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Home / Business / Small Business

Networking: Andrew Malcolm of Broker Better

NZ Herald
1 May, 2015 02:20 AM4 mins to read

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Andrew Malcolm, managing director of Broker Better.

Andrew Malcolm, managing director of Broker Better.

Andrew Malcolm is managing director of startup firm Broker Better.

Can you tell me a bit about your business?

After exiting my app development companies a few years ago I started helping professional services firms with digital marketing and website stuff. That put me in front of mortgage and insurance advisors who were asking for software support specifically around leads and referrals, which led to the idea behind my new business, www.BrokerBetter.com.

Six months ago I started researching the industry and making contacts, and expanding my network opened a lot of doors, especially at the top. We now have a team of four and are about to launch a product - an online leads and referrals service for mortgage and insurance advisors.

You're currently in the digital startup accelerator Lightning Lab, and part of the programme involves meeting with lots of people - often high net worth individuals who are potential investors in your business. What have you learnt from that experience?

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We've learned that people resonate with enthusiasm and a quick, concise pitch. Preparation is everything, because if you know a lot about the person you're meeting with it can save time and I think it demonstrates professionalism.

With LinkedIn and other media platforms, nine out of ten people will have plenty of info available about themselves online, which means the questions you can ask can be really specific like for introductions, advice or feedback. Generally people want to help, so I think it's best to be really clear about how you think they actually can do that.

More generally, what role is networking playing in developing your startup business?

Networking expands our reach exponentially, and we always ask for help especially with introductions, because if we meet 100 influential people and get 100 introductions our ability to get in front of almost anyone increases significantly. Trust and credibility are everything when trying to meet someone who has never heard of you, so having a network behind you to vouch for you is so important.

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Do you consider yourself a natural networker, or is this something you've had to work on and develop?

I've always been a talker, but I've learned networking is actually about listening. The key is to ask concise questions and allow the other people around you to do most of the talking. I'd say the two most important things for networking - if you're after a result - are a positive mindset and to reflect on the experience afterwards.

If you can start the networking session with a big smile on your face then half the battle is won, and we tend to reflect after every meeting on what went well and where we could improve.

What strategies do you personally have to make the most out of every meeting, or connection made?

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Always follow up with people. I think so many people make little promises in the heat of the moment, but it's up to you to get them to make that introduction or send that piece of information they promised.

The most effective technique I've learned for getting people to open up and be responsive is to ask them how they got into their role or job and what the best part of it is - I learned this from a book called Adversaries into Allies. Also, smiling is contagious.

On the other hand, what are some strategies you've found less effective?

A less effective strategy, especially when you're in a big room, is trying to meet everyone and - if you're in a group - not splitting up. We've found going in as a team and working different parts of the room works well.

What are your key tips for other startup owners looking to make the most out of networking opportunities?

• Networking is about being likeable and assertive. Read books like How to win friends and influence people and Mindset for some good insights on the topic.

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• Network with the event organiser. They already know everyone and can save you time by introducing you to people who can help.

• Lastly, don't be needy. If you reek of desperation it'll be obvious and people will be suspicious. There's a good book called Pitch Anything that changed the way I conduct myself around important people who typically want to 'own' the room.

Coming up in Your Business: When the days get shorter and colder it can be more difficult to make time for activities outside of work. What are some things business owners do to inject more balance into their days so they also maintain a life outside of work? If you've got a good story to tell about creating work/life balance, drop me a note: nzhsmallbusiness@gmail.com

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