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6 Ways to Recession Proof Your Network
Episode 10831st August 2022 • This Shit Works • Julie Brown
00:00:00 00:10:09

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Most executives believe that they will lose more than 28% of their business if they stop networking - so you better believe that your competition will be networking into this recession. 

Listen in for 6 tips to recession proof your network before the recession hits!


Drink of the Week: The Hibernating Bear


Julie Brown:

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Transcripts

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All right.

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So I've primed this conversation with podcasts, covering the history

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of recessions in the United States, as well as seven tips to financially

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prepare for the upcoming recession.

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Now we get to my area of expertise, networking.

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Welcome to episode 1 0 8 of this shit works.

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A podcast dedicated to all things networking.

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Business development in relationship building.

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I'm your host, Julie Brown.

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And today I'm discussing how to recession proof your network.

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This episode is sponsored by Nickerson.

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A full service.

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Branding marketing PR and communications agency with team members in Boston.

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Los Angeles.

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Miami and New York city.

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Is it then at Nickerson, C O S.

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Dot com.

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Okay.

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The first thing I want to say is that we shouldn't be building our network.

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In a crisis.

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Meaning, we shouldn't wait until we are in a place of need to

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start building relationships.

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Like the wise Chinese proverb says you should dig your

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well before you're thirsty.

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This quote has also been attributed to Harvey Mackay and Seth Godin.

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You can decide who you think said it first.

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Second, like another famous Chinese proverb says that best time to

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plant a tree was 20 years ago.

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The second best time is now.

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If you haven't started building your network, attending networking events.

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Reaching back out to past clients and contacts.

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The time to do that is now.

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Okay.

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Anyone who knows?

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My story knows that I built my husband's business during the recession caused

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by the subprime mortgage crisis.

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While simultaneously working, full-time bringing in business for

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one of the largest architectural practices in new England.

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I know firsthand that your network will one.

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Hundred percent carry you through economic downturns.

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In the most recent recession, you know, the one that just happened

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in April of 2020, when the us economy contracted a record 31.2%.

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It was my network that booked me for virtual speaking gigs.

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It was my network that suggested me to various companies to teach their

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staff how to network and continue to pursue business virtually.

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I could literally feel my network rooting for me.

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I could physically feel how much they wanted me to not just survive, but

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thrive during all that uncertainty.

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In recessions, there's always the possibility that you or someone

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you love will lose their job.

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Companies have already started hiring freezes and there are already

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some who are beginning layoffs.

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This is when I must reiterate the fact that 85% of jobs are

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filled through networking.

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This is where I have to say again.

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That 70% of jobs are never advertised to the public.

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70% of professionals hired in 2016, had a relationship with someone who

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worked at the company who hired them.

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If you or someone, you know, unfortunately gets laid off in the upcoming recession,

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there is an 85% chance that you will find your new job through networking.

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And I may have mentioned this before, but statistically.

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The person that will help you find a job will be a member of your outer circle.

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This is why having a network that is broad and deep in varied is so important.

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Remember.

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There is power in weak ties.

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If you own your own company or responsible for bringing business

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into the company that you work for, here's a statistic for you.

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Most executives believe that they will lose more than 28% of their business.

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If they stop.

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Networking.

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So you better believe your competition will be networking into this recession.

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So here are some tips on how to recession-proof your network.

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One go all the way back to episode two of this podcast and be listened

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to how to analyze your network.

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This will give you the tools.

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To remember all of the people who are currently in your network, as

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well as categorize the strength of your relationship with each person.

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Remember weak ties and loose relationships are not a bad thing.

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They are still a pivotal part of your extended network.

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Too.

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Think about how you can connect with people in your network that you

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haven't talked to in a long time.

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Ben go back and listen to episode 31, the five words that

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can reconnect you with anyone.

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It's important.

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You start reaching back out to people now, before you are in

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a crisis or a place of need.

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Not that your network won't want to be there when you need help, but

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isn't it nice just to reconnect with no ulterior motive other than to

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strengthen and foster that relationship.

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Three.

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We talked a lot about our financial wellbeing and episode.

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1 0 6 and the importance of having a stockpile of savings.

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I want you to think about having a stockpile of social capital.

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Here's what I mean by this.

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Are you involved in the lives of the people in your network when they post

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on LinkedIn or social media, do you comment, and interact with them and

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not just with one word comments or heart emojis, but with thoughtful

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responses to what they're posting.

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What about if you have a friend, do you only send them a happy

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birthday message on Facebook or do you call them or better yet?

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Send them a birthday card.

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If someone in your network hosts an event, do you attend

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or make excuses not to be there?

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All the little things we do add up.

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I heard a quote once that said the extra mile is never crowded.

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And you know what.

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It hardly takes anything.

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To get to that extra mile.

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Currently the social capital and investment in a lot of our interactions

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is unfortunately pretty weak.

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You'd be amazed at how little it takes to stand out.

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For.

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If you don't have all of your connections and their information in

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one place, please do that for yourself.

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All your connections should be in a place where you can access all of their

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information, their phone, email, social media handles pertinent information

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about them like their birthday.

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Do they have kids where you met all the stuff you've learned about

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them during your relationship?

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You need to be able to take that information with you?

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Should something happen?

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Meaning, if you are laid off, do all of your networking contacts

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live in the company, CRM that you will no longer be able to access.

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Please make a duplicate CRM for yourself.

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There are a number of free databases that you can use.

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If you are an entrepreneur and you haven't invested in a CRM or a

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contacts database yet, please do that.

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I want you to get an understanding of how much you know about your network

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and I want you to be able to track how often you were in touch with them.

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Five.

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Network every week.

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Put yourself in a position to meet someone new every week.

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Either by going to events.

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Or by asking your existing network for strategic introductions.

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Remember the Chinese proverb about the tree.

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Start meeting new people.

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Now start diversifying your network.

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Now start expanding your network now.

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Six.

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Give back to the people in your network would have helped you along

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the way, ask them if they need anything, send them a handwritten

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note of gratitude, make a strategic introduction, offer your expertise.

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Be a sounding board, help them work through a problem.

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Be invested, not just in their success, but in their wellbeing.

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So here are six tips.

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Are there more.

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Yeah.

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Of course there's more, but let's start here.

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It's a good place to start.

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Okay.

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Onto the drink of the week since the S and P 500 recently slid into a bear market.

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And I am writing this post right before I head off, to Maine for a

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quick weekend way to visit family.

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I chose a recipe from the magazine edible mean called the hibernating bear.

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This recipe calls for all the things I love, honey.

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And Sage and of course, bourbon.

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Here's what you're going to need.

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Two ounces of bourbon, the recipe calls for a wiggly bridge.

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Actually I think Wigley bridge invented this recipe.

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they are made in New York and it's very, very good.

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But if you don't have access to Wigley bridge where you are, you

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just choose your favorite bourbon.

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Three fours ounce of honey Sage simple syrup.

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Now, some of you know, that I have an organic garden in my Sage

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plant is about like 10 years old.

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So it's huge.

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I also have a honeybee hive in my backyard.

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So I get my home honey every year.

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So I can make this Sage simple syrup from all my own shit.

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So in order to make it.

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Take one cup of water, half a cup of honey in 10 Sage leaves, combined

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ingredients in a small sauce pan, please over medium heat and bring to a boil.

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Reduce the heat to low and simmer for three minutes.

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Removed from the heat and when it's cool strain out, the Sage leaves.

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You're going to need an orange peel and another sagely for garnish.

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So what you're going to do is you're going to add all ingredients into

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a shaker filled with ice cover and shake for 15 to 20 seconds, please.

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One of those fun.

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Um, big ice cubes, a square or a circle into a rocks glass.

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Strain the cocktail into the glass and then rub the rim of the glass

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for the orange peel and then drop that into the drink and then smack.

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The Sage leave a couple of times.

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to get the oils to activate and then put that siege leave in the cocktail.

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All right friends, that's it for this week.

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Make sure to subscribe and review and share with your friends and

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get out there and start networking and building up your networking

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relationship capital until next week.

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