Small Business Archives - Bx Australia - Business Networking Reimagined

Unveiling Greatness: The Business xCellence Awards Finalists Are Here!

hillary — Tue, 28 May 2024 15:50:51 +0000

Drumroll, please… Bx | Business Reimagined is xstatic to unveil the FINALISTS for the highly-anticipated 2024 Business xCellence Awards!

Mark your calendars. The dazzling Awards Presentation Gala Dinner xplodes onto the scene on August 2nd, 2024, at the Shangri-La Sydney. Get ready for a night of recognition and celebration!

The Business xCellence Awards is the ultimate champion of innovation and achievement for small and medium-sized businesses globally. This year’s finalists represent the best of the industry, hailing from a diverse range of industries. Witness these xceptional businesses and individuals take centre stage as they are honoured for xcellence in their chosen fields!

Matt Alderton, the visionary CEO and Founder of Bx, acknowledges those who made it through, and xtends his invitation for the business event of the year: “Congratulations to this year’s finalists! You deserve the recognition, and I look forward to celebrating with you all in Sydney this August.”

Join us in raising a glass to the remarkable achievements and the ever-evolving culture of xcellence that propels our business community forward!

To witness the complete roster of Business xCellence Awards Finalists, categorised for your viewing pleasure, choose from down below and click on the link to our Facebook post:

Congratulations again! Join the finalists, and the industry in Sydney, on 2nd August to find out who will be crowned the winner of their category.

Secure your tickets now for an unforgettable evening, where you’ll rub shoulders with industry leaders to connect for new opportunities, enjoy a delicious three-course meal, xperience live entertainment, and then dance the night away!

Book now for your discounted Early-Bird Tickets:

https://bxnetworking.com/international-business-xcellence-awards/

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Since 2015, Bx® has helped thousands of businesses create meaningful, long-lasting referral partnerships to unlock an abundance of leads quickly. We do this by ensuring every meeting we run is professional yet fun, and it must follow our award-winning & proven formula, which does not include selling to each other! Our members also have access to world-leading business education resources and live & pre-recorded training programs worth more than $20,000. Start your journey to become the business owner you were born to be by downloading your FREE 4-Part Video Series, “How to Generate Income by Networking,” and then opting for a FREE Trial Membership to Bx® (Valued at $199), which includes two complimentary meeting tickets to xperience Business Networking Reimagined for yourself!

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

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Protecting Your Small Business: Legal Strategies for Risk Mitigation

hillary — Tue, 16 Apr 2024 10:09:20 +0000

Ignoring obvious risk factors won’t make them disappear! A solid risk management plan ensures that your business is protected while it grows xponentially.

Not only does this grow your business, it also helps you maintain a good reputation for stability within your industry, thus satisfying xternal and internal shareholders.

According to a recent survey, two-thirds of respondents said the complexity and the sheer volume of risks were at their highest level in the first 14 years for all types of organisations. While a negligible one-third described their risk management as less than adequate and robust.

These risks weigh heavily on small businesses as they can cost time and money. They can range from compliance to legal, strategic to operational. From minor to catastrophic ones, all of these can be countered by implementing the following sample of a comprehensive risk management plan:

1. Risk Identification

Conduct a thorough assessment of all potential risks and hazards your business may face, considering internal and xternal factors. Then you can categorise risks into different areas such as operational, financial, legal, environmental, and reputational.

It is best to involve key stakeholders, employees, and xperts to identify risks specific to your industry and business model to ensure there is little to no oversight.

2. Risk Assessment and Analysis

Evaluate the likelihood and potential impact of each identified risk. After that, you can prioritise risks based on their severity and probability of occurrence.

By analysing the vulnerabilities and weaknesses within your business, you can choose to consider the cost-benefit analysis of implementing your risk mitigation strategies.

3. Risk Mitigation Strategies

Enhance your security measures, implement safety protocols, and ensure compliance with relevant regulations so you can establish backup plans, redundancies, and disaster recovery protocols to mitigate the impact of unforeseen events.

It is imperative to train employees on the following as well: risk awareness, safety procedures, and emergency response protocols so they can help out in implementing your legal master plan.

4. Risk Monitoring and Review

Regularly monitor and assess the effectiveness of implemented risk mitigation strategies.

Establish key performance indicators (KPIs) to track progress and identify emerging risks. To do this, stay updated on industry trends, changes in regulations, and emerging risks that may impact your business.

You can ensure compliance with new risk management protocols by conducting periodic audits and inspections.

Next, encourage employee reporting of potential risks and incidents, establish a prompt response system, and create a program to incentivise their continued diligence in this critical task.

5. Business Continuity Planning

Develop a comprehensive business continuity plan to ensure the organisation can function during and after a risk event.

This allows your business to identify critical functions and establish backup systems and alternative resources.

6. Risk Transfer and Insurance

Evaluate the need for insurance coverage to protect against specific risks.

Insurance professional consultation can help you determine the appropriate coverage based on your business needs. As a business owner, your review of insurance policy with your legal team helps align all your efforts in risk management.

Key Takeaways

Be Forward-Looking

In today’s complex and ever-changing legal landscape, anticipating potential legal issues can significantly reduce your risk of costly disputes and legal consequences.

By taking a forward-looking approach, you can identify and address potential legal risks before they escalate into major problems.

Seek Legal Assistance

Legal xperts can provide guidance on various aspects such as compliance with laws and regulations, drafting and reviewing contracts, resolving disputes, and protecting intellectual property rights.

Seeking legal assistance mitigates legal risks and provides you with the peace of mind to focus on your core operations and long-term success.

Incentivise Employees to Help Out

Creating a culture of awareness and proactivity can harness your employees’ collective knowledge and observations to identify and address potential risks.

Implementing an incentive program can motivate your employees to actively participate in risk reporting, as it recognises and rewards their contributions.

Conclusion

From creating policies to following procedures, it’s all about minimising risks and protecting your business from unexpected legal problems.

To handle the challenges of managing risks, you want to figure out the right legal strategies for your business.

The right risk mitigation plan is critical to your business’s success, providing a solid foundation for growth, stability, and sustainability.

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

The post Protecting Your Small Business: Legal Strategies for Risk Mitigation appeared first on Bx Australia - Business Networking Reimagined.

Navigating Legal Challenges: A Guide for Small Businesses

Tanya Jackman — Mon, 01 Apr 2024 13:00:40 +0000

Small businesses are the backbone of the economy, driving innovation and creating job opportunities across a wide range of industries.

However, navigating the complex web of legal obligations and potential challenges can be daunting for small business owners.

From regulatory compliance to intellectual property protection, the legal landscape is fraught with hurdles that can impact the growth and sustainability of a business.

This article provides a comprehensive guide to overcoming these legal challenges, ensuring that your small business not only survives but thrives in today’s competitive market.

Understanding the Legal Framework

Regulatory Compliance

One of the primary legal challenges facing small businesses is the need to comply with a myriad of regulations.

These can range from tax laws and employment regulations to health and safety standards and industry-specific requirements.

Non-compliance can result in hefty fines, legal disputes, and even the closure of the business.

To navigate this complexity, small business owners must stay informed about the regulations affecting their industry and ensure that their operations are fully compliant.

Intellectual Property Protection

For many businesses, intellectual property (IP) is a valuable asset that needs protection. IP rights can include patents, trademarks, copyrights, and trade secrets.

Protecting your IP ensures that competitors cannot legally replicate your products or services, thus safeguarding your market position and enabling you to capitalise on your innovations.

Small businesses should conduct thorough IP audits and seek legal advice to identify and protect their intellectual assets effectively.

Contract Law

Contracts are integral to the operation of any business, governing relationships with suppliers, customers, and employees.

Poorly drafted contracts can lead to disputes and financial losses. It’s crucial for small business owners to understand the basics of contract law and ensure that all agreements are clear, fair, and legally binding.

In some cases, it may be wise to consult with a legal professional to review contracts before signing.

Employment Law

Managing a workforce comes with its own set of legal challenges. Small businesses must navigate employment laws concerning hiring, wages, workplace safety, discrimination, and termination.

Failing to adhere to these laws can lead to lawsuits, damage to your reputation, and financial harm. It is essential to implement fair and legal employment practices and to stay updated on labour laws that may affect your business.

Strategic Legal Planning

To effectively navigate these legal challenges, small businesses should engage in strategic legal planning.

This involves identifying potential legal risks, developing policies and procedures to mitigate these risks, and preparing for possible legal disputes.

Regular legal audits can help identify areas of non-compliance or vulnerability, while ongoing legal education can keep business owners informed about new and changing laws.

Key Takeaways

1. Stay Informed and Proactive

The legal environment is constantly evolving, and staying informed is critical. Subscribe to legal newsletters, join industry associations, and attend seminars related to your business.

Being proactive about legal compliance can prevent many problems before they arise.

Regularly review and update your policies and procedures to ensure they reflect current laws and best practices.

2. Leverage Legal Expertise

While it’s important to have a basic understanding of the legal issues affecting your business, there’s no substitute for professional legal advice.

Building a relationship with a trusted legal advisor who understands your business can be invaluable.

They can provide tailored advice, help you navigate complex legal situations, and represent your interests in disputes.

3. Prioritise Risk Management

Effective risk management is crucial for minimising legal vulnerabilities. This includes implementing internal controls, securing comprehensive insurance coverage, and developing a crisis management plan.

By identifying potential risks and putting measures in place to mitigate them, you can protect your business from significant legal and financial damage.

Conclusion

Navigating the legal challenges of running a small business requires diligence, knowledge, and strategic planning. By understanding the legal framework, leveraging expertise, and prioritising risk management, small business owners can position their enterprises for success in the face of legal obstacles. Remember, the goal is not just to survive the complexities of the legal landscape but to thrive within it, turning potential challenges into opportunities for growth and innovation.

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

The post Navigating Legal Challenges: A Guide for Small Businesses appeared first on Bx Australia - Business Networking Reimagined.

The Future Of Sales In The Age Of AI

Tanya Jackman — Wed, 31 Jan 2024 11:08:05 +0000

Human Connection for Business Sales Success

I am often talking about this topic, and one of the big questions I am asked is “With the push to use more and more AI what does the future of sales really look like for my business?”

Well, in the business world, selling isn’t just about transactions. As the CEO of Bx | Business Networking Reimagined, I know that first-hand that real relationships are key for successful sales.

Even though AI helps with processes and customer experiences, personal connections are still vital for creating leads, and turning them into loyal clients. Here are the reasons why I believe the future of sales is still inherently linked to genuine human interaction.

Building Trust through Face-to-Face Meetings

Meeting in person, whether one-on-one or at events, helps build trust. Seeing someone face-to-face makes them more credible and reliable. Trust is the foundation of strong business relationships, and while AI can assist, it can’t replace the personal touch.

Understanding Customers Better

AI is great for analysing data, but in-person connections let us understand customers on a deeper level. By listening and engaging empathetically, salespeople can tailor their approach to individual needs, creating a personalised experience that resonates. To be successful, the future of sales for your businesses lies in understanding the heartbeat of your customers, not just their data points.

Working Together to Solve Problems

Face-to-face meetings make real-time problem-solving easier. Through open conversations, sales teams and clients can work together to identify challenges and find solutions. This collaborative approach not only improves the customer experience but also strengthens the bond between the business and the customer. AI can help with data analysis, but human interaction is crucial for creative problem-solving.

Making the Most of Networking

Networking events and business gatherings are perfect for building relationships. AI can identify potential leads, but real connections are formed through personal interactions. Whether through casual chats or organised meetings, these personal connections often turn into valuable sales opportunities.

Using Tech to Enhance Relationships

AI can make sales processes smoother by handling routine tasks and providing insights. As the head of Bx, I support using technology to support human efforts, not replace them. By smartly integrating AI, sales professionals can focus more on building relationships and offering personalised solutions.

In the age of AI, successful sales need a mix of tech innovation and personal connection. While AI helps with efficiency and insights, face-to-face engagement becomes even more important. Success comes from understanding that while AI opens doors, it’s the real connections that make those doors wide open, leading to lasting sales growth and happy clients.

Connect with Matt: Website | LinkedIn | Facebook

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This article was written by Matt Alderton, Founder & CEO of Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

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7 Innovative Ways to Celebrate Get to Know Your Customers Day

Tanya Jackman — Sat, 13 Jan 2024 12:25:41 +0000

When & What is Get to Know Your Customers Day?

Get to Know Your Customers Day, happens every third Thursday of each quarter (January, April, July, October), and serves as a reminder to prioritise connections with those who drive your business.

There has never been a better time to get to know your customers. And the statistics back this up:

Customers are shown to spend up to 140% more after a positive xperience than customers who report negative interactions (Deloitte).
It might help you be recession-proof – 88% of buyers say xperience matters as much as a company’s products or services.
It costs 5x more to acquire a new customer, compared to retaining an xisting one. (CXACT, formerly TARP)

Ideas for getting to know your customers

Although customer focus should be ongoing, this designated day emphasises the importance of deeper engagement. Here are seven creative ways to celebrate and enhance customer relationships.

Foster Honest Feedback for Rewards: Encourage customer feedback through surveys deployed online, in-store, or during website interactions. Allow customers the freedom to xpress opinions and ideas for improvement. Implementing their suggestions shows appreciation and builds loyalty.
Create Detailed Customer Profiles in Your CRM Utilise Customer Relationship Management (CRM) software to centralise customer data. Automate personalised communications, like birthday greetings, and gain insights into customer journeys to enhance services and loyalty.
Celebrate with Tailored Perks Offer personalised perks aligned with customer preferences, such as free shipping, loyalty points, or xclusive discounts. Consider creative ideas like “secret envelopes” containing valuable rewards for customers to redeem on a later visit.
Launch a New Loyalty Program Announce the introduction of a loyalty program, encouraging sign-ups with bonus points or benefits. Tailor rewards based on customer profiles and preferences, fostering long-term engagement.
Social Media Events and Contests Create a buzz on social media by collecting video shout-outs from customers. Run engaging contests, encouraging customers to share photos or videos related to your brand. Highlighting customers on your page enhances their sense of importance.
xpress Personal Gratitude Reach out personally to your top customers through phone calls, emails, or handwritten notes. xtend personalised thanks, potentially including discounts or invitations for feedback, demonstrating genuine appreciation.
Give Back to the Community Align your business with causes that resonate with your customers. Engage in community initiatives, and consider contributing a portion of sales to a chosen cause. Involve customers by matching their donations, creating a shared commitment to positive impact.

Acknowledge Your xtended Business Family

Your customers xtend beyond just those who make direct purchases. Embrace the broader ecosystem that contributes to your business success. Recognise the invaluable role played by your employees, referral partners, and suppliers by taking this opportunity to xpress gratitude for their dedication, collaboration, and support.

Acknowledging the collective efforts of everyone involved in your business fosters a sense of unity and strengthens relationships beyond customer transactions. Consider initiatives like employee appreciation events, recognising referral partners publicly, or xpressing gratitude to suppliers for their reliability and quality contributions.

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

The post 7 Innovative Ways to Celebrate Get to Know Your Customers Day appeared first on Bx Australia - Business Networking Reimagined.

What Successful Entrepreneurs Do and Think!

Tanya Jackman — Tue, 09 Jan 2024 10:04:20 +0000

Ever wondered what sets successful entrepreneurs apart from the crowd?

In this article, we will cover what successful entrepreneurs do and think!

It’s not just about starting a business; it’s about adopting a unique approach to problem-solving, risk-taking, and innovation.

Let’s dive into the world of the entrepreneurial mindset and discover how to navigate challenges and seize opportunities in the dynamic realm of business.

Dive into Risks and Cultivate Resilience

Picture this – entrepreneurs thrive on risk. It’s not about being reckless; it’s about taking calculated risks that push you out of your comfort zone.

The ability to bounce back from setbacks, be they from a failed venture or unexpected market shifts, is what resilience is all about.

Embrace risk, learn from the challenges, and let resilience be your secret weapon to come back stronger.

Unleash Innovative Thinking and Adapt

Successful entrepreneurs are natural innovators. They don’t settle for the status quo; they’re driven to find fresh solutions to problems or create entirely new opportunities.

This innovative spirit stems from a deep understanding of market needs and an insatiable curiosity. Adaptability is equally crucial – be ready to pivot and adjust strategies in response to ever-changing market dynamics. Stay curious, stay innovative, and be ready to adapt on the fly.

Lead with Vision and Inspiration

You’re not just running a business; you’re leading a charge. A clear and compelling vision is your roadmap, providing direction and purpose.

Successful leaders within the entrepreneurial mindset articulate their vision, align their team, and create a collaborative and motivated work environment. Look beyond challenges and be the leader who spots opportunities where others see roadblocks.

Successful Entrepreneurs Keep Learning and Stay Agile

Your entrepreneurial journey is a continuous learning process. Seek knowledge, stay updated on industry trends, and learn from both successes and failures.

Stay agile and be ready to pivot based on new information – what worked yesterday may not work tomorrow. Commit to constant improvement, refine your strategies, and ensure you stay relevant and competitive.

Build Networks and Embrace Collaboration

Networking is a game-changer. Build a strong network of professionals, mentors, and like-minded individuals. It’s not just about expanding your contact list; it’s about fostering meaningful relationships.

Collaboration is key – it often leads to innovative solutions and mutually beneficial partnerships. Surround yourself with a community that shares your goals and values.

In a nutshell, the entrepreneurial mindset is a dynamic approach to business. It’s about taking risks, bouncing back from challenges, fostering innovation, leading with vision, continuous learning, and the power of collaboration. To navigate challenges and seize opportunities, embrace these key components. Actively seek new experiences, learn from failures, and embrace the ever-changing nature of the business landscape.

You’re not just an entrepreneur; you’re someone with the mindset to turn challenges into stepping stones and opportunities into open doors.

Ready to embrace it? Let’s make it happen!

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

The post What Successful Entrepreneurs Do and Think! appeared first on Bx Australia - Business Networking Reimagined.

Cultivating a Growth Mindset for Small Business Success

Tanya Jackman — Tue, 09 Jan 2024 09:32:25 +0000

In the dynamic landscape of small business, success is often determined not just by market trends and financial strategies but also by the mindset of the entrepreneur.

One of the key factors that set successful small business owners apart is their ability to cultivate a growth mindset.

Coined by psychologist Carol Dweck, a growth mindset refers to the belief that abilities and intelligence can be developed through dedication and hard work.

Cultivating a growth mindset for small business success can be a game-changer for overcoming challenges, embracing opportunities, and achieving sustainable success.

Understanding the Growth Mindset for Small Business Success

At its core, a growth mindset is the foundation of continuous learning and improvement. Entrepreneurs with a growth mindset see challenges as opportunities to learn and grow rather than insurmountable obstacles.

This mindset fosters resilience, adaptability, and a willingness to embrace change. In contrast, a fixed mindset sees abilities as innate and unchangeable, leading to a fear of failure and reluctance to take risks.

Embracing Challenges as Opportunities:

For small business owners, challenges are inevitable. From economic downturns to shifts in consumer behaviour, the ability to navigate obstacles is crucial.

A growth mindset encourages entrepreneurs to view challenges not as roadblocks but as opportunities for learning and innovation. Instead of being discouraged by setbacks, individuals with a growth mindset see them as stepping stones toward improvement and refinement of their business strategies.

Learning from Setbacks and Failures:

Failure is an inherent part of entrepreneurship, but how it is perceived and managed makes all the difference.

Entrepreneurs with a growth mindset recognise that setbacks and failures are not indicative of their inherent capabilities but are rather temporary setbacks.

They use failures as valuable learning xperiences, xtracting lessons that can inform future decisions. This resilience to setbacks allows small business owners to bounce back stronger, armed with newfound insights that can propel their ventures forward.

Cultivating a Culture of Continuous Learning:

In a rapidly evolving business environment, stagnation is the enemy of success. A growth mindset fosters a culture of continuous learning within small businesses.

Entrepreneurs who prioritise learning and skill development are better equipped to adapt to market changes and stay ahead of the competition.

This commitment to ongoing education xtends beyond the individual to the entire team, creating a workforce that is agile, innovative, and ready to tackle new challenges.

Fostering Innovation and Creativity for Small Business Success:

A growth mindset fuels creativity and innovation within small businesses. When individuals believe in their ability to develop new skills and approaches, they are more likely to xplore unconventional solutions and take calculated risks.

This mindset shift opens the door to innovation, enabling businesses to differentiate themselves in the market and capitalise on emerging trends.

Cultivating a creative environment within the organisation can lead to the development of unique products, services, or processes that set the business apart from competitors.

Embracing a Positive Approach to Feedback:

Constructive feedback is an invaluable tool for improvement, yet many entrepreneurs shy away from it due to fear or ego. A growth mindset, however, encourages individuals to embrace feedback as a means of growth.

Entrepreneurs with this mindset see feedback not as a criticism of their abilities but as valuable input for refinement. By seeking and incorporating feedback, small business owners can enhance their products, services, and overall business strategies.

Encouraging Risk-Taking and Adaptability:

A fixed mindset often leads to a fear of taking risks, as failure is perceived as a reflection of one’s inherent abilities. In contrast, a growth mindset allows small business owners to embrace calculated risks, knowing that even if they don’t succeed, they will learn and grow from the xperience. This willingness to take risks and adapt to changing circumstances is essential for staying competitive in dynamic markets.

Cultivating a growth mindset is a powerful strategy for small business success. By embracing challenges, learning from setbacks, fostering a culture of continuous learning, promoting innovation, welcoming feedback, and encouraging risk-taking, entrepreneurs can navigate the complexities of the business landscape with resilience and adaptability.

As small business owners adopt and instil a growth mindset within their organisations, they not only enhance their individual capabilities but also position their ventures for sustained success in an ever-evolving marketplace.

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

The post Cultivating a Growth Mindset for Small Business Success appeared first on Bx Australia - Business Networking Reimagined.

15 Rules For Better Results: The Etiquette For Business Networking

Tanya Jackman — Tue, 09 Jan 2024 07:56:31 +0000

Business networking is an xcellent way to build your business and find partners, customers and referrals that can help to enhance your work and drive success. When you start going to business networking functions, you’ll realise quickly just how effective they can be for getting your name and brand out there.

However, there are some basic etiquette and best practice rules that you should follow, to not only make the most of the opportunity, and make sure that everyone else in the room looks to you as a potential partner. These are all best practices that we take seriously at our own events – it’s nothing onerous, but rather common-sense stuff.

Some simple mistakes to avoid in business networking include:

Not Being Prepared: Preparation is key in business networking. Before attending a networking event, take the time to build a clear understanding of your business, your target audience, and your unique selling proposition. Rehearse that elevator pitch, too, because you’ll need to be able to describe what you do in a succinct manner.
Using Jargon: While it’s important to be knowledgeable in your field, and you should have an understanding of all the jargon yourself, you need to remember that your prospective partners and customers are in different fields, and using too much industry-specific jargon can confuse people. Make sure you’re able to talk about your business and field at a layperson’s level.
Lack of Engagement: Networking is not just about distributing business cards. It’s about engaging in meaningful conversations and building relationships. Show genuine interest in others, ask questions, and actively participate in discussions. Make sure that you’re having true to-and-fro conversations, too, and you’re not just talking about yourself and your business.
Not Following Up: If you promise to do something during a networking event, such as sending information or making an introduction, make sure to follow through. Failing to do so can not only cause you to lose a potential client… but you could also end up damaging your relationship with the other people in your networking group.
Being a Wallflower: Successful networking requires you to step out of your comfort zone and initiate conversations. Don’t wait for others to approach you. It’s fine if you use the first meeting to get a lay of the land, but after that to make the most of the opportunity you will want to be proactive, introduce yourself, and start conversations.
Focusing on Quantity Over Quality: While it may be tempting to try and meet as many people as possible at a networking event, it’s more beneficial to focus on building a few quality relationships. These relationships can lead to more opportunities in the long run.
Not Being Authentic: This is a sacred rule at Bx! Authenticity is key in networking. People can tell when you’re not being genuine, and it can turn them off. Be yourself, be honest, and people will respect and trust you more.
Not Listening: Good networking involves active listening. Even if you’re not certain that the person that you’re networking with is the right fit for your business interests, you just never know who they’re going to talk to down the track. You may also find that simply by listening and learning more, an opportunity and angle that you hadn’t considered will pop up. Show interest in what others are saying, ask follow-up questions, and engage in the conversation.
Being Too Salesy: While it’s important to promote your business, no one at a business networking event is looking for the used car salesman approach. Instead of hard selling, focus on building relationships and providing value in the information that you xchange. This will make others more likely to want to do business with you.
Not Having a Follow-Up Plan: After a networking event, it’s important to have a plan for following up with the contacts you made. This could be sending an email, making a phone call, or scheduling a meeting. Remember that the networking event itself is really only the start, and a good follow-up can help solidify the relationship and open up opportunities for collaboration.
Not Taking Notes: After meeting someone new, it’s helpful to jot down a few notes about the conversation. You will be amazed at just how much good information can be lost, even overnight, and in your followups, you will be so much more impressive if you don’t appear surprised at something that the other person told you previously.
Not Being Consistent: Networking is not a one-time event. It requires a commitment to consistency in attending events and following up with contacts. The more consistent that you are, the stronger the relationships that you’ll build within your group, and this will help you stay on top of mind for opportunities.
Not Giving Before Getting: We’ve alluded to this a few times above, but it really does need to be made clear: successful networking is about building mutually beneficial relationships. This means helping others before asking for help. By providing value to others, you increase the chances of them wanting to help you in return. Or, to put it more simply: be generous and you’ll be generously rewarded.
Not Keeping Your Word: If you promise to do something, such as making an introduction, make sure to follow through. Keeping your word builds trust and strengthens your relationships.
Not Thanking People: Finally, after someone has helped you, it’s important to thank them. This shows appreciation, reinforces the relationship, and is simply good manners. A quick thank you note can go a long way in maintaining strong business relationships.

As you can see, the “rules” of business networking are not so different to the simple best practice of person-to-person interaction. Go into these events with the right attitude and an open mind, and you’ll be amazed by how much the horizon opens up for you.

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

The post 15 Rules For Better Results: The Etiquette For Business Networking appeared first on Bx Australia - Business Networking Reimagined.

The Do’s and Don’ts of Networking Follow-Ups

Tanya Jackman — Tue, 09 Jan 2024 07:53:23 +0000

One of the critical techniques within the art form of networking is understanding how to effectively follow up with potential customers, contacts and partners. You don’t want to annoy of offend someone, but at the same time, if you’re too passive, an opportunity might pass you by.

There is plenty you can do to refine your follow-up technique. From all the events and networking support that we’ve provided to our members at Bx, here are some hot tips to make sure you’re making the most of your networking follow-ups:

Dos:

Prompt Follow-Ups: After an initial meeting or event, promptly follow up within 24-48 hours. It demonstrates your interest and keeps the conversation fresh in everyone’s minds. You also want to be the first one to follow up, if possible, to show your enthusiasm for the opportunity.
Personalise Your Message: Tailor your follow-up message. Reference a topic you discussed or something unique about the individual or the conversation to show you were actively engaged. It really is obvious when you get copy-pasted and templated emails, and that will often sour the other person’s impression of you.
xpress Gratitude: Always xpress gratitude for the time and conversation shared. It’s essential to acknowledge and appreciate the other person’s time.
Provide Value: If your follow-up is nothing more than a sales pitch, it’s going to be very easy to move to the email trash can. Offer something of value in your follow-up, whether it’s a resource, an article, or a piece of information that aligns with the conversation. This showcases your willingness to contribute.
Be Clear in Your Intentions: Clearly state your reason for following up. Whether it’s for further discussion, collaboration, or even just to stay in touch, clarity is key.
Follow Through on Promises: If you promised to provide something or set up another meeting, make sure to follow through. It builds trust and reliability.
Stay Consistent: Regular, periodic follow-ups are essential for maintaining the relationship. It keeps the connection alive and shows your commitment. Don’t worry if this seems one-sided, and don’t wait for the other person to take the initiative. It’s more important that you keep communicating, even if the other party simply prefers to respond to your outreaches.
Leverage Multiple Channels: Utilise various communication channels – email, social media, or even a handwritten note – to diversify and reinforce your message, and make sure that you’re easy to find if the other person is looking for you.
Be Patient: Understand that not everyone responds immediately. Give the person time to revert. Patience is key in networking.
Ask for Feedback: Invite feedback or suggestions on how you can improve or add value. It shows your willingness to learn and grow.

Don’ts:

Don’t Be Generic: As mentioned above, avoid generic, templated follow-ups. They come off as insincere and diminish the value of your outreach. For this same reason, do not leverage AI to do the writing. AI writing tools might look impressive, but all they do is draw information that they’ve already had input into the system. By default, this content will therefore be generic.
Avoid Being Pushy: While follow-ups are important, don’t overdo it. Bombarding someone with multiple messages can be off-putting. A good rule of thumb is to follow-up no more than three times, with 2-3 days between outreaches.
Don’t ignore their response: When you do get a response, be sure to action it instantly (unless it comes in between work hours). You want to be as responsive as you are proactive with the follow-ups.
Don’t Just Talk About Yourself: A follow-up isn’t a platform to talk solely about yourself or your achievements. Keep the focus on the other person and the shared conversation. There’s a good rule here that your email should have a ration of at least two “you’s” for every one “I” or “we”.
Avoid Making Assumptions: Don’t assume the recipient remembers every detail of your initial interaction. Provide context and refresh their memory if needed.
Don’t Overpromise: Be cautious with promises. Only commit to what you can realistically deliver to avoid disappointment or loss of credibility.
Don’t Overlook Relevance: Ensure your follow-up is relevant and timely. Sending unrelated or outdated information can be counterproductive.
Avoid Neglecting Follow-Up on Connections: Even if you feel a connection might not yield immediate benefits, don’t neglect to follow up. You never know when it might become valuable, and often a follow-up early on can lead to a business opportunity years down the track that wouldn’t have happened otherwise.
Don’t Burn Bridges: Even if a connection doesn’t seem immediately fruitful, avoid dismissing or disregarding the relationship. Networking is about long-term connections.

More than anything else, just remember to be genuine. Networking is, ultimately, about people connecting with other people, and we would all prefer to connect with a real person than a “slick salesperson” type… no matter how good they are at that particular role.

Follow these best practices and you’ll find that your emails and follow-up calls are getting some xceptional traction!

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

The post The Do’s and Don’ts of Networking Follow-Ups appeared first on Bx Australia - Business Networking Reimagined.

Mastering the Art of the Elevator Pitch: A Networking Must-Have

Tanya Jackman — Tue, 09 Jan 2024 07:48:17 +0000

You’ve got a great business (or business idea), and you want to network. Your potential partners, customers and investors are busy people. How can you convince them that your idea is superior, when you’ve got just a couple of seconds to do so? It all comes down to the elevator pitch.

The elevator pitch is a concise and compelling presentation of yourself or your idea, and it’s about conveying the benefits of your company and the problem that you’ll solve in a short paragraph. One mistake that people often make is to treat the elevator pitch purely as a sales pitch. It’s not. You’re there to promote your company, but an elevator pitch is there to spark interest.

Here are some great, and inspiring, elevator pitches:

“It might shock you to learn that workers in our industry spend 40% of their time trying to coordinate and manage work tasks. They spend only about 35% of their time doing skilled work, which means much of this time could be better managed. With my project management tools, workers can decrease how much time they spend coordinating with other employees and increase the time they spend doing their jobs. Over time, you’ll see a significant increase in your sales and profits.”
“A huge part of the human experience that we all share is wanting to build connections. People want to learn and grow with a supportive group. My team collaboration and communication software helps people connect in a way that builds meaningful working relationships and fosters a strong work community. Your business will benefit by having teams that function better than ever before. They will know they are stronger together.”
“The problem we’re facing in our industry now is that 30% of worker mistakes are due to lack of strategy and increased workload stress. However, that number will become much lower with our remote workforce project management tools. Your business cannot afford to wait any longer to start using our software, especially given its track record so far in the field.”

Rules of the elevator pitch

The core of an elevator pitch lies in its ability to communicate your unique value in a brief timeframe, typically within 30-60 seconds. It demands a balance between brevity and information richness, requiring a clear understanding of your audience and their needs. Tailoring your pitch to cater to the listener’s interests is key—whether you’re presenting to a potential investor, a client, or someone you’ve just met at a networking event.

A compelling elevator pitch should start with a hook, a captivating opening that captures attention and encourages further engagement. This could be a thought-provoking question, a surprising statistic, or a compelling anecdote. Following this, the pitch should swiftly transition into a concise summary of who you are or what your product or service entails, emphasising the unique value it offers.

Moreover, a successful elevator pitch is not just about what you say but how you say it. Confidence and passion are contagious. Your delivery—voice modulation, body language, and enthusiasm—can greatly influence how your message is received. Practice is crucial; refining and rehearsing your pitch will enhance its fluency and help you adapt it to different audiences or situations.

Adaptability is another vital aspect of mastering the elevator pitch. The ability to tailor your pitch on the fly, depending on the context and the person you’re engaging with, demonstrates versatility and a deeper understanding of the needs and interests of your audience. This adaptability ensures that your pitch remains relevant and resonates with the listener.

How to get good at the elevator pitch

The first thing you need to know about the elevator pitch is that you’re never going to be able to effectively “wing it.” Make sure that you go through a full brainstorming session to determine exactly what you want to say, and then rehearse it.

When it comes to delivery, you want to convey your enthusiasm. A flat elevator pitch won’t inspire, no matter how good the product is. Take the time to practice your inflections, your delivery, your body language and all the rest of it. If you can, get a camera (a phone camera will do), and practice with someone filming you, so that you can look back at it and refine your performance.

And just like that you’ll be ready for your next set of networking events. Bring your pitch and game face, and look forward to making a splash and drawing a lot of follow-up meetings with interested parties. Over time, the elevator pitch will be a key tool in the toolchest, and an ongoing gateway to making a lasting impression.

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This article was written by Bx | Business Networking Reimagined for our dynamic community of entrepreneurs, innovators, and founders.

Want to unlock the power of referral marketing & get hundreds of quality leads flowing into your business? xplore Bx Business Networking Reimagined today!

The post Mastering the Art of the Elevator Pitch: A Networking Must-Have appeared first on Bx Australia - Business Networking Reimagined.