Networking – What is it really all about?

Is networking meeting up once a month for an enjoyable round of coffee (and cake) and telling those present about what you do?

While this is enjoyable and its nice to know about other businesses and what they do and a great way to meet people, if you’re really serious about your business, is it really going to be of benefit? can you clearly state tangible outcomes for your business?

Is networking about going along to ‘networking’ clubs or meet ups where you pay to meet people, exchange business cards and find out about what other people are doing?

Another enjoyable past time. It can be a great way to begin real networking because in finding out what people actually do, you can work out how they can work, help or buy from you and how you can reciprocate that back. this may not be the same either way. However, are you really going to be able to do that at that particular busy event? In my experience – not. What’s needed is further communication between both parties by phone, email and a meet up! It takes time to properly understand what others do and who they are!

Is networking about paying to join a networking club?

Investing in your business is essential for success anyone who doesn’t invest is nuts! However, look at what’s being offered. Yes, meeting high powered business people is great but ask yourself how are they going to do business with you and be realistic! If they’re not, can you learn from them? What do you need or want to learn from them? What is the networking club offering? Meet ups, opportunities to meet people? While both of these are great, we’ve already seen that networking is so much more!

Is networking being given the opportunity to meet business experts?

Meeting experts, hearing their story and understanding what they’ve done to get where they are is positive. However, are they going to give you practical and tangible tips and advice that can really help you in your business? If not then going to an event where they’re speaking is of no more use to you and your business but is just as pleasurable as seeing your favourite band or show!

Is networking exhibiting at a business event or show?

It could be the start of networking. However, like many of the above you’re not going to have a meaningful conversation at the event. This is merely an opportunity for an introduction! What you do after will determine what happens next! The host of the show should be able to give tangible examples of how exhibiting at their event has helped other businesses. Some organisers will say “all our exhibitors said that the event really helped them” or “all the exhibitors and visitors rated the event 9/10”. My own response is “that’s nice”. I want to know how exhibiting actually improved them or their business! A response like “3 businesses gained 4 more customers/business referrals” is tangible. This might persuade me to exhibit.

What is a network?

1. Connect as or operate with a network
2. Interact with others to exchange information and develop professional or social contacts

I have been to many business events. I’ve made lots of professional contacts. Through these I’ve worked with professionals, referred others to them (increasing their business), bought products and services from them (increasing their business), invited them to business meet ups that I know will help them in aspects of their business (which could potentially increase their business).

In turn they’ve done the same! For me that’s true networking! Ongoing communication and working with people in this way, is the one thing that will build lasting relationships and trust. Remember, communication is much more than just talking to one another!

Don’t underestimate the importance of the social element of networking but keep a balance and don’t make it the main or only part!

If you do join a business networking club, look carefully at what’s being offered! It has to be value for money, you have to understand and clarify and quantify exactly what’s on offer to you and your business! Look at your planned KPI’s (Key Performance Indicator’s) in your Business Plan for the year ahead. Being a member has to be more than, meet ups, listening to speakers and business experts. What’s on offer has to be tangible and measurable to you and your business otherwise why bother? Ask yourself, what will be different in my business a year after joining this business club? If its I’ll have had great nights out and met lots of people, is that important to you?

Networking clubs are all different and costs vary. Look and shop around to find one that’s really going to help you. Those organising networking clubs should teach you about best practices in business. The do’s and don’t’s in business. They will have the best overview of their members and they will know who to link together and more importantly the why they should!

Networking clubs should actively encourage their members to do business together, they should make the introductions and could even organise member meet ups. Networking clubs should find out at the beginning what you need and understand why you need it. They should make that your KPI (Key Performance Indicator) their business KPI for the year ahead! If you need grants or loans they should not only tell you but should be able to directly or indirectly help you to apply.

I’ve often wondered why we pay membership to business clubs and then pay a meeting cost in addition? With other clubs you pay an annual fee and group meets are free to members! Special events might include a reduced cost for members. A well planned business of any kind knows what its annual costs are likely to be and should be able to forecast the annual income needed and understand how many customers/members they need and how much to charge them to cover it all.

Networking – What is it really all about? It’s about considering a lot of factors and its about being serious in your business!