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Your EnterQuest Bulletin - Issue 240
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| Thought for the week: "The successful networkers I know, the ones receiving tons of referrals and feeling truly happy about themselves, continually put the other person's needs ahead of their own." Bob Burg |
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In this week's issue:
What makes a good networker?
For some people, networking is a dirty word. They see it as a way of using people to get what they want. But networking can be a two-way situation that's often win-win for the people involved.
So what turns one person into a good networker - the sort of person that other people want to help get ahead - while another just doesn't have the knack? Well, before launching yourself into the networking scene you should have a plan of action. A who, what, when, where, why approach is a good one to take:
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Who will you be talking to, who will be there?
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What do you want out of the occasion?
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When is it and where is it? Check for last-minute changes to schedules and venues.
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Why are you going to this event? Is there a specific objective you can achieve?
Now you've got your action plan and you've found an event you can put it to good use. But how do you actually network? Well, the trick is to stop being 'me-centred' and start being 'you-centred'. Start by recognising that people want to talk about themselves. They will want to share their experiences, their opinions and beliefs with others. People are their own favourite subjects.
To gain other people's knowledge and trust you need to make them feel valued and important when you meet them. The following questions aim to help you get to know people who may refer business your way and leave a positive impression:
1. How did you get your start in the widget business? Listen actively as they share their story with you.
2. What do you enjoy most about your profession? This question allows the subject to give a positive response and elicits good feelings.
3. What separates you and your business from the competition? This allows them to brag.
4. What advice would you give someone just starting out in the widget business? This allows them to feel superior and do some mentoring. And you're never too young - or too old - to take advice.
5. What one thing would you do with your business if you knew you could not fail? Your subject will enjoy the chance to dream - and they'll remember you gave them the opportunity to do so.
6. What significant changes have taken place in your profession over the years? A perfect question for those who are a little more mature, allowing them to reminisce.
7. What do you see as the future trends in the widget business? This positions them as an expert in their line of business and makes them feel important. And you might glean information about future developments, skills and competencies that will be needed and valued by business owners and employers.
8. What was the strangest or funniest incident you've experienced in the business? People love to share their experiences but often don't have the chance to do so.
9. What ways have you found to be the most effective for promoting your business? Another chance to elicit a positive reaction, while giving you an opportunity to see how they think.
10. What one sentence would you like people to use in describing the way you do business? You're giving them the chance to give themselves a compliment.
Don't expect to ask all of these questions at once, but it's a good idea to have some ready when you're next in a networking situation.
Above all, remember that if you want to network successfully, you'll have to hone your communication skills. Don't sit around waiting for people to come to you - shy people get nothing. So don't be a wallflower - take the reins and introduce yourself to other people. Your contacts list will grow and you'll gain a reputation for being a positive networker.
How to deal with late payers
Late payment is often the bugbear of many small firms. Assuming there is the money left to pay any supplier, there are two types of supplier that get paid first. Firms with cast-iron credit control procedures and accounts staff who are prepared to make a fuss are dealt with sooner rather than later. Second, friends are usually higher up the payments list than anonymous firms.
So how do you ensure you're at the top of this pile? Here are some tips to help you ensure you're paid on time.
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Set your terms and conditions of trade in stone. Include a clear rate of interest charged on overdue accounts and 'retention of title' terms for unpaid goods. Get the purchaser to sign them with their order if possible.
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Run a credit check of prospective customers. However, these may not help you when you run into trouble with past buyers. Keep a constant watch for warning signs like slipping payments or unsigned cheques.
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Invoice correctly and as soon as possible, ensure the pay-by date is clear.
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Depending on the amount in question, follow up three days after posting your invoice. Say that you're checking that the customer is happy with the product or service. Assuming they are happy, confirm whether they have received the invoice and passed it for payment.
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They day the invoice becomes overdue, ring up and ask if there is a problem because payment is late. The only excuse for non-payment is not having the money, so be polite and persistent. If you charge interest for late payment, point out that interest is now accruing on the invoice.
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Keep notes of every conversation you have from now on. Fax the customer a summary after each call.
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If they say they will put a cheque in the post, ask them to post it first-class and allow three days before calling again.
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Put your feelings in writing. Write a letter stating the facts only. Draw attention to your terms and conditions of trade and itemise each call you have made chasing payment. Say that you can no longer supply them and point out that you may consider legal action if you have not received payment within seven days. Be prepared to follow this up after seven days if you have still not received payment.
For more guidance on being paid on time, visit the Better Payment Practice Campaign website.
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To receive regular tips, articles and how-to guides like these to help you run your business more effectively you can subscribe to BETTER business magazine.
To receive a free copy of BETTER business magazine simply send us your name and address to enterquest@cobwebinfo.com, putting 'EQ magazine offer' in the subject box. |
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Greetings card website with a difference. Jack Cards is a Boston-based e-business that allows customers to buy greetings cards online. The greetings cards are sent to the buyer in time for them to add their personal message before sending them.
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Literary agent. A literary agent pitches a writer's work to prospective publishers and will negotiate a contract between the writer and the publisher.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'cogitate'?
a) to make a quick decision
b) to show one's intentions
c) to make friends easily
d) to think or ponder
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) Shoppers intend to splash out on Christmas, even though one in three told Mintel that money is tighter this year. Which of the following was not a reason they gave for having less available cash?
a) the credit crunch
b) slowing housing market
c) interest rate rises
d) high unemployment
2) Brewers are calling on the Government to freeze the duty on beer because they say people are turning their back on it. They say the industry is experiencing its biggest slump in beer sales since when?
a) the Great Depression of the 1930s
b) the First World War
c) the Second World War
d) the Winter of Discontent
3) Enterprising children at a primary school in Devon have won the first Cracking Ideas contest to find innovators of the future. What is the name of the device they invented to stop people falling asleep?
a) Waker-Upper
b) Keep-Awaker
c) Rise-n-Shiner
d) Land-of-Nodder
Answers at the end of the Bulletin.
Free business support tool from IIP
Investors In People (IIP) has a free interactive tool for businesses on its website. Users need to register to be able to use the site and, once registered, they can take a tour to find out more about the tool, which focuses on five key management areas - Strategic Planning, Effective Management, Developing People, Culture and Communication, and Managing Performance.
Online weather tools available
The Met Office has launched a range of online gadgets which may prove a handy reference tool if you rely on the weather for your business. You can access localised weather forecasts, severe weather warnings, marine warnings and radar images if you use the Firefox web browser or the Windows Vista operating system.
Tips for XP users
The Microsoft website is full of really useful resources, hints and tips that we feature regularly in our bulletin. Here's a link to all sorts of information and know-how for Windows XP users. There's information on shortcuts, links to backup software and much more for you to explore and get used to.
Widgets for your website
Widgetbox.com provides information about widgets - applications you can use on your website or in your blog to enhance the user's experience of the blog or webpage they're viewing. Users can sign up to the website to get their own accounts in order to manage and edit widgets. Bloggers can install widgets on their websites. The widgets available include calendars, count-downs, maps and more. Web developers can use the site to create widgets and track a widget's popularity.
If you're looking to make real money, author Richard Templar claims to have the rules to teach you how to do so. The 100 rules are split into five sections - thinking wealthy, getting wealthy, get even wealthier, staying wealthy and sharing your wealth. Check out:
Just one word answer
The answer is d).
Cogitate means to think or ponder.
The potential entrepreneur admitted he would often cogitate about his business idea while he was still working for someone else. |
How's your business radar? The answers
1) The answer is d). High unemployment was not one of the reasons shoppers gave for having less available cash. In fact, the report said low unemployment and the time it takes for interest rate rises to filter through to those with fixed rate mortgages meant consumers still feel confident.
2) The answer is a). The British Beer & Pub Association (BBPA) has written to MPs telling them that beer sales have slumped to their lowest level since the Great Depression of the 1930s.
3) The answer is a). The Waker-Upper was invented during lessons linked to the National Curriculum as part of the Government-backed campaign to encourage innovation. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
