Thursday, November 11, 2010

Sure Fire Steps to Profitability

"Any successful relationship, whether personal or business, is unique to every pair of individuals and evolves over time. It starts out tentative, fragile, full of unfulfilled possibilities and expectations. It grows stronger with experience and familiarity. It matures into trust and commitment.

As it deepens, it evolves through three phases: visibility, credibility, and profitability" states Dr. Ivan Misner along with David Alexander & Brian Hilliard in the New York Times Best Selling book, Networking Like a Pro Turning Contacts into Connections.

In my recent interview on my Navigating Change Radio Show, Dr. Misner explains a process of creating relationships in networking. Whether you're a seasoned entrepreneur or just starting, growing relationships are essential to building a sustainable business. Many business owners make the mistake of meeting someone and immediately trying to get a sale before they've nurtured the relationship.

There are two really important steps before you jump to profitability suggests Dr. Misner. It's a process called VCP:


Visibility is about awareness. That is, you're visible to each other or a potential customer becomes aware of the nature of your business. You two begin to communicate and establish links. The greater your visibility, the:

• More widely known you become.
• More information you obtain about others.
• More opportunities you will be exposed to.
• Better your chances of being recognized as someone to whom others can or should refer business.

In this step, it's important that you obtain information about the other person with whom you are establishing visibility. Many entrepreneurs want to do what I call the verbal vomit, that is, they want to share all about their business with others and the other person doesn't get in a word. In this step, it is important to find out about the other person first. As the relationships deepen, you'll have your turn.


The next step in this process is Credibility. Only when you and a new acquaintance begin to form expectations and those expectations are fulfilled, your relationships enter this stage. Credibility is gained through reliability. In this stage you want to keep appointments, promises and do what you say you're going to do. This can also be gained through third parties. Here's where others you've done business with can create credibility, like through testimonials or even references.


When you've mastered visibility and demonstrated credibility, it is then you move into profitability. Many entrepreneurs make the mistake of confusing direct selling and networking. In networking it is necessary to cultivate the relationships (as outlined in visibility and credibility.) It's when you've created a solid foundation in those two steps you move on. In profitability, the relationship is mutually rewarding and both partners are gaining satisfaction. The relationship probably won't endure if it doesn't profit both partners, states Dr. Misner.

With every process or formula there is an important element: time. It can happen quickly or take a year even three years. If you want a real life inspiration to the practicality of this process, listen to learn how Dr. Misner through one relationship went on to meet Chicken Soup for the Soul Author, Jack Canfield and music mogul, world adventurer and owner of Virgin Atlantic Airways, Sir Richard Branson.

One change in the way you network today yields giant leaps later.

By : Lisa_Mininni

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