It’s a message that may sound a bit strange at a first, but it conveys a key theory in the business world. When you are connected to a well-built network, your business moves with an extra powerful engine. A warm call to a networked acquaintance can be much more effective than a cold call. A person from your network may refer you to a printing service provider that helps you cut costs and deliver high quality. Someone you met in a social networking event may tell you who the true decision maker is in a company where you are trying hard to close a deal.
Part of being connected means that you also need to provide connections to help other people in your network build their businesses, too. When you refer a business opportunity to your networked acquaintance, when you introduce others to the best CPA you have, when you direct someone to find the project principal directly, you are connecting others.
With years of building such two-way networking channels, you will be sure to stay in the center of your networked world, always knowing people who can help your business — and at the same time you will become known to people who need your assistance.
December 9th, 2007
Posted by
Coldie |
Business, Entrepreneurship, Success |
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Recently, I wrote several blogs about the Seven Deadly Workplace Sins. Now I’m taking a look at the four Cardinal Virtues: Justice, Fortitude, Prudence and Temperance. These are great qualities to have in your personal life and they can carry over to help you thrive in the business world.
Last time I looked at Prudence; now it’s time for a little temperance. This is a difficult one for me to advocate in some regards because I don’t do many things in moderation when it comes to business. I believe in always having the biggest and the best. But sometimes if you’re so busy working to outdo everyone else, some of the important things can fall through the cracks.
With temperance comes modesty, something that is not one of my personal best qualities. I have always said that you have to blow your own horn. Because if you don’t do it, who is going to do it for you?
So I encourage Temperance… in moderation. You can still work to be the biggest and the best. But do your best to make sure that you still fulfill a client’s needs and your boss’s requests so that you keep everyone happy on your way to professional domination.
Then everyone wins.
November 12th, 2007
Posted by
Coldie |
Business, Life, Work |
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Just as every successful farmer cultivates the fields and nourishes crops to insure a successful growing season, successful businesspeople cultivate and nourish their networks. They realize that every meeting, every chance encounter, and every business function can be a networking opportunity. They think of their network in the same manner as a farmer thinking of the growing fields – as an investment in an ongoing, never ending process of growth. They make the effort to meet new people, discover commonalities, and widen their circle of influence of people they know and, at least as importantly, those who know them.
Those who cultivate a business network have an ever-increasing group of people who they can call on for any number of reasons beyond the obvious one of attracting more business. When they need a vendor for a product or service they can find someone in their network who sells it or who can refer them to a reputable source. When they need advice dealing with a new or difficult issue and want a “sounding board” or informal advisory board. If they need a focus group to look at a new product or proofreaders for a brochure, case study, or manual. If they are seeking introduction to a person or company there might be someone in the network who can be of help in identifying the right person to contact or “knows someone who knows someone.”
People who are good at networking know that cultivating and growing their network is more than just shaking hands and exchanging business cards. It requires organization skills to construct and maintain a database and an effort to occasionally keep in touch with those in the network, giving them relevant information they can use, a referral or testimonial when it is appropriate, tools to help them remember you and what you do so they can give you that testimonial or referral, even an occasional tasteful emailed joke.
The next time you go into a room filled with businesspeople, think of that gathering in the same manner as a farmer gazing at a field, as a room filled with potential for personal, business, and financial growth if it is cultivated and nurtured to maturity.
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August 27th, 2007
Posted by
Coldie |
Business, Entrepreneurship, Event, Net-Preneurship, Success |
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A home office is great if you are working remotely for your company. But if you are an entrepreneur, working out of a home office can stifle your growth and actually cost you lots of money in lost opportunities.
Reason One: A home office is not conducive to hiring employees who will help you substantially increase your income
This is basic. To grow your business and your income, you need to hire employees who can handle your lower-value work so that you can concentrate on the bigger picture and the bigger deals. If your time is worth $500/hr, you shouldn’t be doing work that you can pay someone $20/hr to do.
A home office also prevents you from hiring employees who can fulfill income-generating functions that you can’t do, don’t want to do or don’t have the time to do. These might include marketing, finance or negotiating joint ventures and partnerships.
Now maybe you’re thinking that you’ll just have those employees work out of your house. But there are problems with that idea. First, it might be illegal under the zoning laws in your community. Second, how many people really want to work out of your spare bedroom or your dark and dank basement?
Reason Two: A home office creates an unprofessional atmosphere
It’s hard to convince potential clients that you’re the best in the business and should be handling their business while you’re sitting in an unpainted sheet-rocked room that used to be your garage. They’ll be looking at your company and thinking, “If they’re as good as they say they are, how come they can’t afford an office?”
By having a real office and conference room to meet clients in, you will inspire trust and confidence that will help you close more and larger deals with bigger and better clients. Most importantly, having a real office will stop you from losing deals and clients that you should have won if not for the fact that they were turned-off and unimpressed by having to meet you in your living room or at Starbucks!
So what are your alternatives?
Of course you can sign a long-term lease with personal guarantees and move into a traditional office space. But with all the up-front costs for construction, office furniture, telephone and high- speed Internet systems, etc., that can easily break the bank. Here are some alternatives to consider:
- An Executive Suite. For one all-inclusive monthly fee, you can get an office when you need it, plus a conference room for meetings, administrative services on an as-needed basis, a receptionist presiding over a comfortable waiting room and many of the other features that put you on a much stronger footing than a home office ever could.
- Virtual office space. This is an absolute must if you are not quite ready to move out of your home office. For a reasonable monthly fee, you get a prestigious mailing address (including mail forwarding to your home office), a dedicated phone number in an area code of your choice, plus part-time use of an office and/or conference room for client meetings.
Sure, some famous entrepreneurs like Steve Jobs of Apple got started in garages and basements. But you won’t find him there any more. Isn’t it time for you to move on too?
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August 3rd, 2007
Posted by
Coldie |
Business, Entrepreneurship, Marketing, Personal Finance |
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IE Singapore, together with Singapore Business Federation (SBF), is organising a business mission to South Korea from 9-15 September 2007. The aim of this mission is to provide the exposure, information and contacts needed for companies to succeed in the South Korean business environment.
The industry focus for this mission are the Food & Beverage (F&B) and Electronics and Precision Engineering (EPE) industries. Singapore-based companies in these industries, who are new to exporting and/or new to exporting to South Korea are welcome to participate in this mission trip.
The programme for this mission includes visits to Korean trade associations, chamber of commerce, renowned Korean companies, hypermarkets, the Incheon free economic zone and seminars where you get to network and be business matched to Korean companies.
Registration is by 6 August 2007.
For more details and on how to register, please feel free to send me a mail @ summertea33(at)gmail(dot)com.
July 25th, 2007
Posted by
Coldie |
Business, Entrepreneurship, Event |
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