business networking - is it working for you?

by Julie Keyes, RFN Academy Instructor

For new and existing value acceleration and transition planning professionals, business networking meetings can be a superb way to exchange leads, meet potential customers and forge lasting human connections. They can be a figurative goldmine when it comes to getting yourself out there and scouting for those integral professionals needed on any ideal team.  

On the other hand, some people perceive networking in a negative light, as a waste of time and resources, like trying to pick up corn after a bunch of chickens. But, like a great number of things, it doesn’t have to be an exercise in futility if you approach it with intention and strategy.  

If you have thought about attending networking events but find yourself on the fence or unsure of how to make the most out of these opportunities, here are four suggestions for selecting and effectively utilizing networking to open personal and professional doors. 

1. How to Select a Business Network to Join 

All networks are different. Some are geared towards making casual social contacts, some are more formal and some are service-oriented. Seeking new clients for financial advisement is very different from soliciting businesses to contribute to a breast cancer run. Before you do anything, you need to ask yourself what kind of group it is you are looking to become involved in and determine if a specific event aligns with your criteria.  

For example, consider if an event will attract a lot of financial planners. Are services replicated within that one group? Certain industries and professions are over-represented within network groups, so naturally, there must be some under-represented ones too. This can be your opening.  

Additionally, get some specifics about the group. How long has it been in existence? How many members are there? What professional affiliations, domestic and international, does it have? How are meetings structured? How is an agenda created? What is the cost of membership? What do members say? Testimonials are telling so find as many as you can to help answer your questions. 

2. What to Do While at Networking Events 

Almost all network gatherings will have an informal social time prior to a presentation or an icebreaker, like elevator pitches, that you should prepare for. To make the most of this “meet and greet,” scan the guest list where possible. Look for people you know and anyone you’d like to and be prepared not just to talk but to listen. 

When conversing, it is imperative to show interest in what’s going on in the other person’s business. The only way to gain clients is by getting to know their businesses and the specific problems they face on a daily basis. How can you design solutions that matter to them without an intimate knowledge of what they need? 

3. Don’t Try to Talk to Everyone, But Make a Positive Impression 

Even if you don’t anticipate a particular person becoming a client, or vice versa, you never know when someone may be asked for a referral. If you only talk about yourself and show no interest in being of value to other people, it’s unlikely they’ll refer you to their friends and colleagues – people who may be good prospects for you. 

It is also best to minimize conversations about family and health problems. While these are huge components of our lives, these topics can lead to conversations that eat up the limited time you have at an event. Your goal is to go home with a few business cards, not to work the room and collect cards like poker chips.  

Ideally, you will meet at least one person who you want to get to know better for a “one-to one” in the future. Come up with a system for dealing with the cards you receive. There are a variety of smartphone apps that allow you to photograph business cards, which are then stored in a searchable archive. No more stacks of cards to sift through! 

4. Maximizing the One-to-One 

At or after networking meetings, try to arrange follow-up meetings with the people you’re interested in. Ideally, you’ll meet within ten days while the event and conversations you shared are still fresh. A local coffee shop can be an inviting, pleasant setting, but you may prefer other venues. This one-to-one is where you build trust with the person and share and receive more information about your businesses so location matters.  

Think of the process as “know, like and trust.” Let them tell their story first so you can get a feel for their style. Again, search out common ground upon which you share business problems and potential solutions. Similarly, avoid long discussions of children, spouses and health problems. This is best left to future discussions after your relationship is established. If the other person delves into these areas, gently steer the conversation back to the common ground of your businesses. You do not have to make something happen during this meeting, but if you sense the other person is interested in learning more, you can move to the next step. 

Julie Keyes is the creator and RFN Instructor of Jumpstart Your Exit Planning Practice. Learn More.