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Ep 263: Learning the Science of Networking with Lorry Rifkin
In this episode, Elzie is joined by the amazing Lorry Rifkin, who is the Chief Networking Officer of Supercharged Networking and the man behind #LunchWithLorry. He is also a Founding Partner of Accounting Solutions of Wisconsin. Lorry is an introvert who has taken his passion for patterns and statistics and turned it into entrepreneurship.
When it comes to networking, Lorry believes that building relationships should always come before business objectives, and that approaching networking like a mathematical equation can eventually lead to success. They also discuss how vulnerability opens doors when making better connections and highlight different phases or seasons in networking. Lorry's drive for success is rooted in his insatiable curiosity, a trait that has motivated him to achieve great things thus far.
Lorry also emphasizes that sales don't necessarily always equate to profits - a common issue amongst business owners without cash flow due to not focusing enough on what happens in the middle compared to just looking at top-line or bottom-line results. Tune in to hear why building a solid foundation within your business is essential before you start growing it, and discover why minding existing contacts rather than constantly seeking out new ones elsewhere is also crucial.
Episode Highlights
05:08 - I never do things conventionally and my networking wasn't designed to go out there networking to get business. It was to meet people. I call it "supercharged networking." It's to develop relationships first and business will follow. And if you do it that way, it was easier for me, because I originally tried networking. "Hi, Elzie. What do you do? I'm an accountant. Do you have a job for me?" And I learned that's not networking. I don't have a relationship out of that. COVID caused the start of Lunch with Lorry. I would take people out to lunch and I literally write their life story in a post on LinkedIn all about them, and I learned everything about them. I learned what questions to ask and started having relationships with that, When you write about someone else and promote them, they remember you. And that's the form of networking I like.
13:29 - Again, I wasn't smart enough to pre-plan all this, but I will tell you how it worked. First, it was general networking and build a big, wide, great network. Ultimately, one aim is to get business. So, the seasons isn't as much as I talked about the audience. So, I focus a lot more on private networking events where the general public can't come. It could be a private equity event. It could be a bank Christmas party, stuff that the whole public can't come to. And that sometimes has, for me, more of my target audience in the business world. So, you have phases. You might want to start out with general network. Meet as many people as you can. That will lead to invitations over time to go into private network events, which are more targeted and could wind up better for you. It doesn't mean that the business is right there. You have to work that, too, but it's a different audience.
17:22 - Sales are not profits and profits are not cash in the bank. And at the end of the day, if you don't have cash, you really don't have a business. And so, some of the fastest growing customers I've seen were also the ones most vulnerable to going broke. Here's a Lorryism. You always have to keep your infrastructure of your business ahead of your sales curve. If you do not do that, you're like the Road Runner and a coyote. You're looking over that cliff, and there's no infrastructure to support you. So, that's another thing. Those things go together. You got to control your growth to have enough cash in the bank or have enough cash to allow you to borrow money because the bank thinks you're credit-worthy and you have to develop your infrastructure with people. Procedures and practices has to stay ahead of your sales curve so you have a foundation to grow on.
20:05 - I replaced a lot of accountants and accounting firms. My customers always have an accountant or someone. But one thing I tell them, "Has your accountant ever brought you customers?" Because one of the things that all this networking does, it allows me – you sell that. I have this guy who buys this. You guys have to meet. And that cross fertilization is where – networks are a bunch of interconnected points. The more you connect things, the more powerful the network becomes. And so, if you're always helping people you meet, even if you don't get anything in return. "I have a customer for you. Oh, here's a potential employee. Have you checked out this vendor? You should come over my house and have a drink. You look like you're stressed." All those things build your network and overtime – again, I started really late in my 50s. If I started in my 20s, oh, my God, I'd be retired by now because all those points accumulate and compound over time that just make you a person that people have to be around or deal with.
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