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Here are the top 5 takeaways from my conversation with Nancy Fox:

* Strategic Networking is Essential: Nancy emphasizes that building relationships with the right people is the foundation of business development, especially for professionals like lawyers and accountants. Networking should be targeted and strategic, not just about meeting as many people as possible.

* AI as an Enhancement, Not a Replacement: Both Nancy and Mathew agree that AI is a powerful tool for enhancing professional work, not replacing expertise. AI can save time, provide strategic insights, and help with tasks like business planning and niche analysis, but it cannot substitute for real-world experience and judgment.

* The Importance of Specialization and Niche: Specialization is evolving. While AI enables professionals to be more generalist, true differentiation comes from having a clear niche—whether that’s a specific industry, demographic, or service. Being specific in your value proposition and target market is key.

* Productizing and Recurring Revenue Models: Nancy discusses the value of productizing services and adopting recurring revenue models (like subscriptions or memberships) for professionals who want to scale without building large teams. This approach allows for more predictable income and leverages expertise in a repeatable way.

* Embracing Failure and Adaptability: Nancy shares that a willingness to experiment, take risks, and even fail is crucial for growth. She stresses the importance of being willing to try new things, learn from failures, and pivot when something isn’t working—qualities that are especially important for entrepreneurs and innovators.

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Learn more about Nancy Fox’s networking group Wyze Rainmakers.

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