Business Education

How Entrepreneurs Can Tell if Networking is Helping Their Businesses Grow

Business Networking Pros and Cons: What You Need to Know

Business networking can feel like a real-life roller coaster ride in constant motion. It can be exciting or uneasy with its ups and downs. Some entrepreneurs truly enjoy the experience. Others genuinely dislike it. And still, more approach it half-heartedly and network inconsistently.

Regardless of which best describes you, chances are excellent you could use a few bits of good advice about how to get the most out of it. But just as importantly, you need to know when networking works for you and when it’s not. So, let’s break down the pros and cons of business networking so you can understand what you’re getting into.

The Bright Side of Networking: Pros That Shine

Before we get into determining if networking is helping your business, we’ll first take a look at its advantages and disadvantages. Although the reasons seem self-evident, there is a bit of nuance that lies underneath. Like many other things in life, there’s more complexity than appears on the surface. Now, here’s what you need to know about the pros and cons of networking:

Expanding your circle. Networking helps you meet people you wouldn’t normally cross paths with. Think of it like throwing a big net into a pond—every fish you catch is a new connection. These relationships can lead to new opportunities, clients, and partnerships. The more connections you have, the wider your reach becomes.
Knowledge sharing. When you network, you’re surrounded by people with different experiences and skills. It’s like attending a grand potluck dinner. Everyone brings their specialty dish, and you get to taste a bit of everything. By sharing insights and expertise, you can learn valuable lessons that might save you time and effort down the road.
Boosting your visibility. In business, being visible is crucial. Networking helps put your name out there. The more you connect with others, the more they remember you when opportunities arise. This visibility can lead to referrals and recommendations that might not come your way otherwise.

Also, building self-confidence and trust. Each time you meet someone new, you practice your communication skills. Over time, this builds confidence and fosters trust. It’s like training a muscle; the more you use it, the stronger it gets. This self-assurance can help you in pitches, presentations, and everyday interactions.

The Flip Side: Cons That Can’t Be Ignored

Of course, networking doesn’t always produce the desired results. It can be counterproductive and business owners need to understand why it doesn’t always work. Here are the most common pitfalls you should know about to make better use of your time:

Time consuming. Networking can eat up a lot of your day. Attending events, meetings, and follow-ups can become overwhelming. It’s similar to trying to fill a cup with a fire hose; you might end up feeling rushed and burnt out. If you’re not careful, it can take time away from your core business tasks.
High expectations. Some people enter networking with big hopes. They expect instant results and connections that turn into gold. But that’s often not how it goes. Think of business networking like planting a garden. It takes time for seeds to grow. If you aren’t patient, the wait can be frustrating and discouraging.
Skill mismatch. Not everyone you meet will be in your industry or even understand your business. Imagine walking into a conversation about rocket science when you’re more into baking. This mismatch can make conversations awkward and unproductive. It’s essential to find the right circles that align with your interests and goals.

And then, there is the potential for superficial connections. Not every connection will lead to a strong relationship. Often, networking can feel surface-level. You may end up with a stack of business cards but no real friendships or partnerships.

Finding the Balance

Business networking isn’t all sunshine and rainbows, but it has its bright spots. It’s a mix of chances and challenges. Knowing the pros and cons can help you approach networking with a clear strategy. Whether you’re diving in deep or dipping your toes, being aware equips you for what lies ahead. The journey can be rewarding if you navigate wisely.

How to Know If Networking is Helping Your Business Grow

Networking can feel like a puzzle for many entrepreneurs. It’s not just about handing out business cards or shaking hands. (Though you will do plenty of those things and more.) Because there isn’t a direct, detailed report to refer to, it’s hard to know when networking is paying off. So how can you tell if your networking efforts are really making a difference? Let’s take a look at how it breaks down.

The Ripple Effect: Connections to Opportunities

You’ve heard the cliche about tossing a stone into a pond – it creates ripples. Networking works the same way. The more people you meet, the more opportunities can come your way. Are you seeing new clients or partnerships popping up in your life? If your phone’s buzzing with inquiries or collaborations, that’s an obvious sign your networking is paying off. But, there are more signs networking is bringing in new opportunities. So, keep an eye out for a few key signs that your networking is effective:

Increased referrals. Are you getting more referrals from new contacts? If people start mentioning your name positively, it shows your network is growing.
New partnerships. Have you formed any new partnerships or collaborations? If you’re working with others on projects, that’s a strong indicator that your outreach is effective.
Expanding your reach. Are you meeting people in different industries? If your network is stretching beyond your usual circles, you’re likely tapping into new markets and ideas.

Tracking Your Connections: The Numbers Game

In business, numbers matter. Track how many new contacts you make each month. Are those contacts turning into leads or sales? If you see a rise in leads, your networking is likely contributing to your business growth. It’s basically gardening for business; the more seeds you plant, the more flowers you can expect to bloom. To measure the impact of networking, consider the following:

Follow-up success. After meeting someone, do they reach out or reply to your emails? A strong follow-up indicates they’re interested in what you’re offering.
Social media growth. Are you gaining followers on platforms or is your audience number staying the same? If your connections are engaging with your content, you’re likely reaching the right audience.
Event participation. Are more people inviting you to events or workshops? Being sought after is a good sign your network values you.

In networking, it’s not just about how many people you know. It’s about building genuine relationships. When you connect with someone on a deeper level, they are more likely to think of you when opportunities arise. This means you need to focus on creating valuable relationships. To do this, ask yourself:

Am I offering help? Are you sharing your expertise or resources with your connections? Helping others can lead to reciprocal benefits.
Am I staying in touch? Regular communication keeps you on people’s minds. Are you the person they think of when they need something?

The broader your network, the more perspectives and ideas you have access to. Engaging with people from various fields can spark creativity and innovation. If you find yourself inspired or coming up with fresh ideas after networking, you’re clearly in the right circles. When you surround yourself with diverse individuals, ask yourself:

Am I learning something new? Do your conversations challenge your thinking? If you’re gaining insights that help you grow, your networking is effective.
Am I adapting my approach? Are you changing your business strategies based on what you learn? A willingness to adapt shows that you’re making the most of your connections.

Ultimately, trust your instincts. If networking feels good and you see positive changes in your business, it’s likely a sign that it’s working. Keep nurturing those connections, learning from others, and watch your business thrive. Networking isn’t just a task; it’s a journey that can lead to amazing opportunities.

Want to Accomplish More?

Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do?

We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test.

You can call us for your free appointment at (602) 541-1760, or, if you prefer, Waters Business Consulting Group to learn more about us and the services we offer.

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What to Do with an Unwanted Inherited Business

September 16, 2021 No Comments

Owning a business is not something that everyone aspires to do. Sure, many people like the idea of being their own boss. But, there are definitely individuals who prefer to avoid the stress and anxiety of being an entrepreneur. Of course, there are many different sets of circumstances. For instance, children who follow their parents and run the family business, taking it over after their parents retire. Or, people who unintentionally fall into their own business without actually setting out to do so. For example, someone who inherits a business from a relative. Although this might seem a bit far-fetched, it does happen more often than one would think. So, what options are available to an heir who really does not want to take over the business? Types of Inherited Businesses Probably the most common form of an inherited business is a family company. Usually, the children grow up in and around the operation and are at least familiar with it. Other times, the children aspire to follow their own career path and never work in the organization. Additionally, there are heirs who inherit a family-owned business that they have never really been acquainted with whatsoever. If you’ve inherited a company, there might be a lot of questions on your mind. You might not want to be an entrepreneur, or even if you do, you might prefer to work in a different industry. Even if you’re ready to take on the business, you might be unsure about how to deal with current employees and suppliers. —Nerd Wallet Though these circumstances are far less common, they do occur. One prime example is someone who inherits a commercial property. That property is leased by several other businesses and generates a profit. The owners may not even be directly involved with the day-to-day operation and rely on a firm or individual to handle the necessities. These would include things like maintenance, repairs, negotiating leases, upgrades, and more. What to Do with an Unwanted Inherited Business Your first instinct could be to just sell it and be out of the situation as quickly as possible. But, if it’s generating a consistent profit, that might not be a wise idea. On the other hand, even if it does generate a profit and you’re completely unfamiliar with it, it could turn into a gigantic mess. Here are some possible options to explore: Learn about the business. Regardless if you’re set on selling it or remotely considering taking it over, you’ve got to know what you’re dealing with first. It’s imperative that you educate yourself about the business in order to make an informed decision as to which way to go. Don’t make the mistake of letting your emotions take over. Instead, take at least a little time to understand precisely what it is and more importantly, how much it’s really worth. Consider being an absentee owner. Although this is quite common in the business world, it’s always a risky proposition. And, it’s probably why you don’t want to get involved in the first place. If you let other people run it, you’re putting your trust into others and that could easily lead to a very regrettable set of circumstances. However, if it is something like commercial property and your relative was also an absentee owner, at least give it some serious thought. Invest in the business. If you do want to give it a try, don’t go it alone. Bring in a business coach to guide you through the process of taking on an entrepreneurial role and become familiar with all it takes to head up this type of operation. If you find it isn’t a good fit, you can always sell it and move on. What other suggestions would you give someone in this position? 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.

Don’t Dare Make these Startup Customer Service Mistakes

May 5, 2017 No Comments

Your business is really your customers’ and when you stop to think about that, it puts things in perspective. You need paying customers to stay in business and when you pay them respect, you invest in your company’s future. We’ve all dealt with bad customer service and have shared horrific stories about our experiences. In fact, studies show that customers who are satisfied with a company will share their enthusiasm with two to three people. However, dissatisfied customers will share their negative experiences with eight to ten people, even as many as twenty. That shouldn’t come as a surprise, but too many business owners focus on the bottom line in ways other than customer service. They think about how to increase exposure, new opportunities, upping sales figures, and the like. It’s usually only when a problem arises, brought to attention by a particular person, that customer service is put front-and-center. By then, it could well be too late and that shouldn’t be allowed to happen. Costly Startup Customer Service Mistakes Whether you’re building your book of business or have several clients, you need to make customer service a top priority, and, one that is ingrained into everyday practice. Being proactive is essential to success in pleasing your customers, and, they will assuredly take notice. After all, we as consumers continue to patronize the same places where we are made to feel important, even if the product or service isn’t necessarily the best of the best. No matter how great your company’s product or service is, if your customer service skills are lacking, it won’t make much difference. This is especially true in today’s economy, as struggling business owners need every possible advantage over their competition. Unfortunately, far too many business owners make the same customer service mistakes over and over again, sending their customers into the arms of their competitors. —All Business.com That’s how important good customer service really is, it removes or displaces many objections, and, can be the single most powerful thing that beats out your competition. You ought to take advantage of anything and everything you can and this area is where your company can excel. What you shouldn’t do is to make one of these startup customer service mistakes: Not responding in a timely manner. Forgo those auto email replies because they deliver a message that you don’t want to send: you’re too busy to be bothered to personally respond. A simple reply shows there’s someone who cares and values the sender as a business partner. Taking on projects that aren’t within your core competency. When startups take on everything that’s asked of them, even things which aren’t part of their core competencies, they make a huge mistake. The results are highly likely to be disappointing and that can mean losing future business. Limiting your connections to your customers. Complicated phone trees and canned online forms only serve as a frustration point for your customers and send a message that you don’t want direct contact. Be willing and open to connect with your customers and they’ll feel important. You don’t follow-up with past and present customers. It’s absolutely imperative that you check-in and follow-up with past and present customers. It lets them know you value them and is a great way to build-up your networking skills. Not having a set customer service protocol. Everyone in your organization should be in-the-know about customer service protocol and follow it when needed. If you don’t establish a set of practices, you’re leaving too much to chance. Two other big no-nos are being too accommodating and being too defensive of constructive criticism. Taking on everything that’s requested to look bigger than you are is a one-way ticket to mediocrity, or even to failure. While not being able to accept and learn from constructive criticism will make you appear obtuse and/or egotistical. Be grateful for your customers and show it and that alone will do wonders. [shareaholic app=”follow_buttons” id=”26833294″]

How to Say No When a Demanding Customer Expects a Submissive Yes

July 24, 2024 No Comments

How to Say “No” When a Demanding Customer Expects a Submissive “Yes” Customers are the lifeblood of any business, but sometimes, their demands can push boundaries and test your patience. When faced with a customer who expects a submissive “yes” to every request, regardless of reason, knowing how to politely yet firmly decline becomes crucial. Fortunately, there are proven tools and strategies you can use to navigate these situations with confidence. With these, you’ll be able to say “no” effectively, while maintaining a positive customer relationship, and protecting your business from unreasonable expectations. So, let’s get into how to handle demanding customers with grace and professionalism. Most Effective Ways to Politely and Professionally Turn Down Unreasonable Customer Requests When dealing with a demanding customer who expects a submissive “yes,” it can be challenging to assert your boundaries and maintain a professional relationship. Below, we’ll explore effective strategies for saying “no” in a way that is respectful yet firm, allowing you to protect your business interests and maintain your integrity. Here’s a detailed explanation of how to handle such sticky and unpleasant situations: Start by expressing sincere gratitude. Begin by thanking the customer for purchasing your services. This sets a positive tone for the conversation. For instance, you can say, “Thank you for considering us for additional services. We appreciate your confidence in our business.” Explain your services. Clarify what services your business provides and how they are priced. This helps set clear expectations. Here’s a good example: “Our services include X, Y, and Z, which are priced at $A, $B, and $C respectively. We offer these services to ensure quality and maintain the value of our work.” Emphasize your value. Highlight the value of your services and the expertise that goes into them. This can help customers understand why extra work is not offered for free. Explain your position this way, “Our team is highly skilled and experienced, and we take pride in delivering high-quality work. This level of service comes at a cost, which is reflected in our pricing.” Offer alternatives. If possible, suggest alternative solutions that are within the scope of your services. This shows that you are willing to help the customer within your business model. For example: “While we cannot provide the extra service you requested for free, we can offer you a similar service that is within our standard offerings. Would you like to consider that option?” Be firm but polite. If the customer insists on receiving extra work for free, remain firm in your decision. Politely reiterate that your business model does not allow for such concessions. Politely respond, “I understand your request, but unfortunately, we cannot provide the extra service you’re asking for without a corresponding charge. Our pricing structure is designed to ensure fairness to all our customers and the sustainability of our business.” Reiterate your commitment. Close the conversation by reaffirming your commitment to quality and customer satisfaction within the parameters of your business model. You can explain, “We value your business and are committed to providing the best service possible within our standard offerings. We hope you understand our position and look forward to serving you in the future.” Finally, follow up. After declining the request, consider following up with the customer to ensure they are satisfied with the resolution. This shows that you care about their experience even when you cannot fulfill their specific request. Consider explaining, “Thank you for understanding our position. We hope you are satisfied with our services. Please don’t hesitate to contact us if you have any further questions or concerns.” Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,