Power Dealmakers

For those of you interested in international business transactions or the business networking organization, LinkedIn, a new Yahoo groups discussion forum has been created. Several Yahoo discussion groups already exist on the uses and preferences concerning LinkedIn, such as the Yahoo Group forum called MyLinkedin Power Forum (MLPF), but the messages on that forum were biased. The moderator of MLPF censored opposing points of view. He is the type of person who would criticize a group member’s message, but not let that member respond to his criticism. In many respects, the MLPF and forums like it were just plain boring: a large cacophony of disjointed and disconnected messages on everything from trolling for people with the same last name to using LinkedIn to advertise products or services.

The MLPF forum has a minority core group of people who do not advocate open networking and who resist requests to expand their networks or make LinkedIn a more useful reference tool -- which the latest revision accomplished. Now users of the LinkedIn system can learn profile details about the 3.3 million members of LinkedIn outside their own small networks; however, contact names and e-mail addresses are omitted. One way to make the system more transparent is to include e-mail addresses in the "name" and "job information" fields on Linkedin. That way users outside a person's network can still locate contact details on that user.

As I scanned the messages on alternative LinkedIn forums for the past two weeks, I did not learn anything new about (1) taking care of my network, (2) profiting from my networking, or (3) communicating better and faster with less stress. It is hard to teach an old dog new tricks. Instead of trying to reform one or more of the existing LinkedIn discussion forums, we created a new forum with a more investment banking, law, and tax flavor content.

Our new forum, which is called Linkedin_High_Power_Dealmakers, focuses on making deals, whether structured finance transactions, project finance, placing key personnel in companies, finding teaming partners, trends in the economic and financial marketplace, and the like. Members of this Yahoo forum believe that expanding business networks to reach out to strangers is a great idea. We reject the (old-fashioned, European) mentality that we will only exchange greetings and discuss business with someone to whom we have received a formal introduction. Unlike other Yahoo groups focused on Linkedin, our new forum will discourage two-bit opinions about special features of Linkedin or non-business uses, such as searching for old friends who attended high school with a given user. We have less discussion about Linkedin itself, and more discussion of deal making (using Linkedin or other tools). In fact, we provide honest comparisons of contacts made through openBC, Ryze.com, and Linkedin, and which one offers a better networking service for high-powered professionals.

This group is devoted to using the web-based Linkedin.com system to expand business and professional contacts for purposes of making deals: new business financing, finding new business partners, project finance, outsourcing staff needs, professional services, management consulting, recruiting key personnel, and the usual panoply of domestic and international business transactions. Some of our members joined because of the one-sided and biased nature of discussion forums such as MLPF. These forums seem riddled with double standards and hypocrisy, not to mention the bulk of the messages are just plain boring.

Examples of current message threads including an opportunity to invest in a movie deal; people interested in sponsoring business ties to Romania, Hungary, Poland, the Czech Republic, and Slovakia; mergers and acquisitions in the U.S. energy industry; 50 jobs available in the energy industry; best business practices in obtaining small business financing, and much more.

On Fridays, we welcome parodies of comments made on other LinkedIn discussion forums, particularly MLPF. We have a little fun with these parodies as we get ready for weekend breaks.

Sharpen Your Business

Most people become lax at maintaining their professional business network when they’ve worked with a company a while. With the constant rounds of mass layoffs, having a dead or outdated business network can mean business suicide to even the most skilled expert.

Whether you've been laid off and are looking for work or are a small business owner trying to grow a business, connections are crucial for business success. But it's not so much who you know as who knows you. And that means networking effectively should be one of your priorities. Here are a few tips to help you get the results you seek from business networking.

- Before you go to a networking meeting, be prepared with a goal. Who do you want to meet? Why are you there? Have a conversation icebreaker ready to get to know the right people.

- Don't reserve every seat and act like a grump if someone unfamiliar wants to sit there. Welcome the opportunity that a stranger presents. They may be your next prospect.

- Treat referrals like gold. Contact the referral within a day, if possible. Let the referrer know how things went.

- Online, your email creates the first impression just like your physical presence does at face-to-face meetings. Be the business professional that you are.

- Any email you send has the potential for being forwarded to an untold number of people. Before you press the "send" key, give your message the "front page" test. Ask, "How would I feel if this made the front page of the newspaper?

Myths and Realties

Can we agree about the meaning of networking? I don't mean computer networking. For our conversation, business networking is about getting to know people whom you can help and who can help you. Does that simplify it for you, enough to feel better about it?

Many people have a complex definition for networking or get stymied by the action the verb implies. Let's take some of the mystery out of a basic way to get to know people and have them get to know you. Then, if either person needs something, there's an opening to facilitate this - it happens to be called, networking.

Confusion 1

· Networking is about shoving your business card in someone's hand and boasting about what you do.

Reality

· Business networking can include exchanging business cards, usually following a brief get acquainted conversation. Learn to ask one simple get-to- know- you question with comfort and curiosity: "What do you do?" The business card exchange is not a requirement. Getting the help you need from someone - a business referral, a contact, a job - doesn't come from a business card exchange. It comes from relationships in networking.

Confusion 2

· Some of us think when we attend an event with the word "networking" in it, that we are the only one there to - listen to the program, meet people or make our boss happy.

Reality

· Everyone is at “networking” events for similar reasons! To build your networking expertise, think about everywhere you go as being a form of networking. Waiting in supermarket lines, going to sporting events, enjoying festivals, stopping in your local bookstore or library, everywhere you go, there is an opportunity to meet and talk with people you don't know. The "event" then becomes just another way of meeting people. We are mingling with people who are at this "event" for similar reasons to our own!

Confusion 3

· Networking is work.

Reality

· Okay; this is reality. But it's work to find pleasure in! Stay in touch with people who you enjoy and respect, even if there's no immediate need. A handwritten note will go a long way in them remembering when you do need them. Is that so tough?

Believe It!

It is written, "ask and ye shall receive, knock and it shall be opened unto you, seek and ye shall find." If we don't ever ask, if we don't knock, if we don't seek then we won't receive! It's acceptable to ask for what you want, particularly in networking.

Pat Weber is a coach, certified telelcass leader, and corporate trainer. In her business coaching, she works with small business owners, independent professionals and salespeople to help them get more of what they want sooner than later.

Networking Groups

It's been fun going face to face and an education too!

As promised, my wife and I have been going out to 2 to 3 business networking groups each week. We've met all types of people, collected a lot of business cards and added most to our growing list. It's fun to be out there, challenge yourself to walk up to someone you don't know with your hand out stretched and introduce yourself. The great part is meeting people without an agenda... just to meet people and have them be happy they met us. And, it's worked well that way.

It's been interesting to note the different make-ups and character of each networking group. Some are full of gregarious networkers, people who know how to work a crowd without showing up as a sales person. Other groups are stiff and business like, hand you a card, tell you about themselves and on to the next target. Not the way to network, for sure. We won't be going back to those groups.

We know it is important to be respectful of others. When someone hands you their card good manners demands that you take their card and give it a sincerely prolonged look-over. One of the people we met from the business group took my card and shoved it in his pocket without looking. He then proceeded to pitch us with both barrels. I made a mental note that this guy was not interested in much more than himself. He got scratched from the list.

We practiced our 30 second introduction with variations, alterations and gyrations. You always want to keep that sort of thing short, to the point and memorable; leave them with a bit of a question so they want to know more. We heeded the advice to have something prepared to say when people finally get around to asking you, "And, so, what do you do?"

Here's A baker's Dozen - Rules for Networking

1. Accept a business card as it is presented to you. (A two hand presentation = accept with two hands.) Take a moment to look at the card, it shows respect and might give a clue to open a conversation.

2. Have prepared your "30 second" introduction to present yourself and express your goals.

3. Your name tag should be worn on the right side of your body so as you shaking hands it is presented to the one you're meeting.

4. Gentlemen, allow the ladies to extend their hand first. Permit them to control whether they are comfortable with the exchange.

5. A proper handshake is to touch the web of your hand, between the thumb and index finger, to the web of the person whose hand you're shaking. A handshake should be firm, not limp, not crushing.

6. Be mindful of the social context with whom you are networking. (CEO? Sales Rep? Freelancer?) and where you are (Luncheon? association event with speaker? Awards banquet?).

7. Invoke the 80/20 rule - speak only 20 percent of the time, listen 80 percent of the time.

8. If the event includes dinner and you are the first to arrive at the table for dinner, wait behind your chair or mingle until everyone is present before sitting down.

9. To politely leave a conversation, introduce the person you're talking with to someone else and politely excuse yourself. (This will come in handy, promise!)

10. Be authentically interested in the person you are meeting. It shows respect and will go a long way to initiating a relationship.

11. Make connections where you can. People always remember the person who filled their need.

12. Networking is a contact sport. Avoid hanging out with people you know. Meet new people.

13. Here's the most important tip - Have Some Fun! Meet some new people; most of them have a interesting story to share.

Networking Partners

You've heard that participating in a referral or leads group can help you generate new business, yet you may be hesitant to join one. If your fear is that you won't be able to pass leads to your fellow members, don't worry, it's an easy skill to learn. Here's how:

1. To give leads, all you need to do is listen and ask questions. Whether you're at a business seminar, your kid's soccer game, or your power aerobic workout class, start by paying attention to what people are talking about. Even better, what are they complaining about? What are they wishing for? Are their insurance rates too high but they don't have time to call around and find a better plan? Is their office a mess and they just can't seem to get organized? Does their neck hurt from too many hours hunched over their computer screen? That's your cue to jump in and say, "Hey, I know someone who can help you with that!"

To get even more information, ask a leading question such as "What's your biggest challenge with... keeping your office organized, spending hours on end on the computer, providing insurance for yourself and your family? "

2. When you hear an opportunity to make a referral to someone in your group, jump right in and grab it! You might say something like, "I know someone who can help you with that. I met Sally through my networking group and she's a pro when it comes to saving you money on insurance. I bet she can help you with that. Would you like me to have her give you a call?" (hint, always get permission)

3. Make the connection. Once you have permission, call Sally and give her the lead. Don't wait until your next meeting to pass the lead; leads can quickly grow cold. Be sure to follow up with both people. Did Sally follow up on the lead? Did she provide the service? Was your contact happy with the service Sally provided?

If you start by paying attention to the wants and needs of people in your personal and business network, you'll begin to notice plenty of opportunities to give referrals to other business professionals. By joining a leads or referral group, you'll be part of a team where everyone is focused on helping each other grow their business through referrals.

Attractive Attitude

Networking is a great way to meet people and build your business. While it may be easy for some people to just strike up a conversation and make all the right connections, it may require a bit more effort for others. But the more successful you are at networking, the more successful you will be in your business.

One of the biggest contributing factors to your success as a networker is your attitude. Believe it or not, you demeanor says a lot about you before you even open your mouth. For example, think about the last time you went to the mall and sat on one of the benches to rest your feet and drink some water. What did you do? Well, if you're like most of us, you watch people.

You know, you looked at all the people walking by you and thought about who they were and what they were doing and thinking...all in the blink of an eye. Admit it, you summed them up based on the way they carried themselves.

People make those same assumptions about you.

So, to ensure that you are networking for success, take these steps to make sure you are projecting the right attitude:

1. Smile. It might be a cliché but a smile is worth a thousand words. People will be instantly drawn to you or repelled by you based on your smile. Make sure it's sincere and inviting. Don't know what that looks like? Picture yourself at your happiest: think of your kids, your favorite vacation spot, etc. That's the happy look you want.

2. Stand up straight. Now, I know this all sounds like your mother talking to you, but the rule still hold true. Standing up straight and being confident makes other people want to meet you and get to know you. Nothing is more attractive than self-confidence.

3. Genuinely listen to others. Make sure you focus on the other person, their story and their background. Building a relationship with them first is the best way to build a connection for life. There's a reason for the saying, "Your net worth is directly proportional to your network." Make sure you are making lifelong connections.

Taking a few moments to adjust your attitude can make all the difference in your networking. By making these few changes, you will find yourself looking forward to getting out there and meeting other people. Networking is supposed to be fun and exciting, not boring and a waste of time.

One last way to ensure you are getting the most out of any networking event is to make sure you only attend the networking events that make sense for you and your business. For example, if your ideal client is real estate agents, make sure you attend a networking event where you know real estate agents will be attending. Don't just go to the next Chamber of Commerce meeting because you "might" find a potential client. In the long run, this will be futile and tarnish your perception about networking.

Remember networking is about building relationships and making connections. Make sure you project the right vibes so people will want to connect with you. And make sure you're in the right place at the right time to make those connections.

Business Networking

I do lots of business networking and love it. I get most of my business through it, both on and offline. However, it is obvious that networking isn't for everyone, so here's a quick quiz to help you decide whether it should be part of your strategy:

Q1. Are you interested in other people?
If all you want to do is talk about yourself and your business, and never take the time to get to know other people (and eventually their businesses) then you'll never get anything out of your time at networking events. You'll bore everyone.

Q2. Are you looking for instant sales?
Networking works best when you get to know people and build real rapport. You may be lucky and get a sale on your first visit, but it is rare. If you can't put the time in, then do something else.

Q3. Do you have good manners?
Here's an old fashioned concept: behave nicely! This includes not fidgeting and making it obvious that you want to go and talk to someone more "useful" to you, listening while any speaker is doing their thing and not disturbing everyone else by chatting loudly throughout, and not behaving like a lion stalking their prey, hunting down the perfect victim and ignoring those you assume are of no use to you.

Q4. Are you generous?
The very loveliest and most successful networkers are those that actively look for opportunities and collaborations for others, not just themselves. In doing so they "pay it forward" and opportunities come their way in droves.

So be honest with yourself. Is networking really for you?

Lisa Blackler has over 20 years' experience in Marketing and Branding, working in telecoms, entertainment, mail order, publishing and the arts to name a few. She heads up Honesty Marketing, offering consultancy and campaign execution for businesses of all sizes. Lisa believes passionately that marketing is not about smoke and mirrors, but is about delivering a strong, relevant message to the right audience. Lisa regularly speaks at business events on marketing and personal growth topics.