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Bottom Line: The Law of Reciprocity in Business

There are many ways to grow your bottom line in business. Already, you might have been implementing some, or all of them. If you have been d...

There are many ways to grow your bottom line in business.

Already, you might have been implementing some, or all of them. If you have been doing so, good luck to you and your business.

By @Comic24Derick

In this write-up, you are about to learn how to continue networking effectively, if you were doing it before. And if you were not, let this become a guideline for the future.

As an entrepreneur understand your strengths. Those who work together and share common interests become a formidable force with time. 

By showing your zeal to improve your counterparts’ lives, you will also benefit from that symbiotic relationship.

The other important aspect that Mike Fishbein notes for Life Hack is to be helpful. But how is possible, you may ask? Here is the response.

“When people in your network get stronger, you get stronger. By helping people in your network get stronger, they may be in a better position to be able to help you in the future.”

When you assist others, you are making your group more formidable. If your group grows in strength, it becomes an influence within the business community. 

People love stories of success or struggles, so learn to tell your own story. Don’t be limited by jealousy. Create links that may not benefit you directly.
“When people in your network get stronger, you get stronger...” (Image: 
Fishbein added that: “In addition, per the law of reciprocity, people may be more motivated to return the favor. Share your expertise and ideas. Share information. Promote your network’s work and accomplishments. Be a connector. Business transactions are always mutually beneficial.”

While we all understand time, timing, which refers to the choice, judgment, or control when something needs to be done.

And to show the importance of timing, Amy Clarke Sievers in her contribution to the Institute of Food Technologists (IFT), quoted a brand consultant, Michael Spence, who said, “If it’s a hot connection, I don’t think you wait five days to follow up.”

Don’t waste time linking up with people that will make a difference in your life. Making the right decision is of paramount importance. If you need to make a difference, make a follow-up on the person that you believe in.

“If it’s someone that impacted you and you feel like you have an opportunity, you should make that first touch really quickly—either that day or the day after. But if it’s Friday and you’re out of town and flying back, maybe Monday isn’t the best day to follow up because they’re likely playing catch-up back at the office,” continued Sievers.

Again, the issue of dressing properly crops up. “Dress appropriately and professionally. Establish yourself as a successful person, which you can do by dressing the part,” said Prosperity Place.

Your dressing must make a lasting impression, so select the ones that make you stand out. Be smart. Show some elegancy. People who dress smart reveal some form of confidence. If in doubt, ask for advice from the fashion experts around you.

Prosperity Place continues: “This does not mean that you need to wear expensive clothes, but do wear something a bit on the dressy side and leave the comfortable baggy pants at home. If necessary, get advice from an image consultant.”

Everyone has something to contribute to you. But do you know how much you are worth? If you know your worth, you can convince people of what you are capable of doing.

“It’s not enough to provide your clients with a great product or service. If you can’t articulate what it is you do, then you can’t hope to convey that information at networking events,” according to Business Know How’s contributor, April Maguire.

Convince prospects of what you are capable of achieving. Separate yourself from the rest of the business community. Make them believe that you are the real deal. Pitch to them so that are convinced to invest in your business.

“Whether your goal is to generate referrals or simply build your virtual rolodex for the future, you should take time to generate an elevator pitch that conveys what you do, for whom you do it, and why customers should choose you over your competition,” mentioned Maguire.

The Entrepreneur magazine continues to encourage the incubation of a defined goal. Never rush into forming networks before you have defined yourself.

“Have a goal (but don't be too obvious),” said the Entrepreneur. “Don’t start networking until you know what you want to achieve for you or your startup. And, while you’ll be networking for your own reasons, you'll strike a more responsive chord with new contacts if you focus on their concerns.”

The Entrepreneur added: “Learn how to speak to people in terms of WIIFT, or what’s in it for them. This may help you create jointly beneficial opportunities,” says Mr. Rajan. 

He recommends attending events not with “prospecting spears” in hand, but with your arms open and a willingness to learn from more experienced networkers.”

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