There’s not a day that goes by when I don’t see a need to assert myself in some way or another. Either in my personal relationships or business relationships or both. As the introvert that I am, I still continue to struggle with reaching out and establishing connections. It is these connections, however, that can result in long term positive and sustainable relationships. Many times these connections and relationships can be financially beneficial.
So here we are. The economy is supposedly booming. The unemployment rate is declining. For the first time in years we are finally hearing about the prospects of wage recovery. By wage recovery, I mean increasing real wages. This could be a key time. Combined with a solid emphasis on continual self-reinvention, this timing could potentially result in long term wealth accumulation.
As Paula Cashflow celebrated her one year anniversary this month, I chose to do a refresh on self-reinvention. Here’s the refresh:
Your wealth accumulation strategy should include a component for continually embracing self-reinvention. Self-reinvention has saved my butt on many an occasion over my career. By being flexible and willing to take on the unfamiliar, I have seized opportunities outside my comfort zone…and my area of expertise. My next step is to re-beef up my “sales skills”. In all honesty, I can’t sell the Florida sun, sand and surf to a Canadian in January if my life depended on it, but I damn well better learn how, and soon.
Engineer, physician, rocket scientist, accountant, blogger, etc. We all need to be a salesperson in some way or another at many points in our lives.
Why not try some of these actions and just see what may happen:
I once heard that “you don’t have to like cold calling. You just have to do it.” So go and do it. Whether it’s job hunting or making connections, pick up the phone and reach out to a prospective contact or hike your butt into a place of business and establish a connection. For example, I recently met a commercial real estate investor who acquires distressed commercial buildings. Once the buildings are rehabbed, he then hits the streets looking for tenants. He doesn’t hang out a “For Rent” sign, he gets in his car and goes to businesses and pitches his product. Door-to-door.
Paula Cashflow tip: set out to make at least one cold call per week.
Okay, so you’re not a cold calling person. Warm calling refers to a connection based upon a referral from another contact. For example, my friend Joe says that ABC company needs an accountant. Joe passes along the contact name to me and I follow up with a phone call referencing our common acquaintance Joe.
Paula Cashflow tip: this is easier than cold calling, so establish a goal of 1-2 contacts per week. LinkedIn is a great starting point.
This is a salesmens’ greatest asset. But it does take practice. Get started by writing it down and then practicing it. Keep it to around 30 to 45 seconds. No longer. Practice on your friends and family. This is great entertainment.
Paula Cashflow tip: Attend at least one networking event per week and plan on presenting your speech a half dozen times. You’ll get good at it real quickly.
Read my blog Toastmasters 101 and other ways to reinvent thyself.
Paula Cashflow tip: plan to give at least one presentation a month. This will keep your skills current and your nerves in check. Rotary clubs, non-profits, etc are always looking for speakers on relevant topics.
If the economic momentum doesn’t stall, now could be a good time to build upon your strategy of self-reinvention. Being good at self-reinvention can translate into better career opportunities, increased compensation and a more diversified career base, not to mention the cashflow benefits to your bottom line.
Good luck! Because it’s about life and how you live it.
In the spirit of financial well-being,