Networking for Profits

I was a member of BNI for several years and found it to be a benefit but more long term patients came to my practice from my ‘non-business’ networks. 

Phillip Humbert summed up my feelings in his most recent newsletter. Subscribe at www.philiphumbert.com

One of the most common “rookie mistakes” business people make is confusing the act of exchanging business cards, or handshakes, with effective networking.

Networking is not about how many people have your card. It is about how many people know you, value what you do, and feel comfortable referring their friends and colleagues to you. 

This is such a critical distinction that it’s difficult to over-emphasize it. Over the years, I have heard dozens of professionals and business people complain that they joined a service club or professional organization “but it never did any good.” When I ask how they actually spent their time, they usually say they attended meetings, exchanged business cards, and schmoozed with as many people as possible.

When I ask how many referrals they made TO the people they met, I often get a blank look. When I ask about how many luncheons or follow-up phone calls they made, there’s silence. When I ask if they served on a committee or as an officer, the predictable answer is “No.”

Networking is about bonding and building connections. It’s about building trust. It’s about building a mutual relationship that benefits both parties.

Think about how many people the average physician, attorney, stock broker or salesperson contacts in a year. If your attorney knows and understands the value of your business and feels comfortable referring to you, he or she might make dozens of referrals per year. 

Think of networking as the art of building a solid, long-term alliance with a circle of fellow business people. A circle of a dozen can be worth a million dollars a year in referrals. It’s not the number business cards, it’s the quality of the relationship that counts.

Build your network and hone your networking skills in terms of solid, reciprocal alliances that benefit everyone in your “quality circle.”