Kathryn Minshew, founder and CEO of The Muse and The Daily Muse, began a piece for the Harvard Business Blog Network with this sage advice: “Network Your Face Off.” The truth and value of this statement cannot be underestimated. Here are 5 reasons why networking is essential and why connections matter.
1. The larger the network the larger the salary
A recent study of 6,000 executives in over 3,000 firms found that the more connections an employee has, the greater the salary. Specifically the study found that a 50 percent increase in network size accompanies a 3.8 percent increase in salary with respect to the average.
2. Networks beget jobs
A survey conducted by The Adler Group found that 46 percent of active candidates and 49 percent of passive candidates found employment thanks to networking. Similarly, a study conducted by Banque de France and the University of Toulouse noted that half of all jobs in the United States are filled through personal contacts. ABC News cites an even higher number – according to ABC News, 80 percent of jobs are landed through networking.
3. Networks bring opportunities
The opportunities networks can bring include: partnerships, invitations to events, introductions, and invitations to give talks and presentations. In short networks bring opportunities that benefit and feed your career, professional development, and personal interests.
4. Networks make you smarter
Knowing what is happening in your field and industry is vital. When you have a strong network you are more likely to be “in the know” than those who do not have a strong and active network.
5. Networks make you happy
Minshew writes: “Networks are powerful, and when done right leave you surrounded by a core of individuals who are all rooting for your success and happy to help you.” So true.
Networking is essential. Get out there and build your network.
Not too long ago I did not use Twitter and I relished being able to say that I had never sent a Tweet. I believed Twitter was not applicable to me – I don’t follow celebrity gossip and whereabouts, I don’t like the idea of sharing my personal thoughts and experiences with 232 million strangers, and I have yet to take a “selfie” (much less share it with said 232 million strangers). In short, I didn’t use Twitter because I did not understand Twitter and I had no idea of its value. When I finally decided to remove my head from the sand and take stock of Twitter I was blown away not only by what Twitter really is, but also by my ignorance. Using Twitter for business is essential. If you and your business have not yet taken the plunge into the Twitter pool it is time to grab your trunks and jump.
A 2013 study conducted by the Center for Marketing Research at the University of Dartmouth found that 77 percent of Fortune 500 companies have an active corporate blog. The study also found that rank influences Twitter use – 43 percent of the Twitter accounts are held by companies in the top 200 on the list as compared with the bottom 200 which hold 43 percent of the Twitter accounts. Similarly, 67 percent of the Inc. 500 use Twitter. Looking at small businesses, in 2013 Constant Contact reported that 25 percent of small businesses use Twitter – up from only 7 percent last year.
Why is it important to know who is using Twitter? Because those who are using Twitter are more likely to gain customers than those who don’t. A survey conducted by Market Probe International found that 72 percent of those who follow a business on Twitter are more likely to make a purchase from that business and that 82 percent of followers are more likely to recommend a product or service to friends and family. The survey also found that 85 percent of respondents reported feeling a closer connection to a small business if they follow them on Twitter.
In addition to demand generation, the following are reasons why you and your business should use Twitter:
Another example is the battle for customers between AT&T and T-Mobile that played out on Twitter. The throw down began when Jay Rooney Tweeted that he was considering a switch from AT&T to T-Mobile.
What occurred next was an all-out battle between AT&T and T-Mobile for Jay Rooney (and other customers) – both companies took to Twitter to try to convince Rooney that their company and service is the best. Rooney does a great job of summarizing the exchange:
The battle for Rooney intensifies and T-Mobile’s Chief Executive John Legere jumps in the fray:
Impressed, Jay Rooney decides to make the jump to T-Mobile. What’s more, the conversation caught the attention of many others. In the end, the exchange netted customers for T-Mobile.
Here are five things the supply chain industry can learn from Top Gear.
1. Speed is essential
Jeremy Clarkson advises: “Speed has never killed anyone, suddenly becoming stationary… That’s what gets you.”
For the supply chain industry speed and stagnation can be deadly. PwC’s Global Supply Chain Survey found that industry leaders (financially and operationally) have “supply chains that are efficient, fast and tailored – a model that lets companies serve their customers reliably in turbulent market conditions and that differentiates between the needs of different sets of customers.”
2. Innovate
At the heart of every Top Gear episode is innovation. Whether it be turning a combine harvester into a snow plow, a car into a motorhome, or designing a mobility scooter to that will “tackle the wilds of the British countryside,” the boys on Top Gear know how to get creative.
Innovation is critical to growth and to gaining (and maintaining) a competitive advantage. Innovation can also save you money. In Colin White’s book Strategic Management, he provides the example of Ikea. Ikea redesigned their Bang mug with the pallet in mind. By doing so they were able to significantly increase the number of mugs they could fit on each pallet (from 864 mugs to 2,024 mugs). The product redesign enabled Ikea to reduce shipping costs by 60 percent.
3. There is such thing as too much power
Fast cars are the lifeblood of Jeremy Clarkson. However, after driving the Ferrari F12 Clarkson surprised everyone by pronouncing that the car had too much power.
As Lao Tzu said: “A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: We did it ourselves.”
In a Supply Chain 24/7 article Adrian Gonzalez notes that 30 percent of supply chain professionals currently block access to social media sites. The reason being that “many supply chain executives and companies are stuck on the starting line because they can’t get past the word ‘social’ and the perception it creates.” This needs to change. As Clara Shih and Lisa Shalett point out in an HBR Blog post – it can be perilous to be a social media holdout. That is, being a social media holdout means that you let others define your company’s reputation, your company is invisible and less credible, and your company is perceived by potential customers as being behind the curve.
5. Never underestimate The Stig
“Some say he never blinks and that he roams local woodlands foraging for mouse meat. All we know is, he’s called The Stig.”
The Stig sets lap times and instructs celebrity drivers on Top Gear; we know nothing else about him. That being said he is an integral member of the team, effective at what he does, and is respected (he has a cult following inclusive of 6 million Facebook “likes”).
Within your company you most likely have a Stig – a silent performer who excels at their job. Unfortunately, the silent performer often does not receive the accolades the more outgoing employee receives. This is to the detriment of the company – your silent performer might be your star intrapreneur.
You hate your job. The hours aren’t right, the work isn’t stimulating, and you feel there are no growth opportunities. Your new hero is Marina Shifrin and you play her epic resignation video over and over again in the hopes that you: 1) can get up the courage to quit, and 2) you can acquire some of those dance moves.
While going out Shifrin-style may seem like a good idea – it isn’t. Yes Shifrin’s video has gone viral and has gotten more than 15 million views in 10 days, but can you execute those dance moves? Let’s face it – you can’t. And even if you could, you’d be seen as a follower – not an innovator.
So what are you to do?
If you are truly miserable in your job start by determining why you feel this way. Is it the position itself? The company? The industry? The hours? The work-life balance? Depending upon the answers to these questions it is possible that you could schedule a meeting with you boss or with HR to discuss your concerns. Perhaps there are changes that could be made within your current position, or maybe you could be transferred to another division.
If, when you get right down to it, you feel it is time to say good-bye, say good-bye tactfully. So how to quit your job? While going out in a blaze of glory may seem like a good idea, the fire that blaze creates – it burns bridges.
So, when it is time to quit – be prepared to give at least two-weeks notice and leave on a positive note. The world is small. Plus, you don’t want to leave the door open for your boss to one-up you.
Breaking Bad, AMC’s award-winning drama, is dark, violent, gritty – and it offers 9 essential business lessons.
1. Don’t cut corners; quality is paramount
Look, I like making cherry product, but let’s keep it real, alright? We make poison for people who don’t care. We probably have the most unpicky customers in the world.
You can make a million excuses as to why cutting corners is ok, but the reality is that cutting corners is not okay. Quality has a direct impact on your company’s productivity, profitability, costs, image, and customer satisfaction. Strive not to meet your customers’ expectations, but to exceed them.
2. Know your competition
While it is unlikely that knowing your competition is a matter of life and death as it is for anti-hero Walter White, it is necessary that you know who your competition is, what they are up to, and gain a competitive advantage. The company that is consistently first to the marketplace and is the best in the marketplace is the one that is noticed by customers.
3. Create strategic partnerships
You asked me if I was in the meth business or the money business. Neither. I am in the empire business.
Throughout the series, we watch Walt determine which partnership(s) will best serve to further his empire and then he does whatever necessary to establish those partnerships. Walt takes things to extreme, but he does offer a lesson – strategic partnerships are an essential component to a successful business.
If you are interested in learning how to choose a potential partner – you can check out a previous post I wrote on Find[ing] Your Perfect Outsource Mate.
4. Stick to what you know
Look. Let’s start with some tough love. You two suck at peddling meth. Period.
It is important to know and respect your core competencies. As I wrote previously, you need to determine your company’s core competencies and how you can deliver the best value to your customers. Are there services at which your company does not excel, or non-critical services which could be carried out more efficiently/effectively if the service were outsourced? If so, you may want to think about outsourcing.
5. Right person, right position
You may know a lot about chemistry man, but you don’t know jack about slangin’ dope.
Want to be the best? Make sure you hire the best and that you have the right person in the right position. This means instilling a rigorous performance plan and communicating with employees. This also means thinking outside the box – moving people within the company, hiring from outside the industry, and even firing people.
6. Establish a culture of innovation
Innovation is essential to Walt’s quest to establish an empire. While I don’t condone Walt’s murderous and vindictive actions, the guy does think out of the box and does recognize an innovative idea when he sees one.
A culture of innovation is essential to a successful business. Establish a culture that encourages employees to aspire to innovation and rewards innovation.
7. Have a contingency plan
Did you not plan for this contingency?
It is important that you not just have a risk management strategy for the big events, but that you also have a plan in place to deal with the everyday events that are more likely to occur.
8. Learn from your mistakes
Never make the same mistake twice.
Mistakes happen and, as James Joyce points out -“Mistakes are the portal of discovery.” That being said, learn from mistakes, do not repeat them.
9. Motivate your employees
I don’t believe fear to be an effective motivator.
An Inc. article astutely points out: “When you think about it, the success of any facet of your business can almost always be traced back to motivated employees. From productivity and profitability to recruiting and retention, hardworking and happy employees lead to triumph.”
