The Strategy That Would Change Business Networking Forever … What Happened?
I thought I discovered the greatest business networking model ever. It was perfect! Until one fatal flaw was exposed.
I had the answer to the million dollar question: Could I guarantee that a business networking partnership would result in a "win-win" relationship?
After all, the biggest problems with networking are the inequity of efforts, imbalance of benefits, and the challenges of generating mutually-beneficial relationships.
Several years ago, I guaranteed that I would generate sales for clients through networking or return their retainer fee.
With my money-back guarantee, I took all the risk while offering potentially tremendous rewards for my clients.
If I did my homework on each of the clients and knew they were offering a reliable product or service that would sell - it would result in the elusive “win-win” formula!
The steps were simple:
I would receive a $2,000 retainer
For the next 12-months, I would connect the client through my networking efforts
At the end of the year, I’d receive a 10% commission on the profits generated through my network (minus the retainer)
If no sales were made, I would return the $2k retainer fee
With several clients, it worked beautifully! I was paid fairly for my 12-months of work and connections. The best part, the connections in my network loved it as they were introduced to some very unique products and services.
Then, one client ruined everything.
Through a connection in my network, one client generated over $118,000 in billable hours with a government contractor called BAE Systems.
At first, he didn’t even tell me about the contract. When I found out, he became agitated and defensive.
He refused to pay me a commission.
Not only would he not pay me, he demanded I return the $2,000 retainer.
His claim? That the BAE Systems contract went through him directly and not his company so our agreement did not apply to his personal situation.
He threatened litigation. I said I would countersue.
It got ugly.
I realize now the one major problem with my model … this client was never a part of my “Circle of Trust”.
Recently, I read a article regarding the legal filings against former president, Donald Trump, that really stuck with me:
“…His lawyers say that the records Trump is charged with falsifying are personal records, not business records, and the payments came out of his own pocket, not corporate accounts”
CNN, Oct 5, 2023
In my case, our agreement was between our companies, so I guess he technically found a loophole not to pay me.
But whatever happened to doing the right thing and not exploiting loopholes?
Maybe he was legally right to do so, but he failed my integrity test.
The matter was eventually resolved, but I never worked with him again.
There is one trait that I believe no business networking model could ever overcome.
Greed.
Greed causes people to be dishonest.
Dishonesty erodes trust.
And trust is the foundation that business relationships depend on to survive and grow.
Build your “Circle of Trust” with the right people.
Or you may pay a high price like I did.
Upcoming Events
Interested in growing your business network and knowledge?
Check out our upcoming events:
Local Business Networking Meetings: https://www.tipclub.co/events
Community Networking Event: https://tipclub-oct-18-2023.eventbrite.com
Government Networking Event: https://gov-oct-2023.eventbrite.com
LinkedIn Workshop: https://LinkedIn-dec-2023.eventbrite.com
Week 3 of “The Experiment”
For me, the 100 Days of Social Networking Experiment is getting easier … more routine.
Here are some of the Networking Tips I posted this past week on social media:
On LinkedIn …
On X (formerly known as Twitter) …
On Facebook …
On Instagram …
The week 3 of activity from my postings was enjoyable! I look forward to sharing my social networking tips and insights in the upcoming weeks.
Where to find me:
Facebook: https://www.facebook.com/tipclub
Instagram: https://www.instagram.com/tipclub.inc/
Threads: https://www.threads.net/@tipclub.inc
Latest Articles
