Networking – A necessary evil? Here’s our top 5 tips

For many business owners, networking is just another thing that we know that we have to do. Getting out and meeting potential clients, suppliers and referrers is key to growing a business but with the associated time and financial cost how can you ensure that your time is well spent?

Pick the right events – you don’t have to go to every networking opportunity! Consider the calibre of the people in the group, frequency of meeting and expected commitment before you sign up to a networking group. For me, lunchtimes or breakfast meetings work better and events with a higher proportion of corporates. Free events can be great when you’re starting out but it may be worth every penny to attend events where there is an entrance / membership fee if you’re looking to network with a more committed group.

Here are our top 5 tips for making networking work for you:

1) Don’t expect instant results – People buy from people they know, like and trust. Consider how you can build relationships and ‘win win’ opportunities with the networks that you’re interacting with. Attend regularly, don’t dismiss anyone in the room as you don’t know who they know and ‘be present’. Too many people interact with their phone, more than they do with the people in the room. Turn your phone off and alert clients and suppliers that you will be unavailable during the time that you are networking.

2) Think about how you can help others – We’ve all been there, you’re busy telling a potential prospect about your business and you can see them looking over your shoulder to see who else they should be speaking to in the room! Actively listen to what your contact is telling you, show interest and ask questions of understanding. Consider how you can help that person find more clients, solve a problem or extend their network. By showing that you care about what you’re being told will encourage them to listen to you. Equally, don’t dismiss any competitors – there may be synergistic opportunities for you both. You may be able to JV on bigger projects or swap skills. Some of my best agency contacts have come through listening to the pain points of my competition.

3) Bring business cards – In an age of technology, business cards are seen to be a bit old-fashioned but they are a key tool for networking. A lot of networking events include a section where people swap business cards and they are a useful reminder of who you spoke to and what you discussed. I often write on the business cards I collect – just useful information about the work that the person does, the type of referral they are looking for etc. Make sure that your business cards are printed on good quality stock, clearly state what you do and your contact information. Some people even include pictures on their cards to make them more memorable.

4) Prepare your elevator pitch – Write down and practice your elevator pitch – this is the 30-second / 1-minute speech that sums up what you do and your business. Be specific and concise and demonstrate the benefits of what you do for your clients not just the activities you perform. For example, instead of saying ‘My name is XXXX, my business is XXXX and I’m an accountant who looks after SME clients’ say ‘My name is XXXX, my business is XXXX and I’m an accountant who specialises in minimising my clients’ tax liabilities and saving them money. On average, I can save a client XXXX amount if they have a turnover of xxxx’. Give an example (where confidentiality allows) of how you’ve done this and include a short line or two of the types of clients you’re looking to help and support. Be clear in your elevator pitch, avoid jargon – not everyone understands your industry and finish off with a reminder of your name and business.

5) Follow up – Avoid turning up late and leaving early and always follow up if you promised to. Think about who you could meet up with outside the networking event for a coffee / lunch to find out more about them and what they do. This of course directly relates back to point 1 of our tips about building relationships. Don’t blanket email everyone in the networking event with a generic email – many groups have quite strict rules on this and you don’t want to get banned or a bad reputation before you start. Only contact the people you have spoken to directly. If there is someone in the room you’d like to get to know better, speak to the networking event organisers to ask them for a referral or to introduce you properly.

To summarise:

Don’t give up. We’ve received introductions and referrals up to 2-years after attending an event, which has led to great business opportunities and quality work. If you follow our 5 tips – you can make networking work for you too!