Networking strategies can really help grow a business. But of course, you must put in the time and effort for any networking opportunities to achieve a tangible ROI. Statistics vary, however, many reveal it takes up to seven contact points before landing a sale. Regardless of these figures, the time-honored practice of networking pays off. (If it didn’t people wouldn’t bother wasting their time.) So, it’s really about taking the right approach. Why Successful Entrepreneurs Network Networking isn’t new in any sense. It’s an activity that helps to promote a business. But, that long track record doesn’t mean that it always works. There are several networking mistakes people make all the time and don’t realize it. That is, until they don’t see any fruits from their labor. Sales is about influence. There are methods of persuasion that work very well in business. But, there are also several fundamentals that need to be in place if you want to succeed. If those fundamentals aren’t in place, you can pretty much kiss your chances for success goodbye. —Entrepreneur.com Successful entrepreneurs network because it gives them an opportunity to grow their network and not necessarily to sell their products and services. Did you catch that? Networking is more about growing a circle of regular contacts rather than selling products and services. Think about it this way, would you go to a networking event that’s run in a hard-sell environment? Most Effective Networking Strategies You can Use So, now that you know networking is about extending your contacts and getting familiar with others and not selling, how do you do it right? In other words, what are the most effective networking strategies? Well, here are some helpful bits of advice about how to network: Be confident in your value. It all begins with your confidence. If you aren’t self-confident about your own personality (and comfortable with your faults), you’ll give off the wrong vibe. Go into any networking situation with confidence in your value. Don’t expect anything in return. Successful people aren’t afraid to give and not receive anything in return. Now, that sounds scary but it’s actually a sound business practice so long as it doesn’t cost very much. In other words, you can give expert advice, speak to a class, or do something else others find valuable. Find common ground right away. When you meet someone, be sure to find common ground as soon as possible. This way, you’re more comfortable. And, be sure to give genuine compliments often. Don’t sell your product or service. We’re back to the same philosophy about growing your network. When appropriate, speak about your work. For example, how you’ve solved a customer’s problem. But, do not go into a sales pitch. Let other see your value in more ways than one. What other suggestion do you have for networking? How and where do you find networking opportunities? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Whether you’re running a business currently or looking for a business idea to get started, you definitely want to avoid bad scenarios. While there are stories of companies defying the odds and becoming successful, these are few and far between. The reality is the majority of new businesses fail. (Or established businesses trying something new that ultimately fails — think New Coke.) How to Develop Good Business Ideas Before we get into the bad, let’s take a quick look at some good ideas. If you’re already in business for yourself but want to branch out, there’s probably a reason why you feel that way. Take a little time to seriously reflect on this notion. Ask yourself if you’re no longer interested in your core product and/or service. Also, think about a product or service that can really complement your current offerings. If you want to make more money sooner as an entrepreneur, you need to learn how to spot dead-end business ideas and say no to them so you can focus on the good ideas. This is especially important when the ideas are coming from your inside your own head. It’s easy to be protective of your own ideas because they feel like your own children, but you have to learn to be more objective if you want to create something profitable. —Entrepreneur.com You can seek objective advice from your peers. Other business owners might easily spot something that’s totally eluding you at the moment. If you’re not already a business owner but want to start the process, then look to your favorite hobbies. Imagine how you can monetize what you most enjoy. Ways to Spot Bad Business Ideas If you’re looking for a business idea, you want to settle on something with real promise. But, how can you peek into the future? Well, there is no magic crystal ball to foretell precisely what will unfold. However, there are some red flags which typically accompany a bad idea: It doesn’t meet a real need. If the idea doesn’t immediately solve a problem or fulfill a need, that’s a giant warning sign. After all, how do you market a product or service that doesn’t meet an actual need or take care of a problem? It isn’t scalable to other markets. Another problematic scenario is if you can’t imagine how it will scale to a larger market. While this doesn’t mean you need to abandon it, it certainly means you need to rethink the idea. It can’t stand out over the competition. Ask yourself if the idea can compete in the real world against its closet competition. If you can’t readily answer that question, you’ve already got a big problem. It’s too complex to easily explain. Any business idea you can’t explain in an elevator-pitch style will typically experience a lot of problems. Put another way, if you can’t explain it in simple terms, consumers won’t understand what it is or how it works. How do you spot bad business ideas? What other advice do you have to avoid wasting time with different ideas? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

We’ve all been betrayed in one way or another. Some situations are worse than others. But, all things being equal, it’s better to be safe than sorry. There’s an old saying in the real estate industry, “Buyers are liars.” (Although, this is true in just about any line of work, law, financial, retail, and countless others.) The point being, human nature is what it is and there’s just no way around it. Why It’s so Important to Avoid Liars Okay, you can probably think of a dozen reasons liars can be trouble. They cause feelings of betrayal, anger, resentment, regret, and basically a whole host of negatives. But, even if you’re able to get past the personal hurt, there’s the logistical fallout. The vast majority of customers are truthful. But the lying happens often enough to get under your skin. What’s more, deceitful customers pose a risk to your business. If they’re willing to lie to you, what does that say about their character? Would they also be willing to fabricate an errors-and-omissions claim for personal profit? —EOforLess.com Such consequences include but not limited to: being embarrassed by peers, trouble with client relations, upset in the workplace vis-à-vis team members, and plenty more circumstances. Plus, just a single lie can hurt your bottom line in a serious way. How to Tell When a New Business Client is Lying to You So, how do you spot a lie before it causes all sorts of trouble in your business? Well, it isn’t easy, there’s no question about it. But, there are some ways to tell when a client is lying to you, like the following: It sounds too good to be true. Okay, this is probably cliché’ but it’s nevertheless true. When someone tells you something that sounds too good to be true, it more than likely isn’t true. What’s most problematic is that in the moment, it’s easy to fall for. Their social media is a red flag. Some con artists make their lives to look out-of-this-world, luxurious and exciting. Others have absolutely no social media presence at all. In either case, it can tip you off to someone who is trying to hide something because there’s no information at all. Or, a person who is trying to fool everyone else by making their life look irresistibly envious. There’s difficulty answering simple questions. Here’s another bit of advice you’ll hear from experts on the subject of lying — the fibbers might have a lot of trouble with answering simple questions. (Conversely, when there’s inconsistent but a lot of detail, that’s also a telltale sign.) His or her past tells a completely different story. If you have a bad feeling, listen to your inner voice and get a bit of background from people in his or her past (if possible). Just asking a few key questions can tell you a lot, a whole lot. What other advice do you have to offer through your experiences? Please comment and let others know! Interested in learning more about business? Then just visit Waters Business Consulting Group.