How to Multiply Your Networth Through Your Network

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How to Multiply Your Networth ThroughYour Network

President, AfricanBBF..........dedicated to networking, business mentoring and business building

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What is Networking?

• Networking is building and maintaining productive personal, business and professional relationship that benefits both parties

• It is a long-term strategy based on trust, sincerity and reciprocity of relationship – (Williams, 2000)

• Experts say networking is about exchange and building relationships

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What Do You Want From Networking?

• To find employment

• To achieve goals• To find opportunity

for growth• To build business

contacts and associates

• To expand your network

• To increase market share and customers

• To find new ideas• To find new colleagues/friends• To pursue a hobby or interest• To gain new perspective on topics of interest to

you• To go into business for yourself

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Is Networking Worth The Investment?

• The phenomenon of business networking has been studied for the last 25 years, but recently, there has been a renewed interest. There are sound, peer-reviewed studies from US, Germany and China that have positively linked networking to:• Salary Growth (Wolff H.G, et al, 2009)• Increase promotions (Michael J and Yulk G.H,

1993)• Perceived career success (Langford P.H., 2009)• Job satisfaction (Wolff H.G. and Moser K, 2009)• Production of creative ideas (Zhou J. et al, 2009

(Byham, W.C , 2010)

• One of the four key essential leadership skills is relationship building/network building – Developing Business Leaders for 2010, in The Conference Board

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Result of My Networking • Started a Music & Movie magazine - 2003

• Motivational Speaker - 2004• Founding President of Croydon Communicators

Toastmaster Club – 2005• TV Presenter - 2007• Presence in 180 Countries - 2008• School Governor - 2011• Chair, CIPD Lambeth Group – 2011• President, African Business Building Forum -

AfricanBBF

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Which Kind of People Would You Like to Attract to Your Network?

For yourself your career oryour Business

Your Bank Manager

Your Supplier PR

& Marketing

Headhunter

Solicitor

Trusted Employee

ValuedClient

AccountantMentor/Coach Manager

Your Line Manager

or CEO Investors

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How Can You Expand Your Network & Contact?

• Join a career related organisation• Become a board member of an active

association• Volunteering• Join a public speaking club• Join your old student association or

Alumni• Join social media – E.g. Linkedin or

Ecademy• Go to a Networking Event

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Questions Time• Do you make opportunities to meet new

people?• Do you regularly attend meetings at work

or socially?• Do you introduce yourself to speakers at

training courses, conferences or dinners?• Have your contacts grown in number over

the last few years?• Do you talk to peers in other

organisations?• If you needed urgent help with your career

or business, do you know people who would be prepared to help?

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Networking Essential Skills

• Public Speaking/Self Promotion• Research• Listening• Nurturing• Building rapport• Persistence• Organisational • Ability to follow up

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What Is An Elevator Pitch?

• An Elevator Pitch is a concise, carefully planned and well-practiced description about you and your benefits

• It is the basic introduction of who you are, what you do and what you are looking for when networking

• It is something you should practice and perfect

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Creating Your Elevator Pitch

• A “Hook” – Grab attention• Keep It Short & Simple (KISS

approach)• What Is In It For Me? (WIIFM)• What do you want them to do for

you? • Not more than 90 seconds

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Where Networking Can Take Place

• Social Gathering• Product Launch• Award Ceremony• Religious Gathering• AGMs/Conferences• Networking Event

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How Can You Prepare For a Networking Event?

• Venue• Time• Cost (if any)• Attendance• Dress code (if any)• Will you be expected to introduce

yourself to the whole group? If yes, for how many minutes?

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Networking - Ready To Go

• Practice your elevator pitch• Dress for success - make sure you

present a good visual image• Take a supply of your business cards

in your wallet/case• Put on a smile and go to the event• Arrive Early

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At the Networking Event• Use all your networking skills• Use your ‘elevator pitch’• Meet new people• Build trust by listening• Arm yourself with common ground for

conversation• Be there• Leave them feeling better • Collect business cards and keep them

safely • Have fun

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Starting a Conversation At Networking Event

• F – From/Family: Where are you from?• O – Occupation: What do you do for a

living or what is your profession, what do you enjoy most about your profession or how did you get started? Or What is the best thing about your job?

• R – Recreation: What do you do for fun or recreation?

• M – Motivation: What motivates you to do what you do or which one sentence would you like people to use in describing the way you do business?

- Power, M.P, 2009

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After the Networking Event

• Evaluate the event. Was it successful? Should you have done things differently

• File the business cards information you have collected

• In golf as in networking it is the follow-through that count – Nigel Risner

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Leveraging Your Network/Contact

• Coming together is a beginning, staying together is progress, working together is SUCCESS – Henry Ford

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What is Leverage?• Leverage is the ability to use other

people’s money, expertise, technology, time, ideas or network to achieve more, with less effort.

• Leverage =Speed=Goals – (Hansen & Allen,2002)

• What really distinguishes high performers from the rest of the pack is their ability to maintain and leverage personal networks. – “The Social Side of Performance”, MIT Sloan Management Review

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Leveraging Your Network

• Leverage Other People (colleague, headhunter, business partner, mastermind group, joint venture or a mentor)

• Leverage their Contact (their friends & network)

• Leverage their Systems• Leverage their Knowledge, Skills & Time• Leverage their Platform (e.g TV, Radio etc)• Leverage their People’s Money (borrowing

or tapping into their financial resources, VC & BA)

• Leverage their Customers (e.g. a customer database, Mailing List)

References/Further Readings• Barrett, A and Beeson J (2002) Developing Business Leaders for 2010, a report from The Conference Board

• Byham, W.C (2010) Business Networking Can Be Taught, Training & Development, May

• Cope, M (2003) Personal Networking: How to Make Your Connections Count, Prentice Hall

• Cross, R, et al (2003) The Social Side of Performance, MIT Sloan Management Review, Oct 15

• Hansen, M.V & Allen, R.G, (2002) The One Minute Millionaire: The Enlightened Way to Wealth, Three River Press, New York

• Olomu, D, (2005) 4 Indispensable Strategies for Success, London• Power, M.P (2009), How To Become An Irresistible Networker,

London• Priestly, D (2010) Become A Key Person of Influence, Ecademy

Press, London• Risner, N (2009) You Had Me at Hello: The New Rules for Better

Networking London• Williams, T (2000) Networking As A Way of Gaining Business for

Training Consultants, Industrial and Commercial Volume 32, No 5, pp 169-172

Dayo OlomuOffidayo@dayoolomu.com

Website: www.dayoolomu.com