Who You Know

18 Jun Who You Know

“It’s not what you know, it’s who you know”

Business owners recognize the power of networking: finding opportunities to meet new people who could eventually become potential partners or new clients. They network in order to learn from industry experts and expand knowledge. Networking means branching out and looking for new avenues to build the business.

Think how many times each week your friends post on Facebook that they are looking for a plumber, copy editor, the local snake catcher or any one of a thousand services. People could look in their local phone book but it’s easier for them to tap into their existing network. Which means you reaching for your Rolodex of contacts, finding the right person for the job and recommending them. And you never know how that will pay off down the road…

Recently a small business owner told us that 9 out of 10 of their clients came to them via referral. Sometimes that could be via a satisfied client or via another entrepreneur who knows you and feels confident recommending you for a specific job. At the end of the day, networking is about building lasting relationships and investing in them so doors will open or you’ll feel comfortable asking your network for a favor in the future.

Beit Shemesh business owners- join us next Sunday for TeamUp’s first networking breakfast!

Face to Face Meetings

In-person meetings, whether at events or one-on-one, help create better and stronger connections. In fact, a Virgin study from 2014 found that 85% of those surveyed preferred in-person business meetings because it helped to build stronger, more meaningful relationships.

Events are the easiest way to meet many people in one place. If you’ll be attending an event, here are a few ways to maximize your networking time:

• If possible, look at the list of attendees before the event and decide in advance who you absolutely have to meet. Do research (LinkedIn is extremely helpful here) to learn more about who they are and what interests them.
• Have your elevator pitch ready. There are many people in the room and you might get a very limited amount of face time, so maximize the opportunity. But it’s important to remember to reciprocate: leave the other side time to introduce themselves so you can hear about their business and exchange contact information.
• Don’t be too aggressive. We’ve all been there and it’s not pleasant.
• Don’t turn your few minutes with each person into a sales pitch. Keep it brief and interesting and ensure that people want to know more post event.

Besides meeting people, you shouldn’t be shy about playing matchmaker! If there are people at the event who you believe need to meet, get them together so they can talk. This works online also- as your network expands, you’ll be able to refer people in your network to other businesses seeking consultants or service providers. And the people you refer out will hopefully do the same for you.

A day or two after the event, review the list of people you met and send them a follow-up email. Hopefully you have a sense of who could be helpful now or in the future. Everyone met many people at the event and an email reminder of your brief talk is helpful in establishing the relationship. The email could include an invite to meet for a cup of coffee, more information about your company which you think would be relevant or simply a thank you for talking with you and hopefully you’ll find a way to collaborate down the road.

Networking is not a game of who can collect the most business cards. It’s how you use those business cards to be generous and helpful to others, stay connected and figure out how each connection will help your business move forward.