YOUR NET WORTH IS YOUR NETWORK

Reflecting at the halfway point of the year with summer holidays on the horizon I have moved my attention to where my focus should be for the remainder of 2024.

?The burning question is what are the optimal opportunities in Payments?

When you ask others what they see as the biggest opportunities you receive a plethora of responses:

AI

Open banking

Virtual Card

BNPL…….

Which I am sure won’t be a surprise to you.

?So, what approach do I take?

?Firstly, to avoid being stuck in an echo-chamber I engage a curious mindset and explore information outside my business. I have found it particularly valuable to explore winning strategies from adjacent industries as the Payments ecosystem like others has its limits.

Next, I am intentional. This means applied research and focus on who my ideal customer profile is - clarity matters. I observe many organisations who are looking to optimise growth and treat every prospect as equal. This leads to a misallocation of resources. As we know chance favours those who are prepared and have a clear mind.

?Finally, I am discerning and apply a high filter regarding the information I engage with. Using my trusted network I build a knowledge bank and test different sources which could have an impact on my business. This is one of the many benefits of having an established and varied network.

This week I had the huge honour of having a fireside chat with Rob Howes. Rob has an extensive network and has the uncanny ability to join previously unconnected information and people.

?I asked him how he grows and maintains his network.

?It starts with consistently helping others. Then treat your network with respect and earn the right before you ever approach and ask them for help. He continued by stating that help and support can come from many sources, often those he has met “face to face” combined with those he is connected with on LinkedIn.

?My key take-away from our conversation was to continually invest in my network and build relationships as I never know when I will need to access them for support or opportunities.

?My challenge to you this week is how do you invest in your network to keep up to date in the Payments industry? Please feel free to share your ideas in the comments below.

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