Thoughts on Law and Life

The Official Blog of Astrab Legal Services LLC

Centers of Influence

Any successful small business owner is going to need to establish several Centers of Influence (COIs) in order to maintain long-term success.

  • What are Centers of Influence? They are individuals well-established in their particular practice area or social sphere. A COI can be an attorney, a CPA, a financial planner or simply a ‘social butterfly’ who knows everyone.
  • Why are Centers of Influence important? COIs are important in all aspects of a business. They can help jump-start a new venture by providing instant referrals. They can assist a business owner with practical advice on a particular topic or by simply acting as a sounding board for ideas or rants. They can be your very own unpaid sales force if kept in the loop of your business.
  • How do I find Centers of Influence? COIs can be individuals already existing in your business or social pipeline or they can be individuals sought out after careful research. They don’t have to know that they are a ‘center of influence’ for you…the term Center of Influence is not really a title that is bestowed upon someone officially…it is more of a relationship that develops on its own over time.
  • Do I need to repay Centers of Influence with referrals or gifts? That depends on each individual relationship…some folks like to help out and expect nothing in return. Others have a ‘quid pro quo’ in mind when giving advice or referrals, and this is an area where the start-up business owner must be careful, as that expectation is often implied but seldom demanded. If a COI expecting a return referral does not receive that benefit from you, then your relationship may suffer over the long-term. My best advice is to simply ask the person in some variation of the following: “Thanks for sending Bob over to me…is there any particular type of business that I should be looking out to send over to you?” If the person responds affirmatively and gives you some examples, you should darn well be on the lookout to return that favor in the future. If you don’t ever come across that particular target, make sure that you take the time in the future to remind the person that you are looking, but nothing has come up. This will reassure them that you understand that they are looking for help as well.

This is pretty basic advice, but I hope that it serves as a starting point for thinking about broadening your social networks to ensure that a lot of people know who you are and what you are doing!

Don’t ever hesitate to send me an e-mail or refer my blog to your friends, family members or business associates.

Mike Astrab is the owner of Astrab Legal Services LLC, a general law practice located in the greater Cleveland, Ohio area. Mr. Astrab is working to concentrate his practice on business consulting, estate planning and criminal defense. More information can be found at www.astrablegal.com.

This blog post is for informational purposes and should not constitute legal or business advice that can be relied upon by the reader, as each individual or business has unique issues that must be explored before concrete advice is offered!

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June 25, 2009 Posted by | Financial, Law, Legal, Life, sales & marketing, small business | , , , , , , , , , , | Leave a comment

Getting Back on Track

Things have been hectic over the past few weeks, and I truly have neglected by blog posts, which were a stalwart of my business plan. I am promising myself to get back on the wagon again and start posting, as professional and personal consistency are necessary prerequisites to any successful business person.
I ask those of you who read and enjoy my posts to comment and yell at me if nothing come up for a while…while ultimately the postings are my responsibility, it does not hurt to have others kicking me in the rear end when I slack off!
For today’s post I urge all of you to look at your own businesses and planning – Are you being consistent or have you also slacked off in certain areas? In order to succeed, each and every one of us must have not only a viable plan but also the internal drive to maintain that plan and modify it where and when necessary…by ‘modify’ I don’t mean drop things if they become an inconvenience, but to take a hard look at what is working and what is not working. If you are not doing something in your plan but have no data to show that by not doing the item you are helping or hurting your business, then you need to start it up again until you can gather enough facts to make an informed decision.
With my blogging, I honestly and simply slacked off – I had a seemingly consistent group of readers that was slowly growing, so there was no reason (nor any excuse) to stop. That is why I am going to get back up on the horse and start riding again!

Mike Astrab is the owner of Astrab Legal Services LLC – his company’s website (currently under construction) is www.astrablegal.com.

June 25, 2009 Posted by | Financial, Law, Legal, Life, sales & marketing, small business | , , , , , , , , | Leave a comment