Episode 108
6 Ways to Recession Proof Your Network
Most executives believe that they will lose more than 28% of their business if they stop networking - so you better believe that your competition will be networking into this recession.
Listen in for 6 tips to recession proof your network before the recession hits!
Drink of the Week: The Hibernating Bear
Julie Brown:
Sponsor
Transcript
All right.
Speaker:So I've primed this conversation with podcasts, covering the history
Speaker:of recessions in the United States, as well as seven tips to financially
Speaker:prepare for the upcoming recession.
Speaker:Now we get to my area of expertise, networking.
Speaker:Welcome to episode 1 0 8 of this shit works.
Speaker:A podcast dedicated to all things networking.
Speaker:Business development in relationship building.
Speaker:I'm your host, Julie Brown.
Speaker:And today I'm discussing how to recession proof your network.
Speaker:This episode is sponsored by Nickerson.
Speaker:A full service.
Speaker:Branding marketing PR and communications agency with team members in Boston.
Speaker:Los Angeles.
Speaker:Miami and New York city.
Speaker:Is it then at Nickerson, C O S.
Speaker:Dot com.
Speaker:Okay.
Speaker:The first thing I want to say is that we shouldn't be building our network.
Speaker:In a crisis.
Speaker:Meaning, we shouldn't wait until we are in a place of need to
Speaker:start building relationships.
Speaker:Like the wise Chinese proverb says you should dig your
Speaker:well before you're thirsty.
Speaker:This quote has also been attributed to Harvey Mackay and Seth Godin.
Speaker:You can decide who you think said it first.
Speaker:Second, like another famous Chinese proverb says that best time to
Speaker:plant a tree was 20 years ago.
Speaker:The second best time is now.
Speaker:If you haven't started building your network, attending networking events.
Speaker:Reaching back out to past clients and contacts.
Speaker:The time to do that is now.
Speaker:Okay.
Speaker:Anyone who knows?
Speaker:My story knows that I built my husband's business during the recession caused
Speaker:by the subprime mortgage crisis.
Speaker:While simultaneously working, full-time bringing in business for
Speaker:one of the largest architectural practices in new England.
Speaker:I know firsthand that your network will one.
Speaker:Hundred percent carry you through economic downturns.
Speaker:In the most recent recession, you know, the one that just happened
Speaker:in April of 2020, when the us economy contracted a record 31.2%.
Speaker:It was my network that booked me for virtual speaking gigs.
Speaker:It was my network that suggested me to various companies to teach their
Speaker:staff how to network and continue to pursue business virtually.
Speaker:I could literally feel my network rooting for me.
Speaker:I could physically feel how much they wanted me to not just survive, but
Speaker:thrive during all that uncertainty.
Speaker:In recessions, there's always the possibility that you or someone
Speaker:you love will lose their job.
Speaker:Companies have already started hiring freezes and there are already
Speaker:some who are beginning layoffs.
Speaker:This is when I must reiterate the fact that 85% of jobs are
Speaker:filled through networking.
Speaker:This is where I have to say again.
Speaker:That 70% of jobs are never advertised to the public.
Speaker:70% of professionals hired in 2016, had a relationship with someone who
Speaker:worked at the company who hired them.
Speaker:If you or someone, you know, unfortunately gets laid off in the upcoming recession,
Speaker:there is an 85% chance that you will find your new job through networking.
Speaker:And I may have mentioned this before, but statistically.
Speaker:The person that will help you find a job will be a member of your outer circle.
Speaker:This is why having a network that is broad and deep in varied is so important.
Speaker:Remember.
Speaker:There is power in weak ties.
Speaker:If you own your own company or responsible for bringing business
Speaker:into the company that you work for, here's a statistic for you.
Speaker:Most executives believe that they will lose more than 28% of their business.
Speaker:If they stop.
Speaker:Networking.
Speaker:So you better believe your competition will be networking into this recession.
Speaker:So here are some tips on how to recession-proof your network.
Speaker:One go all the way back to episode two of this podcast and be listened
Speaker:to how to analyze your network.
Speaker:This will give you the tools.
Speaker:To remember all of the people who are currently in your network, as
Speaker:well as categorize the strength of your relationship with each person.
Speaker:Remember weak ties and loose relationships are not a bad thing.
Speaker:They are still a pivotal part of your extended network.
Speaker:Too.
Speaker:Think about how you can connect with people in your network that you
Speaker:haven't talked to in a long time.
Speaker:Ben go back and listen to episode 31, the five words that
Speaker:can reconnect you with anyone.
Speaker:It's important.
Speaker:You start reaching back out to people now, before you are in
Speaker:a crisis or a place of need.
Speaker:Not that your network won't want to be there when you need help, but
Speaker:isn't it nice just to reconnect with no ulterior motive other than to
Speaker:strengthen and foster that relationship.
Speaker:Three.
Speaker:We talked a lot about our financial wellbeing and episode.
Speaker:1 0 6 and the importance of having a stockpile of savings.
Speaker:I want you to think about having a stockpile of social capital.
Speaker:Here's what I mean by this.
Speaker:Are you involved in the lives of the people in your network when they post
Speaker:on LinkedIn or social media, do you comment, and interact with them and
Speaker:not just with one word comments or heart emojis, but with thoughtful
Speaker:responses to what they're posting.
Speaker:What about if you have a friend, do you only send them a happy
Speaker:birthday message on Facebook or do you call them or better yet?
Speaker:Send them a birthday card.
Speaker:If someone in your network hosts an event, do you attend
Speaker:or make excuses not to be there?
Speaker:All the little things we do add up.
Speaker:I heard a quote once that said the extra mile is never crowded.
Speaker:And you know what.
Speaker:It hardly takes anything.
Speaker:To get to that extra mile.
Speaker:Currently the social capital and investment in a lot of our interactions
Speaker:is unfortunately pretty weak.
Speaker:You'd be amazed at how little it takes to stand out.
Speaker:For.
Speaker:If you don't have all of your connections and their information in
Speaker:one place, please do that for yourself.
Speaker:All your connections should be in a place where you can access all of their
Speaker:information, their phone, email, social media handles pertinent information
Speaker:about them like their birthday.
Speaker:Do they have kids where you met all the stuff you've learned about
Speaker:them during your relationship?
Speaker:You need to be able to take that information with you?
Speaker:Should something happen?
Speaker:Meaning, if you are laid off, do all of your networking contacts
Speaker:live in the company, CRM that you will no longer be able to access.
Speaker:Please make a duplicate CRM for yourself.
Speaker:There are a number of free databases that you can use.
Speaker:If you are an entrepreneur and you haven't invested in a CRM or a
Speaker:contacts database yet, please do that.
Speaker:I want you to get an understanding of how much you know about your network
Speaker:and I want you to be able to track how often you were in touch with them.
Speaker:Five.
Speaker:Network every week.
Speaker:Put yourself in a position to meet someone new every week.
Speaker:Either by going to events.
Speaker:Or by asking your existing network for strategic introductions.
Speaker:Remember the Chinese proverb about the tree.
Speaker:Start meeting new people.
Speaker:Now start diversifying your network.
Speaker:Now start expanding your network now.
Speaker:Six.
Speaker:Give back to the people in your network would have helped you along
Speaker:the way, ask them if they need anything, send them a handwritten
Speaker:note of gratitude, make a strategic introduction, offer your expertise.
Speaker:Be a sounding board, help them work through a problem.
Speaker:Be invested, not just in their success, but in their wellbeing.
Speaker:So here are six tips.
Speaker:Are there more.
Speaker:Yeah.
Speaker:Of course there's more, but let's start here.
Speaker:It's a good place to start.
Speaker:Okay.
Speaker:Onto the drink of the week since the S and P 500 recently slid into a bear market.
Speaker:And I am writing this post right before I head off, to Maine for a
Speaker:quick weekend way to visit family.
Speaker:I chose a recipe from the magazine edible mean called the hibernating bear.
Speaker:This recipe calls for all the things I love, honey.
Speaker:And Sage and of course, bourbon.
Speaker:Here's what you're going to need.
Speaker:Two ounces of bourbon, the recipe calls for a wiggly bridge.
Speaker:Actually I think Wigley bridge invented this recipe.
Speaker:they are made in New York and it's very, very good.
Speaker:But if you don't have access to Wigley bridge where you are, you
Speaker:just choose your favorite bourbon.
Speaker:Three fours ounce of honey Sage simple syrup.
Speaker:Now, some of you know, that I have an organic garden in my Sage
Speaker:plant is about like 10 years old.
Speaker:So it's huge.
Speaker:I also have a honeybee hive in my backyard.
Speaker:So I get my home honey every year.
Speaker:So I can make this Sage simple syrup from all my own shit.
Speaker:So in order to make it.
Speaker:Take one cup of water, half a cup of honey in 10 Sage leaves, combined
Speaker:ingredients in a small sauce pan, please over medium heat and bring to a boil.
Speaker:Reduce the heat to low and simmer for three minutes.
Speaker:Removed from the heat and when it's cool strain out, the Sage leaves.
Speaker:You're going to need an orange peel and another sagely for garnish.
Speaker:So what you're going to do is you're going to add all ingredients into
Speaker:a shaker filled with ice cover and shake for 15 to 20 seconds, please.
Speaker:One of those fun.
Speaker:Um, big ice cubes, a square or a circle into a rocks glass.
Speaker:Strain the cocktail into the glass and then rub the rim of the glass
Speaker:for the orange peel and then drop that into the drink and then smack.
Speaker:The Sage leave a couple of times.
Speaker:to get the oils to activate and then put that siege leave in the cocktail.
Speaker:All right friends, that's it for this week.
Speaker:Make sure to subscribe and review and share with your friends and
Speaker:get out there and start networking and building up your networking
Speaker:relationship capital until next week.
