Try Complementary Capitalism
As the world is held at bated breath—as we become accustomed to a deteriorating economy with a rapid change in prices - it is time that all of us be reminded of an old fashioned, tried and tested way of doing business. It is time we begin to practice what I call “Complementary Capitalism” in place of the competitive capitalism that we have known throughout our lives.
Competitive capitalism has led the world’s economy to this demise and until we look at new ways of doing things, we will continue to get the same results we have now.
Enter Networking:
The Bible teaches us that givers gain—if I give to you, you will want to give to me and we both will benefit. And so, building a successful business today requires a systematic way of generating referrals. You can do this by networking with other like-minded business professionals that make up your contact spheres—related professions that work with the same clients but don’t take away business from each other. This approach calls for commitment on your part to devote a certain amount of time and effort to build relationships that will pay off in increased referrals.
Business done the old-fashioned way meant serving a community of people you knew, trading with customers who were your friends and your friends’ friends. The old ways are hard to find these days, so if you wish to run a successful business through networking, you can’t just let the network process take its own course. You will have to devote time in learning how to get the customer to commit to the purchase, and you will have to implement a new kind of business plan.
Getting new business through networking begins with the understanding that there are people out there who want your service or product as badly as you want their business. The key then to a successful network-based business is putting the two of you together. It is not a random, passive process; it’s a systemic planned process that you can quantify and measure. If you’ve been through business school, you‘ve devoted a lot of learning time in getting the customer to commit to the purchase. You know that to close the sale you have to overcome the buyer’s skepticism. You have to achieve a certain level of trust and sometimes building that trust is difficult as it takes time. Trust doesn’t happen overnight—after all, you are a stranger.
Networking Groups:
There are several types of networking groups that are commonly used to generate business.
Casual – contact networks – general business groups such as Chambers of Commerce that allow many people from various overlapping professions;
Strong – network networks – groups that allow only one member per profession and that meet weekly expressly to exchange referrals; (2)
Community – service clubs – groups like Rotary, which exist primarily to serve the community but which also are a good source of referrals;
Professional association – groups of people in a single industry or profession, whose primary purpose is to exchange information and ideas;
Social/business groups – dual-purpose organizations that combine business and pleasure, sometimes with emphasis on the latter;
Women’s business organizations – relatively recent networking groups paralleling the “old-boy network” that formally excluded females.
If you are serious about generating business through networking, no single group or type of organization will serve all your needs. Being a member of one group or type of group is not a guarantee of success. The best strategy is to select a well-rounded mix of organizations and to join or attend no two of the same type.
In building your network, you must develop a systematic method of finding new referrals that are appropriate to your business or organization—referrals that will bring you a steady stream of business from diverse sources. This works best when the stream is made up from businesses that are best suited to complement your product or service. For instance, if you are a computer repair technician, a referral to repair a TV would be considered inappropriate. A great place to find diverse businesses is where businesses advertise (i.e.: the classified ads).
Who do you know who...?
One of the most efficient ways to get information about potential contacts is the “Who do you know who....?” approach. The use of this phrase in both oral and written communications and in precisely this form has proven effective in generating contacts. Its open-ended form, inviting the listener to suggest names, is superior to a question that asks for only a yes or no answer, such as “Do you know anybody who...?”
Becoming part of a networking group for the sole purpose of doing business, you will have to incorporate a system to generate new business contacts that will make more money by complementing each other, rather than competing against each other. Complementary Capitalism will also reward you with satisfying personal and professional relationships in the process - it will change the way you do business!
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