West Wales

Don't Let a Slow-Down in the Economy be an Excuse for Failure

Added on 26 March 2008 by Guy Griffiths Return to blogs in West Wales...

With the recent turmoil in the financial markets, more and more people are talking to me about their concerns for their business. It took me back to an article by Dr. Ivan Misner, some time ago, and I thought it might be worth mentioning some of his suggestions for protecting yourself aganst a slower market by building your business through word-of-mouth.

This is what he said:

If you want to do well in business, you must understand that it does absolutely no good to complain to people about how tough things are. When you complain about how bad business is, half the people you tell don't care, and the other half are glad that you're worse off than they are!

While you cannot control the economy or your competition, you can control your response to the economy. Referrals can keep your business alive and well during an economic downturn.

During the last recession, I watched thousands of business owners grow and prosper. They were successful because they consciously made the decision to refuse to participate in the recession. They did so by developing their networking skills and learning how to build their business through word-of-mouth. You can do the same during a slow economy by:

  1. Diversifying your networks. You need breadth and depth. Participate in different kinds of groups.
  2. Refusing to be a "cave-dweller." Be visible. Get out there and meet people at business events.
  3. Learning how to work the meetings you attend. It's not called "net-sit" or "net-eat," it's called "network." Learn networking systems and techniques that apply to the different kinds of organizations you attend.
  4. Being prepared. Prepare effective introductions and presentations to give to other business professionals at networking events and meetings.
  5. Developing your contact spheres. These are a groups of business professionals who have a symbiotic or compatible, noncompetitive relationship with you.
  6. Knowing your goal. Perhaps most important, understand that networking is more about farming than it is about hunting. It's about building relationships with other businesspeople

Read the whole article here.

Members in Focus ...

Congratulations to Angela Tansley of the Quinnell Chapter who will receive a copy of Andy Bounds' book - "The Jelly Effect". The winners were selected from the chapters with the highest percentage of members who responded to the BNI survey run in February. The 100 winners will receive a copy of Andy Bounds’s best-selling book “The Jelly Effect”. The prize of £750 worth of travel vouchers for a member of the best responding chapter was won by Bentley Chapter in Stanmore, Middlesex. The lucky winning member will be selected in a draw at this week’s chapter meeting.

Colin Campbell of Colin Campbell Consulting runs a number of cost-effective, and productive, courses. Contact Colin and find out how one client added £154,000 of sales into his sales pipeline by applying what he learned from Colin's Get Clients Now programme.

Ioan Evans of Catapult It Solutions showed me a syatem developed by Ian Abraham of Trivex Systems Ltd. Apart from helping Ioan to keep track of his referrals, the system also runs his company tracking all the processes necessary to run his company effectively - a cruise control for business! Many leading South Wales businesses are either using the software, or in line to adopt it. The system also tracks who is due to receive a bottle of champagne - apparently Ioan now rewards his referrers with champagne!

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