Network your way to success

Jan. 31, 2009, 12:03AM

Q. I’ve been told that I need to network more in order to expand my small business, but I’m not very good at it. How does one go about networking?

A. Networking is the process of connecting with people so you may help others and they may help you. The interactions established through effective networking build over time and can make a difference in the amount of business your company generates.

Networking doesn’t come naturally to a lot of people. Many are uncomfortable with starting a conversation with someone they don’t know. Others are concerned it won’t be worth their time.

Successful networking is more than simply exchanging introductions and business cards and then waiting for someone to call.

Donna Fisher, a networking author and speaker, says you should focus on people as they are introduced to you, so that you remember who they are.

Also, don’t waste the few precious moments you have with contacts by focusing on yourself. It’s better to spend most of that time asking questions so you can assess whether or how to follow up.

Fisher’s easy-to-read book Power Networking, which she co-authored with Sandy Vilas, identifies 59 secrets to building powerful networks.

Here are a few.

When introducing yourself, you need to make your company sound spectacular in seven to 10 seconds, Fisher says. Your introduction needs to be “clear, concise and personable to attract people’s attention, generate inquiry and be remembered.”

Look professional and always carry your business card. After all, who knows where or when you’ll meet a fantastic contact. “Treat the act of giving someone your card with respect, and the recipient will also treat the card, interaction and follow-up with respect,” Fisher says.

Give referrals whenever possible. The best networkers believe in the “givers gain” philosophy. In other words, If you don’t attempt to help the people you meet, then you are not networking effectively. If you can’t give someone a bona fide referral, try to offer information that might be of interest to them, such as details about an event. Write notes on the backs of business cards you collect to help remember each person.

You can do all of the above religiously, but if you don’t follow up effectively, you will have wasted your time. Call each person you’ve met. Be sure to fulfill promises.

Putting a value on your business can be crucial

Jan. 17, 2009, 2:19AM

A: Too often, business owners brush aside valuations, believing them necessary only if they decide to sell. There are many other reasons to value your business. Perhaps you’re thinking about taking on a partner, or a partner is leaving the business.

Other reasons for business valuations could include applying for an expansion loan, spin-offs, disputing an IRS audit, major strategic planning initiatives, estate or gift planning, and divorce. Or how about this: You might simply want to know how your investment is doing.

Going through the valuation process can help you learn about those things that increase the value of your business.

You can determine the value of a business in many ways, from quick and cheap software-based calculations you do yourself, to full-scale, certified valuations by professional appraisers.

You can determine the value of a business in many ways, from quick and cheap software-based calculations you do yourself, to full-scale, certified valuations by professional appraisers.

The price range can vary from as little as $15 for the simplest software, to thousands for a detailed analysis performed by certified professionals for midsize businesses. Business brokers, hoping to sell your business, may even do valuations for free.

None of the many valuation procedures is perfect. Most valuations are based on an analysis of forecasted cash flow that produces a present value for the business. Also, there are accepted rules of thumb for all kinds of small businesses, in all types of industries.

Bankers and investors, as well as the IRS, are generally skeptical about rules of thumb. You can expect both groups to require a valuation whenever a company seeks either a significant increase in credit or a new infusion of equity capital.

Professional appraisers analyze all kinds of information, such as historical financial records, cash-flow forecasts, customer base, internal controls, key employees, competitive details and much more.

Professional appraisers analyze all kinds of information, such as historical financial records, cash-flow forecasts, customer base, internal controls, key employees, competitive details and much more.

Try to match the person or method you use for a valuation with the reason you are doing it. So, if the valuation is for a loan, look for someone who’s done them for that purpose.

The American Society of Appraisers offers a free service online to help you find a business valuation expert in your area. Look for the Find an Appraisal Expert link at www.appraisers.org.

Passion Wanted: Small Business Week 2009

There are less than four months to go till Small Business Week, which runs from October 18 to 24 this year. The Business Development Bank, which owns the rights to SBW, has selected as its theme, “Your dream, your business, your passion.”

Although Small Business Week seems to be losing steam (I haven't seen much passion around it in recent years), I believe it is still an important event for focussing attention on the needs of Canada’s SMEs. It’s also an opportune time for bigger businesses that sell to small business to show their support for the marketplace, through events, product launches, research studies, etc.

And of course through paid ads, though I am skeptical that they have much influence. Saying that you love and support small business is not quite as credible as demonstrating that you do.

This will be the 30th anniversary Small Business Week, so it could be a good time to get involved.

I have been working up some concepts for projects that would be appropriate to execute in and around Small Business Week. If you are looking for ideas or inspiration, send me an email (rick at rickspence.ca). I’d be delighted to chat with you.

One reason the SMW brand in Canada may be fading is the rise of something called Global Entrepreneurship Week, taking place in more than 60 countries this year from Nov. 16 to 22. It comes out of the UK and the Kansas City-based Kaufman Foundation. Details for this year are still sketchy, but this event is probably only a few sponsors away from turning into something quite exciting.

More details (although not many) at http://www.gewcanada.com/

Live Event: Keep Your New Year's Resolutions: How to Launch a New Career Despite the Economy

Barnes & Noble and Annemarie Segaric, founder of The Career Changer Company www.thecareerchanger.com, have partnered to bring you an event you won't want to miss. If you are wondering how you're going to change careers or find that new job in this economy you will want to be at this power-packed lunchtime workshop.

Wednesday, January 14, 2009
12:30pm-1:30pm
Barnes & Noble - Lincoln Center
1972 Broadway at West 66th Street, NYC
(1 Subway at West 66th Street stop)
$25 registration fee includes free copy of Step into the Right Career. Special Friends & Clients discount: enter FRIENDSANDCLIENTS during checkout and take $5 off. Also, if you RSVP before 12/31 you can take an additional $5 off! Just enter YEAREND during checkout.

Register at: http://www.careerchangerevent.com

During this laser focused lunchtime event you will learn:

* the one thing you must have when changing careers so that you don't need to have lots of money saved up.
* the three steps you can take to get started right away on your transition even if you have no idea what you want to be doing in the first place.
* how to decide between pursuing a passion or just getting a job (especially if you are unemployed right now)
* the key to standing out from the crowd in a tight job market especially when you don't have the listed experience in the first place.

Sign ups have already begun but because of the room size seats are very limited so grab yours now! We expect this event to sell out very quickly.

It will truly be the best hour you could spend. I hope you'll join us

Today on Women Entrepreneurs -The Secrets of Success

Guest Host Elena Camp interviews Monica Thakrar, President and CEO of Joyful Soul Coaching, a coaching firm that specializes in holistic coaching focused on body, mind, and spirit alignment. Monica's mission is to help people live joyfully and authentically by finding their true passions and taking the risks to go after them. She believes that when people's actions are in alignment with their true heart's desires they can achieve their greatest dreams.

Monica's own journey began when she began to soul search to figure out what she wanted to be when she grew up so that she could live more joyfully. Externally she looked successful, but inside she knew she was not living her best life. She always wanted to help people and she found Newfield Network (or it felt like it found her!). She realized that the holistic approach to living was the most effective way of living a balanced, connected, and joyful life.

Before becoming a coach, Monica worked in the Financial Management
Program at General Electric. She also worked as a Manager in BearingPoint's Organizational Change Management group for over 7
years. As a consultant Monica worked with Executives and mid-managers in large public sector, commercial, and international organizations to prepare them and their organizations to adopt large scale technology or process changes.

Monica is also a graduate of the ICF certified Newfield Network
coaching program as well as is a certified Soul Coach through the
Denise Linn Soul Coaching Program. Monica has worked with numerous
coaching clients in order to live their most joyful lives possible.
www.JoyfulSoulCoaching.com

How to Make Positive Changes in Your Life

by Deborah A. Bailey
What are you attracting? Years ago a career coach told me that I had to work on becoming "irresistibly attractive." I didn't completely understand it at the time, but now I do. When we hear the word, "attractive" we usually think of physical appearance. That's what makeovers usually focus on, don't they? Changing the outside and expecting that the inside will just fall into place.

If you don't think you deserve a better job, a rewarding career or a successful business, how can you achieve it? How can you reach something if you don't feel you can have it? If I don't believe in my business, then it's not likely that I'll attract clients who want to work with me. It's also not likely that I'll be successful if I don't believe it's possible for me.

Even though I'd been dreaming of my own business for years, once I started it I didn't completely believe in it. I wondered how I could compete with more experienced entrepreneurs, and how I could attract people who saw value in what I could do for them. What I have learned is that if I don't think my work has value, I'm going to attract people who don't see the value either - and I certainly can't build a business that way.

Instead of complaining about what you have, think about what you want to accomplish. Do you want a new job, or to return to school or move to a new place? What steps are you taking to make those things happen?

1. Write down your ideas for the future. If you're going back to school, what courses do you want to take? If you want to move, where do you want to go?

2. Look at where you are now and write down the things you'll need to move forward.

3. Consider your everyday thoughts - do you go from believing you can reach your goals to being discouraged? You won't be able to move forward if you don't believe that that you can.

If you want to change for the better, then you have to believe in it. You have to be there on the inside long before you see the outside results.

Deborah A. Bailey is author of two non-fiction books including, “Think Like an Entrepreneur: Transforming Your Career and Taking Charge of Your Life.” She's also the creator and host of Women Entrepreneurs Radio, a weekly internet talk show. Her fiction work includes a short story collection and a novel, available on Amazon.com. 

For more information, visit http://www.BrightStreetBooks.com.

How to Market Your Business With an E-Book

by Deborah A. Bailey

Less expensive than producing a "traditional" book, electronic books (or "eBooks") exist in various formats, including MS Word files, Adobe Acrobat pdf files (one of the most popular formats) and HTML files (which can be read using a web browser). Readers can download your eBook from your website, a third-party site (such as Amazon.com), or receive it as an email attachment. If you choose to create your eBook using HTML files, all you need to do is give your readers the URL so that they can view it like any other web page.

Looking to promote your products or services? Consider using an eBook in your promotions. For instance, a caterer might offer books such as "Entertaining for Large Parties at a Small Cost" or "Perfect Wine Pairings" and distribute them to prospective clients. She could also reformat the content into individual articles and submit them to specialized publications. An organizer might select topics such as "How to Set up a Home Office" or "10 Steps to Eliminating Clutter." She could feature these books on her website and create passive income by setting a fee for downloads. Someone opening a coffee shop might market her business with titles such as "How to Brew the Perfect Cup" or a "Guide to Global Coffees."

Want to define yourself as an expert in your field? Use an eBook to share your expertise. A house painter who finds that he's always being asked about painting might write books such as, "10 Things to Know before Hiring a Painter" or "Three Top Painting Techniques." He could market these books on his website, and offer them when meeting with prospective clients. Perhaps each month or quarter he could make a new book available for download or sale. He can market himself as an expert, while creating an additional source of income. Even do-it-yourself painters could benefit from his tips!

Have a group of articles you've already written? Compile your articles into an eBook, with each article as a separate chapter. Use your eBook as a manual for classes or talks that you give. Distribute your eBook as a "textbook" for your online classes. Are you involved in coaching or mentoring? Make your eBook available on your site as a download for your clients or students. Need to create instructions for a product you're selling? Put it into an eBook. Use your eBook as a "thank you" to clients, or as an incentive to prospective clients.

Don't underestimate the power of an eBook. You can use it for marketing, income, building writing credits or establishing yourself as an expert. Whatever your objective, use an eBook to get exposure for your business while sharing your expertise.

Deborah A. Bailey is author of several fiction and non-fiction books, and creator and host of Women Entrepreneurs Radio, a weekly podcast. For more information, visit http://DeborahABailey.com.