Business Record - Iowa Biz

Networking works even when you're not sure how

Often times, when we first meet someone, we're not sure how they can add value to our network or if we can add value to theirs.

There usually is no master plan.  There might not even be an immediate "ah ha, I know how he can help me" (or how I can help him).  Instead, there is the recognition that he/she is a person of character. 

Someone that we would find value in knowing. 

And sooner or later, we will be able to help each other.  We just stay connected

.  Networking isn't about spotting someone you can exploit.  It's about making connections with people you like and respect, knowing that eventually you'll be able to be of value

. Building your network is not a series of calculated moves and tactics.  It's staying open to possibilities.  It's helping first, knowing you'll be helped in return.

The message?  Don't sweat it if you aren't sure how a new connection will be of value.  Just stay in touch, offer help/connections where you can and have no fear.  Sooner or later, you'll both reap the benefits of this new relationship.

What is Yours is Ours

I gave a presentation recently at PSIS.

I had a wonderful time and I've received awesome feedback from those who attended. (I've even got some feedback from others who weren't there) Another testament to a network?  I don't know.  It's a testament to the wonderful people that get up every day looking for ways to improve themselves and others.

As I reflect back and believe you me... I'm reflecting and refining as we speak! I can't get this thought out of my head... It's not MY network.  It's OUR network.

We live in an unbelievable community filled with unbelievable people, places & things.  The longer we spend cultivating each other, the quicker we will all achieve the successes we are seeking.

We Must Have Ridden the same Bus to School

Over the years, I've come to the realization that there are several Central Iowans that possess an unbelievable amount of talent, passion, and desire to create success in all aspects of their lives.

Sometimes, when I listen to them talk, I realize how similar our views are and how we seem to have grown up learning the same life lessons.

I've decided to do a short profile on one of those Iowans because during a coffee, his message really hit home.

Adam Carroll is the definition of an entrepreneur, but he also has a keen understanding the role of networking.  He has written a book and currently owns a mortgage company and financial education business.

That being said, as we had coffee I was discussing the presentation I have at Professional Solutions Insurance Services on the 20th.

He perked up and said, "POWER... Promoting Opportunities While Establishing Relationships; done right can lead to Profiting On What Everyone Refers."

And if you've had coffee with me before, you know that I said, "Interesting..."

Adam is right.  We as business people need to think in terms of providing connections to others that increase their chances for success.  If they aren't successful, the odds of success coming back to us are decreased.

Avoid A Stagnant Network

In my opinion, a network is only as strong as the depth of the people that are connected within it. 

By this, I mean that when you are in a situation that calls for an industry expert and your list of "go-to's" are not available; it is wise to have others in your network you know can pick up the slack.  That is why I'm firm believer in continuous networking even when you believe your network is complete/solid/strong enough.

In my line of work, I don't force a business owner to use any particular person in my network.  As a matter of fact, in any industry at any given time, I may have a list of 5 - 10 experts that I suggest the business owner choose from. 

These are usually based on the scope, price and most importantly the 'personality' of the situation.  How deep is your network?

If I stop adding to my networking list... I'm letting my network become stagnant.  With a stagnant network the odds of having the proper industry expert for a situation decrease.  Once your connections within your network decrease, you may be experiencing a failing network.  This is a common problem but one that can be fixed nonetheless.   

Networking Continues to Gain Momentum

Amanda Ripp of the Business Record wrote a wonderful article on the changes that our area is making in regards to networking. (View Here)

I happen to know each of the organizers of the networking groups referenced in the article.  They all recognize the need for relationships and see the value in making time to meet face to face.  Many of the meetings don't recognize an immediate output, but they all lay the ground work for future success.

Keep up the great work Central Iowa.  I'm excited to see us gaining momentum.

Who Is Maintaining Your Network?

A business is only as good as the people it employs... we've all heard it and most likely experienced situations that support that statement.

I'm going to change the statement slightly and say, 'A business is only as good as the network that its employees can maintain.'

My reasoning is fairly transparent.  If a business spends the majority of it's monetary resources on creating an image that portrays today's 'buzz words' but doesn't support those words within its people... why spend the money?

In today's marketplace, business is done through relationships and relationship building. 

Some of these relationships are 'time-tested', some continue to evolve, some are still in the discovery stage.  My point is... If you or your employees cannot maintain a network with those around you, then it may be wise to re-look at the focus of the image you are trying to portray.

Access Your Network for Results

I often hear the question, "When should I use my network?"

My first reaction is to try and shift the tone of the question too 'When should you access your network?'

The fact of the matter is, that we build networks for a purpose and that purpose should be to produce output.  I like to call it economic output.  If we aren't accessing our networks to produce economic output, then our networks may be static.  Here are 3 times to consider accessing your network:

• When you know (or even think) you can introduce someone into your network and cause success for them.  Success can be measured in many ways.
• When you need to 'vet' an idea to determine its validity in the marketplace. Vetting can lead to time/cost/relationship savings.
• When you meet someone that is exiting a corporate job and wants to get plugged into a more private sector world.  In a world of seemingly increasing corporate lay-offs, it is important to provide a relationship net for those in need of new opportunity.

Of course there are several other times to access your network, but start small and begin to plant seeds within your network to produce economic results.

Be A Relationship Farmer

Have you ever caught yourself asking the question... "What value does this person bring me?"  If so, you're not alone.  It's very normal but may not be the best way approach a networking situation.

As a networker/collaborator/business development/salesperson, I believe that is important to operate on the "you just never know" principle. 

Often times, the people you meet aren't the direct contacts into sales opportunities for your organization.  As a matter of fact, the real opportunities lie layers deep and can only be reached through strong relationships.

We must work very hard to develop and nurture the relationships around us before scratching someone off your list.  As my good friend Richard Rowe says, "Networking is farming. Not hunting."

Concentrate on growing your relationships rather than monetizing them and your sales yields will grow.

Oh yeah... Happy Thanksgiving! 

Social Event Networking

Over the past 3 years, I've heard or seen just about every type of networking event imaginable.  I've also been asked just about every question revolving around networking imaginable.  One of the top questions I hear is "How do you get business from social events?"

My response is usually something like this: When you're participating in a social event, the odds of you developing an instant relationship that translates into business are slim to none.  That's not to say it won't happen, but your odds will be increased if you take the initiative to set up a coffee or lunch within the upcoming weeks.  In that follow up conversation get to know them more intimately and find out what resources you possess that could fill a void with their needs, both personal and/or professional.

After all, in a business world that is shifting and changing faster than most can blink... it's important to have a relationship based on the person rather than your product.  Your products may change but it's what you possess as a person that should remain constant.

Get Out Of Your Cave

I wish I could take credit for the title of this post because it is so true when you speak of an entrepreneur and the necessity of a network. 

The title came from Matt Owen of US Rodeo Supply and he just happens to be the person I decided to interview for this post. 

He and his brother Nathan have built quite a business and their story is one that needs to be told.  His comments are in italics.

Question 1 - As a small business and an entrepreneur, you and Nathan have been fighting a hard battle.  Can you describe how plugging into outside resources and networks have helped to ease the pressure on you two operating the business? i.e. can you outsource certain things like financials, etc.

Initially it was difficult to embrace the concept of seeking outside resources. Each attempt we made tended to be a dead end or required unrealistic amounts of capital to have "expert" advisers. We became extremely frustrated and found ourselves reluctant to proactively look for outside advise. However once we had exhausted all of the traditional forms (Bank, SBA, SBDC, SCORE and others) it was a cross-roads and we needed to find a trusted source that could assess our situation and be able to advise us to either "Kill It" or "Double Down". Fortunately we were able to find this in part through a connection made during the SBA FastTrac Program. Kreamer Law offered us our first real "realistic" look at our business. We mapped out our plan and indicated that we did not believe at that stage that we could secure traditional financing. We needed to connect with resources that we could vet the Model to and see if we had a realistic shot at securing Angel Investors or Venture Capital. In hind site this was the first "networking" effort that we had engaged in. Since then we have been able to find numerous external resources to "outsource" expertise.

Question 2 - Could you briefly describe the benefit of accessing a mentor and/or vetting your business model to someone who has successfully exited a like kind business model?

We have been able to remove the "emotion" and drive the business based on facts. The confidence gained from being plugged into people who have done it before (failing or succeeding) has totally changed our use of time. We have since moved beyond the starting line and we are seeing traction with the business. The amazing part is we stopped being focused on securing capital and focused on driving the required changes internally and the sales doubled since the initial networking started.

Question 3 - Have the presentations/connecting you've done with SEMEE and the local universities prepared you for future presentations that involve direct capital growth for your business?

ABSOLUTELY. The opportunity to share our story and learn from others has been an amazing early stage proving ground. This exercise has allowed us to clarify our vision and define what steps we need to take to move the business to the next level. The personal confidence gained through a non-threatening "resource" environment positions us to bridge quickly into a "Road Show" if/when we do have a need to secure venture capital.

Question 4 - Looking back, what would you say the turning point in your business was, after you started your networking process, that validated your business model?

Finding others that can see the vision of creating an Enterprise Model has been difficult. However once plugged in, we have found an array of respected Executives that do see it. When you start to have resources align with the same shared vision (not blinded by capital~however interested in creating something impossible) I think that is when it starts to gel and gain traction.

Question 5 - If you had one piece of networking/collaborating advice for small business owners in Central Iowa... What would that be?

Opportunities are only wasted if you let them be. Get out of your cave. Be proud of what you do and share your story with others. Iowans want to help Iowans. Businesses enjoy helping other businesses. Go to events...even when they have nothing to do directly with what you do. Odds are someone there knows someone who can directly change your business. Don't go out looking to make Sales, go looking to find ways to help others.

Many thanks to Matt for taking the time to answer a few questions. I recommend that everyone take the steps necessary to get plugged into the community.  We live in an ever changing world and it will be our networks that ultimately cause us to succeed.