It was only during a sleepless night at a Travelodge (not to be recommended by the way) that I started to mull over why some people really use the power of their network and others fail. I think there are probably 4 key reasons people fail: thinking too narrowly, taking and not giving, lacking the right tools and neglecting their network.
This inspired me to write this article and suggest that there is a model we can all follow, to grow our businesses, which is based primarily on the power of the network.
A network with strength and breadthEvery business is aware of the need to spread risk, especially in terms of clients that they have or industry sectors that they serve. Certainly the many small motor component makers who have suffered as a result of the Rover collapse would agree.
The same is true of your network – or maybe I should say networks.
The first step is to consider what networks you have – work related (past jobs), clients, suppliers, family and family related, friends, social and sport related, “official networks” e.g. fellow members of the Chamber, trade groups or other networking organisations, the list is endless.
Considering the types of network gives you a structure for thinking about who is in your network. Make a list of everyone in your network and at this stage at least don’t confine yourself to people who have anything to do with your area of business or in fact any kind of business connection at all.
This exercise alone should generate some new ideas – it may be for products or services that you could offer or target groups that you could communicate with in a particular way – it may help you to realise (as it did for me when I repeated this exercise recently) how your network has already helped to grow your business.
Make sure you really push the boundaries in thinking about your network – have you thought about all the places you used to work or jobs you have done and all of the contacts related?
If this exercise alone doesn’t help you spot significant opportunities to grow your business I’d be very surprised.
It's better to give than receiveWell, almost. Bear with me here. Answer this question for me – what should be your number one priority or objective when you are networking? If you say any of the following:
I think you are wrong, and probably going about things in a way that won’t get the best results.
I think the number one reason for networking is to make and develop contacts.
The best networkers are the people who know everyone. The people who would be able to put you in touch with someone who can help you in your business. They are the people in a crowded room of business suits everyone gravitates towards. And that’s not just because they are a great person (although inevitably everyone thinks they are) – it’s because they always have something for you. Whether it’s a piece of local business news or industry gossip, a new contact to introduce you to, a prospective client or a useful article or fact sheet that they’ve written.
Think about it. If this person is an accountant – who’s everyone going to recommend the next time they are asked if they know a decent accountant. In fact it’s unlikely that you’d know whether they are a good accountant or not but you will have formed an impression and therefore an opinion which is based on the contact you’ve had and how much ‘giving’ they have done.
Think of what you can do to make yourself this person. There are a few tools that will help
Assemble your networking toolsThere’s no rocket science in this and really there are only two tools you need – your ears and your business card.
You need your ears (and hopefully what’s in between them) so you can spend time listening. Don’t forget your goal is to make contacts and develop those contacts to a point where you can refer work to them and they feel comfortable to refer work to you.
If you ask the right questions and listen carefully to the response you will spot opportunities which are of mutual benefit.
Of course you will bump into people who don’t understand the rules of the game and just want to give you the hard sell. But even with these people if you ask the right questions you can get something out of the relationship. Indulge them a bit – ask them about their business but very pointed questions which might prove useful later on – like what their competitors are up to at the moment and the old classic “if I could introduce you to the ideal client who would that be”. These questions are carefully chosen to make them stop and think. The second item, your business card, is essential because it provides the initial mechanism for keeping in touch. In this instance too – be a giver. Give your business card to everyone in your network – although normally the best time to do so is when you’ve requested and received their card.
Keep in touchThe final rule to using this business model to grow your business is that you MUST keep in touch with people in your network. There are no real hard and fast rules for how you do this or the frequency – in fact that will all depend on the nature of your relationship. All of the following are suitable keep in touch methods:
If you follow this business model – and really explore the strength and depth of your network, if you focus on what you can do for those in your network and you make sure you keep your network alive through regular contact, you will be able to grow your business – perhaps in ways you never dreamed.
Article written by Teresa Harris of Second Opinion Marketing. Teresa is an independent marketing consultant working with professionals and professional service businesses that want more from their marketing.
Contact: Teresa on 01789 740396 or email Teresa here.
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