Networking

What are the working hours of an entrepreneur or business owner? “Every waking moment,” probably fits most of the successful business owners I know. The same ought to be true of anyone seriously interested in building their reputation and social capital. To be a master networker, you have to be like a broadband connection: always on.

The single most common question asked in any networking setting is “What do you do?” It is a question you should be asking people in your network, and you will almost certainly be asked it back. You had better have a good answer!

When was the last time you received a traditional, handwritten, personalised thank-you note or card? What was your reaction? If you are like me, you thought, “How nice of him to take the time to write.” Gratitude is #7 in the top ten traits of a master networker.

In a survey of 2,000 businesspeople, “follows up on referrals” was ranked as the single most important trait of a master networker.

Networking is a lot more than shaking hands and handing out business cards. It is about building “social capital”. A survey published in Masters of Networking, by Ivan Misner and Don Morgan, identified ten traits that make a master networker.

Working in a power team of complementary businesses, all able to refer their clients to each other, is a powerful way to generate business referrals. Becoming a hub firm within such a team takes the concept one stage further and creates a powerful competitive advantage. Imagine the spokes of a wheel with one business—your own—at the centre surrounded by other businesses with strong, collaborative relationships.

Last week I wrote about the value of giving referrals, in advance of receiving them. And that listening for others’ problems is a great way to uncover great referrals within the network of people you interact with every day. There’s an easier way to find referrals to give; become the go-to person among your clients and associates and let others bring their needs to you!

BNI sums it up with its two-word mantra: Givers Gain. If you are networking for business, the purpose is to get referrals. But the best thing you can do is not to ask for business referrals, but to give them out instead. It is the law of reciprocity. Give and give generously, without thinking of any return, and the likelihood is that you will receive.