The Costs of Networking

When I decided to go into building my own business I knew that connections were going to be important. I need not say all of reasons but to name a few, for partnerships/strategic alliances, for collaborations, for keeping abreast of changes and updates within your industry and those outside that impact how you do business, for monitoring and assessing competition, etc.  It is all very important of course as to not do so can be a detriment to your business.  No one can be successful at a business with your head in sand. You have to look around and assess what is going on.  And while online social media is an excellent avenue to make new connections, there is nothing like face to face conversation to gain trust and build bonds going forward.

But this article is not about why it is important, we know that.  To be frank, networking costs.  Particularly for me, someone working a corporate job while building a business in addition time is so valuable and limited. There has to be time for networking.  Most times I can only do so after normal 9-5 working hours or weekends and this is the primary time I spend trying to work other aspects of my business.  I might have a few hours a night and sometime during the weekend if I am lucky.

It also costs me money.  While some events are free to the public, let’s face it, most have some nominal charge for attendance.  It is certainly understandable of course, someone has to pay for the venue and amenities being made available.  And of course they realize how valuable this networking is so of course we do not hesitate to pay the entry fee.   However the fees add up.  Some events are as little as 5-10 to on average 25-40.00.  When you add up how many there can be scheduled in a given month, it is very easy to spend up to $100.00 on just networking and meeting people.

So here is the thing.  I realize networking is necessary but it is important to strategic and logical with how you are spending you time and money.  IF you are going to put out this valuable amount of resource then you should at least be certain that the events you are going to are going to give the most feedback and resource for your company. 

Below are some tips on how you measure if a networking event is beneficial to your company’s root calling.

1.       Is the networking event in your field of business?  It is good to circulate an event within your industry, this is an opportunity to learn about new topics and updates that can help your business as well as survey your competition.  What are others like you doing?

2.       Is the event a paid for or free event?  And what about that cost.  An event is always worth its weight in costs.  There are free events that are more valuable than some with the large entrance fees.  The key again is to assess who is going to be there and will they be able to help you.  Seek out testimonials.  What did other say about this event the last time it was provided?  For those recurring events too you don’t have to go every time they have one.  Go to one every now and then and work it like you won’t be back!

3.       Where is it located and where or how far will participants be traveling? This is important if you are going to be building alliances and partnerships.  IF you are not prepared then no need in attending an event with out of town guests you may never make connection with or even too far local that to collaborate is not going to be logistically possible.

4.       Is it in your budget and does the size meet the cost?  Let’s face it you have to budget.  I started a monthly budget for networking.  I have to be very selective on which events I attend because I have to stretch my funds accordingly.  Ask yourself seriously, is the event worth the money I am spending.  Even if you are unsure too, contact the organizer and ask her the layout of the event.  How many participants, will there be time to mingle or is there a set program.

After you have made these assessments you should carefully evaluate of the events you are going to attend how will I ensure I get the most value?

What to do before and after the event.

1.       If you are able to secure names of participants beforehand, start your research now. Look into the list of attendees and see what you can find out about their business.  Would they be a strategic partner? Think now about the conversation you wish to have with them. And just like a job interview…know a little about them.  People love to know that you are interested in what they are doing and have taken the time to check them out.

2.       Know your business.  Sounds strange but it is true. You have to know why you are there. What are your business goals and how are you going to refer to them to get substance out of your meeting.

3.       When you secure business cards, make notes on the cards.  What did you talk about –what topic and what in particular struck your interest for further conversation. 

4.       If you are able schedule a time to talk more if time permits.  You want to make connection with as many people as you can so given the time and number of participants you may have be conscious of your time.

5.       FOLLOW UP…just like with anything, once you make a connection you need to follow up with the connection. Ascertain next steps or continue your conversation to how you can work collectively to help one another.

There is much more I can lend but these tips should be a good jumping off point for you and give you room to expand upon.  I encourage you to be strategic in networking. Don’t just go because you heard there is one.  Ask yourself the hard questions.  If you are like me, working a regular job and building dream job you want to make the most of your time and goodness knows your money.

Good luck!   Please share your tips that have worked for you here as well.  EACH ONE TEACH ONE!!!!

Leslie Crudup writes for The Business Liaisons – Business Coaching and Consulting

www.thebusinessliaisons.com