Power Networking For Success
By Master Networker Baldo B. Minaudo, M.B.A.
A drawer filled with tens of thousands of business cards is my testimonial to the misunderstanding that many have about networking. As President of MetroActive Lifestyle Network, Toronto’s premier networking organization I have come across some of the best networkers in the world.
I’ve also come across individuals that have networked their way to failure. Many aspiring business professionals have wasted uncountable hours and money doing nothing more than creating a personal business card collection. Networking is more than exchanging business cards it’s about building long-term relationships.
What Is Networking and Why Is It Such a Sought After Activity?
On the elevator at First Canadian Place, a young banker comments to his associate “It’s not what you know, but who you know.” I was tempted to lean over and say, “I know Mel Lastman, does that mean I’ve got it made?” I mean I sort of know him, okay, I know of him. My point is that it’s a matter of how well you know someone and the quality of the relationship you have with that person that matters. And what is even more important is how well others know you. The term quality time, doesn’t just apply to personal relationships, it also applies to business associates.
Business Networking is one of the most misunderstood concepts of today. If you are like most people your idea of networking is going to gatherings and exchanging business cards. To put it into perspective for you, that’s like trying to catch a fish by grabbing a bunch of loose hooks and throwing them into the lake. It takes time, effort and attention to detail to catch a fish, as well as it does to the development of relationships.
In the 1980s management schools were preaching on the virtues of building a personal network of relationships. The underlying premise is that having access to other professionals would provide a larger pool of opportunities. It was, and still is, a major selling point for Ivy League MBA schools in their campaign to attract students.
Napoleon Hill in his book “Think and Grow Rich” refers to this personal network concept as the ‘Mastermind’. Back in the 1930s, based on research, Hill had conducted work on successful industrialists, he published a set of fundamental laws of success. Among his findings was the concept that the most successful individuals are those that have well-established relationships with others that possess useful skills, information and resources. If you think about it for a moment, it makes perfect sense. Having people you trust, who you can call for ideas, advice or to use their specialized skills can only make you stronger as a business professional and more likely to succeed.
For example, say you’re faced with a career change decision. You have been offered a position by another company that pays more, but are unsure as to whether it’s the right move. If you have a strong personal network, you can pick up the telephone and call someone you trust on a personal level to ask for help. This person may be a human resources manager, senior manager, or may know someone that has been through a similar challenge recently. After talking to different individuals you may decide to stay where you are, but to have a discussion with your human resources department about your career development. This approach may be more consistent with your long-term career objectives.
John Guare in his play “Six Degrees of Separation” works from the premise that everyone on earth is connected to everyone else by a short chain of only six other people. “I am bound to everyone on this planet by a trail of six people. But you have to find the right six people to make the connection.” comments Guare’s character Ouisa. The key is to develop a network that will allow you to tap into these relationships. Then, learn to work the network to get the results you want.
Do not underestimate the importance of numbers. The more people you know and the more you know and remember about them, the larger your personal ‘pool’ of expertise is there to call upon when the need arises. The better your contacts know you, the more likely you are to attract the opportunities that best suit you, if that’s what you want.
Is Networking For You?
Networking is not for everyone. For some personalities and lifestyles, networking isn’t as large of a component for success as others. In the case of sales professionals, selective networking can produce significant sales leads, but so can advertising and cold-calling. For others that personally have the money to buy whatever advice, help and resources they need, networking isn’t as important as it is for new immigrants with limited resources. However, the benefits of a strong personal network are undeniable as is evidenced by how those who you have relationships with have helped you at different times in your life.
Before you start aggressively networking, ask yourself “What do I expect to get and what am I giving up for it?” You might find that your time and money might be more productively spent on other activities, such as courses, advertising, research, or business planning.
There are two fundamentals in creating a strong, useable and effective personal network: a) Designing the right network for your needs and b) Building and maintaining your network
Designing Your Network
Know What You Want!
So, now that you understand some of the benefits of developing your network. What’s next? To be most effective, you must know what results you want from your networking activity. If your networking activity is not producing results, ask yourself if you know what the results you want are and if you’re pursuing them in the right way.
One mistaken assumption many eager networkers make is that everyone they meet is looking for the same thing they are. That’s usually not the case, unless you are attending an event where a specific objective is advertised and designed into the meeting. An example of this would be singles’ dances where attendees are looking to find a mate, or referral business meetings where individuals are looking to exchange sales leads. Of course, that now means you’re competing with many other individuals that have the same objective.
My dear friend Beverly Behan, in her book “Jumping Ship: How to Navigate Your Way to a More Satisfying Job or Career”, explains that for people in the middle of a career change, there are two important kinds of people to meet: 1) People who can provide you with insights about your targeted line of work and suggest possible contacts; and 2) People who can hire you. I should mention that before Beverly wrote her book, she successfully made four major career changes in her life. She moved from litigation law to corporate management, to securities law, to consulting on executive compensation and corporate governance.
Do You Know What Your Networking Objective Is?
Here are some common goals:
– To develop your personal network
– To find a business opportunity
– To find a new job
– To find a life partner
– To obtain information
– To pass the time away
Take a moment now to clearly define your networking objective. The more detailed and specific you are, the more effectively you can conduct your networking. Here are some of my clients’ objectives:
– To personally meet and have as my mentor, the CEO of one of the major Canadian banks by the end of this year.
– To meet and build a relationship with an eligible lawyer who is ready to get married and would like to start a family in the next two years.
– I want to find a potential investor capable of and interested in investing $500,000 in my business in exchange for an equity position within the next three months.
– I am building a strong network, which will help me throughout my career and life and which will give me a feeling of belonging.
– To obtain five new leads from every networking event I attend, from which I can secure two as clients.
Take networking seriously and treat it with respect. If not carefully planned, networking can become a hobby and put you on a path to failure.
Know Yourself
The best way to help others get to know you and remember you is to develop a one line statement that explains who or what you’re about. Of course, to do this you must first know who you are and what you are about. There are many people out there who either don’t know who they are or are afraid to acknowledge it. Here are examples of how some people introduce themselves:
– I help companies merge
– I invent medical devices that help burn victims recover
– I coach business owners on growing their business
– I train people on living healthier lives
– I’m an entertainer
Who To Include Into Your Network
Who you have in your network is as important as the quality of relationships you develop. When deciding who to have in your circle of confidence, consider their beliefs, attitude, experience, area of focus, lifestyle, and anything else that will affect your relationships with that person. Be clear at the onset what your boundaries are and what’s important for you. Once someone is in your circle, he/she is in a position where he/she can significantly impact your state of mind.
Be weary of self-centered people, or those that are not clear themselves in what they want. Review your relationships periodically and be prepared to release the ones that aren’t working for you.
Where To Network
The best place to network is where you will find individuals that you want to attract into your network. Try to think of places and times when they are most receptive to building relationships. Traditionally, golf tournaments, cocktail socials, baseball games, hockey games, and subdued charitable events are known to be among the best events to network. There are times when networking is not appropriate, such as in emergency rooms.
Building Your Network
How To Network
The best way to network is to remember that it is about building healthy, mutually beneficial relationships. For some people, this comes naturally. The idea of working with others is something that waves of European immigrants have mastered over the years. When you don’t speak the language and don’t know the rules, the only way to get things done is through your network of people you trust. Of course there is an unspoken underlying social contract; that when someone in your network is in need you will help that person.
So, how do you build healthy relationships?
Here are some basic tips:
– Start from common objectives. Convey the details of your objective. Ask them for the details of their objectives.
– Listen carefully to what they say and observe their body language. Most communication takes place without the use of words.
– Ask probing questions to find commonality. Get to know the other person and their goals.
– Appreciate and respect the other person’s uniqueness. Treat the other person as they are special, because they are!
What To Avoid
Don’t:
– Demand that someone must help you; you’ll come across as being selfish.
– Make requests before establishing a relationship; they’ll think you’re a ‘taker’.
– Put someone in an uncomfortable position; they’ll try to avoid you.
– Make someone look bad; they’ll hate you.
– Make stuff up; they’ll question everything you say.
– Forget someone’s name; they’ll think you don’t care.
– Ignore someone else in your presence; the ones you are talking to, will think you’ll only talk to them right now because you need something.
Anyone can be good at networking if they hold the right attitude and practice some basic techniques. Here are some tips that will help:
– Know what you want
– Be able to, and comfortable in, introducing yourself and what you do in a brief statement
– Learn to quickly recognize the kinds of people that can help you
– Choose your events. Attend networking events, especially hosted networking events;
– Approach others when they are prepared to meet new people;
– Show an interest in their business and what is unique about it;
– Address them by their name throughout your conversation;
– Find a common ground or area of interest within your initial conversation that is, hopefully, of mutual benefit to both of you. Then arrange a time to follow up on the opportunity and make sure you do it!
– Use the support of your existing contacts to introduce you to others;
– Approach power networkers, such as myself, and ask for help;
– Contact those in your network on a regular basis. Keep a record of the contact information, when you spoke to them, and what is happening in their life;
– Never, ever forget that everyone knows someone else, who knows someone else, etc.
Like most things in life, effective networking requires motivation, commitment and action. Often, simply understanding the benefits of networking will motivate even the shy. Your career will go through ups and downs. But, if designed and managed properly, your personal network will stay strong and support you throughout your life, through thick and thin.
Baldo Minaudo (Blog)
Author, ‘The Banker Who Saved His Soul’
President, MetroActive Lifestyle Network
