Business networking for CFO 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 CFO 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.
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It is how as a CFO 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.
Are you starting a new business? Or maybe you already have a small business? Whichever is the case you will no doubt have made business plan, forecast your cash flow and probably frightened yourself as to where all your money has gone.
In order to generate new business it's essential to market your business and certainly this can be a very costly business. Advertising is seriously expensive and in my mind it works best for those already with an established brand because it's about recognition and repetition, so unless you're already in the league of Coca Cola it's probably not a good solution.
Business networking is not about a closed shop where everyone gives each other work, it's much more powerful than that. It's fundamentally about the act referring business to people that you have grown to know, like and trust, and for them to do the same for you. Understanding how to give a quality referral is an art itself and something that I cannot cover today so for the time being let's just consider the benefits of business networking.
It is not a well known fact but 70% of new business that your company gets is through word of mouth. Networking allows you to formally explain what your business is about and as fellow networking business people get to know you so you will naturally start to win new sales leads because people like to pass business to people that they know.
Simply attending a networking event will raise your profile especially if you network on a regular basis. Remember my earlier point about advertising; recognition and repetition, attending a regular networking event achieves this.
Not only do you have the opportunity to present your business, you also get to meet with a lot of business people from other walks of life that will inevitably be able to help solve some of your problems. And you will be able to do the same, it's all part of the relationship building process and at the end of the day it's this relationship that counts when recommending someone's services.
You'll also get to know an awful lot of people that will be able to help you when you have a problem. Have you ever picked up the yellow pages and looked for a particular service? How do you choose? It really is hit and miss. By getting to know reliable contacts who can provide you with what you want and who can be trusted is worth so much in terms of your time and money.
Likewise, if there's no one in your network who can help, the chances are that someone knows someone who can and will recommend them. Suddenly you find that your business is moving forward at a much more rapid pace. Your confidence will soar!
Sharing experiences is also part of the game. Just talking to people about their experiences, their goals and their problems will stimulate lots of new ideas and open your mind to new opportunities. All of a sudden you have a completely new approach to doing something or even a new business venture that you may never have otherwise thought of.
Last but not least it's amazing how much satisfaction we all get from helping others.
There are many business networking techniques to learn in order to make the most of this style of marketing but once you've understood the basics, give it a little time and I'm sure that you'll soon understand the true power and benefits of networking.
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.
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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.
Let's talk about inviting people to your business events in this article. The tips that I am going to share later applies to not only business related events but also normal events as well.
If you have tried inviting people to come for your business events be it networking or talks, you will agree with me that it is not easy to get the numbers especially if you are inviting business man and women because they prioritize almost all events according to ROI (Return On Investment) - if your event does not justify their time to be there, then most probably you will have a poor turnout.
Based on my experiences and observations from the other very experienced networkers in my business circle, I realize that there are only three things that you need to do it probably in order to have a high turn-up rate for your events.
1. Is this what they need?
I do not invite every person I meet to my business events such as BNI. If the first thing you meet someone new is to ask him / her to come to your event, then this is something that you may want to stop and re-think on.
Listening is by far the most important skill we need to learn and refine (not only for business). Thus, the first thing before we even start inviting is to ask relevant questions. For example, if you are holding an event for Internet Entrepreneurs to come together and network, you need to ask and assess if the person you are talking to has this area of interest.
A good question you can start off is, 'Have you been to other business networking events?'. This question not only help you understand them better but also make them reveal if they think they needed such exposure. You will be surprised that some business owners will answer this question admitting that they should go around networking more often! Now, do you think if you invite them to your event at this point of time, the person will be far more receptive and appreciate your invitation?
2. Persistent - the additional effort that makes the difference
A lot of invitations I receive nowadays rarely exceeds more than 3 times. If you are holding an event that happens regularly (for example, monthly), you must be persistent and keep inviting no less than 7 times. Most of the times, people are kind enough to tell you that they have other commitments and couldn't attend your event. If this is the case, invite them again when your next event is coming up. This kind of followup is the key that makes the difference.
I remembered I was inviting a business associate of mine who has rejected me no less than 5 to 10 times (I lost count...) because of his usual morning commitments. One day he finally make it to my BNI (Business Network International) event and thank me for inviting him to attend such an eye-opening event. I think sometimes we just have to be persistent especially if you see that your event adds value to the others.
3. Reminders - the secret to 100% turnouts
I never know that a simple reminder can make such a big difference until I came across a material by Dr. Ivan Misner who mentions that reminders are important and we should remind the people who have agreed to come for our events one or two days before the event.
It can be frustrating sometimes if you see that the person you have invited did not turn up in the end just because they forgot. Hence, a simple reminder either through phone or SMS can be very helpful. At the time of posting, there are already systems in place to send out automated reminders to people who have registered for events. One company that can help you to leverage this technology is FlexiSoft - managed by Norman Chin from BNI Singapore, Raffles Chapter.
Do not expect to receive benefits right away. Do volunteering work for network groups to stay visible and give back. As a responsible CFO 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 CFO 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.