitters never win and winners never quit, but, that goes against reality. Be willing to make an emotional adjustment and deal with the reality. [shareaholic app=”follow_buttons” id=”26833294″]

These Marketing Channels area Waste of Money

May 16, 2017 No Comments

When you’re in business, every dollar counts, and, counts big. Revenue is useful for many purposes, particularly those which propel your company forward. You choose where you spend your money wisely, and, always look to get a solid return on investment. This is why you are careful about your hires and day-to-day operations because these are the very backbone of your organization. Of course, one of the ways to grow a company is to make more potential customers aware of what you offer. That can be tricky, especially when you have a strict limitation on the amount you can spend. Therefore, you do what you can to ensure that those dollars are working to get you more work and not just go out the door without coming back in the form of new business. Don’t Waste Money on These Marketing Channels Because we live in an age of on-demand information, there are more channels available than ever before to market through. It starts with you and your team, and, your website and social media presence are all essential. Though the latter two are very much used and highly popular, you have to remember that these are just tools. Even during lean times, companies spend a lot of money on marketing, hoping that the spending will result in future sales. Unfortunately, marketing is one of those areas where it’s really easy to waste money. —Inc.com A cottage industry emerged with the solidification of social media and is now a multi-million dollar industry. Traditional marketing remains an option, as does other forms of spreading the word. While you ought to be as ubiquitous as possible, there are marketing channels that are just a waste of money. Here are some things you ought to avoid because of their poor return on investment: Internet marketing courses. These courses are supposed to instruct you on how to market your business online. The cost isn’t really the issue, but the amount of time you’ll spend learning how to do it and then trying to implement it is an exercise in frustration and futility. Vendor-focused trade shows. Renting a booth or table at vendor-focused trade shows is often a very expensive proposition. This might be worth it if potential customers were also in attendance. However, because these are typically closed to the public, you’ll only be exposing your business to others in business, even in the same industry, meaning your competition. Suggested content. When you’re reading an article, you’ll see titles related to what appears in front of you. Those aren’t there by way of magic, but through ad dollars paid by companies to get you to click through and be redirected to another page. Search engine marketing. This one is something that very few people are able to get results through because of the sheer amount of money it costs to make it worthwhile. Even if you have a large marketing budget, you don’t control where your ads appear, how often they appear, and your ads will be in a crowded space filled with competitors fighting for the same attention. Market research. This can be outdated and/or skewed to bolster a certain, predetermined conclusion. What’s more, you have no real way of validating all the information these contain. Another thing you probably should avoid is mailing lists. These name and address compilations can easily be outdated, and, it takes a lot of time and effort to put a mass mailing together. What’s more, the response rate is very small, only between 1 percent and 2 percent. Some firms claim as much as 4 percent, but that’s still quite low. The smart way to get your brand noticed is to build personal relationships. One of my favorite equations to illustrate my point is how to build Trust. People buy from you if the like you and trust you. The only way to Trust, is by building a Relationship, and the only way to build a Relationship is through Communication. Not by e-mail or text or even phone calls, but by interacting personally with your prospects. Through this personal interaction and Communication, you build a Relationship, and in building the Relationship, you earn the prospective customer’s Trust. Once you have their Trust … assuming you’re likeable … you will have the sale! So, a low cost way to market and grow your business is to build Trusted Relationships, and watch your business grow. It takes time, but how badly do you want to succeed with your business? You can do more to sell your products and services because you know all the information. Invest time into networking, mentoring, and volunteering because these are all worthwhile. [shareaholic app=”follow_buttons” id=”26833294″]

Managers should Avoid these Phrases to Avoid Killing Employees’ Trust in Their Leadership

May 5, 2022 No Comments

When it comes to the workplace, trust is key. Employees need to trust their managers in order to feel comfortable taking risks and be productive. Managers, in turn, need to trust their employees in order to delegate tasks and give them the freedom to make decisions. Unfortunately, many managers say things that damage this trust relationship. So, let’s discuss five of the most common phrases that managers use that kill employees’ trust. Words can Speak Louder than Actions Managers should avoid the following phrases in order to maintain a trusting relationship with their employees. Trust is essential for a healthy workplace and these phrases can damage that trust relationship. Employees need to feel comfortable coming to their managers with questions and concerns, and they need to know that their manager will be open and transparent with them. The employee-manager relationship is one of the primary components to a strong organizational structure. Employees rely on their managers for career development and guidance on how to improve their skills. One of the elements of a successful employee-manager relationship is trust. When the sense of trust is strong between an employee and manager, it adds efficiency to other elements of workplace productivity. —Houston Chronicle Small Business When managers use these phrases, it sends the opposite message. It makes employees feel unimportant and disregarded. It creates uncertainty and frustration, which leads to a lack of trust on the part of the employees. And that, of course, results in a negative impact on morale, productivity, and overall company culture — three poison pills that can cause actual, long-lasting damage. Five Phrases Managers should Avoid to Avoid Destroying Employee Trust We’ve all heard the age-old wisdom about sticks and stones breaking bones but words never inflicting harm. Of course, this philosophy is entirely contextual because we all vividly remember instances when words cut deep. While these phrases aren’t intended to insult or hurt, they nevertheless undermine your authority, respect, and relatability. So, avoid using the following phrases because they will slowly kill employee’s trust: “I’m the boss, I don’t have to explain my decisions.” This phrase is incredibly damaging to trust. Employees need to feel like they can come to their managers with questions and that their manager will be open and transparent with them. When a manager uses this phrase, it sends the message that the employee is not valued and that their opinion does not matter. It also makes the manager seem like they are hiding something. This can lead to employees feeling uncomfortable coming to their managers with questions or suggestions, which can hurt productivity and morale. “I’m too busy to deal with this right now.” This phrase often comes across as dismissive and unprofessional. It sends the message that the employee’s concerns are not a priority and that their manager is too busy to deal with them. This can make employees feel unimportant and disregarded. It can also lead to them feeling like they are not able to come to their manager with problems or concerns, which can hurt morale and productivity. “I’ll get back to you.” This phrase often comes across as ambiguous and frustrating for employees. Employees want to know what is going on and they want answers from their managers. When a manager says this phrase, it sends the message that the employee is being ignored and that their question is not important. It also creates uncertainty, which can lead to employees feeling anxious and stressed. “I’m not sure, let me check on that.” This phrase is often used as a way to avoid making a decision or taking responsibility. It sends the message that the manager is not capable of making decisions and that they are not in charge. This can make employees feel like they are not being taken seriously and that their concerns are not important. It can also lead to frustration and a lack of trust on the part of the employees. “That’s not my job.” This phrase communicates that the manager does not care about their employees or their job responsibilities. It sends the message that the employee is unimportant and that their job is irrelevant. This can lead to employees feeling unvalued and unmotivated. It can also cause them to feel like they are not able to come to their manager with questions or concerns, which can hurt morale and productivity. Which other phrases would you include in this list? Please take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Top Networking Mistakes Too Many Entrepreneurs Make