How To Build A Network

Social networking may be all the rage, but online acquaintances are probably not going to put their reputations on the line to help you build your business. That takes a more personal touch.

A business "network" isn't about how many people know your name; it's about how many will send you customers or help you advance your career, according to Joanne Black, author of the bestseller No More Cold Calling.

According to Black, there are four types of people who will trust you enough to give you a referral. Here they are, listed in descending order of their "networking" value:

1. Your satisfied clients (present and past).

These are customers who have done enough business with you so that they know, beyond a doubt, that you're a valuable and trusted resource.

2. Your close friends and family.

Your intimates (it's hoped) know that you're trustworthy and are therefore willing to use their connections to help you out. These people are less valuable because they're probably a bit biased.

3. Individuals whom your clients, friends, and family have contacted on your behalf.  

In this case, you have a "residue of trust," because the original referrer has endorsed you. Because this is "one step removed," it's a weaker link.

4. Individuals whom you've met through talking with the individuals in Category Three.  

If you build a relationship at this point, these people begin to function as if they were in Category Three, thereby creating more networking opportunities.

The trick to building out your business network is first to get Categories One and Two to put you in touch with Category Three, and then use a telephone call or personal meeting to build a relationship with the people in Categories Three and Four.

As you build out your business network, you must remain constantly aware that you are NOT selling something. The process involves creating and strengthening a social connection. Sales pitches are completely counterproductive here.

When you contact individuals to create your network, the tone should be that of a meeting between friends (or potential friends) rather than the classic interaction between a seller and buyer.

To make this happen, somebody in your network must make the initial contact.

For example, if you want your brother-in-law to contact his former business partner (whom you want to add to your network), you get your brother-in-law to email the partner and suggest that the two of you get together to talk.

Important: Ask your brother-in-law (or anyone who's providing you with a networking referral) to get back to you to confirm that the action (like an email or call) has actually been taken.

To get the maximum benefit from the referral, follow up three times:

1. Within one day of the referral meeting, contact your original contact with your thanks for the referral.
2. After you've reached the new contact, send another thank-you to the person who referred you. (E.g., "You were right; Natalie is terrific!")
3. If the referral results in some business taking place or even a further referral, send another thank-you to the original contact.

If you set aside a certain time every day to build up your personal business contacts, you'll eventually find that you know (and are trusted at least to some degree by) hundreds of people who can help you find new business and create new opportunities.

PLAIN OLD HARDWORK

What transforms a great idea into a great achievement? Mostly, it is plain old hard work. 

It doesn’t hurt to be clever or well connected, or to be in the right place at the right time. Yet what matters most to any success is simply showing up and doing the work. 

You see persistence and action with effort give you results.

Great big wonderful things of value are built by adding together small bits of value created in the ordinary moments. The most reliable way to success is to be reliable about putting forth the effort. 

Though you may have many great and powerful tools at your disposal, don’t expect those tools to do the all work for you. The more you invest yourself in the achievement, the more you’ll get out of it. 

Plain old hard work is not something to be avoided, but rather something to be sought after and celebrated. In addition to building worthwhile achievements, it builds you, your skills, your confidence and self esteem. 

Seek the work, embrace the work and do the work. In that plain old hard work you’ll find your very own path to fulfillment of the most satisfying kind. 

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8 Reasons To Own Gold

Gold is respected throughout the world for its value and rich history, which has been interwoven into cultures for thousands of years. Coins containing gold appeared around 800 B.C., and the first pure gold coins were struck during the rein of King Croesus of Lydia about 300 years later. Throughout the centuries, people have continued to hold gold for various reasons. Below are eight reasons to own gold today. 

A History of Holding Its ValueUnlike paper currency, coins or other assets, gold has maintained its value throughout the ages. People see gold as a way to pass on and preserve their wealth from one generation to the next.

Weakness of the U.S. DollarAlthough the U.S. dollar is one of the world's most important reserve currencies, when the value of the dollar falls against other currencies as it did between 1998 and 2008, this often prompts people to flock to the security of gold, which raises gold prices. The price of gold nearly tripled between 1998 and 2008, reaching the $1,000-an-ounce milestone in early 2008 and nearly doubling between 2008 and 2012, hitting around the $1800-$1900 mark. The decline in the U.S. dollar occurred for a number of reasons, including the country's large budget and trade deficits and a large increase in the money supply.

InflationGold has historically been an excellent hedge against inflation, because its price tends to rise when the cost of living increases. Since World War II, the five years in which U.S. inflation was at its highest were 1946, 1974, 1975, 1979 and 1980 (as of 2012). During those five years, the average real return on the Dow Jones Industrial Average was -12.33%, compared to 130.4% for gold. 

DeflationDeflation, a period in which prices decrease, business activity slows and the economy is burdened by excessive debt, has not been seen globally since the Great Depression of the 1930s. During that time, the relative purchasing powerof gold soared while other prices dropped sharply.

Geopolitical UncertaintyGold retains its value not only in times of financial uncertainty, but in times of geopolitical uncertainty. It is often called the "crisis commodity," because people flee to its relative safety when world tensions rise; during such times, it often outperforms other investments. For example, gold prices experienced some major price movements this year in response to the crisis occurring in the European Union. Its price often rises the most when confidence in governments is low.

Supply ConstraintsMuch of the supply of gold in the market since the 1990s has come from sales of gold bullion from the vaults of global central banks. This selling by global central banks slowed greatly in 2008. At the same time, production of new gold from mines had been declining since 2000. According to BullionVault.com, annual gold-mining output fell from 2,573 metric tons in 2000 to 2,444 metric tons in 2007 (however, according to Goldsheetlinks.com, gold saw a rebound in production with output hitting nearly 2,700 metric tons in 2011.) It can take from five to 10 years to bring a new mine into production. As a general rule, reduction in the supply of gold increases gold prices.

Increasing DemandIn previous years, increased wealth of emerging market economies boosted demand for gold. In many of these countries, gold is intertwined into the culture. India is one of the largest gold-consuming nations in the world; it has many uses there, including jewelry. As such, the Indian wedding season in October is traditionally the time of the year that sees the highest global demand for gold (though it has taken a tumble in 2012.) In China, where gold bars are a traditional form of saving, the demand for gold has been steadfast.

Demand for gold has also grown among investors. Many are beginning to see commodities, particularly gold, as an investment class into which funds should be allocated. In fact, SPDR Gold Trust, became one of the largest ETFs in the U.S., as well as one of the world's largest holders of gold bullion in 2008, only four years after its inception.

Portfolio DiversificationThe key to diversification is finding investments that are not closely correlated to one another; gold has historically had a negative correlation to stocks and other financial instruments. Recent history bears this out:

• The 1970s was great for gold, but terrible for stocks.
• The 1980s and 1990s were wonderful for stocks, but horrible for gold.
• 2008 saw stocks drop substantially as consumers migrated to gold.

Properly diversified investors combine gold with stocks and bonds in a portfolio to reduce the overall volatility and risk. 

The Bottom LineGold should be an important part of a diversified investment portfolio because its price increases in response to events that cause the value of paper investments, such as stocks and bonds, to decline. Although the price of gold can be volatile in the short term, it has always maintained its value over the long term. Through the years, it has served as a hedge against inflation and the erosion of major currencies, and thus is an investment well worth considering.