Business Builders

Stay on top of all the trends and challenges facing your business today - including legal advice, ways to maximize profits, how to build a winning team, and much more. Industry-leading experts provide gold-standard education content that's practical and relevant to YOU!  

View archived Business Builder articles.

February's Featured Speaker: Kathleen Wood, Kathleen Wood Partners

Kathleen will be a member of the speaking faculty at the upcoming International Restaurant & Foodservice Show of NY. Kathleen will be a part of our Women's Entrepreneurs Circle panel discussion and will be holding 2 workshops - BYOB – Build Your OUTstanding Business – The Secret Sauce for Making Your  Business Stand OUT! and LEADERChoice – The Four Essential Ingredients of Successful Leaders. You can attend Kathleen's sessions on Sunday, March 8.


Four Steps to Build Your Network to Increase Your Networth

There’s an old adage that says, “Your network is a direct reflection of your networth.”  How is your network working for your business? If you are starting a business, own a business or leading a business your success is directly related to the connectivity and productivity of your network. 

Think about the power of the Global Positioning System or GPS?  How do often you utilize GPS in your car or smartphone?  Many would struggle to find their direction if the GPS system did not exist.  Interestingly, the GPS system operates a global network for every device in the world with a system of 24 satellites continuously orbiting the globe.

What would happen to your business if you had a powerful network of 24 people or resources continuously circling your business to keep it going in the right direction?  We all have the power to build our own business GPS or otherwise known as our Guide for Professional Success network. 

Building your own GPS Network can be done in four easy steps:
1) Develop the framework for your network.  
             a. Take an 8.5x11 piece of paper. 
             b. Draw a table that consists of five columns and six rows.
 
2) Each column is a Pillar because of it's a cornerstone for your network 
Here are the five Pillars of a successful business GPS network.

Professional    Net Worth  Core  Resources  Development

Professional   Net Worth  Core   Resources  Development
1)
2)
3)
4)
5)


3) Populate each Pillar with people who can positively impact your business. Here are a few thoughts for what type of people you are looking for in your network.

  • Professional – Who are the top five professional people in your network?  Do they all have successful businesses?  Have they achieved the type of success you aspire for in your business or career?
  • Net Worth – If you want to be a millionaire you need millionaires in your network?  Do you have people in your network who have achieved the net worth you aspire for in your life and business?
  • Core– Who are the top five people who support you unconditionally?  Who are your “2:00 am people”?
  • Resources – Every business network needs resources like an accountant, attorney or marketing professional. Who are the top five people who serve as resources for you in your business? 
  • Development– If we stop learning stop learning we stop growing.  Who are the top five people who help you with your business and professional development?
A strong network is a diverse network – your network should have a different name for each of the 25 boxes.

Now take a look at your network results.  Here is a guideline to access your network:
a) Excellent – I have 25 outstanding people
b) Very Good -  I have 21-24 outstanding people
c) Good – I have 15-20 outstanding people
d) Opportunity – I have less than 14 outstanding people 

Based upon results you know have an understanding of the strength of your network to increase your net worth.   It’s your choice work hard by yourself or work smart with a powerful network. 

Building a powerful network can happen at any time in your business or career. In today’s hyper competitive marketplace leverage your GPS network to insure your business in on a path to success!

More about Kathleen Wood: 

Kathleen is the founder of Kathleen Wood Partners, LLC, an innovative growth strategy firm, specializing in shifting leaders and businesses to new levels of success. Kathleen and her partners offer strategic consulting services, brand development, and results-driven solutions for service, manufacturing and retail clients. Her firm consistently works with Fortune 500 leaders, INC 1000 founders and entrepreneurs.

In August of 2012, Kathleen and her sister Sue Tierno and niece Jen Tierno launched their own concept Suzy’s Swirl.  Suzy’s Swirl is an innovative self-serve yogurt, gelato and sorbetto shop.  Their vision is to re-ignite the American Dream through swirling frozen goodness, swirling greatness and swirling gratitude with their innovative franchise program.  In June of 2014, they opened their second location in Lake Bluff, IL.

Kathleen is a nationally recognized growth strategist, motivational speaker and author, and a proven leader in business and non-profits. She blends her corporate sensibility and rigor with entrepreneurial vigor and innovation to deliver sustainable solutions. In 2010 she published her first book, The BEST Shift of Your Life – The Restaurant Manager’s Guide for Success Outside the Restaurant.

Kathleen is currently a board member for the People Report™ and Women’s Foodservice Forum, People Matter Strategic Advisory Board, Bama International Advisory Board and she is the co-founder of The Foodservice Council for Women.  She holds a Bachelors of Science degree in hotel restaurant and management from University of Wisconsin – Stout and Master in Business Administration from Loyola University of Chicago.
.






Archives: 

January Business Business Builder - Defining Your Restaurant's Customer Experience by Joel Cohen
November Business Builder - Gluten-Free Menus Can be a Challenge - Or Not
October Business Builder - Understanding How Far in Advance to Initiate the Lease Renewal Process
September Business Builder - The Key to Running a Profitable Restaurant by David Scott Peters
August Business Builder - Improve Your Menu Engineering by Mark Kelnhofer
July Business BuilderRestaurants that Cater - Set a Minimum to Make You Money by Sandy Korem
June Business Builder - 5 Leadership Traits Required for Growing Restaurant Business by Darren Denington