The private equity landscape has undergone a phenomenal transformation over the past decade. As the private equity landscape has evolved—growing from approximately $1 trillion in 2003 to nearly $5 trillion at the end of 2017—so too have the relationship between general partners and LPs. Now, more than ever before, managing general partner/LP expectations relationships is critical to success. Due … ... read more
Hate Inefficient Meetings? Try This
It’s common knowledge that meetings are fundamentally flawed. Research has shown that 71% of senior managers say meetings are unproductive and inefficient. Given that executives spend an average of nearly 23 hours in meetings, the time wasted in incredible. And what’s especially concerning is that meeting frequency is on the rise. Whereas executives spend 23 hours a week in meetings today, they spent fewer than 10 hours in meetings in the 1960s.
It’s not surprising that executives are chomping at the bit to make meetings more effective. Fortunately, Affinity can come to the rescue in helping you show up smarter to every meeting and thus increase meeting efficiency. It all boil downs to relationship intelligence.
Amazon founder and CEO Jeff Bezos has gone to great lengths to perfect the art of meetings. One of the tactics he's embraced is referred to as the "silent start". During the opening minutes of select meetings, attendees sit in silence and read printed memos. During this silent time—which may span up to 30 minutes—participants review the memos and make any relevant notes to prepare. The tactic ensures that attendees are well versed in the discussion items and are able to make the most of each meeting.
When meetings are external—involving a customer, portfolio company, investor, strategic partner—effective preparation tends to center less on knowledge of specific policies, strategies, or proposals, although these can be central. In the context of external meetings, effective preparation entails a robust understanding of the participants and relationships involved. To this end, Bezos’ silent start can be “hacked” by leveraging Affinity. Because Affinity auto-tracks all your communication, it arms you with a detailed understanding of the complete history and context of relationships. It eliminates guessing. When meeting with an external entity, you’ll have a deep understanding of which members of your organization have pre-existing relationships with meeting participants and members of their organizations, as well as the strength of these relationships.
Leverage the power of storytelling
In addition to ensuring you to arrive at meetings prepared in terms of relationship history and context, Affinity also enables you to arm yourself with powerful stories. Using Affinity, you can ensure that you arrive at meetings with a more robust understanding of the relationships in the room than anyone else. By versing yourself in stories involving meeting relationships, you’ll be able to facilitate in more engaging conversations. Perhaps Affinity reveals that one of your partners at your firm worked with a meeting participant at a previous organization. Perhaps a colleague met a meeting participant at a professional event last year and discussed co-investing in a portfolio company. These types of stories are powerful.
Why is storytelling so powerful? Research has shown that storytelling cause oxytocin synthesis. Higher oxytocin levels in the brain increase the likelihood that audience members are to engage in cooperative behaviors. Because stories are more effective than facts at sustaining attention, they engage our emotions and make us feel a stronger sense of connection. Storytelling has also been shown to aid in memory recall, making us more likely to remember meetings and the participants involved.
Primed for impact
Perhaps the greatest power of Affinity is its ability to help you make the most of meetings. Using Affinity, you can arrive at meetings with a detailed understanding of attendees’ networks. Research has shown that the most effective opportunities transpire via weak or indirect higher-order ties rather than our first-degree connections. When you do a deep dive in Affinity before meeting with key contacts, you can pinpoint how you can leverage meeting attendees’ networks to your own benefit. If you, for example, have your sights set on meeting with a specific individual, you can leverage Affinity to identify how attendees can most effectively connect you. You can arrive at meetings prepared to ask for relevant introductions and, in turn, supercharge the effectiveness of meetings.
We can’t afford to waste valuable time in meetings. Time is our most valuable asset. Affinity can be your superpower in ensuring that you not only make the most of meetings, but also show up smarter to every meeting.