Ten Networking Strategies the Rich Use Every Day

Networking is a process. Developing a networking process is critical to success. When you network the right way, you gain customers, clients, strategic business partners, followers and networking partners and this translates into more money.Rich people are master networkers. Their networking efforts are intended to grow their association with other successful individuals. To the wealthy, relationships are like gold. It is the currency of the wealthy. Here’s some of the research from my study related to networking and building relationships.

  • 88% of the wealthy believe relationships are a key factor in their wealth. Only 17% of the poor agree.
  • 67% of the rich believe promoting yourself is important to success. Only 24% of the poor agree.
  • 75% of the rich send thank you cards or notes or email regularly. Only 13% of the poor have this Rich Habit.
  • 72% of the wealthy volunteer five hours or more each month compared to only 12% for the poor.

So how do you go about creating a networking process and incorporate it into your life?

  1. Join Networking Groups/Clubs: BNI International is the most popular but you can create your own networking group.
  2. Join Boards of Local Businesses: Reach out to your clients, customers, business partners and local business community and ask if they have an advisory board. If they do, offer your services as a board member. If they don’t, help them set one up.
  3. Join Civic Groups: Lions Club, Rotary Club, Chambers of Commerce, Optimist Club etc. There are many business and non-business civic groups who are looking for members. These groups often refer business to one another.
  4. Become a Speaker: Speaking engagements are probably the most valuable networking tool available. One speaking engagement can mean thirty or more potential clients/customers. Since many individuals fear public speaking, doing so sets you apart from the masses and you will be viewed as an expert.
  5. Join a Non-Profit Group Board or Committee: Non-profit groups are a very valuable resource for referrals. You gain an opportunity to showcase your skills and develop long-lasting relationships. Referrals come from every direction; fellow members, vendors, donors and beneficiaries of the organization. Very often Board members are successful, wealthy individuals who have very strong, powerful relationships. When you join a non-profit, in time you will gain access to this treasure trove of valuable relationships.
  6. Write: Writing sets you apart from your competition. As you develop your repository of articles you close the credibility gap in the eyes of customers/clients/patients/business partners. Writing hones your technical skills and makes you more competent in your field or industry. When you increase your technical skills, your eyes and ears open up to opportunities that were there all along. Writing creates opportunity luck.
  7. Hello Call: Make a habit of calling at least one person every day for no other reason other then to say hello. This helps build the relationship and opens the door for opportunities.
  8. Birthday Call: Call your clients, customers, family members, friends, business associates, neighbors and anyone one else you may know on their birthday. Our birthdays are very important to each one of us. When someone acknowledges a birthday it says “you are important to me.” People remember those who call them on their birthday.
  9. Life Event Call: Call your contacts when something special happens to them or one of their family members. This could be a birth, death, newspaper mention, award, get well soon call, etc.
  10. Breakfast/Lunch/Dinners: Periodically reach out to your contacts and ask them to breakfast, lunch or dinner. This casual get together is the perfect setting to generate opportunities.

                

Some final points I’d like to make. No one is successful on their own. Success does not happen in a vacuum. The most successful people in the world are part of an expansive and strong network of other successful people. Good relationships don’t simply manifest themselves out of thin air. They are the byproduct of investing time and energy in growing and nurturing the right relationships. Not everyone you meet is worthy of your investment. You need to be selective in choosing who will be a part of your relationship network. The wealthiest invest in relationship givers and avoid relationships takers like the plague.The wealthy avoid negative people and only associate with upbeat, positive people.

10 Business Poverty Habits – Wealthy Share Valuable Business Mistakes in New Study

Tom Corley, here, Bestselling author of Rich Habits – an Amazon Best Book of the Year. I spent five years studying the daily habits of wealthy, successful people. Many business owners and entrepreneurs were part of my study. The information they shared with me about the daily habits that can make or break a business are revolutionary and invaluable. Interestingly, many of the mistakes they made in growing their business were critical to their success. Business mistakes, upon reflection, stand out like missing teeth in a smile. They are so obvious after the fact. You wonder how you could have ever been so dumb. But making mistakes is part of being a successful business. In fact, every successful business is a mouth full of missing teeth. These mistakes offer a learning experience that can never be reproduced in a classroom. Mistakes are the real-life business MBA. Business mistakes cost you money. They cost you customers and clients. Because of this, mistakes become imprinted on your brain. They are scar tissue on the brain. Forever there and forever remembered. In an effort to save you from missing teeth or scar tissue, this article will focus on business mistakes you should avoid.

1.  Poor Quality
High quality products or services are the cornerstone of every business. Quality keeps customers/clients coming back. Businesses that produce average quality are perpetually in search for new customers/clients. New customer/client acquisition is a far more expensive proposition than than keeping the old ones satisfied and coming back. Businesses that produce average quality are always just getting by. They eek out a living.

2.  Lack of Customer/Client Feedback
The most successful businesses are in a constant search for customer/client feedback. This feedback is crucial as it provides important information on what you are doing right and what you are doing wrong. Every business should ask for feedback on the products/services they provide. Ideally, this feedback is most valuable immediately following a product sale or a service provided. Timely customer/client feedback allows your business to make course corrections in order to improve quality.

3.  Over-staffing
Successful businesses keep employee staffing levels at the bare minimum, even during growth phases. These businesses hire reluctantly. They, instead, rely on a core group of highly competent and proven staff members for 80% of sales and fill the 20% gap with seasonal or part-time employees and outside contractors.

4.  Procrastination
Successful businesses adopt a “do it now” mindset. They don’t procrastinate on meeting customer/client needs. Procrastination results in a “put out the fire” response to meeting the needs of customers/clients. Oftentimes, this “put out the fire” response results in poor quality, dissatisfied customers/clients, lost customers/clients and potentially litigation, costing the business valuable time and money.

5.  Lack of Goals
Successful businesses set action-based goals for their organization. These goals are in writing, constantly monitored and revised to meet an ever changing business environment. Successful businesses understand the difference between a goal and a wish. They know that wishes do not come true. Goals do.

6.  Failing to Keep Up With Your Competition
Successful businesses are tuned in to their industry. They read their industry periodicals immediately for industry trends and new opportunities. They adapt their business to industry changes. They are constantly in “self-improvement” mode; always improving/expanding their core products/services to match or exceed their competition. successful businesses have their fingers on the pulse of their industry.

7.  Your Product/Service is a Commodity
Successful businesses always have a gimmick. They do something that stands out from their competition. Their products/services are not a commodity. They are unique in some way.

8.  Poor Marketing
Successful businesses have a unique marketing strategy that sets them apart from their competition. They do not follow the heard in terms of marketing strategy. They create their own proprietary strategy through trial, error and brainstorming sessions with their staff and business partners.

9.  Not Understanding Customer/Client Needs
Successful businesses know their customers/clients. They understand their needs. They create high quality products/services to meet these needs.

10.  Failing to Meet Customer/Client Expectations
Successful businesses exceed customer/client expectations. They always try to deliver on a promise. Customers/clients are always satisfied when you subscribe to the rule to undersell and over-deliver.

35 Things the Rich Know About Every Relationship

80% of the wealthy call their contacts religiously at least once every other month just to say hello. There are two purposes to this call. The first is to keep the relationship alive through constant contact. The second purpose is about gathering certain information. In other words, it’s a reconnaissance mission.  They are calling to gain intelligence on their contact. The more information they can obtain about their contact’s family, friends and life, the more valuable that relationship becomes to them. Rich people have been doing this for years. They understand that one day this information will pay dividends. Oftentimes, these dividends represent some monetary or financial gain or help open some door for themselves or a family member.

35 Things the Wealthy Gather on Their Contacts:

  1. Basic contact information: name, address, phone, email, Twitter, Facebook etc.
  2. Are you married?
  3. If yes, what is their spouse’s name?
  4. Do you have any children?
  5. If so what are their names?
  6. Birthdays of contact, spouse and children
  7. Interests/Hobbies of contact, spouse and children?
  8. Schools contact, spouse and children attend/attended?
  9. What are they most proud of?
  10. Do they know any celebrities or important people? Who?
  11. What do they do for a living?
  12. What does their spouse do for a living?
  13. What do they like reading?
  14. Do they read blogs? If so, what blogs?
  15. Previous employment of contact and spouse?
  16. If their children work, what do they do, where do they work?
  17. Political affiliation?
  18. Religious affiliation?
  19. Where did they live before their current home?
  20. Do/did they or any member of their family play sports? If so, what and when and do they still play?
  21. Do they like sports?
  22. Do they drink alcohol? If so, what do they drink?
  23. What’s their favorite foods?
  24. What type of car do they drive?
  25. What are their goals?
  26. What groups, non-profits or community organizations are they affiliated with?
  27. Where do they like to vacation?
  28. What did their parents do for a living?
  29. Where did they grow up?
  30. Significant achievements/accomplishments?
  31. Favorite celebrities?
  32. Licenses, designations they may have?
  33. Strengths and weaknesses?
  34. Do they exercise? If so, what do they do?
  35. Who are their important relationships: attorneys, CPAs, financial advisors, religious etc.

Make Yourself UN-FIREABLE. How to Become Invaluable to Your Employer, Customers or Clients

Wealthy, successful individuals are fanatics when it comes to daily career-related, self-improvement. The reason? Wealthy people understand that knowledge creates opportunities and opportunities lead to good luck. Consequently, wealthy people are in constant pursuit of industry-related knowledge in order to help them identify these opportunities. Engaging in career-related, self-improvement makes individuals more valuable to their employer, customers or clients and helps them to rise up the ladder of financial success. I uncovered four career-related, self-improvement strategies that the wealthy put to use on a daily basis in order to make themselves UN-FIREABLE: Reading, Writing, Speaking and Repetition by Doing. Each one gets you higher up the ladder of financial success.

Strategy #1 Reading 

In my five-year research study on the daily habits of wealthy and poor individuals, I made many profoundly important discoveries. For example, 88% of the wealthy individuals in my research read self-help books/articles and industry-related books/articles. The wealthy are fanatics when it comes to daily career-related, reading. By increasing their knowledge base they are able to see more opportunities and these opportunities translate into more money. The wealthy set aside an average of thirty minutes a day for self-help reading. They do this day in and day out, like brushing their teeth. They understand that self-help reading helps set themselves apart from their competition. Reading helps make you more valuable to your employer, customers or clients.

Comparatively speaking, only 2% of the poor in my study engaged in this self-help reading.

Strategy #2 Writing

38% of the wealthy in my study engaged in some form of career-related writing with 18% writing for industry magazines. Writing is a form of communication. Because you are writing on a topic, you must gain a more comprehensive understanding of that topic than reading alone can provide. Successful individuals engage in writing in a number of ways including: company newsletters, industry newsletters, newspaper articles, industry publication articles, Internet articles and customer/client letters. Writing helps you get noticed in your industry and perceived as an expert. It increases your value to your employer, customers or clients

Comparatively speaking, none of the poor in my study engaged in career-related writing.

Strategy #3 Speaking

23% of the wealthy engaged in career-related speaking, with 12% doing their speaking at trade group functions. Speaking, like writing, is a form of communication. Speaking requires a greater understanding of a subject matter than writing or reading will provide. In a speaking engagement you may be asked a question and this makes it a two-way communication process. When you are “the expert” on a speaking topic you must fully comprehend that topic, inside and out. This requires a more detailed study that reading and writing together cannot provide. Speaking forces you to dig deeper and expand your knowledge base. Speaking elevates your perceived expertise in the eyes of your audience, who may be fellow supervisors, customers or clients.

Comparatively speaking, none of the poor in my study engaged in career-related speaking.

Strategy #4 Repetition by Doing

Experts say it takes 1,000 correct repetitions to develop muscle memory. These same experts also say that each incorrect repetition requires ten more just to wash away that one mistake from your brain’s muscle memory. Repetition over and over will turn you into an expert. There is simply no better way to perfect your knowledge and skills in a given area than through Repetition by Doing. Repetition in a particular area gets you closer to perfection than reading, writing or speaking ever could. Each time you repeat a specific task in a particular area you become more efficient and more expert. Repetition allows you to make and fix mistakes. It allows you to improve and perfect your skill-set. Through Repetition by Doing you will, in time, become a master in a particular task or subject matter. Repetition by Doing lifts you up to the highest wrung on the career ladder of success.


The most successful of individuals employ all four career-related self-improvement strategies. But you can achieve incredible wealth by dedicating yourself, every day, to just one of these four strategies. Make no mistake about it; it’s not an easy discipline. It’s boring. It’s tedious. But the by-product is the discovery of otherwise hidden opportunities. Opportunities that were there all along, but could not be seen until you took that important step of expanding your knowledge base.

I like to use the following metaphor to best explain how these Rich Habits self-improvement strategies work:

Imagine for a moment that you find yourself surrounded by trees. These trees are a metaphor for opportunities. You see all of the trees that are in front of you. Now imagine off to the side of these trees is a hill. This hill is a metaphor for career-related, self-improvement. What happens when you climb that hill (what happens when you engage in daily career-related, self-improvement)? You begin to notice that there are more trees. As you climb higher and higher up the hill (as you engage in more and more career-related, self-improvement) you realize you were in a forest and what you now see are not just individual trees but a forest; a forest of opportunities. Climbing that hill, engaging in career-related, self-improvement, exposes you to more opportunities in life and in your career.

Utilizing one or more of the career-related, self-improvement strategies will make you more valuable within your industry and indispensable to your employer, customers or clients. Your real and perceived expertise elevates you both within your organization and within your industry allowing you to develop valuable, long-lasting relationships; relationships that can open up the doors to opportunities and relationships that can virtually guarantee you will be among the highest paid in your organization or industry and among the last to get fired by your employer, customers or clients. When you are perceived as indispensable you become UN-FIREABLE.

Tip of the Week – The Benefits of Daily Non-Fiction Reading

Daily reading ties into the rich habit of personal and professional development.  The wealthy constantly fine-tune their skills, keep up with industry developments, and learn new things.  Like anything else, the type of content we consume can have a huge impact on how we grow and what sort of opportunities become available.  Tom recommends focusing more on self-help, self-improvement, educational, and similar materials.

As Tom explains, the wealthy spend 30 minutes or more a day studying information related to their career or profession (perhaps new ventures they are considering as well).  They do this day in and day out, like brushing their teeth.  This helps them find opportunities that they may not have realized existed otherwise.  Better yet, this discipline builds up your confidence and capabilities.

Remember: your habits determine your success.

Tip o’ the Morning to Ya – A Little Bit Every Day, Unrelenting Determination

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One Day At A Time - Good Daily Habits - Celebrate Small Wins

Rich Habits Word of the Day

Implacable – Relentless, determined.

 

Rich Habits Fact of the Day

Harriet Beecher Stowe’s “Uncle Tom’s Cabin” was published March 20, 1852. It was the first American novel to sell one million copies.


Rich Habits Lesson of the Day

52% of wealthy individuals believe good daily habits are critical to financial success in life while only 3% of the poor believe this. Based on my five-year study on the daily habits of 233 wealthy people and 128 poor people I discovered that our habits determine whether we will be rich or poor. Often times eliminating just two Poverty Habits and replacing them with just two Rich Habits is all it takes to tip the success see saw in your favor.

Tip o’ the Morning to Ya – Aim For True Happiness And Accomplishment

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Rich Habits Word of the Day

Convivial – Happy, cheerful.

Rich Habits Fact of the Day

An individual blood cell takes about 60 seconds to make a complete circuit of the body.


Rich Habits Lesson of the Day

Passion and Your Chief Aim in Life:

You know you have found your Chief Aim in life when you are unable to stop yourself from engaging in the activity that is your Chief Aim. You become obsessed about your Chief Aim and pursue it with all of the available free time you have. Your passion for achieving your Chief Aim in life is so strong that it overwhelms you. When you find your passion for something, you know you have found your Chief Aim in life. It may be writing a book, a song, painting a picture or starting a new business. Passion is the byproduct of doing something creative as your Chief Aim in life. When we are creative, passion flows into every fiber of our being. Human beings are creative by nature. We are happiest when we are passionately pursuing something creative and this creative activity is our Chief Aim in life.

Tip o’ the Morning to Ya – Professional Development on the Go

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Rich Habits Word of the Day 

Hubris – Arrogance, pomposity.


Rich Habits Fact of the Day
 

Judaism is the religion of the Jewish people and can be traced back to the Exodus of theHebrews from Egypt. Judaism, Christianity, Islam and the Baha’i faith all share Abraham as their founding father sometime around 2050 BC. There are 3 branches: Conservative, Orthodox and Reform.


Rich Habits Lesson of the Day

63% of wealthy people listen to audio books during their commute to work. Only 5% of poor people have this Rich Habit. The pursuit of continuous, lifelong self-improvement is one of the hallmarks of wealthy, successful people.