Business and the rule of 5

Here is a question for you. Did you write a ‘to do’ list this morning, last night or are you in the process of doing it now? How many items do you have on it?  10, 15, 20…..you might not be surprised but on average a ‘to do’ list for most people has more than 10 items on it for any given day. Now ask yourself this, in your life how many times have you ACTUALLY completed the 10 items on the list. I would hazard a guess and say not many times, yet, every day or every week we continue to add more and more things to the list – in essence, setting ourselves up for failure!

In the 20+ years I have been working in business whether it was for someone else or for myself here is something I have learned to believe – Business is about the rule of 5!

Whatever it is, the number 5 always seem to appear.

For example – there are 5 and only 5 areas of your business you need to focus on in order to drive extraordinary profits (more on that in another post).

There are 5 critical areas of your business that if left unattended will absolutely kill your business.  When setting annual initiatives, there should be no more than 5, when setting your quarterly goals there should be no more than 5 (though 3 is ideal) so on and so forth.

So what has all that got to do with your to do list?

Ok, Let me tell you a quick story.

One day a management consultant, Ivy Lee, called on Schwab of the Bethlehem Steel Company. Lee outlined briefly his firm’s services, ending with the statement: “With our service, you’ll know how to manage better.”

The indignant Schwab said, “I’m not managing as well now as I know how. What we need around here is not more “knowing” but more doing, not knowledge but action; if you can give us something to pep us up to do the things we ALREADY KNOW we ought to do, I’ll gladly listen to you and pay you anything you ask.”

Networking… a waste of time??

At a recent networking event, someone told me that networking was a waste of time.  My simple reply was “Why are you even here”.  I received the inquisitive look suggesting that my question did not have an answer, and he said “I don’t know”.  My follow up was… do you research the events that you go and people that will be in attendance?  Do you do even do the basics of preparing for the event?  When I received a blank stare, it opened an eye that maybe this would be a good topic to discuss.

Being what I would call a decent “net-worker”, an active member of two local Chambers of Commerce and several networking groups/events, it dawned on me that networking is not “natural” for a lot of people.  Now, I may be outgoing.  I may enjoy being social and being in the company of others.  I may even enjoy a class of wine.   Well, why can’t I enjoy growing my business at the same time?

Networking 101 This is Not rocket science….

Know the basics:  be on time, bring enough business cards, dress professionally, wear your name badge in the right spot!

Plan for the event:  Is it a seated or walk around event?  What are the demographics of the attendees?  Will there be food and drink?  What are my goals for attending?

Working the event:  Navigating the event, entering a conversation, starting a conversation, leaving a conversation, Business card exchange (yes, there is a method), your unique introduction.

Follow Up:  Withing 24 hours, managing the cards received and contacts made, scheduling the “right” follow-up meetings, authenticity, maximizing results.

Most of the time, what seems so basic for some is so difficult for others.  My husband could present to a crowd of 100 with little notice, but ask him to get 3 business cards from that same crowd with 2 hours at a networking event and.. well, I guess that’s why we are in business together.

I am far from an expert, but I do know how to work a room.  I have a very good friend who does this as a business.  She and d I are doing educational seminars at our local chamber focused on this and leveraging your circle of influence.  Subject matters in high demand!

So if “networking” is not your thing…. or you want to clone yourself, let me know and I’ll get you on our mailing list for our upcoming educational events and/or put you in touch with my friend!!

Remember, above all else, business is about connections and relationships – stay focused on the ‘value’ you will provide to others.

Do what you do best and get others to do the rest!