I facilitated a group of business people from a wide range of backgrounds and experiences recently as part of a workshop on “business networking” and I was intrigued to here the many opinions and view points on what defines effective networking. There was however general consensus that there are 2 types of networking, formal and informal. Formal networking is associated with attending an event with the specific intention of meeting other people to develop your business in some way. These events could include Limerick Chamber of Commerce networking events, the AGM of your association, Exhibitions and Conferences.

Informal networking on the other hand happens all the time in the pub, at sporting events, weddings and other special occasions. In fact any time you are talking to someone about your business and what you do, you are networking.

Whether formal or informal the predominant reason for networking is to develop your business. This development would include winning new customers, promoting your brand, getting information or advise, developing relationships with suppliers and enhancing relationships with existing clients.

I believe that regardless of what stage you are at with your business, even if you are still at the stage where you are just getting it off the ground, you do need to allocate some time and effort to both formal and informal networking.

If you are in business for many years, you will probably find that you say some specific things to people you meet when they ask you what you do. For many people this dialogue has evolved over time through repetition and practise and it does take time to come up with something that explains your business well enough to motivate the listener to find out more. Personally, in my second year in business, I am still working on what I say to people when they ask me what I do and given that Life and Business Coaching is quiet a new field, this adds an additional challenge.

If you are starting up in business or indeed are well established and would like to get out there and do more networking, here are some tips that you can use which apply regardless of the type of networking you find yourself involved in.

1. Be prepared. Get clear what your business is about, what makes you different to your competition and most importantly what benefits customers will get if they do business with you. If you are like most people, you may have to put some good quality time and effort into this but it will be time well spent. Remember, come up with something that even your mother would understand, keep it short and focus on benefits rather than features. When you buy a phone, you are not buying a piece of metal and plastic and fancy software (features), you are buying the opportunity to keep in touch, capture moments on your camera and for some, security (benefits).
2. Be positive. Be interested in the person you are talking to. Ask them what they do and when telling them about your business focus on a specific benefit that you feel would be most valuable to them based on what they told you about themselves. You decided that your business has value so that implies that there are potential customers out there searching for your product / service. The next person you talk to may be that customer, so give them every reason to want to do business with you – be positive. If you want to get information from someone, people will be more inclined to give you help, advise and information if you are passionate about your business. Enthusiasm is contagious. Finally, before you finish talking to someone, always end with a request – may I have you business card so I can send you more information, may I take your number so I can call you to arrange a meeting etc.
3. Follow up. This is where so many people lapse. They go to all the trouble to prepare and engage in networking and then do not follow up. If you do not follow up, the whole networking effort is pretty much a waste of time. When you follow up, you may not get results you expect all the time but you will always learn something new and you never know what this learning will pay off.

These are my thoughts on networking and there is a wealth of information on the web also on this subject. The bottom line is, networking is important to the success of any business and the more preparation and follow up you do, the more rewards you and your business will reap from your efforts.

Fergal O’Connor is a Business and Personal Life Coach working in partnership with his Business and Private clients providing a supportive, confidential, challenging and non-judgemental environment to make their ambitions and dreams a reality. Fergal also facilitates a range of Management training programs and is available for public speaking engagements. Fergal can be contacted at Synergy Coaching Services, Tel: (061) 467287, www.synergycoachingservices.net

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