For the vast majority of business owners, attending professional networking events is an integral aspect of business management. The benefits of business networking are well established and include increased opportunities to acquire new clients, enter new markets, make valuable business connections, and generate sales leads and referrals. But despite the clear advantages, many business owners have a love-hate relationship with networking. And believe it or not, it is not only introverts who have a hard time mingling and socialising at this type of event.

If this sounds familiar, you will find it useful to read the following five pieces of advice on how to get the most out of networking events.

1. Don’t Anticipate What May Happen

It is human nature to show uneasiness about uncertainty, and in all honesty, networking events are surrounded by a great deal of unpredictability. Trying to anticipate or predict what will happen is a common coping mechanism, but it is not always the best strategy. Worrying excessively about hypothetical situations only causes increased anxiety levels and can stop you from acting naturally and spontaneously when you need it the most. Instead of becoming stressed by assuming that you will make a faux pas, remember that other attendees will also feel nervous or uncomfortable at the event. Just be yourself and admit that you are not the best at networking – this can help you find common ground with other participants!.

2. Be Selective

Business networking is about quality, not quantity. Do some research in advance and if possible try to find out who else will be attending. Once you have a few names, think about who you’d really like to meet and why. The key is to avoid trawling the room, trying to approach everyone, or handing business cards indiscriminately, but rather to focus on making a meaningful connection with a few select people. This should ease your anxiety and help you make networking beneficial for your business.

3. The Art Of Conversation

Much to the dismay of introverts, successful networking involves making conversation with strangers. It is normal to worry about not having anything to talk about, but finding a subject of conversation is not as difficult as you may imagine. Most psychologists agree that the trick is to get other people to talk about themselves, so there is no need to come up with a long list of potential conversation topics. As you encourage other attendees to tell you more about themselves and their work and show appreciation for it, revealing more information about yourself will become second nature. If you’re still struggling to strike a conversation, have a look at this list of effective conversation starters.

4. Watch Out For Body Language

When it comes to human relationships, unspoken signals are just as important as the things we say. Always make sure you have a positive body language that encourages trust: don’t cross your arms or hold them behind your back, avoid holding plates, glasses or other objects as “barriers” between you and others, don’t stand with your back to the group, and make sure your feet point towards the people you are talking to.

5. Follow Up

Often, the success of a networking event cannot be determined until it is over. The event itself is only the starting point of a potential business relationship, which means you must work on cultivating any connections you made with a follow-up email, phone call, or LinkedIn invite. Ideally, you want to get in touch within a week of the event, and your follow-up message should always be personalised and specific.

A last piece of advice: few people are natural-born networkers, so remember that it takes time to feel comfortable at these events and to learn how to make the most out of them. By using the tips listed above, you will be on your way to reaping the full benefits of networking events and turning them into fruitful business opportunities.

Sources:

(1) https://hbr.org/2016/09/when-networking-being-yourself-really-does-work

(2) https://www.forbes.com/sites/glassheel/2012/07/24/4-ways-to-ace-your-next-networking-event/#5b1ddc1c6742

(3) https://www.theguardian.com/small-business-network/2017/jan/23/psychologists-guide-networking-events-advice

(4) https://www.forbes.com/sites/carolkinseygoman/2015/04/23/body-language-secrets-for-people-like-me-who-hate-networking/2/#165145fa1231

(5) http://www.verticalresponse.com/blog/8-dos-and-donts-of-networking-follow-up/

Avoiding business failure is a top priority among entrepreneurs and business owners, irrespective of experience levels or how long their company has been established. However, business failure statistics in the US have barely changed over the past few decades. According to a recent Business Employment Dynamics report compiled by the Bureau of Labor Statistics, approximately 80 percent of new businesses make it during their first year. However, failure rates increase sharply and reach 50 percent at the end of the first five-year period, and after 10 years, only 30 percent of businesses are still operational.

These figures have remained remarkably unchanged over the years, which suggests that the root causes of failure are not being addressed consistently and systematically. Here are five important lessons that can be learnt from business failure.

1. The Importance of Research

Half of all businesses that fail discontinue operations because of lack of profits or financial funding. Other reasons behind failure include relying on an inadequate team, poor planning, limited or insufficient product offer, pricing issues, bad location, and poor product timing and marketing strategies. This suggests that research is essential and that it needs to be ongoing and cover more than just product development, funding, or marketing. Valuable data and information are now easily available online, so there really is no reason to overlook this factor.

2. Never Lose Focus

A Business Employment Dynamics report noted that 13 percent of businesses failed because their founders lost focus, and a further 9 percent did so due to a lack of passion. Many expert advisors and motivational speakers claim that focus is the most important factor in business success, and they recommend to regularly ask questions that will help clarify business direction and help bring projects and strategies into focus. Questions should address issues like the specific behavior you want to drive, the reasons you are doing what you are doing, the steps taking to drive your business further, and whether those steps are coherent with your mission and values. Read more »

The state of Texas has the second largest GDP in the United States, and at $1.6 trillion it accounts for nearly 9 percent of the US total. A Forbes report listed the Lone Star state in fourth place along a number of crucial rankings, including Best Place for Business and Best in Business Costs. Other key metrics like business density, start-up activity, and business survival rates are also among the top 5 of all 50 states. More importantly, the state is known for its favorable tax climate, which ranked 10^th in the 2016 State Business Tax Climate Index. Overall Texas spends a total of $19b per year on incentive schemes, of which $743 million are devoted to corporate rebates or reduction programs, such as the ones listed below.

Enterprise Zone Program

This program was created to promote job creation and attract private investment in designated distressed counties. The program offers businesses involved in qualifying projects a sales tax refund whose amount depends on capital investment and the number of jobs created. Total refunds go from $25,000 up to a maximum of $3.75 million.

Texas Enterprise Fund

This Fund was created in 2004 to favor the creation of high paying jobs and to promote Texas as a top destination for business. The incentive involves the award of a cash grant whose specific dollar amount varies depending on scope of the project, but can go anywhere from $194,000 to $50 million. So far, cash grants have been awarded to businesses of all sizes and sectors, from JPMorgan Chase to Tyson Foods, Jamba Juice, and Petco.

Data Center Exemption

Under this incentive scheme, exemptions are applied to use and state sale taxes (which amount to 6.25 percent) for the purchase of cooling and or electrical systems, electricity, hardware, software, peripherals, emergency generators, and any other equipment needed to operate personal property within the building. To qualify, data centers must employ a minimum of 20 people and make an initial capital investment of $200 million. Read more »

The UK ranks sixth in the world in terms of its number of Facebook users. Facebook use is widespread across genders and age groups, and approximately 70 per cent of UK citizens have a Facebook account, spending on average 2.5 hours a day using this social network. The total number of active users has been steadily growing and is expected to reach 37.7 million by the end of 2017 and more than 41 million by 2021.

This popular platform is able to generate more than just social interaction, but also economic activity by reducing barriers to commerce and networking activities. However, there is a downside to Facebook use, which is often quantified in terms of productivity losses. So what is the real cost of such large-scale use of this social media platform? This article looks at various types of data to assess the economic impact of Facebook use in the United Kingdom.

Facebook Use and Workplace Productivity

In 2015, a Deloitte study evaluated the economic impact of Facebook use at global level. Researchers found in the UK, Facebook generated $11 billion (nearly £9 billion) and created 154,000 new jobs in areas like marketing, software development, and e-commerce. However, these figures were offset by other statistics that point at the negative impact of social network use. This impact is often quantified by looking at the time spent on social media platforms during what otherwise would be working hours.

Productivity decreases were reported as far back as 2007, three years after the social network was founded. In autumn 2007, the BBC reported on a survey carried out by an employment law firm, which interviewed more than 3,500 British firms and concluded that Facebook use in the workplace resulted in 233 million hours of work lost every month. Read more »