Networking Is About More Than Just Talking Businessstring(51) "Networking Is About More Than Just Talking Business"

October 20, 2022
, , , BNI, GAINS Effectively, GAINS Exchange, Networking, referral relationship

Many people think that networking consists only of talking about business and exchanging cards. That is a misconception, which is definitely part of it. However, it is not all of it.

In a networking group, you want to talk about more than just business with your fellow members. A referral relationship is more than, “I do business, you do business, let’s do business.” A much better approach is to find common ground on a personal level, make connections with other people, then talk about each other’s businesses.

The longer I’ve been involved in networking, the more I’ve seen the power of personal interests in making connections with potential referral partners. Successful networking is about building personal relationships. If you remove the personal part from the equation, you limit the amount of business that can happen.

The GAINS Exchange

Years ago, I developed the GAINS Exchange for BNI® members. The acronym stands for Goals, Accomplishments, Interests, Networks, and Skills. The idea is to have people share personal and professional information about themselves in those five areas to find overlapping interests or activities. For instance, if you and I have a common goal of completing a marathon, that gives us something more to talk about. We share both a goal and an interest, which opens the door to an engaging conversation and strengthens our connection.

In one BNI chapter I worked with when I was testing this out, there were two participants who had known each other for more than a year but had never done business with each other and really hadn’t made any connection at all. It wasn’t that they didn’t like each other; their businesses were very different, and they didn’t seem to have anything in common. They did not want to do the GAINS Exchange together. However, once they did, they found that they were both coaches for their sons’ soccer/football teams. They quickly became close friends and started helping each other conduct certain aspects of the soccer practices and shared coaching techniques.

Guess what? Within a few months after they started interacting on a personal level, they started passing business to each other. That’s right – they began referring business to each other. Two guys who had barely spoken to each other for a year because they had so little in common, ended up doing business with each other because they built a relationship over soccer, over football. Who would have thought that? I certainly didn’t, and yet when I saw the results, I knew that this was an essential business technique for people to build their business by referral.

Using GAINS Effectively

I recommend that BNI members use the GAINS Exchange every time they have a One-to-One meeting with fellow members. It is most effective to take turns – I talk about my Interests, both personal and professional, and then YOU talk about your Interests. Then I talk about my Accomplishments, and you tell me about yours, and so on. By doing it back and forth, you each have the opportunity to ask questions that allow you to discover your common interests. This is the foundation for a successful, mutually beneficial business relationship.


During your first One-to-One with another member, you may want to start with Interests first, which are often the beginnings of a relationship.
It’s okay to go out of order, as long as you each get to talk about all five of the GAINS topics.

 

 

Keep in mind that your GAINS Exchange information will need to be updated a few times each year. When one of your Goals becomes an Accomplishment, it needs to be noted. If you learn to speak Spanish, add it to your Skills section. Joining a Rotary Club is another Network on your GAINS profile. The most successful networkers meet with their fellow chapter members more than once, allowing them to find out what’s new.

  • Goals are how we help one another. It’s much easier to give referrals to someone when you know what they are trying to achieve
  • Knowing someone else’s Accomplishments lets you build their credibility.
  • Interests help us find common ground and build rapport.
  • Discovering each other’s different Networks lets us connect one another to diverse professionals.
  • Skills provide more credibility and open doors to doing business.

Business networking really is much more than simply telling someone what you do for work. It’s all about referrals. The goal is to build relationships with people that you know and trust. When you know and trust them, you are going to have the comfort to refer them to others and they will do the same for you.


By talking about more than just business with our potential referral partners, we find common, non-business interests that endear us to the other person. We move beyond salesperson and become a friend.

I’d like to hear from you. How has talking about more than just business helped you build your professional relationships?

 

 

 

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Relationships + Referrals = Revenuestring(35) "Relationships + Referrals = Revenue"

February 3, 2022
, , Givers Gain, Referrals, Relationships, Revenue 2

Successful business networking is based on developing relationships with the people in our networks. When people get to know, like and trust each other, they are willing to make introductions and referrals to contacts in their other networks. Those referrals can turn into new customers and clients, adding new sales for our business. That is how Relationships + Referrals = Revenue.

Relationships

To create success and harmony in our lives, it is important to build and maintain our  relationships – in our home, in our work, and in our community.

HOME
We get busy with day-to-day life, especially if we are working from home, and sometimes we take our family for granted. Remember to:
      – Be grateful. Tell the people in our homelife how much we appreciate them. Be specific, be sincere, and tell them often.
      – Show gratitude in a way that means something to them. We often treat others the way we like to be treated. Understanding behavior styles and recognizing the preferences of the people in our lives allows us to share our gratitude in a more meaningful way.  

WORK
Whether we are an entrepreneur or an employee, we spend a lot of time at work. We have business relationships with our team and co-workers.
Remember to:
      – Say thank you. YOU know how much you appreciate them, let them hear it.
      – Be helpful – ask, “How can I help you?” to create beneficial teamwork.
      – Avoid the “it’s not my job” attitude. Expect that everyone contributes in whatever way is needed to achieve success for all.

COMMUNITY
We are part of the community that we live in, whether it is small or large. Our community pulls together when times get tough and celebrates together when things go well.
Remember to:
      – Get involved with a service organization or a service project in your community.
      – Commit to regular attendance and participation with the groups you are part of.
      – Contribute your time, treasure, or talent to help others.

Referrals

We know that it takes time for others to have the confidence in us to get referrals from our network. When we have invested the time to establish strong relationships, and have given referrals to our networking partners, we move from visibility to credibility in the VCP Process®.  Remember to:
      – Actively listen and look for potential referrals for members of your network.
      – Follow up with networking partners to learn how the referrals you gave turned out.
      – Thank your referral partners for connecting with and taking care of the people you referred to them.

Revenue

We can only move to the “P” in the VCP Process – Profitability, after we have obtained credibility with our referral partners. This is after we have built strong and deep relationships, asked others how we can help them, and given referrals to them. That is when we begin to receive referrals for our business, and the revenue comes naturally as a result. Those referrals may come directly from people we gave referrals to, however, they often come from other indirect sources. When we give to others, in our home, our work, our community, it comes back to us in a variety of ways.

In BNI, we call this Givers Gain® and it is our principal Core Value. It is based on the age-old concept of what goes around comes around. Our relationships bring us referrals, which lead to revenue. When you help others, and they help you, everyone does better.

Referrals Work Both Ways

Referrals Work Both Waysstring(24) "Referrals Work Both Ways"

December 20, 2021
, Building Relationships, Business, Referrals 2

When you receive a referral from your networking group, it directly benefits your business. When you give a referral to someone in your group, it strengthens your network while benefiting your referral partner.

If you have a growing customer base, you’re going to be generating a lot more business for your referral partners. To strengthen your referral network and keep your business growing, you need to make sure your networking partners can handle all the referrals you will be providing.

Because referrals work both ways, it is important to build trust and develop deep relationships with your fellow networking members. You want to have One-to-One meetings with them; get to know them and their business well enough to understand the scope of their services and products. You can ask them detailed questions about their company to find out who their ideal customers are and how they are able to best serve them. This will help you identify possible referrals for them. You may want to ask about their plans for business growth to determine if they can accommodate the potential increase in clients from future referrals.

When you offer your referral partner a business opportunity they can’t handle, several things can happen. They may try to provide the product or service but do a poor job, upsetting the customer – your friend or colleague – which can damage your reputation.

They may pass the referral along to another businessperson that you don’t know, taking control of your referral relationship away from you and putting your reputation at risk. Or they may decline the referral, forcing you to spend additional time finding another person to give the referral to. You may have to go outside your network to put the prospect in touch with someone who can get the job done, which defeats the purpose of your referral network. You may even have to admit to your contact that you cannot help them after all.

Your ability to handle referrals from your network is equally important to your network’s ability to handle referrals from you. If your business grows big and strong but your referral network doesn’t, you will eventually become a network of one.

To keep this from happening, recruit new people and new professions to extend your network for the benefit of all members and take every opportunity to enhance your networking partners’ businesses. A true master networker works on building not just their own business, but the businesses of their fellow networkers, too.

Specialists Get More Referrals

Specialists Get More Referralsstring(30) "Specialists Get More Referrals"

August 16, 2021
, Ivan Misner, Networking

Your business may perform a variety of services or offer a range of products, however, if you want a referral, your description of what you do should be detailed and focused on a single aspect of your business.

Your referral sources will find it much easier to get you an appointment with a prospect if your sales message addresses the prospect’s specific needs. You’re an office-furniture wholesaler? No help. You specialize in custom-designed, made-to-order desks, shelves, in and file cabinets in large lots? Bingo – you got an appointment.

A Broad Net has Big Holes

I know it seems counterintuitive. The reality is that the more specific your description, the more likely you will receive referrals. People tend to say they do everything because they want to throw as broad a net as possible, catching everyone.

The problem with a really broad net is that it has big holes in it. When you say, “I’m a full-service printer; I do everything,” that doesn’t mean anything to your prospects, or to those who refer you to them. What they’re thinking is, I don’t need a full-service job. All I need is a particular kind of print job.

When you tell a referral partner that you’re a full-service provider, they have to mentally sort out all the people they know and cross tabulate what they do against all the things you do. That doesn’t work; people aren’t computers. It takes too much time and effort.

If you say, “Who do you know who’s a sports enthusiast? Here’s how they can use my product,” then you’re letting your referral source do a simpler kind of mental sorting. The more you can educate people about the different things you do–one at a time–the more likely you’ll get referrals in the long run. Getting referrals in a specific area does not preclude continuing to offer other products or services.

Narrowing Your Focus

When you present yourself as an expert in an area where someone needs expert advice, you become a specialist rather than a generalist. As the specialist, you can more thoroughly articulate what you do and how you do it to your referral sources, allowing them to easily present it to other people.

You may not be convinced that narrowing your focus is a good idea. You may think that if you present yourself as a specialist, you limit your potential referrals and future business; that is, you can’t do business outside your niche. The truth is, whether you’re a true specialist, or a generalist presenting yourself as a specialist in order to facilitate easy referrals, you are not limiting yourself by doing so. People are actually more likely to refer a specialist than a generalist.

Most specialists that do only one or a few kinds of business still offer related products or services. Yes, you’ve narrowed down your business to the things you like to do or do best, or bring you the most profit, but you can do other things, too.

Remember, specialists get more referrals. Eventually your referral partners need to know the full range of your products or services. Right now, they need to know the specific needs you can fill, because that’s what the customer focuses on in any given instance.

Can You Network Too Much

Can You Network Too Much?string(25) "Can You Network Too Much?"

August 5, 2021
, Building Relationships, Networking 6

Before I share the answer about networking too much, I have a question for you. How many hours do you spend each week doing networking activities for your business or your job?
This is networking activity, not client appointments or cold calls. Include ALL of the different networking that you do.

Average or Beyond?

In the book, Business Networking and Sex (not what you think), my co-authors and I surveyed 12,000 businesspeople and shared the results.

We found that the average businessperson spends six and a half hours a week on their networking efforts. This includes BNI and networking group meetings, chambers of commerce, civic and service clubs.

If our goal is to be average, we have to spend six and a half hours a week. I think that eight hours a week is more effective.

Wow, 8 hours a week! At first, it might sound like a big number. We all agree that networking takes time. It takes time to plan our networking activities and it takes time to attend them. However, there is more we can do to get the MOST out of those activities.

Effective Use of Networking Time

Do you arrive early and stay after the event to talk with new people and deepen the relationships with those you already know?

Do you plan what are you going to say about your business while networking?

Do you talk about a specific part of your business with a clearly defined Target Market that others can easily identify?

Do you listen, really listen, when others share about their business, taking notes to help you find potential referrals for them?

Do you have a prepared testimonial for one of your networking partners, telling others what a good job they did for you or someone you referred to them?

Have you contacted two or three business friends to attend the networking event with you? Maybe someone who is already a good referral source for you – are they getting the benefits of business networking?

Remember to follow-up with those who will be attending the event with you. A quick call or text the day before is reassuring to them and lets them know you want them to be there.

Do you review your notes after each networking activity to see if you have a possible referral for a fellow businessperson?

If so, take action – contact those potential referrals and make the connection to your networking friend who can help them.

Do you meet with strategic networking partners outside of organized events to continue building a mutually beneficial business relationship?

How about sharing something you heard at a networking meeting on social media? Not to sell anything, just to help advertise the expertise and business of others in your group.

Are you continuously learning about effective networking skills, techniques, and opportunities? There are many resources available to those who dedicate time for their own education.

All of these suggestions can expand your networking time in effective ways to get the results you desire.

So, is it possible to network too much? The short answer is, yes; if you are spending more than eight hours a week, you might be spending a little too much. You don’t want to burn yourself out. However, you can do well with a thoughtful, intentional plan for your networking efforts.

Remember that networking is a marathon, not a sprint. We invest two things in business networking – time and money. For the best results, TIME is our major investment. Do we want average results? Or are we willing to Give more to Gain more?

What is the best way to connect with your network

What is the best way to connect with your network?string(50) "What is the best way to connect with your network?"

July 15, 2021
Ivan Misner, Networking, Networking Prep, Networking Tactics 1

Their way. To build a powerful professional network it is important to connect and engage with them via the communication platforms that they use. This is particularly important if you need to develop a relationship with someone and want to get to know them professionally.

You have to go where they are, not where you are.

I learned that lesson after my children moved out on their own. My eldest would not respond to emails; she would not even answer the phone when I called her. I discovered, however, that when I texted her, she responded immediately. Rather than try to get her to move over to my preferred platform – email, I realized I could keep a good line of communication open with her by text.

My second daughter wouldn’t use email and didn’t use the phone to talk or text. She communicated by What’s App, which I had never heard of. However, I got the app and found a great way to communicate with her, usually with an immediate reply.

My son didn’t use email, or the phone for talk, text, or What’s App. How was I going to connect with him? I realized that he was a big online gamer on the platform called Steam, which had an instant messaging feature. I downloaded Steam and purchased a game so that I could instant message my son. It worked! If I saw him online and messaged him, I would get an instantaneous response.

I realized if I wanted to communicate with my children, I needed to use their preferred platforms, not mine.

A Lesson in Networking

This has taught me a lesson in networking. To stay connected to the people I meet, I need to go where they are, not stay where I am. That’s another lesson in networking: it’s not about me. It is about them. This applies to face-to-face networking as well as online opportunities. If building a powerful network is important to you, you have to go where your connections are. Don’t expect them to always come to you.

When we are growing our business and trying to increase our sales, we want to build relationships. As I have always said, networking is more about farming than hunting. We need to be in their territory, not our territory; we have to go where they are. That is where we will have the opportunity to do business.

How to find THEIR way

When you meet someone and plan to contact them again, ask them, “What is the best way to reach you?” or, “How would you like me to send that information to you?” Their answer will tell you their preference for future communications.

I recommend that you put their response into their contact information. Something as simple as “Prefers email” or “Prefers to be called” will help you to connect with them in their preferred way.

Staying connected to your network is important to grow business relationships. My children taught me that connecting with people in the way that THEY like to communicate is the best way to strengthen those relationships.

resist networking

Why People Resist Networkingstring(28) "Why People Resist Networking"

February 8, 2021
, , Credibility, Networking, Profitability, Visibility

Every year, people continue to resist networking even though successful people have used networking to grow their businesses. Networking provides a great return for a much smaller monetary investment as compared to the cost of traditional advertising. Why are so many business owners still not networking as a way to grow their business?

The four reasons why people resist networking

  • They are frozen by their fear

Having a fear of rejection keeps people from networking. The fear of interacting with strangers is paralyzing. Having low self-confidence, shyness, or an under-estimation of what they can contribute are reasons why they resist networking. Giving in to these fears is just plain bad for business.

  • They are too busy

Not having time to network is another excuse many people use as to why they are not networking. People believe that they are too busy already. They think that it is not worth the time or stress it takes to network. They resist networking because they believe that their current time obligations are more important. Being “too busy” is an excuse when people are not clear on their networking goals.

  • They are “hunting”

People resist networking because they expect immediate results. They are impatient and don’t understand the value of taking the time to build strong relationships first. “Hunters” want a quick sale as opposed to following up and establishing credibility over time with others. They do not follow up with the people they connect with and get no results.

  • They are talking more

People often resist networking because they pitch their sale in a room full of competition. I was at a big networking event with more than 500 people in the UK one year, and the person who spoke before me asked the audience: “How many of you came here hoping to do some business–maybe make a sale?”  More than half the people in the audience raised their hands. He then asked, “How many of you are here hoping to buy something?” No one raised a hand–not one single person! This is the networking disconnect and they are not listening.

The four reasons why successful people network

  • They are focused by their fear

Successful people are not blocked by fear. They are focused on meeting others when networking. Not only are they building their business visibility, but successful networkers also have a good time building new relationships with others.

  • They value their networking time

Successful people have clear networking goals. They know what they want to gain with their networking time. Successful networkers have learned that breaking out of their routine is an enriching experience. They have found ways to incorporate networking into their schedule.

  • They are “farming”

Networking is not a “get-rich-quick” scheme. Successful networking is more about farming than it is about hunting. We have to cultivate good relationships that pay us back over the long term, year after year. Networking works by building credibility with strong relationships.

  • They are listening more

Networking is not like “cold-calling.” It is not something you do to someone. It is something you do with them. Networking is a conversation. It involves more listening. Don’t forget that a good networker has two ears and one mouth and should use both of them proportionately.

Networking involves building a strong relationship. The first of the three phases of networking is visibility. You and other individuals become aware of each other. When networking, you become genuinely interested in the other person as you get to know each other. This interest in each other leads to credibility with each other. This credibility will build and will create opportunities over time to provide referrals. Those referrals will ultimately lead to profitability resulting from your networking efforts.

Social Capital

Build Social Capital by Networkingstring(34) "Build Social Capital by Networking"

June 18, 2020
, , Classic Video, Networking, Networking Prep, Social Capital, Video Blog

Social capital, otherwise known as the value behind your social contacts, can be an extremely important resource in both business and life.  If you take as much care in raising and investing your social capital as you do your financial capital, you will experience benefits that can greatly enrich your life as well as multiply your material returns many times over. Investing in your networking is one of the best investments you can make to secure future success for yourself and others with whom you network. Below, I share my 4 step process to build your social capital, the international currency of networking.

Social Capital

This is acquired through networking because successful networking is all about building and maintaining solid, professional relationships. The trouble is we don’t have the natural community-like business relationships that existed before. Many business owners hardly know their neighbors, let alone the local businesspeople in town. Therefore, networking is critical to an individual’s success in business.

Effectively developing your networking can be a daunting task. However, doing so within a structured, organized networking framework will leverage your efforts. You begin building your capital to positively impact your bottom line.

Here are some keys to creating social capital

  • Give your clients a personal call
  • Call all the people who have referred business to you
  • List 50 people to stay in touch with
  • Follow up with everyone

As you invest your time in developing your networking, you are increasing your bottom line. Strive to make the most effective use of this investment. Do everything possible to thoroughly enhance the relationships you develop in the coming year because social capital leads to improved financial capital.

Watch the video and then take a minute to leave a comment below. I would love to hear your story about how investing in your social capital significantly paid off for you.

Business Networking Diversity

Business Networking Diversitystring(29) "Business Networking Diversity"

June 11, 2020
, , Building Relationships, Business, Diversity, Networking, personal story, Social Capital 2

I believe that it is important to build a diverse network of professional contacts that include people with different interests and backgrounds.  The only thing that they should have in common with you is that they should be really good at what they do.  Create a personal network like that, and you’ll have a network that can help you succeed at anything.

It is human nature to build friendships with people that are like us.  The problem with surrounding ourselves with similar people is that they also tend to have similar contacts and know the same people as us.  When networking, it may be difficult to make connections with new people or companies with whom we desire to do business. In running a large business networking organization for over the past three decades, I often speak to people who tell me they want to network exclusively business professionals who have similar clients.  Although it is good to include these people in your personal network, networking with them exclusively would be a tremendous mistake. When it comes to business networking diversity, you never know who people know.  One of the important keys to being successful at building a powerful personal network is diversity.

A diverse personal network enables you to increase the possibility of including connectors or “linchpins” in your network.  Linchpins are people who in some way cross over between two or more clusters or groups of individuals; this allows them to link groups of people together easily.  The best way to increase the number of possible connections in your network is to develop a diverse network. The strongest networking groups I have seen over the years are generally the groups that are diverse.  I believe that one of the problems in understanding this concept is a somewhat built-in bias that many people have about networking with individuals that are outside their normal frame of reference.  Let me share a story:

An incredible voice, an incredible connection from networking diversity.

Patti, a BNI Director, arrived a little early to a BNI meeting that met in a private meeting room and noticed an older gentleman setting up coffee mugs in preparation for the meeting.  She struck up a conversation with the man while waiting for the BNI members to arrive.  In talking to him, she was really taken by the amazing tenor of his voice.  She mentioned to him that he had an incredible voice and asked what he did before this.  The gentleman informed her that he used to be a commentator for CNN!  He went on to share with Patti that in his later years, he wanted to work in a less hectic job as well as live closer to his daughter.  He decided to take on the job of managing these private meeting rooms because it gave him an opportunity to be close to his family while having a less hectic career later in life.

Later during the meeting, one of the BNI members, Don, mentioned in his featured presentation that his goal is to host a radio talk show someday. He was looking for some contacts that could help him pursue this dream.  After the meeting, Patti asked Don… “Do you see that guy over there (pointing to the ex-CNN commentator)?  Have you seen him before?”  “Yea,” said Don, “he’s the guy who sets up the coffee for our meeting.”  Patti said to Don, “Did you know that he used to be a broadcaster for CNN?”  Don said, “I had no idea!!!”  Patti suggested that Don introduce himself. Don had seen the man on many occasions but had not struck up a conversation with him because he felt that they had little, if anything, in common.  The truth is when it comes to networking – not having a lot in common with someone may mean that they can be a connector for you to a whole world of people that you might not otherwise be able to meet. This resulted in creating an incredible connection for Don in the broadcasting industry. Don now hosts a local radio talk show.

Diversity in your network is the smart thing and the right thing to do.

NETWORKS AREN’T FLAT: The Seven Stages of Professional Relationships by Andy Lopatastring(85) "NETWORKS AREN’T FLAT: The Seven Stages of Professional Relationships by Andy Lopata"

June 1, 2020
Andy Lopata, Author, Book, Networking 3

Today’s guest blog is an extract from Andy Lopata’s book, “Connected Leadership”, about the seven stages of professional relationships.

When we picture a network it’s easy to visualize a flat entity, a single structure comprising all of the people we know. Much network theory focuses on the number of people in the average network, with classic studies such as Girard’s Law of 250(1) and the Dunbar Number(2) often quoted.

In my opinion, both of these studies are flawed. They are flawed in their interpretation: The Dunbar Number was never intended as an indication of the average network size. They are outdated: they were both developed in the last century, well before social media dominated our lives and networks. And flawed in the basic premise: Girard’s Law is based on the observation that the average number of guests at a wedding or funeral is 500. I went to a funeral recently that was described as ‘busy’ and I can promise you that nowhere near 500 people attended.

The way both studies have been used in network theory is the biggest flaw. We have been told that ‘the average network size is 250’ (based on Girard’s Law). Other objections aside, this oversimplifies the nature of a network.

Rather than being a flat structure or simple grouping of contacts, networks are more complicated organisms with people flowing in and out and between various levels. I tend to visualize a network as seven levels of a professional relationship with a group of expanding circles, much like the side section of half an onion.

The Seven Stages of Professional Relationships

Within that network, there are seven levels of a professional relationship:

  1. Recognize
  2. Know
  3. Like
  4. Trust
  5. Support
  6. Advocate
  7. Friend (moving into your personal network) 

 

Towards the center of the network are people you have a lot of time for and want to support. That feeling is likely to be reciprocal and you’d be available whenever the other party needs and, at stages six and seven, actively looking out for each other.

This is what we’d call your trusted network, people you are likely to see day in day out, week in and week out (although absence doesn’t necessarily exclude people from your trusted network).

As you move further out through the layers, the relationship becomes a little less trusted, not as deep. You might see each other less frequently, be less inclined to share openly with each other, or ask for help.

At the outer edges of your network are people who come in and out. If we meet at an event or dinner party I’ll be in your network for a few days. By that, I mean that if we bump into each other or I call you, you will remember me and know who I am. But that link is tenuous. After a few days or weeks, we will probably be strangers again.

Compare this to someone in the center of your network. You could probably go three years or more without speaking to each other but still, pick up where you left off as if no time had passed.

People on the outskirts of your network will come in and out. If you want to embed people in your network, your first challenge is to get beyond that outer circle and into their long-term memory.

 

Andy Lopata‘s book, “Connected Leadership” can be bought from amazon.com at a promotional price of $0.99 TODAY. As Ivan’s readership is global, this page lists the book on all of Amazon domains. 

waste of time

Is Your Networking a Waste of Time?string(35) "Is Your Networking a Waste of Time?"

May 14, 2020
Networking 1

Do you suffer from “butterfly-itis” at the very mention of networking at business functions? If you answered yes, you are not alone. Many entrepreneurs get a bit uncomfortable when it comes right down to walking up to someone and starting a conversation. Many others are concerned about getting effective results from the time they spend networking. Leave out any of these strategies, and your networking is just a waste of time.

My Top Ten Networking Tips:

1. Have the tools to network with you at all times. These include an informative name badge, business cards, brochures about your business, and a pocket-sized business card file containing cards of other professionals to whom you can refer new business.

2. Set a goal for the number of people you’ll meet. Identify a reachable goal based on attendance and the type of group. If you feel inspired, set a goal to meet 15 to 20 people, and make sure you get all their cards. If you don’t feel so hot, shoot for less. In either case, don’t leave until you’ve met your goal.

3. Act like a host, not a guest. A host is expected to do things for others, while a guest sits back and relaxes. Volunteer to help greet people. If you see visitors sitting, introduce yourself, and ask if they would like to meet others. Act as a conduit.

4. Listen and ask questions. Remember that a good networker has two ears and one mouth and uses them proportionately. After you’ve learned what another person does, tell them what you do. Be specific but brief. Don’t assume they know your business.

5. Don’t try to close a deal. These events are not meant to be a vehicle to hit on businesspeople to buy your products or services. Networking is about developing relationships with other professionals. Meeting people at events should be the beginning of that process, not the end of it.

6. Give referrals whenever possible. The best networkers believe in the “givers gain” philosophy (what goes around comes around). If I help you, you’ll help me and we’ll both do better as a result of it. In other words, if you don’t genuinely attempt to help the people you meet, then you are not networking effectively. If you can’t give someone a bona fide referral, try to offer some information that might be of interest to them (such as details about an upcoming event).

7. Exchange business cards. Ask each person you meet for two cards-one to pass on to someone else and one to keep. This sets the stage for networking to happen.

8. Manage your time efficiently. Spend 10 minutes or less with each person you meet, and don’t linger with friends or associates. If your goal is to meet a given number of people, be careful not to spend too much time with any one person. When you meet someone interesting with whom you’d like to speak further, set up an appointment for a later date.

9. Write notes on the backs of business cards you collect. Record anything you think may be useful in remembering each person more clearly. This will come in handy when you follow up on each contact.

10. Follow up! You can obey the previous nine commandments religiously, but if you don’t follow up effectively, you will have wasted your time. Drop a note or give a call to each person you’ve met. Be sure to fulfill any promises you’ve made.

The process doesn’t have to be traumatic, scary, or a waste of time. When done properly, it can truly make a difference in the amount of business your company generates. With the right approach, you can use it to build a wealth of resources and contacts that will help make your business very successful.

Three Big Lies

Three Big Lies About Networkingstring(31) "Three Big Lies About Networking"

December 2, 2019
Networking 4

Misconceptions about networking are widespread, even among business professionals. Before you can commit yourself to the task of building a healthy network, you probably need to overcome at least one of these three big lies about networking.

I can’t network if I’m not an outgoing person.

There are many techniques that can make the process a whole lot easier. For example, volunteering to be an ambassador or visitor host for a local business networking event can be a great way to get involved without feeling out of place.

When you have guests at your house or office, what do you do? You engage them; make them feel comfortable; you offer them something to drink. What you don’t do is stand by yourself sulking about how you hate meeting new people. By serving as a visitor host at your local chamber event, you effectively become the host of the party. Try it, you’ll find it much easier to meet and talk to new people.

The person-to-person referral business is old-fashioned.

Today, most people do business on a larger scale, over a broader customer base and geographic area. The personal connections of the old-style community and the trust that went with them is mostly gone. That’s why a system for generating referrals among a group of professionals who trust one another is so important, and it’s why referral networking is not only the way of the past but the wave of the future. It’s a cost-effective strategy with a long-term payoff. It’s where business marketing is going, and it’s where you need to go if you’re going to stay in the game.

Networking is not hard science. Its return on investment can’t be measured.

I once suggested to the dean of a large university that the business curriculum should include courses in networking. His response, “My professors would never teach that material here. It’s all soft science.”

Why don’t business schools teach this subject? I think it’s because most are made up of professors who’ve never owned a business. Almost everything they know about running a business they learned from books and consulting.

Business schools around the world need to wake up and start teaching this curriculum. Schools with vision, foresight, and the ability to act swiftly (the way business professors say businesses should act) will be positioning themselves as leaders in education by truly understanding and responding to the needs of today’s businesses.

Successful entrepreneurs understand the importance of a strong network and are willing to put in the time it takes to develop fruitful connections. If any of these three big lies are holding you back, it’s time to correct it with the tips provided and watch your business grow.

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