Smart Business Magazine, June 2019

64 Smart Business Cleveland June 2019 INSIGHTS BUSINESS INSURANCE An essential tool How to sharpen your networking skills to add business value Risk and opportunity are two sides of the same coin and business leaders shouldnt focus on one over the other They work together Those who thrive in todays business climate find ways to take advantage of possibilities for organizational innovation and competitive advantages while mitigating the surrounding risk One tool that can help you manage risk and seize opportunities is building a strong and diverse network For example if you have a cyberattack or your system is hacked you want to already have those vendor relationships built for how youre going to handle the situation And thats where networking really helps says Kim Riley president of Hylants Cleveland office who moved to the area three years ago after 20 years in Nashville When I moved to this city I had to figure out how to build a business how to grow the business in a new city that I had never been in she says Networking and encouraging my team to network is what I did Smart Business spoke to Riley about how to build a network to help grow your business Why is it important for employers to build a network How does this relate to growth By networking with other organizations you and your team can Find new opportunities to invest in Build deeper relationships with your current client base helping them find opportunities for growth Learn about acquisition opportunities whether thats a similar business or a new line of business Build trust with other vendors that you may need to solve a business issue later Forge strong connections with centers of influence who can provide introductions or open doors Attract new talent which has grown more important as workforces tightens It helps put your brand out there and spreads the word to potential employees What are some networking best practices It takes more than one person Build a culture around it so everyone in your organization is out there has their eyes open and is bringing connections back As you collect business cards or meet people along the way youve got to decide which are the best opportunities for you If you work with a team of people you can collectively determine which opportunities best fit with each team member to maximize the effectiveness of everyones efforts To keep your relationships from going cold youll need to come up with a system for how youre going to keep them engaged Thats difficult but you can use social media LinkedIn Facebook Twitter etc to stay in touch regarding birthdays work anniversaries or promotions Its not something where you typically carve out an hour and network Its more of a mindset Who can I connect to my network today How can I connect those dots If Im trying to talk to a company about an issue and I need a vendor who can help me who in my network can help me have that conversation One idea is to try to eat breakfast or lunch with people you dont know as often as you can It will help you build your network give back to others and build relationships along the way Its also important to build rapport and trust before you put your hand out Rather than meet someone and expect them to help you first help them Go into the conversation thinking What can I do to help them and their business For example try to connect anyone you meet with at least two others in your network while spreading those introductions across your network Where do business leaders go wrong when building a network A lot of people only want to network with decision makers which puts pressure where everyone is bombarding the CEO or CFO Some networking articles say you need at least three to five relationships within a company that know you and know who your firm is before theyll make a decision to change a vendor relationship You cant have just one relationship within the company You also dont want to just have relationships with your peers When youre networking value every person you meet If someone isnt a decision maker yet as they start moving up in the organization or spin off and create their own company theyre going to remember that you took time with them and helped them along in their journey KIM RILEY President Cleveland office Hylant 216 674 2417 kim riley@ hylant com Insights Business Insurance is brought to you by Hylant WEBSITE To learn more about Hylants insurance and risk management services visit www hylant com services business insurance INTERVIEWED BY JAYNE GEST