The Network Effect
This article was originally published in Country Guide magazine, December 2022.
If you spend time on social media, I’m sure you’ve come across a variation of “Ten Things That Require Zero Talent.” Generally, this is a list of things like work ethic, effort, punctuality and preparation. My first reaction is “Yes! These things are easy to do!” Except they’re not.
Several years ago, Tony Gimbel in a Time article said it best. “[These things] do require talent… anything learned is a skill, and if people think they are easy to learn, what would be the reason people don’t have them?”
So it goes without saying that if you want to get good — I mean, really good — at some of these things you need to put in your work.
The power of your network
In business, one of our most powerful tools is the strength of our network. If you’ve ever watched “Pawn Stars” on television, you’ll know what I mean.
The show has a simple premise. A random person walks in off the street and tries to sell a unique item — the stranger the item, the better the story. Generally, it places Rick, the shop owner, in an awkward position to value the item. He can’t know everything about everything but it matters who he knows. An expert appraiser is only a phone call away.
Like Rick, I believe that a critical part of helping clients is introducing them to other experts. A family putting together a farm succession plan will need access to accountants, lawyers, tax and estate planners, portfolio managers and land valuators. I don’t pretend to have specific knowledge of all these areas. The power comes from knowing those who do.
Building meaningful relationships
Meaningful connections have to be earned. You need to find opportunities to connect with those other professionals, which is why I am a big supporter of professional activities that bring diverse people together.
I’ve been a member of the Canadian Association of Farm Advisors for several years and make a habit of attending monthly meetings that have introduced me to other professionals who have been able to help my farming clients. In my opinion, the best networking isn’t just about creating awareness of your product or service, but of you as an individual. People are more likely to refer someone they know and trust.
Here are a few things I look for as ways to maximize my network-building opportunities:
• Look for groups that bring diverse individuals and skills together. Conferences that focus on your area are important, but you want to diversify your network rather than add others like you.
• Block meeting times well in advance so you don’t get double-booked. Showing up regularly demonstrates to fellow members that you value their time as well.
• Apologize if you miss an appointment, conference or luncheon. Everyone knows that some situations force you to miss a meeting.
• Schedule time to follow up. Sure, email and phone calls are great ways to stay connected, but nothing beats face-to-face interaction. It doesn’t need to be complicated — a 10-minute conversation over coffee is all it takes to build a relationship and stay connected.
• Resist the temptation to constantly sell your services. Sure, people need to know you and your services, but they are more likely to do business with someone they like and trust.
It’s about time
Mastering these activities isn’t easy. If it were, everyone would be good at it. It takes time and work to bring it all together. I block time in my calendar to follow up with people I’ve met at a conference or on a Zoom call.
You’ve all heard the quote, “Luck is what happens when preparation meets opportunity.” In business, we try to remove luck from the equation. If you are prepared, meeting any new person represents an opportunity. Make networking and relationship building a key part of your business. If you give it the time it deserves, you won’t be leaving anything to chance.
Craig Swistun is a Portfolio Manager with Lexicon Financial Group (www.lexiconfinancialgroup.com) at Raymond James Investment Counsel. The opinions expressed are those of Craig Swistun and not necessarily those of Raymond James Investment Counsel which is a subsidiary of Raymond James Ltd. Statistics and factual data and other information presented are from sources believed to be reliable but their accuracy cannot be guaranteed. It is furnished on the basis and understanding that Raymond James is to be under no liability whatsoever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters.