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  1. Tuesday 26th April 2005

  2. Presentation to Tuesday 26th April 2005

  3. Business Success through Networking Ken Dickson Managing Director, Axiom Executives Limited Tuesday 26th April 2005

  4. Outline Why I am here today Definitions Building a database of contacts Some practicalities Who to network with Business Success: the fundamentals Warnings from experience Question time

  5. Outline Why I am here today Definitions Building a database of contacts Some practicalities Who to network with Business Success: the fundamentals Warnings from experience Question time

  6. Why I am here today Academic interest in helping students/Universities Background Advisor to small, growing businesses Developed my own company 3 years ago

  7. Academic interest in helping students/Universities Student – Glasgow University Certificate in Teaching Adults – Surrey University Lecturer in Management and Management Accounting – London Guildhall (Metropolitan) University Mentor, Enterprise Centre - Cambridge University Acting Finance Director, spin-out - London South Bank University

  8. Background Qualified Accountant FCMA MIP Practicing Certificate Experienced Finance Director/Financial Controller Start-ups and early stage Small companies (< £2m turnover) Large companies (£500m turnover)

  9. Advisor to small, growing businesses Start-ups Helped set up 12 businesses in 3 years Fund raising Establishing financial and legal processes Turnarounds Financing Dealing with creditors Grooming for sale Over 25 acquisitions and sales General management advice

  10. Not only advice but also hands-on experience “We implement the advice we give”

  11. axiom-e’s view Strategic financial management is: the application to strategic decisions of financial techniques in order to help achieve management objectives.

  12. axiom-e’s view All organisations need to have: a clear and realistic strategy, the financialresources, controls and systems to see it through the right managementteam and processes to make it happen.

  13. Business Success through Networking How many of you have ever networked?

  14. Outline Why I am networking with you Definitions Building a database of contacts Some practicalities Who to network with Business Success: the fundamentals Warnings from experience Question time

  15. Networking – definition (1) Any suggestions?

  16. Networking – definition (2) 1 LINKING OF COMPUTERS The linking of computers so that users can exchange information or share access to a central store of information 2 GATHERING OF ACQUAINTANCES OR CONTACTS The building up or maintaining of informal relationships, especially with people whose friendship could bring advantages such as job or business opportunities Source: Encarta World English Dictionary

  17. Networking – definition (3) Networking is: establishing, maintaining and utilising a broad network of contacts in order to keep aware of public, political and internal issues and to make informed decisions. It includes: identifying who to involve, as well as when and how to involve them in order to achieve objectives and minimise obstacles.

  18. What networking is about “Networking is making links from people we know to people they know, in an organized way, for a specific purpose, while remaining committed to doing our part, expecting nothing in return.” Donna Fisher and Sandy Vilas, Power Networking

  19. Outline Why I am here today Definitions Building a database of contacts Some practicalities Who to network with Business Success: the fundamentals Warnings from experience Question time

  20. Starting in business

  21. “No man is an island, entire of itself; every man is a piece of the continent, a part of the main.” John Donne Meditation 17, Devotions Upon Emergent Occasions

  22. In partnership

  23. “Two are better off than one, because together they can work more effectively. If one of them falls down, the other can help him up. But if someone is alone and falls, it’s too bad, because there is no one to help him” Ecclesiastes 4:9-10 (GNB)

  24. A small group

  25. “Two men can resist an attack that would defeat one man alone. A rope made of three cords is hard to break.” Ecclesiastes 4:12 (GNB)

  26. Committee working!

  27. Winning friends and influencing people

  28. A more complex Network

  29. Handshakes People 1 2 3 4 5 6 7

  30. Handshakes People Handshakes 1 0 2 1 3 3 4 6 5 10 6 15 7 21

  31. Handshakes People Handshakes Ratio 1 0 0 2 1 0.5 3 3 1.0 4 6 1.5 5 10 2.0 6 15 2.5 7 21 3.0

  32. Get connected People Connections N N(N-1) 2

  33. Get connected (2): On your way to St Ives Man 1 Wives 7 Sacks Cats Kits Total

  34. Get connected (2): On your way to St Ives Man 1 Wives 7 Sacks 49 Cats 343 Kits 2,401 Total 2,800 extra contacts from each 1 made!

  35. The benefits of networking (1) Contact at networking meeting discussing canoeing 1 company 1 Intro to 1 other person 3 companies (one closed) 3 Intro to liquidator Invited to work on turnarounds 2 1 company going well Fundraising led to a Venture Capitalist Referred several companies to axiom-e 5 Intro to 1 other person 1 company 2 Intro to bank Referred several potential clients to axiom-e 5 16

  36. The potential of networking

  37. axiom-e’s view It’s not who you know but rather who the people you know know!

  38. Outline Why I am here today Definitions Building a database of contacts Some practicalities Who to network with Business Success: the fundamentals Warnings from experience Question time

  39. Use something suitable Index card system Outlook contacts CRM system (eg ACT) PDA

  40. Meet and thank Do not take contacts for granted Ask for their advice Thank them for their help Keep in touch Follow-up to meeting Regular contact by phone, email etc Reciprocate

  41. Good Networking Contacts Some sociologists have found that “…acquaintances are more likely than family members to give individuals direct information and to recommend them for opportunities.” Mark Granovetter, The Strength of Weak Ties

  42. How to network: Suggestions?

  43. How to network: Get yourself known Stand out Committees Articles Speaking Websites

  44. How to network: Meetings Informal get togethers Invite yourself (Accountants and Lawyers meetings) Formal discussions Top Banana Cambridge Enterprise & Technology Club

  45. Focus on the Help You Are Asking For Finding a job/advisor/lead Referral to company Increase knowledge/expertise in target career/field Increase visibility to others Generate new business/professional contacts

  46. Develop Good People Skills Assert yourself positively Ask good questions Be a good listener Present yourself attractively Be viewed as knowledgeable or skilful in a particular area Show interest in empowering and helping others Reciprocate – what can you do in return? Do not look for the next contact whilst talking!

  47. Make Name Badges Work for You Suggestions?

  48. Make Name Badges Work for You Always include your surname Ken Dickson Print large & legibly Have standard printed badge prepared Wear name tags on RIGHT SIDE in the line of sight when shaking hands Add description below your name name of company or sector (sometimes) job title

  49. What will I say? Suggestions?