One of the first things I work with my clients on is the proper use of “Networking”, as well as the best ways to use their time and energy when they are networking. Over the last 15 years, I have watched people spend many hours networking. As a matter of fact I was one of those people. It is exactly how I got the moniker, “Queen of Networking”. One day, my mentor asked me to begin to track all my time. Time that I spent networking, time I spent answering the phone, emails, working on projects, surfing the net, and so on. This was an eye opening experience.   I found that most of the stuff I was doing was not having a positive impact on my business bottom line.

60% of all of my activities in a given week were around networking. Going to the events, following up with every single card that I collected, staying in contact via email and phone calls, screening and fielding emails and phone calls from people who met me while networking, signing up for other events, driving to events, preparing for the events and so forth and so on. You get the picture; I was a very busy lady. Busy does not equal profitable.

Once we had a clear understanding about where my time was going, it was now time to look at how much of that time was actually having a positive impact on my business bottom line. What became painfully clear is while 60% of my time was spent, adding people to my database, and networking, networking, networking, 80% of my income was coming from 10-12 people, 200 where people whom I knew, supported and referred and the other 3000 names and contacts in my database were just that – names and unfulfilled relationships.

The most important feedback that my mentor gave me was simply this statement; “Imagine what your business would look like if you spent 60% of your time nurturing the 10-12 people who are helping to grow your business.” It was a statement that would keep me up at night.

Today you will not find me at every event and when I attend a networking event, I do so very strategically. I have a goal in mind, a purpose to be fulfilled and connections to make for at least one of those 12 people who were helping me to build my business. When I network for others, my own business grows with very little effort on my part. I have the opportunity to see “Givers Gain” in action.   Before you go to your next networking event ask yourself the following questions:

• Where is most of my business coming from?
• Which organizations are producing results for my business?
• Who passes me the most business?
• What are my goals for the event?
• Who do I need to help?
• How can my networking activities help my referral sources?
• What is my networking budget in both time and money?

Sometimes it is good to hear the same thing from someone else.  Such is the case here.  Bill Cates is known as The Referral Coach and does a great job helping his clients get more referrals.  One of the biggest challenges that I have when working with Referral Institute clients is getting them to narrow their focus and understanding how important it is.

In this Blog,  guest Blogger Bill Cates does a great job explaining why it is important to Narrow Your Focus….

Weekly Referral Tip – Bill Cates

This issue of The Referral Minute has been prompted by one of our readers. He asks the question:

“We have started to gain some divorced women and a couple of woman business owners as clients. If we wanted to target this niche (divorcees, widows, and wealthy women in general), would this be a good idea? The ironic thing is that women are not really a niche as they comprise 51% of the population. Your thoughts and comments would be much appreciated.”

Before I address this question directly, let me remind you of why you should be thinking about narrowing your focus with a niche – if you haven’t already.

1. You bring more value to your niche prospects and clients. Niche prospects see the value more quickly and want to work with you. Niche clients experience your value and you become more referable.
2. You can create a reputation more easily in a niche. Most niches/affinity groups have formal and informal ways of communicating with each other. The more referable you are (the value you bring) and the more they know you are targeting their niche, the easier it is to grow your reputation and get your phone ringing with great prospects.
3. You can identify all the players. In many cases, it’s easier to identify potential prospects in a niche. For instance, using today’s internet search tools, you can easily identify all the owners of a business in a specific industry. You can identify all the high-level executives in a specific company.

Now back to the question.

While women in general may not be a very good niche, you can build a great business staying with woman, but being more specific. For instance, I have met several – very successful – financial professionals who have had great success targeting divorcees and widows. This is not ALL women, but a subset that usually have a great need for a good financial professional.

Because there are no associations or clubs (that I know of) for these women (maybe some support groups, however), it’s a bit harder to identify and contact this type of prospect. If you’re lucky enough to have a client of this type who belongs to some sort of organization that is populated by divorcees and/or widows, then you might be able to speak at some meetings, create some seminars, and write for their publications.

Another way to get more focused with this niche is with women business owners. There are many things I like about targeting women business owners. The main reason is that woman, in general, and business owners, in general, usually play the referral game more willingly and more frequently. I know of one successful financial professional in New York who says he averages 2.5 referrals per male client and 27 referrals per female client. Now that’s some pretty good numbers.

Unlike widows and divorcees, it’s much easier to identify your business-women prospects. There are many associations of woman business owners (like NAWBO – National Association of Woman Business Owners – they have local and regional chapters). In addition, they have many types of gatherings, events, publications, causes, etc., that you can leverage to build your reputation.

Many Kinds of Niches

Of course, there are many great niches. I’ve seen what I’d call “micro-niches” that can be great and even a fun way to build a business. Here are a few standard and creative niches:

1. Physicians
2. Surgeons
3. Dentists
4. Small Business Owners within a narrow industry group
5. Owners of Corvettes, Porches, BMWs, etc. (they have clubs)
6. Horse owners (they have clubs and associations)
7. Dentists that ride Harley Davidson Motor Cycles (Yep! They exist! A narrow and fun niche.)
8. Employees (or executives) within a certain large company in your area
9. Retired individuals from a specific company or industry
10. Teachers
11. Salespeople

There are many more. In fact, if you’d like to tell me your niche and why it works for you, I’d love to hear from you. Info@ReferralCoach.com

You can read more from Bill at  ReferralResultsBlog

Digging your well deep is important if you are going to get the best water, or even the precious oil that resides there. Have you ever seen a well that is only 3 feet deep and 6 feet wide?  Yes, they call them retention ponds and even they are deeper than 3 feet.  They serve little purpose beyond managing run off water.  This is not water you can go out and drink, it simply looks nice in most cases.  To get the clear cold water that can enrich your life, allow you to cook, clean, create steam and run a civilization you have to go deep.

It works the same way with your network.  The deeper you go with your relationships the more valuable the results you will reap.  Unfortunately, networking has the bad reputation of more is better.  In most cases, I find that people pretty much know all the people they really need to know in order to accomplish the things they really want to accomplish, only problem is, those relationships tend to be shallow and not well nurtured.

If you want to get results from your network go deeper, here are 5 things that you can do to begin the process of digging your networking well deeper.

1.  Choose 5 – It is easier to focus on a few versus the masses, if you have built a large network it is important to take a look at your inner circle.  From that circle, choose 5 whom you would like to have a better networking relationship and think about those 5 people and how you can help them.  Make deposits into the relationship.

2.  Get to know them – how much do you know about your 5 people.  You should know what Goals they are trying to accomplish in their business, what they are most proud of accomplishing, where else they network or would like to network, what are they passionate about beyond what they do for a living.

3.  Ask “How can I help you?” – find out ways that you can help your 5 people.  Can you distribute material for them, make an announcement for an event they are having, display their business cards, or mention them in your newsletter/blog?   Making deposits into the relationship assures you of the opportunity to make a withdrawal when you need it.

4.  Stay in contact – When communication changes so does the relationship, being out of contact for long periods of time slows down the relationship process and allows relationships to go cold.  Leave the occasional voice mail reminding your network that you are there to help them, drop a note card in the mail and of course invite your 5 to events and network together.

5.  Take advantage of Social Networking Sites – Facebook, Linkedin, and Twitter make it easy to keep up with your network.  Connect to them, read what they are posting, comment on their post and in general show them that you are interested in what they are doing and saying.   The Internet has made it so much easier to stay in communication for those times when you are out of the loop but still want your network to know you are interested in them.

All things being equal people want to do business with people they know, like and trust.  Going deeper into your network and building stronger relationships will reap you more rewards than constantly adding more strangers to the mix.  This week take some time to identify at least 5 people you would like to develop and start working on making deposits.

Have you taken a look at the goals you set for your business?  More precisely have you reviewed your referral goals?

Most people don’t set goals, at least not in writing. I would encourage you to take this time to write down what you expect to achieve for the second half of the year. 

For those of you who did take the time to set your goals at the beginning of the year, now is a time to take a hard look at those goals and ask yourself, based on your current activities;

1.  Are you on track to achieve those goals?
2.  Were they realistic referral goals?
3.  Have you identified and developed your Referral Partners?
4.  Have you shared your goals with your Referral Partners?
5.  Do you need more help?
6.  Who can help you & when will you ask them?

For most of us, staying on task and focused on our goals requires a little extra help.  If you are behind ask for help, find an accountability partner, get a referral coach, and get your Referral Partners trained so you can help each other.

The most successful people in the world have written Goals, everyone else has resolutions, hopes, and dreams.

The New Year is almost here.  A time for a fresh start, for new opportunities, and time to reflect on what we have accomplished in the last year.  It is time to set new Goals for the coming year, time to draw the road map for business and our goals operate as sign post along the way.  Without them, we are just rambling along.

It is important to set goals in every aspect of our lives, Personal, Professional, Spiritual, and Physical.  Most entrepreneurs get so caught up in their day to day businesses that they forget about their personal, spiritual and physical goals, and that leads to a lack of harmony in their lives.

As entrepreneurs it is important that we look at all aspects of our lives and set goals with the intention of having harmony in our lives.  Everything is often out of balance for entrepreneurs but we can create harmony so that the personal, spiritual, physical and professional goals begin to have flow between them.

Spiritual – a goal as simple as taking 15 minutes daily to reflect, to go inward, to rejuvenate the soul will make a difference in your day to day life.  A friend of mine set a goal to  go to church regularly and become more active in the church.  Unfortunately she has gotten so caught up in the DOING of church that it has become just more work to do in her already hectic life.  She still is not nurturing her spirit because she is distracted with the doing.

Physical – setting goals for our physical well-being is important for entrepreneur.  If we are not in good health, we cannot perform at the top of our game when running our business.  Don’t just set a weight loss goal, set health goals.  Plan a physical, find out where you are at with your health.  Set a goal to take time out daily to do some physical exercise, even if it is only walking for 30 minutes a day.  When your health suffers your business suffers, and unlike big companies who have employees to replace the one who is off sick, most entrepreneurs do not have someone to cover for them while they take sick time.

Personal - Look at your family life, have you been neglecting it?  We often do that when we are busy working on our businesses.  Set a few goals around family time, vacation time, or dating time.  I cannot tell you how many entrepreneurs I speak to who virtually have no personal life.   I promise that when you are 70, 80, 90, you are not going to look back on your life and wish that you had spent more time at work.  Take time out honor your personal life.

Professional - What is there to say about your professional goals?  It is the one area that entrepreneurs often have goals.  They may not be written down, there may be no plan and they are often not measured or reviewed, but everyone says they have them.  A professional goal not written down and without a plan behind it, is little more than a dream.

It may be wise to set fewer professional goals and spend more time digging deep into them, make them SMART and ask yourself why?  Why is this goal important, what will it do for my life and the lives of others?  How will it affect the others Goals I have set in my life and how can I make it flow with the rest of my life.

You are one person, your goals should be for your life as a whole, they should flow with each other.  Your spiritual life affects your personal life, which affects your physical life that affects your professional life.  Each goal should support the other to create a healthy well-rounded life.

As the year draws to a close, take time to reflect on the past year was our life well rounded?  If not make, it your mission to set goals that will create a well-rounded, rich life for yourself and others.

]]> http://hazelmwalker.com/entrepreneurs-set-balanced-goals-for-2009/feed/ 8