building the numbers through networking
TRANSCRIPT
@TheBusJourney #SMEJourney
The Business Journey16 February 2016
@TheBusJourney #SMEJourney
Business Journey Partners
@TheBusJourney #SMEJourney
David Beveridge
The Business Journey
Building the numbers through networking
16th February 2016
A top 15 Scottish corporate law firm by number of deals completed (2012, 2013, 2014 and 2015 Business Insider)
Leading Advisor to Scottish Family Businesses at The Herald Scottish Family Business Awards 2012 & 2013
Based in the International Financial Services District of Glasgow
Turnover and profits increased by 25% since a Management Buyout in 2009
Law Firm of the Year 2010 (under 50 fee earners)Up and Coming Law Firm of the Year 2010(Law Awards of Scotland)
“Best Friends” policy with 20 firms in 15 jurisdictions and a conflict referral firm of choice for some of Scotland’s largest commercial law firms
Entered Legal 500 Recommended Law Guide in August 2015.
Aggregate deal values completed tripled in year to April 2015 against previous year (Business Insider March 2015)
KEY FACTS
NetworkingThe following is some personal thoughts – not the result of any training or specific education, but some conclusions drawn from experiences in business development of a professional services firm.
Networking – what is it?Connecting is a better word – connecting with people. But not just about getting sales – or being herded into a room to play a game of card swapping and hoping that something sticks.
We do this by getting to know each person , and in turn letting them get to know you and your qualities and capabilities as a smart, dedicated business person.
Note the word – “person” – not firm, company or brand – we connect with people and it is with the person that the relationship forms.
So this is not about going into a room and coming out with ten new business cards - this is not a game of collecting cards like a Panini Football Stickers for Suits – the best word I can use is “refresh” – refreshing and deepening connections, and hopefully, in that process making new connections.
Why networking?Networking is about team building – building a team of peers, advisors, customers, clients, potential colleagues, suppliers and experts.
Yes, new sales/instructions
But also:
New talentNew suppliers
Someone who can supply “the answer”Peer wisdom and know howMarket knowledgeFunding and resources
Virtual and RealSome old ground - each of us is a brand - both virtual and real.
Virtual - there are specialists who can advise on linked in profiles, website building, digital marketing and the like – it’s not my area of expertise. As a practitioner it’s important that if someone finds you on line, you are:
Findable
Convincing/ up to date
Persuasive
Real – by this I mean the action of meeting people and engaging in conversation.
Everyone has their own likes, dislikes, interests, passions and opinions
Keep conversation CIA - 1. Casual – light, not deep or too specific2. Inquisitive – don’t imagine that the world
wants to hear your story – listen and ask questions.
3. Authentic – don’t force a persona with which you are uncomfortable.
Plan your networkingBusiness cards are important – make sure it strikes the right balance – a new client passed a card the other day - it was illegible and accompanied by an excuse – not a great first impression;
Organise yourself - don’t just be reactive to invitations, think about who you’d like to see/meet;
Say yes - Keep an eye out for events for you to attend – social media is full of what’s going on – and when you are starting out, if in doubt – say yes;
Hosting - Think about events where you could arrange a seminar, host a table, or take a client or introducer as a guest to an event but remember to think about the nature of the client and their objectives and get the pitch right;
Keep in touch - Think about clients who are important to you and refresh the connection – many working clients don’t have time to spend meeting or spending time with you if it’s not on a project – be prepared for the “brush off” – but find other ways to keep in touch with email updates, corporate gifts and the like.
Plan your networkingBudget – think about what might be coming up and organise your diary so that you don’t blow the budget too early in the year;
Seasonality - note that things are seasonal – so Christmas is crazy, but January is dead up to the last week – from then, it’s fair game till June when (for July, August and early September) things can be quiet;
Be Bold - remember that at events, everyone is there for the same purpose, so don’t be afraid to start a conversation and remember to bring others in – don’t leave them hanging off the end;
Research - Do your research – if attending a table, try and get a list of attendees and carry out some basic googling of who is there – you can target your attention, it can show that you are interested in their story/business and lead to interesting conversations;
Conferencing – always grab a delegate list and plan who you’d like to see – it also serves as a useful reminder if it’s a late night.
Some practical tips1. Survival kit:
(a) A pen – especially if you are an advisor – it looks professional and indicates preparedness;
(b) Business cards – no brainer;
(c) A pocket notebook – a great prop if in meetings and a note or two can show you are taking interest;
(d) Mints – sometimes for the other party!
(e) Cash – especially at dinners – most require donations and it’ll be noticed if you have to pass/borrow.
2. Booze – context is everything
(a) Little effective business development happens after 11pm if booze is involved – at this point you are having fun – so are you achieving anything (positive)/ should you be there?
(b) this is a competitive business environment, and parties are often looking for excuses not to invest or do business – don’t jeopardise business opportunities;
(c) Remember that productivity can suffer the next day – so if it’s a late one, think about meetings the next day and plan your day carefully;
(d) It’s fine not to drink – unless it’s a Burns supper or a Sports dinner, almost every other event these days assumes there will be non-drinkers – don’t be afraid to be one of them;
(e) Get there early and order a sparking water with ice and a slice of lemon– impossible to tell from G and T!
3. Dress code – context is everything
(a) Try and get a handle on the mood of the event and the type of attendee;
(b) If in doubt, dress up, not down;
(c) If you dress up, do it properly – a trouser press is a wise investment for the chaps;
(d) Remember your role – as advisors, potential clients expect us to be smart – but in other sectors, a sharp suit can be anachronistic;
(e) Shoes – gentlemen – if you are smart enough to wear them, you are smart enough to polish them.
4. Get your head right
Networking takes it out of you, so:
(a) Make sure that you are in the right mood – try not to read emails on the way if you could read something distracting – you can’t do anything about it and you’ll just be grumpy, meaning that you’ll suffer doubly (lost the client and wasted your time);
(b) Don’t read emails – you are wasting your time at the event;
(c) Don’t overdo it – Christmas time can be particularly bad. You cease to be effective, forgetting names, not following
up properly and giving your bit “by rote” - try to leave space for the day job and for private and family life.
THANK YOU
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David Beveridge Questions