CEO Advice: Why It’s Time to Make New Friends

Transcript:

Hey guys, Syama Meagher here, CEO of Scaling Retail, and today I’ll give you a little bit of CEO advice on how you know it’s time to make new friends. Now, I’m not saying you ditch your high school best friend, or even your grade school friends. But, what I’m talking about specifically is your business network. The friends that you go to to be able to get business advice. The people who you can talk to candidly about, and the ones who are ultimately going to help you become a better CEO, a better leader, and a better business owner. In fact, increasing your network and having better friends that are also business owners can help you in a variety of ways, including helping you increase sales, boosting your visibility, and actually helping to decrease costs in some cases. So, let’s go ahead and unpack all the great ways in which your friend groups need a little bit of a boost.

A lot of CEOs and entrepreneurs have started to take the forefront of building their own personal brands. And what is that? Well, think about brands like Tory Burch or Diane von Furstenberg. Obviously their businesses have their own namesake names. But, also companies like Warby Parker and lots of other businesses are having CEOs that really take the forefront and take the stage. So, when you think about increasing and boosting your own visibility, it’s going to have a really big impact on boosting your brand’s visibility. And so when you think about making new friends, it may be a good idea to also think about who else in your space is starting to make a name for themselves as a CEO and as a business leader. This then can also contribute to not only the success of your existing business, but future businesses down the road. In fact, guys, the first business you launch isn’t always your last business. Take a look at Scott Sternberg who launched Band of Outsiders. Now he has a whole new company called Entire World. So, second-life, first-life, third-life businesses, as a CEO and an entrepreneur, it’s important that you start to keep company with people who are also shedding visibility to themselves as CEOs. They’re great people for you to learn from and also to help build a network and a tribe.

When we think about lowering costs, sometimes you might wonder, “Well, how does my network group or getting new friends help with that?” Well, in fact, many of our clients have actually been able to tap into their networks more strategically through casual friendships and actually use them to lower costs. Think of getting your photography done at 50% of the cost. Think about using a friend of a friend in order to get other types of, you know, PR, or other kinds of marketing capacities and things taken care of at a lower price point. Using your networks, using word of mouth, and being able to bridge those relationships can do a lot to help impact your business on a seasonal basis. Also think about branded collaborations. While there might be some brands out there who are really at the heels of other companies in order to get collaborations, if you’re already friends with the CEO, if you’re already within that circle, or in that group, getting access and getting those collaborations done are going to be cheaper and likely easier to execute.

Now lastly, guys, a strong network is going to help you with sales. How? Well, not only will a network of other business leaders help you get in front of possibly the right buyers, possibly the right influencers, and really help to introduce you to other people in their networks. But also, guys, you’re going to do the same. When it comes to building friendships, it’s never really a one-way story. The people who you begin to have trust in and the people who are working with you over time and understand where you’re headed in your business, they’re not going to be likely one-to-one competitors, though sometimes that’s the case. But chances are you have an intrinsic value that you see in one another to help boost your knowledge base, help increase your social capital, and also be able to help you when it comes to getting advice on negotiations.

So, when you think about, guys, these notions of increasing your friend groups, really focusing on building new friends and not just, like, networking. I know I mention the word networking. I’m really not a big fan of that. When I think of networking, I think of highly transactional relationships. When I say increasing your friend group, what I mean is actually taking an interest in maybe one new person this year. Maybe it’s two new people. But as you get older and as you have your business and you have a super busy life, it’s difficult to adopt these new friend groups. So, do as Gary Vaynerchuk does, and I think he said so recently in one of his videos, which is make a new friend. And make a new friend who’s going to help you with your business where you have mutual interests and you want to help them. Again, it’s gotta go both ways.

All right guys, I hope you enjoyed this topic as much as I did. Please make sure you read our more in-depth blog post on how to boost your own personal brand and leverage that for your business. And then please make sure that you download our amazing download on CEO success mantras. These are really the foundation tools that we use to help get your game into the mindset of being able to be a strong business leader, make tough decisions, and be able to make more money, be more profitable, but also build, build your company, build it well. Please leave comments below. Head on over to our website at scalingretail.com. And, make sure you shoot us an e-mail at hello@scalingemail.com. I always love hearing from you guys. And, check us out on social. We’re on Instagram, Facebook, obviously on YouTube. We are where you are. Talk to you soon. Bye.