Step Up Your Networking Know-How

People are always asking me what I consider the number one most important element for growing a profitable business. And while I could answer that question from many different angles, I have to say the true gold is in your network. It’s nearly impossible to make good money in any business without having a solid network.

We've all heard the old adage, “it’s not what you know, but who you know.” Consider this wisdom of the ages, my friends. I could not have built a million dollar business without building a million dollar network along the way, and neither will you.

But as obvious as this advice may seem, as soon as I mention the word "networking" to the business owners I coach, many of them cringe. When I tell them to get out there and network, some of them recoil in near horror.

Here’s the problem. Networking gets a bad rap. And it’s no wonder. I’m willing to bet you’ve attended something called a “networking event” and found it to be one of the most dreadful experiences of your life. It was poorly run. Annoying people walked around passing out cards. Inexperienced entrepreneurs rambled incessantly about god knows what. And you walked away with nothing but a wasted afternoon.

Well, I have some good news for you. What I described above is not networking. At least it isn’t effective networking.

Effective networking requires strategy and persistence. Here are a few tips to get the biggest return on the time and effort you invest into networking.

1. It’s critical to keep in mind that your network should consist of more than just clients and potential clients. Other business owners who service a similar clientele are equally as important. And an expansive network of professionals in many different fields can become a fruitful source of referrals.
2. Follow up shortly after initially meeting an interesting contact with a personal phone call or personalized note. Create a system for tracking your contacts and use it to keep in touch consistently.
3. You have to nurture relationships over time. When you make a genuine connection with someone, it’s crucial that you give without expecting anything in return. Reach out on a regular basis with referrals, useful information, and just to say “hello.” Don’t just contact someone when you need something.
4. Join professional organizations in your industry, mastermind groups, and formal networking clubs with strong reputations. Don’t water down your efforts. Be highly selective about where you spend your time.
5. Follow through on promises and stay true to your word. Nothing is more important to developing your network than integrity.

Keep in mind, the most successful people never consider networking a burden. Networking should be something that enriches not only your business, but also enriches your life. Creating meaningful relationships with people enhances your experience as an entrepreneur. Think of the financial reward as a fantastic side effect.

Love it or hate it? I want to hear your thoughts. Comment below on your Networking Know-How's

‍