Business Networking: Mistakes That Prevent Success
Business Networking: Mistakes That Prevent Success
There are some common mistakes people make in business relationships that can cripple your chances of successful interactions. Many of these are just sloppy thinking and reactionary responses. A little bit of deliberate attention can easily correct them.
Talking badly about any person or company. When you say something negative, it always has the potential for harming the relationship. Either the person you are talking to will assume you will also speak ill of them when they are not around, or what you say will get back to the person you were talking about. Saying derogatory things about your competitor also reflects badly on you.
Looking out for your own interests first and foremost. Grabbing for yourself simply drives people away. Focusing on how you can serve others will provide you with many more opportunities to get your needs met easily. When you are talking with someone, keep the conversation focused on them, their business, and how you can help them.
Failing to keep commitments. I am astonished at how often people fail to realize they have made a commitment, a promise, and do not follow through. If you say, "I will" then you have made a commitment. I spoke before a luncheon group once at which 10 people attended, but 45 people committed to attend. So 35 people thought it wouldn't matter if they failed to keep their commitment. But it did matterthe organizer was very embarrassed that the group was so small, and she had to pay for the meals of everyone who said they would come. When you make any commitment, whether you consider it large or small, to others or to yourself, write it down and act on it within 24 hours. The respect others have for you, and you have for yourself, will increase exponentially. On the other hand, if you fail to keep commitments, the damage to the trust relationship that is crucial to your business success will also increase exponentially.
Thinking networking is only about events. Some types of businesses participate in networking events (mixers, luncheons, etc.) more than others. Events are only a small part of networking. Any time you are communicating with someone or thinking about how you can help them, you are networking.
Thinking people from certain industries are not worth your time to get to know because your business does not serve that industry. If you feel drawn to develop a relationship with someone, their current industry does not matter. They could change jobs next month, and then be with a company that is your perfect customer. Or they might know the contact you have been hoping for an introduction to for the last three years. Or they might turn out to be one of the best friends you ever had.
Failing to follow up or follow through. It's impossible to develop a relationship if you meet someone once and never contact them again, or contact them once a year. Develop a plan for how you will stay in touch with your contacts on at least a monthly basis. I have a short (one paragraph) email newsletter I send out every Monday with a business or personal development tip. That lets my contacts know I am thinking about them and continuously want to add value to their lives.
Poor care of referrals received. When someone shows they have enough trust in you to refer business to you, that is the highest compliment you can receive because they are putting their reputation on the line for you. If you handle the referral badly, it will reflect negatively on them. Take action on referrals within 24 hours, and let the person who made the referral know the status throughout the process. Thank them for the referral initially, and thank them again at the end of the process (send a gift if the referral resulted in a sale).
Vaguely asking for referrals. If you say blanket statements to your referral partners like, "A good referral for me is anyone who wants widgets," it is unlikely they will be able to provide a quality referral to you. Your referral partners want to help you, but it is very difficult unless you tell them specifically what you need. Make a list of all the people and companies you would like an introduction to. Then make specific requests of your referral partners. Encourage your referral partners to be specific in their requests to you by asking them to give you a list of the people and companies they would like to meet. You will be surprised how many of these people will start showing up in your experience just because you have put some focus on them.
Thinking small. Rather than only making a list of individuals who are potential clients, think bigger. Make a list of people who could be an ongoing source of referrals, including people in complementary businesses who serve the same target market in a different way. Also make a list of top people in your industry that you would like to develop a relationship with.
Spending too much time at unproductive networking events. For those who do attend networking events, a commitment of time and money is involved, and we have a finite amount of both. I recommend you spend the majority of your planned networking activities (60-70%) with groups that primarily contain members of your target market and the complimentary businesses that serve them. (Ask your best clients where they do most of their networking.) Spend the remainder of your planned networking time with groups containing many diverse businesses so that you can develop a broad support network. Keep track of what business comes from each group, or from referrals through that group, and evaluate your participation each year.
Reaping the benefits of strong, dynamic business relationships by deliberately building your network based on friendship and service will pay off again and again. The effort required is small in comparison to the success and satisfaction you will receive. Decide today to change your mindset and your actions just a little, and decide tomorrow to do the same. Before you know if, trust and collaboration will dominate, and your business and life will be richer.
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