Business Management

Tips for Successful Networking

Effective business networking is the linking together of individuals who, through trust and relationship. Networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.

Here are a few tips to consider:

1. Set goals to achieve in networking meetings

Pick groups that will help you get what you are looking for. Some meetings are based more on learning, making contacts, and/or volunteering rather than on strictly making business connections.

2. Hold volunteer positions in organizations

This is a great way to stay visible and give back to groups that help you.

3. Ask open ended questions

Questions that ask who, what, where, when, or how as opposed to those that can be answered yes or no open up discussion and show others you are interested in them.

4. Be a resource

When you are known as a strong resource people turn to you for ideas and references and this strengthens your visibility.

5. Be clear when identifying your needs.

If someone askes “how can I help you?” be certain you have a clear answer.

6. Follow referrals

When you receive a referral follow-up quickly. This is a reflection on the person giving the referral. This respect will help obtain further referrals you may need.

I hope these suggestions help you improve the use of time spent in networking sessions. It is rarely productive to merely meet and chat with the same contacts at every session merely because it may be more comfortable.

Please let me know your thoughts: gerry@polarisgroupmc.com

Business Management

STRATEGIC PLANNING

Strategic planning is an investment in the business. 

Let’s review a few key factors on Strategic Planning that can help business owners determine the value of this process.


1. WHAT IS STRATEGIC PLANNING?

- A planning tool for management to formulate high-level business strategy.
- the foundation for the development of a more detailed Business Plan.
- Strategic Planning is top down: Strategic – Tactical – Operational.


2. WHY DO STRATEGIC PLANNING?

- To define the precise mission of the firm.
- To measure the competitive environment.
- To prioritize external opportunities and assess potential threats.
- To help manage growth.
- To focus on key objectives.
- To satisfy succession planning needs.
- To focus on internal strengths and overcome weaknesses.
- To formulate strategy to maintain a competitive position.


3. WHEN TO DO STRATEGIC PLANNING

- When the business needs to establish guidelines for a new or updating of a Business Plan.
- When a review is needed to maximize resource utilization.
- When the business needs to prioritize growth options.

4. WHAT ARE THE GOALS FOR STRATEGIC PLANNING?

- Quantify objectives for the business.
- Establish indicators of achievement.
- Develop an implementation plan.
- Assign responsibilities and accountability.
- Identify resource requirement for plan achievement – financial, personnel, equipment, facility, products.


Creating, articulating and sticking to your vision is the single most important job you have as a leader. Strategic planning isn’t a one-time event. Once you’ve laid out your strategy, it’s crucial to stay focused over the long-term.

I hope you are able to plan for success.