Hi all,
I am in the midst of migrating this site to: www.riyazmahendy.com
See you there!
ps - I am getting started, so, be patient while I grasp my way around.
Wednesday, January 13, 2010
Monday, December 28, 2009
Out of sight, out of mind
I came across a situation whereby a person in a networking group I lead is thinking whether to continue his membership or not.
The situation is: he has started receiving referrals which have converted into business lately, and is possibly thinking (this I heard from his colleagues) that he will continue to receive even he has discontinued his membership in the group.
Nothing wrong with this line of thinking actually.
In fact, there is a strong possibility that in view of the existing relationships that are prevalent in the group, he might still receive good referrals from his friends in that group.
But here's another angle to consider: what if a new person in that same category is admitted into that group. In essence his competitor.
You see, as this new person starts building relationships with the members of his group, he will invariably start receiving referrals from the members there.
So, the previous chap who left is now still receiving referrals but that source will dry up slowly now that the new person is slowly building his existence in the group.
As and when time passes, even the members who were referring to the previous chap, will want to try out the services of the new member. Remember the saying: 'out of sight out of mind'. It holds so true for networking.
Continuous visibility is crucial in the success of a business person in a networking group.
The situation is: he has started receiving referrals which have converted into business lately, and is possibly thinking (this I heard from his colleagues) that he will continue to receive even he has discontinued his membership in the group.
Nothing wrong with this line of thinking actually.
In fact, there is a strong possibility that in view of the existing relationships that are prevalent in the group, he might still receive good referrals from his friends in that group.
But here's another angle to consider: what if a new person in that same category is admitted into that group. In essence his competitor.
You see, as this new person starts building relationships with the members of his group, he will invariably start receiving referrals from the members there.
So, the previous chap who left is now still receiving referrals but that source will dry up slowly now that the new person is slowly building his existence in the group.
As and when time passes, even the members who were referring to the previous chap, will want to try out the services of the new member. Remember the saying: 'out of sight out of mind'. It holds so true for networking.
Continuous visibility is crucial in the success of a business person in a networking group.
Saturday, December 19, 2009
Leverage on your team
A few days ago, I was counseling a member in a networking group, and the situation was that in view of increased business and a depleted staff force, he was thinking of quitting the networking group to free up time to focus in his business.
So, rather than being the CEO, the boss or the leader of the company, he was prepared to roll up his sleeves and do up the technical aspects of his company's operations. He said to us that pending finding a successor to the previous chap who left, he will in the interim assume those roles. It could take as long as 6-months to a year.
Of course, it is very tempting to revert back to being the 'technician' in your business. Like taking a trip down the memory lane, nostalgia is involved. Not to mention that you can of course do the job better.
However, together with the group's chairperson, we advised him not to fall into this temptation.
We explained to him that depending on traditional methods of growing one's company is no longer a feasible business model.
We therefore advised him to break his boundaries and think bigger: like leveraging on other companies to merge with, and therefore adding to much needed staffing needs right away.
In essence, we asked him to bring himself to the next level by leveraging on his colleagues in his networking group (the seasoned and experienced ones) to act as his advisers in this endeavour.
Because his colleagues consists of many accomplished individuals, we asserted to him that he need to enrol them in his quest to the next level.
Because it is human nature to help one another, I am very confident that his colleagues would oblige to extend their expertise.
So now, here's another aspect of using your networking group: leverage on the expertise of accomplished people. It would hardly cost you much, except the costs of a couple of lattes however, the value is priceless!
So, rather than being the CEO, the boss or the leader of the company, he was prepared to roll up his sleeves and do up the technical aspects of his company's operations. He said to us that pending finding a successor to the previous chap who left, he will in the interim assume those roles. It could take as long as 6-months to a year.
Of course, it is very tempting to revert back to being the 'technician' in your business. Like taking a trip down the memory lane, nostalgia is involved. Not to mention that you can of course do the job better.
However, together with the group's chairperson, we advised him not to fall into this temptation.
We explained to him that depending on traditional methods of growing one's company is no longer a feasible business model.
We therefore advised him to break his boundaries and think bigger: like leveraging on other companies to merge with, and therefore adding to much needed staffing needs right away.
In essence, we asked him to bring himself to the next level by leveraging on his colleagues in his networking group (the seasoned and experienced ones) to act as his advisers in this endeavour.
Because his colleagues consists of many accomplished individuals, we asserted to him that he need to enrol them in his quest to the next level.
Because it is human nature to help one another, I am very confident that his colleagues would oblige to extend their expertise.
So now, here's another aspect of using your networking group: leverage on the expertise of accomplished people. It would hardly cost you much, except the costs of a couple of lattes however, the value is priceless!
Monday, December 14, 2009
Let your family in the know
I read a book from a networking guru, titled: The 29% Solution and in that book, the guru explained clearly that from time to time we must bring our families in the know of our network and their capability.
Why? So that we become a resource center if they need any services in such a way that rather than they source for service providers from say, The Yellow Pages or from search engines, they would call us instead.
This will enable us to develop referrals for our colleagues in our networking groups and bring in business to the team. After all, every networking group is a mini-economy. You see, our family members are going to spend money on those services they require anyway, so why not spend their monies by acquiring from our inner network?
From my own experience, I have developed businesses well into the 6-digit worth from family members. About 2-years ago, my sister needed a programmer for a website she was developing, and that referral was worth close to RM90,000 for the service provider in the network.
In recent times, many referrals came in for the Life-insurance chap in the network from my brother who knows people who need such services.
So, let's spend sometime to bring our families up to speed with the capabilities of our networking groups.
Why? So that we become a resource center if they need any services in such a way that rather than they source for service providers from say, The Yellow Pages or from search engines, they would call us instead.
This will enable us to develop referrals for our colleagues in our networking groups and bring in business to the team. After all, every networking group is a mini-economy. You see, our family members are going to spend money on those services they require anyway, so why not spend their monies by acquiring from our inner network?
From my own experience, I have developed businesses well into the 6-digit worth from family members. About 2-years ago, my sister needed a programmer for a website she was developing, and that referral was worth close to RM90,000 for the service provider in the network.
In recent times, many referrals came in for the Life-insurance chap in the network from my brother who knows people who need such services.
So, let's spend sometime to bring our families up to speed with the capabilities of our networking groups.
Wednesday, December 9, 2009
Some are starting to get it!
This morning I visited a networking group and I was very encouraged with what I experienced.
As you know I have been starting to focus on my networking education goals for 2010 and have been communicating about this wherever I have the opportunity to do so.
So there I was in the meeting this morning where I noticed that a particular member, who is a Licensed will writer have been conducting 1-2-1s with his colleagues in his networking group. And he received 3 referrals this morning, all which were of sound quality.
Of the 3, one was for another member's own application whereas the other 2 were good quality external referrals for this member.
I am encouraged, that this has started to bear fruit, and by using this case as an example among many others, my mission will yield greater results.
2010 and 1-2-1s, here we come!
As you know I have been starting to focus on my networking education goals for 2010 and have been communicating about this wherever I have the opportunity to do so.
So there I was in the meeting this morning where I noticed that a particular member, who is a Licensed will writer have been conducting 1-2-1s with his colleagues in his networking group. And he received 3 referrals this morning, all which were of sound quality.
Of the 3, one was for another member's own application whereas the other 2 were good quality external referrals for this member.
I am encouraged, that this has started to bear fruit, and by using this case as an example among many others, my mission will yield greater results.
2010 and 1-2-1s, here we come!
Friday, December 4, 2009
It took 5-minutes!
Yesterday, I acquired some products from a member in the networking group that I am leading for my private consumption.
Specifically, they were some vouchers for an eye-screening service to prevent vision loss for those with glaucoma and are diabetic.
After acquiring them, I was excited and rang a few friends to give them the vouchers to use. I acquired 5 vouchers and have given away 4 already.
Then, it got me thinking, that a target market for these vouchers are Life-insurance agents who have at least 50 clients or more, who are now running a successful practice. Because they would have first hand information from their clients of certain pre-existing health conditions and because, they as their life-insurance agent have a degree of intimacy in their relationships with their clients.
Hence, they can present these vouchers to their clients as part of their incentives for say, anniversary of policy renewal or after receiving a successful referral from their clients. And these are tax deductable business expenses, so that helps.
So I rang up this service provider and explained to him the target markets he needs to focus on for some immediate appointments and possible immediate sales.
I myself rang a contact who is a very successful Life-insurance agent, and you know what, from my excitement of how I am happy to give these vouchers away, the enthusiasm rubbed off on her, and she said that she will be happy to meet this person to understand more (Yeah!! a qualified referral!!) and possibly purchase vouchers for her clients.
The call took 5-minutes.
Work? Yes absolutely, make no bones about it.
Results? Yes, always follows the work that preceded an effort.
So, go on people, pick up that phone and ring a contact to qualify a referral. It's very simple, actually!
Specifically, they were some vouchers for an eye-screening service to prevent vision loss for those with glaucoma and are diabetic.
After acquiring them, I was excited and rang a few friends to give them the vouchers to use. I acquired 5 vouchers and have given away 4 already.
Then, it got me thinking, that a target market for these vouchers are Life-insurance agents who have at least 50 clients or more, who are now running a successful practice. Because they would have first hand information from their clients of certain pre-existing health conditions and because, they as their life-insurance agent have a degree of intimacy in their relationships with their clients.
Hence, they can present these vouchers to their clients as part of their incentives for say, anniversary of policy renewal or after receiving a successful referral from their clients. And these are tax deductable business expenses, so that helps.
So I rang up this service provider and explained to him the target markets he needs to focus on for some immediate appointments and possible immediate sales.
I myself rang a contact who is a very successful Life-insurance agent, and you know what, from my excitement of how I am happy to give these vouchers away, the enthusiasm rubbed off on her, and she said that she will be happy to meet this person to understand more (Yeah!! a qualified referral!!) and possibly purchase vouchers for her clients.
The call took 5-minutes.
Work? Yes absolutely, make no bones about it.
Results? Yes, always follows the work that preceded an effort.
So, go on people, pick up that phone and ring a contact to qualify a referral. It's very simple, actually!
Wednesday, December 2, 2009
Conducting 1-2-1 meetings with your referral sources
As I am picking this area for a very heavy emphasis this coming new year, I thought I better pen some basic ideas as how this can generate more referrals, which will help fill up your sales funnel for more business in the coming period of time.
I met the team-leaders of referral generation groups yesterday and we discussed in depth about the quality and quantity of businesses referred in their groups.
All of them agree that the quality and quantity of referrals passed among the members are a direct proportion to the quality of interactions, relationships among the members and the way to measure this is the frequency of 1-2-1s between the peers of a particular group.
Because, after an effective 1-2-1 with a colleague in your group will yield to an action, many current issues will be overcome concurrently at all levels.
Before that, let's examine the outcome, or the action after an effective 1-2-1 with your colleague in your group:
1. A commitment of a short term referral based on what products or services are offered, example, if your colleague is an optometrist, then you can commit a short term referral where say, in 2-weeks you will refer, say your cousin to his shop.
2. A commitment of a long-term referral based on this person's profile of customers. For example, a dentist may require more patients coming in for teeth polishing and whitening which could be more profitable as compared to a regular teeth scaling, extractions, etc.
The above 2 action items makes the referral process more predictable. Now as both parties get to work to achieve their respective commitments will solve the issues of:
1. No referrals to give, which could discourage a member from attending meetings regularly. So, now the issue of not attending is resolved.
2. Better level of excitement and energy as both parties attend their weekly meetings with qualified referrals to give.
3. This excitement and energy will now spill over in the meeting and guests visiting on the day will be enthused equally, and see the possibility of they themselves being party to this receiving and giving of referrals.
So, a simple action of a weekly 1-2-1 with another member in your referral group can be the seed, which will yield to unrecognizable results as the tree starts to grow and bear fruit!
I am so excited to see this happening, and will be moving ahead in this direction and work within the teams to make this into a successful culture in each groups so that as new members are admitted in the groups, they won't know any different. It becomes then, a natural culture.
When say 40 members in your groups conduct 1-2-1s in the spirit of teamwork, and under the philosophy of Givers Gain, then imagine the business growth each person will experience!
I met the team-leaders of referral generation groups yesterday and we discussed in depth about the quality and quantity of businesses referred in their groups.
All of them agree that the quality and quantity of referrals passed among the members are a direct proportion to the quality of interactions, relationships among the members and the way to measure this is the frequency of 1-2-1s between the peers of a particular group.
Because, after an effective 1-2-1 with a colleague in your group will yield to an action, many current issues will be overcome concurrently at all levels.
Before that, let's examine the outcome, or the action after an effective 1-2-1 with your colleague in your group:
1. A commitment of a short term referral based on what products or services are offered, example, if your colleague is an optometrist, then you can commit a short term referral where say, in 2-weeks you will refer, say your cousin to his shop.
2. A commitment of a long-term referral based on this person's profile of customers. For example, a dentist may require more patients coming in for teeth polishing and whitening which could be more profitable as compared to a regular teeth scaling, extractions, etc.
The above 2 action items makes the referral process more predictable. Now as both parties get to work to achieve their respective commitments will solve the issues of:
1. No referrals to give, which could discourage a member from attending meetings regularly. So, now the issue of not attending is resolved.
2. Better level of excitement and energy as both parties attend their weekly meetings with qualified referrals to give.
3. This excitement and energy will now spill over in the meeting and guests visiting on the day will be enthused equally, and see the possibility of they themselves being party to this receiving and giving of referrals.
So, a simple action of a weekly 1-2-1 with another member in your referral group can be the seed, which will yield to unrecognizable results as the tree starts to grow and bear fruit!
I am so excited to see this happening, and will be moving ahead in this direction and work within the teams to make this into a successful culture in each groups so that as new members are admitted in the groups, they won't know any different. It becomes then, a natural culture.
When say 40 members in your groups conduct 1-2-1s in the spirit of teamwork, and under the philosophy of Givers Gain, then imagine the business growth each person will experience!
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