I have made pretty much all the mistakes one can make when it comes to networking. I have had endless lunch meetings that are followed with the bewildered feeling of why I am not being referred business. I have attended hundreds of networking events where I am left with a contact list and I look at some of those names and scratch my head saying, “Who is this person and where did I meet them?” We’ve all been there.
Now, after eight years of developing business, I think I have finally started to master the art of networking. For those of you who are interested in becoming better networkers, I would like to assist you in by-passing the eight years of stupid mistakes that I have made so that you can gain the momentum you need to succeed in your efforts.
Catastrophic Mistake No. 1: Failure to Qualify Yourself and the Other Person
It is important as you start meeting new people to understand whether or not YOU are in a position to help them. Networking is about building relationships and giving. Also, you need to understand if they are in a position to help you. Now, I premise this by saying that just because a person is not in a position to help you right now or vice versa, does not mean you should give up on the relationship. Things change and you may find yourself in a position to help that person down the road. I have a business associate that I have known for seven years. Although we always really respected each other, we were never in a position to refer business to one another. However, we would make a point to meet at least once a year. Out of the blue one day he called me and asked if I would take a look at his new business plan. I gladly obliged. After spending some time understanding his business plan, I realized that I had tons of people that I could refer to him. Today, we do more business together than anyone else in our networks. Prior to that I had to admit to this person that I was not in a position to help and neither was he. But a change in his business strategy put both of us in a position to refer.
Catastrophic Mistake No. 2: Failure to Have a Next Step
Anyone in business development will tell you that if you fail to determine the next step with a prospect, that your sale is dead in the water. It is no different when it comes to networking. Once you meet with someone and “qualify” the relationship as mutually beneficial, it goes nowhere without a next step. This could be as simple as setting your next meeting. If so, get it on the calendar before you conclude your time with him or her. If it is an introduction to someone else in your network or to a client, make sure that you tell them who it is that you are introducing them to and set a timeline for making that happen. If both parties fail to commit to a next step, nothing will get done.
Catastrophic Mistake No. 3: Failure to Ask for Introductions
Ultimately, we are all looking to get in front of a decision maker. Prospecting has become easier with tools like LinkedIn and list services. One of the biggest mistakes I have made is not doing any research on my networking partner and as a result, I have taken a lot of time trying to develop relationship with those who were not willing to refer business to me. Do your research by determining where their target market is and who their clients might be. There is nothing wrong with asking someone if they would be willing and able to eventually make introductions to their clients on your behalf. You will be surprised at how many people will say yes and it can make the difference between a warm and a stone cold call.
As you network, it is important to keep in mind that you have to be in a position to assist someone, have a plan for following up and don’t be afraid to ask for business. Following these three simple rules will help in avoiding some of the catastrophic mistakes that I made and will assist you in building a powerful network, shortening your sales cycle and lead to a successful networking experience.
Marlene C. Franke has been a practicing CPA for the past 18 years who spent the last seven years developing business for her own practice. She recently joined the public accounting firm of Ostrow Reisin Berk & Abrams, Ltd. as the firm’s business development manager. She is the first person and woman to hold this position. Marlene can be contacted at mfranke@orba.com and you can learn more about her firm by visiting www.orba.com.