Business networking for Finance Manager is one of the most effective marketing and prospecting method you can use to grow your business. But if done incorrectly, it can be harmful to your business.
Business networking is a lot more than giving out business cards. It is about building trust. For Finance Manager the networking is a lot more than meeting people. It is about connecting with the right people.
Business networking is a lot more than collecting phone numbers. It is about staying in touch, about listening, addressing needs and looking for opportunities all at the same time.
It is how as a Finance Manager we approach relevant business networking sessions that makes it work for us. Networking is about being authentic and genuine, building relationships and trust, and helping others. Although increased sales is the end goal, don’t participate in business networking to sell.
Build relationships and sales will follow naturally. People have to trust you before they’ll do business with you or refer you. Relationship capital is an immensely valuable part of business success. Put your energy, intention and attention on business networking.
There is really no secret to building your network of contacts. There are a lot of resources out there giving tips and tricks on building business networks and expanding your realm of influence, but there are some basic principals to follow that can have a significant impact on how successful your networking events and strategies are. Paying attention to the basic details is often a more effective approach than using any "secrets."
What is the point of business networking? It is the process of building relationships with complementary businesses, business owners, and business managers to increase your influence and position within a specific market or industry. There are two points to take away here - building relationships and increasing influence and position. Relationships will naturally increase your influence, and influence creates opportunity and improved market position.
The most important value in business is the relationships that are built. Customers, clients, vendors, and colleagues all shape the relationships within a business. Like any other area in life, the quality of the relationships can have a huge impact on the outcome of your interactions with existing and potential clients, vendor/reseller relations, and every other aspect of your daily operations. Focus on building and maintaining positive relationships with your contacts (both within and outside of your company) you will quickly begin to increase your influence with your contacts.
How do you practically build good relationships with new contacts? There is balance and communication to work on. All relationships tend to follow a similar tract: introduction, follow-up, acquaintance, interaction, commitment. There is room between each stage for varying degrees of influence, but most relationships in business tend to fall somewhere in these five categories.
In the introduction stage, you first meet the contact, give some overviews about yourself, find out who they are, exchange contact info, and independently decide whether or not the person is worth a follow-up action. If there is the potential to have a mutually beneficial relationship, or the new contact can possibly benefit you, request permission to follow-up with that person. If you can benefit them, let them know that you would be open to a follow-up communication.
The follow-up communication is where most individuals drop the ball. It is difficult to make time in a busy schedule to get in front of your computer with the intent to follow-up on potential leads or new contacts. If you don't follow up correctly, a few things can happen:
1) you can loose out on a potential referral,
2) you could loose out on a potential client,
3) you loose out on a opportunity to get connected to a whole different network of contacts, and
4) you can loose credibility by not following up when you expressed an interest to.
If networking for increasing influence and position within a market is important to you, then follow-up opportunities should be created, not missed.
If you can get through the follow-up process, your hope is for a favorable response from the people you contact. When favorable replies are made (either by phone or email), you gain an opportunity to create an acquaintance with the contact. This is the real first step in developing a relationship. At this stage, you have made a favorable enough first impression to engage someone a second time, so use this opportunity to win them over. This third step is usually the opportunity to give out some usable information, such as potential leads for each of you, or a request for proposal (or a request to offer a proposal) for services.
Once you have had a few interactions with your contacts, you begin to develop an acquaintance with them. At this point, you both know each other and each others businesses, but you aren't close with them yet. You may or may not have had any business dealings with them, but they are at least on your radar for future deals, or as someone who you can send referrals to. Most business relationships don't grow past this phase, but if you continue to follow up with them and remain in contact, often times you will either get a lead or be able to give a lead to someone you stay in contact with.
The final step in the business relationship process is developing a commitment with the new contact. This doesn't have to be any formal commitment, but typically means that you both agree to continue interacting with one another. Hopefully the commitment comes in the form of a new customer or a referral that turns into a client, but either way, you have built a new business relationship that will only grow from here. It is important to not loose contact with individuals in this stage of the business relationship because they can often be the most influential people in your growing network.
Most business-savvy individuals are always looking to grow their network, which means that follow-up and continued interactions are welcomed. It is your responsibility to bring value to the relationships that you build - don't just look to your own interest, but to the interest of your new contacts. In doing so, you will begin to increase your influence and position within your industry.
Identify which networking events you should attend. Pick groups that’ll help you achieve your goals. Find venues that make sense for your business. When you register for an event, schedule it like a meeting.
Determine how often you should be networking. How many times in a week, month, or quarter? Visit as many groups as possible.
Attend events with a plan and always try to learn something new. Prepare yourself for the event. Develop open-ended questions to ignite a conversation. Bring business cards but don’t give your business card to everyone you meet. Give cards to those who ask you for it. Try to sit with strangers. Don’t forget to mingle.
Keep track of people you meet. Keep in touch with them and deepen your emotional connection. Establish a mutual beneficial relationship with other business people and potential clients/ customers. Meet with the group members individually so you get to know them better and try to build quality connections. Consider other group members as resources. focus on the group; listen and think about how you can help them. Focus on giving. Build trust within the group.
A company's finance director or CFO has always played a key role in the growth of the business in China. Aside from the usual finance related tasks, a demanding role is played dealing with regulators, media and overseas board of directors. This more visible and public role puts more pressure on CFOs to build executive presence. Many companies have found their growth constrained when their finance director is unable to take this role. Shielding finance directors from conferences and media sessions prevents companies from maximizing the potential of their CFO.
What is Executive Presence?
Executive presence is something that is not taught in business schools, but every successful leader has it. Top executives command people's attention when they walk into a room. When there is a crisis situation, the team turns to them for an opinion. Executives with presence are placed in high profile, high stakes roles to drive the company's reputation and business forward. Executive presence can be created by looking at it from three perspectives: executive credibility, positive image projection and executive connections.
Every company has a culture that includes norms on how to dress. The key to success is to first fit in to get ahead. For an executive working in finance, dress like a finance executive: well fitting suits in blues, grays and blacks will fit in. Conservative colored shirts - blues and whites work in every situation while some executives can carry more colorful shades like pink or lilac strips. Ties allow more room for self-expression with a mix of the above colors used on various patterns like stripes, checkerboard, dots and paisley. In finance, clients expect a safe and traditional approach to business and that is reflected in the dress-sense.
Creative executives in advertising or online marketing have a greater scope to be individualistic. Out of the box thinking can be manifested in clothing colors, and hair styles. In this type of industry, where creativity Is valued, this type of presentation is acceptable. However, even in these industries as you move up the organization, executives tend to converge to a dress-code.
Look around at industry and company norms, and dress a little smarter than is expected. As Jeffrey Fox says in his book, How to become CEO, "look sharp and be sharp". Invest in quality clothing, polish your shoes and groom your hair and fingernails. Successful executive presence starts with an executive look. The first step is to look like a confident executive. Stand out by paying close attention to the small details of personal grooming.
Positive image projection
In today's world of ever-present media, sounding good is an essential part of becoming an executive with presence. Many up-and-coming executives from technical disciplines, such as finance or IT, find this daunting. This can be due to the nature of what has made them successful. A strong focus on accuracy in numbers or minute details in coding are not the best preparation for being an outgoing charismatic executive. As executives move up the ladder into key roles, like finance director, CFO and regional roles, there is an expectation that they can handle public occasions.
A CFO needs to mix with potential clients at networking functions, present a case to regulators and handle media questions. Sounding confident, presenting concisely and managing questions are all stock-in-trade for a successful executive. This can be a big jump for many managers. So many take crash-courses in working with media or work with coaches to bolster their skills and confidence in personal expression.
Start with low-risk environments and if necessary bring in a mentor or HR partner to guide the finance executive into roles and situations where they need to stand up and present a clear message. This support is essential to create self-confidence in the executive. Small wins should be recognized and regular feedback given to the executive. Also, specific suggestions to improve their projection should be an important part of this feedback.
While executive presence can seem like an intangible quality, it is essential for a leader to influence and motivate their team. One of the greatest assets that President Bill Clinton had as a leader was his ability to make every person he spoke with feel like they were special and that he really cared about them and what was on their mind. In a world of emails, text messages and tweets, it's important to remember the power of personal connection.
Executive presence can be divided into competencies and one key competency is "connecting". Executives need to project warmth to their stakeholders and especially stay accessible to their direct reports. This can be challenging for executives from technical disciplines where the focus tends to be on task rather than people. Some executives benefit from support in self-awareness using assessment centers and 360 degree feedback from their directs, peers and managers. This shows their relative strengths and behaviors that may need further development.
For example, a finance executive who needs to develop more client relationships found that their natural preference was to focus on procedures and standards. In fact, this behavior helped them become a fantastic finance manager. The executive realized that they would never be a charismatic, super-outgoing, and life-of-the-party executive, so she decided to hold small presentations for key potential clients to introduce new and changing regulations. Her ability to simply and clearly explain these changes was greatly appreciated and lead to further business opportunities. All executives should build from their strengths to create their own unique executive presence.
While life in the executive suite focuses on business strategy and numbers, building executive presence in key roles, like CFO, is essential to maintain the reputation, credibility and success of the firm. In key and complex markets, like China, this becomes a necessity rather than a nice-to-have.
Do not expect to receive benefits right away. Do volunteering work for network groups to stay visible and give back. As a responsible Finance Manager you must show up regularly and on time, show others how you deal with business meetings and associates. Give quality referrals and leads. If someone gives you a referral, follow up on it in a timely manner. Follow through quickly and efficiently on referrals you are given. Take a referral seriously.
Don’t spam on social networks. Use the platforms designed for Finance Manager to build relationships and expand your network.
Limit self-promotion. Don’t sell. Build relationships. Be as helpful as you can. Share relevant information with others as people love to learn new things. Participate in discussions. Let others know you’re real. Be approachable. Treat your online connections just as valuable as your offline connections.