Business Networking

"Companies don’t compete against other companies. Networks compete against networks." - Competing in a Flat World

I'm often asked, "what is a network orchestrator?".  It is not a concept that I created from thin air.  As the network orchestrator of a global business solutions firm, one of my primary goals is to help our clients understand that network orchestration goes beyond connecting people at a business function.

One of the best explanations of a network orchestration is presented by Dr. Victor K. Fung, Dr. William K. Fung and Yoram (Jerry) Wind in their book, Competing in a Flat World.  In the book, they examine the role of the network orchestrator related to focus, management and value creation.  The network orchestrator focuses on the following in comparison to traditional methods:

1. The complete network in the firm vs. the firm.
2. Empowerment of the components of the network vs. rigid controls.
3. Creating value through integration vs. the command and control method.

At S4X, we do not own manufacturing plants. We do not own distribution centers. We are not investment bankers. We are not a law firm.  Although we have a location in Indiana, we are not an Indiana Life Science company.

We create solutions for our clients utilizing a global virtual business network.  We orchestrate the formation or a specific network for a given client situation.  The result is a flexible solution which can be short-term or long-term.  All the components of the solution work to create a true client centric solution because we focus on the client situation versus the individual needs of the components.

Think of S4X as the guest conductor for an all-star jazz band at an international jazz festival.  We work to bring the various talented musicians to create a beautiful melody for the audience.

What does the music sound like in your network?

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“It is our attitude at the beginning of a difficult undertaking which, more than anything else, will determine its successful outcome.” - William James

While your strategic plan implementation is important, your underlying attitude is the rate-limiting step for positive results.

These days, many of the conversations at business networking functions and across the business social networking sites convey an attitude of scarcity and fear.  I think it should be just the opposite.

If your firm is still doing business and you have time to fear, you have time to focus on creating abundance.  Instead of fearing a loss of clients, we have been focusing on increasing the depth of relationships with our current clients.  After all, business is about relationships on some level. 

By focusing on your current clients and how you can help them grow their business, your firm may also benefit. 

Attitude is the key.  How are you spending your time?

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The use of the correct words to convey your company's message is paramount.  This is true whether you are crafting a blog post for online social networking or attending a meeting for one of your business networking groups.

We have started to use a new tool (thanks to my attorney - Dave Castor) to assist our clients with crafting a consistent message.  Along with all the other tools on the market, we have found Wordle to be a simple tool for quick check up.  Of course, we also utilize the Wordle program.  In a world or exponential amounts of information, a consistent message is key.  The image above is the most recent snapshot of our blog.  We are happy to see that our focus areas are represented including clients, business consulting and international/global.

Have you used Wordle in the past?  If not, you may be surprised by the results.  What are you really saying to your clients and partners?

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Lately, I have noticed the line between business and social becoming more blurred.  In the past, business networking groups were the pure-play.  Now, I am observing and participating in more business social networking events.  Is this the result of the realization of the importance of solid well-rounded relationships?

I received an email yesterday from a client.  The first half of the email was an update on a project.  The second half was an invite to my client’s housewarming party.  I will definitely be attending.

Dave Castor at Alerding Castor LLP and I met under social circumstances.  Since that time, we have forged a strong friendship.  Our friendship has enhanced our business relationship on multiple levels.

Of course, you will not be able to close friends with all of your clients.  But if there is a choice, I will always choose to do business with people I know on a personal level.

What does your business social network look like?

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Last night, I spent four hours in a strategic planning session for a non-profit board on which I am chairperson.  During the meeting, I was reminded about a few business benefits of participating on a non-profit board.  Of course the opportunity to impact the people in my community is never lost on me.  From a business perspective, you can learn about best practices for business networking and business development.  Additionally, you can learn what not to do in a board meeting for your business.

For the first two items, the non-profit world must constantly get out their message and cultivate donors and volunteers.  This is no different than cultivating clients both internal and external.

As for learning what not to do, the lessons can be endless.  There are several lessons but two that I think are most important are getting materials out early and board members reviewing the materials.  This can ensure a productive and action-driven meeting.  One of the best blogs I have read about this area is the Market Mine blog by Penny Herscher, President CEO of First Rain. 

A good example of an organization that crosses the line between non-profit and for-profit is the social entrepreneur-driven organization.  Have you reached out to one?  You may learn something new.

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At the end of last week, I had the opportunity to attend a meeting for the Marriott Diversity Ownership Initiative.  This meeting introduced me to new terms related to the hospitality industry such as RevPar.

My attendance was due to a client/partner project.  This project involves the creation of a fund to acquire limited-service hotels in the Midwest and Southeast portions of the United States.  We will then utilize various partnerships to execute acquisitions.

What intrigued me was the level of collaboration by the participants and organizations such as NABHOOD - The National Association of Black Hotel Owners, Operators & Developers, Inc.  The environment reminded me of the open source world of the information technology industry.  We were sharing knowledge and creating virtual business partnerships through casual business networking.  Additonally, I was pleased with the program and how it also focused on our domestic emerging markets as opporunities to create jobs.

In future posts, I will let you know how this project plays out.  In the meantime, have you thought about a best practice from another industry that can be utilized in your business?

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With all the talk about economic crisis, one would think that the world is coming to an end.  I tend to be a “glass is half full…let’s find more to put in it” kind of person.  Just because the markets are in turmoil doesn’t mean that deals are not being done and good products (not just ideas) are being funded.

Most of those deals are happening below the radar.  In my opinion, this happens due to a combination of creative minds, economic issues and atypical business networking groups.

The first two drive the product development.  I use “atypical” for the third because most business networking groups are very open.  Business development and networking activities with a group that is closed can yield excellent results.  This group should include people that can make the deals happen without spilling the beans too soon.

A great example is Solyndra.  If you haven’t heard about them, you will very soon.  They are a startup that has raised $600 million.  Check out this post about Solyndra on the Green Wombat blog by Todd Woody.  They stayed below the radar and focused on their product and next thing you know…$600 million.  This is happening in the current economic crisis.

Are you focused on what can’t happen or what is happening and could happen?

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It seems that every week I hear about one or two new business networking groups.  Some are free to attend and others have some level of membership dues.

I don't think you should have to pay a membership fee to help connect to people via an organization.  Good "networking" leads to long-term relationships that in turn lead to business solutions (direct or indirect).  These relationships are formed via face-to-face meetings and interactions in online communities.  For example, you live in the same area as an executive who is blogging.  Why not comment on the blog and call the executive to meet for coffee, tea or your favorite beverage.  No membership fee involved in this example.

When was the last time you picked up the phone to build your network?

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"People hire you for your integrity and your discretion...You can't really do a first-class job for a client unless he's willing to tell you everything.  And in order for him to tell you everything, he's got to believe that you'll keep his confidence." - Bob Greenhill

This quote from the June/July issue of Dealmaker by Bob Greenhill the founder of Greenhill & Co. explains in simple terms the key to business formation, business relationships (including business networking) and successful businesses.

In the end without trust, you can't have solid relationship with clients or employees.  In order to gain that trust, you must begin with a defined transparency within your organization and with your clients.

I think the ever-changing global market presents an opportunity whether you are a social entrepreneur, working in emerging markets or in the financial districts in Hong Kong or London.  Trust and transparency will help guide your success.

Who do you trust?  Do they trust you?

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A good friend contacted yesterday because he read this blog after receiving my updated contact information.  After reading the blog, he wanted to connect to discuss the blog and he wanted to make an introduction to a few potential clients.  Socializing with a good friend, business development and business networking all the result of a blog.  Go figure.

In a more traditional manner, my previous blog, "Aim, Fire, Ready.." mentioning Guy Kawasaki's blog - How to Change the World helped a client to convince his partner to move forward on starting their second business.  Of course, it was Guy's words not mine.  I was happy to make the connection.

What is your business blogging about these days?

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