Business Networking….is it for me?

On a plane ride last week I ran into a former colleague who had worked for the same company for 25 years, and then was laid off. His business network consisted mainly of his co-workers, many of them still in the company, and some had moved on. He shared with me that he never really thought about building a diverse network while working for this company because he did not need to, and he is now struggling for referrals to help him get a job.


The number one advice I have given people that I have coached or mentored has been to build, nurture and maintain a solid and diverse business network. This is true regardless of industry, experience, type of company, or line of work. This is especially true for small business owners and entrepreneurs. In fact, for many businesses, both large and small, their business network is the main, if not the only, source of leads and referrals. I have come across many business owners who do not do cold calling at all – they get all their business from referrals, which they get through their network.

The type of network I am talking about here is the old fashioned, face-to-face business network where you meet people and interact. Sure, there are great technology tools that help you be more efficient in communicating with your business network, such as LinkedIn. The lines blur a bit with social networking, and the use of social networking tools for business, but that is a subject for another day.

So what is the most effective way to build, nurture and maintain a diverse network? In my experience I follow three simple rules, and even after 23+ years of business experience after college, I pick up new tricks and learn about this every day. These are:

1. Keep it diverse. Reconnect with former colleagues at past jobs, and with college friends to find out what they are doing. When meeting people at events, seek people working in areas of business other than your own, as they can provide good insight. My college alumni group, for example, is a great way to meet people in different industries, and with different backgrounds and experience, but all united by a common bond. 
2. Keep it simple. Building and maintaining your network can be overwhelming, just as all the social networking options to use for your business. Stick to one tool and get advice from your network – that is what it is for.
3. Keep it focused and manageable. If part of your strategy is to go to networking events to build your network, focus on the events in your industry or trade group. Do not try to go to every single event you can find. Sure you will meet people at all these events, but the key is to go to the ones where you will meet people that can help you grow your business.

So to answer the question: Is networking for me? My answer is: Absolutely! It is an essential tool for your business, whether you are self employed, or work for a company – big or small.