Network to Grow Your Business

by Mark Wardell

Whether you're looking to grow your business, connect with your target market more effectively, or increase your brand awareness, networking will help get you there- if you go about it in the right way.

Like every catch phrase, the word ‘networking' comes with its own set of misconceptions. For many, networking brings to mind images of overly aggressive salespeople schmoozing hard at every event in town.

In fact, networking is nothing more than relationship-building. As such, it is a very effective business-building tool. The key however is to proceed strategically. Think quality not quantity. Your objective isn't to connect with everyone out there. It should be to connect with businesses having value propositions that align and complement yours.

At Wardell, we refer to our networks as Centers of Influence (COIs). I like this term because it describes the sole purpose of networking - to bring together groups of individuals or businesses with the capacity to positively influence one another in a way that benefits all involved.

Developing a COI approach has brought many clients, resources and important introductions to Wardell. For example, when I first started Wardell, I joined a small networking group of professionals who met weekly for breakfast. Values aligned, relationships developed and business knowledge was exchanged. In fact, one of the members soon became a client. This one client relationship spawned a further series of referrals that has since generated a great deal of business over the years - all from networking and relationship building.

If you're seeking to raise your profile and grow your business, you'll achieve your goal more quickly through strategically developing your own COIs. Here's how to start:

Begin by brainstorming a list of businesses or individuals in your community that are able to refer you business, enhance your image or share resources.

Now streamline that list, and identify which businesses (or individuals) YOU can bring the most value to. That's right. Networking is not all about ‘getting'; in fact, it's quite the opposite. The Golden Rule here is to first find out how you can provide value to new contacts i.e. through referrals, sharing resources, or providing an introduction. Providing value is the best incentive you can offer your targeted COI to initiate or further develop a relationship with you. The end result is that you will be top of mind when their clients require your products, services, or expertise as a business leader.

Like any relationship, if it is to be successful there needs to be chemistry. So pursue relationships from your target list and focus on the ones you have a natural connection with, mutual trust, and a shared target market.

Moving forward, as your COI relationships evolve, remember to introduce them to one another whenever it is mutually beneficial. For example, you might introduce a graphic designer to a programmer, a banker to an accountant, or a marketing expert to a business that requires their services. It's a triple-win for everyone, especially for you if you're seen as the "connector".

Networking isn't complicated, but it does require some strategy to be effective. In my opinion, it's well worth it. After all, you could be first in mind when people are looking for the products or services you offer. And as we know, people like to do business with people they have been referred to and trust!

Mark Wardell is President of Wardell Professional Development (www.wardell.biz) an advisory group specializing in growth management for owner-managed companies.

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