Networking

Plan the Company's Future
Define the goals of the corporation, establish a strategy for attaining main objectives and create specific action plans to achieve the objectives. Planning addresses what must be accomplished, as well as how it will be accomplished.

MANAGEMENT TIPS Always have a budget in place before each fiscal year. Determine your span of control. How many people will report directly to you? An effective reporting system usually involves a maximum of four to six direct reports. Develop a communications strategy. Understand your target audiences: investors, employees, customers. Delegate down (to direct reports), not up (to board members). Understand, cultivate and develop a productive, positive corporate culture supported by policies. Control paperwork. Be tough-minded. Communicate in simple language. Create a strategic plan, a budget and a forecast and keep them up-to-date. Network!

The long-term strategy and vision of the corporation should be documented and shared with stakeholders such as investors, employees and managers.

Determine Organizational Structure
Consider how much differentiation there should be in the company. Will the corporate structure be vertical or horizontal? If you choose a vertical structure, how many layers will it have?

Determine how formal the company will be structured? Will there be many rules and regulations governing how employees do their jobs? Will it be an informal organization with a minimum of guidelines?

Where will decision-making authority reside? Will you make all the decisions, big and small (a centralized organization)? Or, will employees at different levels have varying degrees of decision-making authority?

Provide Leadership
Really good managers do more than manage; they lead.

Leading is different from managing. More than having formal authority over someone and telling them what to do, leading is about helping people develop, personally and professionally.

The power of networking should not be ignored. Acquaintances can connect you with people who will be key to your company's success. Someone you meet today may be vitally helpful in the future.

Networking is a skill that can be improved. Entrepreneurs wishing to enhance the productivity of networking are encouraged to read some of the many excellent books on tips and techniques. For example, below are several selected principles from a book by Donna Fisher called “People Power 12 – Principles to Enrich Your Business, Career and Personal Networks.”

Giving

• The more you give, participate and contribute, the more value and satisfaction you receive.
• The “boomerang effect” of networking guarantees opportunities will come your way once you take the initiative.

Interdependence

• Strength comes from your interdependence.
• Catch yourself when you have those “I can do this on my own” thoughts. Instead, reach out to your network!

Quality Connections

• Never underestimate the power of contacts.
• Your network will naturally grow and blossom as you strengthen and nurture your relationships.
• People do business with those they know and trust.
• Strong relationships lead to powerful results.

Praise

• Be on the lookout – there is always something to acknowledge people for.
• Be generous, spontaneous and sincere with your acknowledgements.
• You can never over-acknowledge as long as you are sincere and the recognition is given with no strings attached.
• A thoughtful person is a remembered person.

Stay In Touch

• Keep the communication lines open so your networking is easy, natural and consistent.
• Staying in touch keeps your network alive.

Know Yourself

• Awareness of your purpose, mission and goals will keep your networking focused and effective.

Small Talk

• Networking happens through conversation.
• Being a conversation initiator opens door to unexpected opportunities.
• People often wait for someone else to break the ice.
• Small talk leads to big results.

Listening

• Listening nourishes, validates and energizes.
• Through listening we access information that broadens our network.

Speaking Up

• Speaking with pride and confidence is not about tooting your own horn; it is about not hiding your light under a bushel. Let your light shine.
• Speak of the value and benefit of who you are and what you do.
• Talk about your work in a positive, professional manner.

Asking

• People want to contribute, but you have to open the door and give them permission.
• Most people don't get what they want because of the way they ask.
• Be specific and gracious with your requests.
• Even if someone can't help you, you have strengthened your relationship by asking.

Thinking Big

• Every person you know or meet can be the connecting link to another 250 people.
• At any time, you are only a few links away from any person you seek.

Commitment

• Making a commitment to networking is making commitment to your life.
• Commitment develops honour and trust within yourself and with others.

Despite the importance of networking, it can be over-done. If you are always out meeting new people, your company will suffer. Striking an appropriate balance is essential to success.

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