Whats Your Time Worth Or How To Waste 12000 Networking

Writen by Lynnelle Bianco

What's your time worth? If you regularly spend time attending networking meetings and/or events, you're making a BIG investment. It may not be a large dollar investment, but think about the time you invest. Time, as they say, is money and there's no better way to waste that resource than following these 4 networking tips:

1. Forget It's Business
2. Don't Have an Objective
3. Wing-It
4. Go for the Numbers

FORGET IT'S BUSINESS A networking event is not a party and getting there is only part of the battle. If you plant yourself in a chair or attach yourself to someone you already know well and you're talking about the weather and the great food on the buffet table because it is comfortable; that's not networking.

It's not about the food and it's not about the cocktails so if your idea of a good Chamber After Hours is a free dinner and to knock back a few beers, you are probably not seeing a lot of networking success. You're here to make new contacts and develop other important contacts. It's not about making an appearance and it's not to party. BE FOCUSED.

DON'T HAVE AN OBJECTIVE

Why are you going to these events? (If it's for a free dinner and drinks, we've already addressed that in #1 above.) Who will be attending this event? What client or potential client would you like to meet or get to know better? Make it a point to think through the result you would like to walk away with.

If it's to meet new prospects, do your homework. Learn about their business before hand. Spend some time thinking of people you know with whom this potential prospect or client may be able to do business with or who they might be interested in knowing. BE PREPARED.

WING-IT

First impressions matter. You'll need it to introduce yourself and answer the question "What do you do?" at networking events. If you're a member of BNI (Business Network International) you have to introduce yourself and answer the question "What do you do?" every week. And surprisingly even BNIers, who have to recite their 60-sec (elevator pitch, audio logo, etc.) every week, even many of them have a hard time giving a crisp, clear description of what they do and for whom they do it.

Many people you meet at other networking events will be unfamiliar with you and what you do so it's important to practice your audio logo so when someone asks "What do you do?", you'll be able to tell them:

1. Who your target audience is;
2. The problem your target audience has (This is important.); and
3. Your solution that solves this problem - the benefit your clients get from working with you.

Not only will you be able to tell what you do, you'll sound natural doing it. Be confident, but not stilted or pushy. Remember, a networking event isn't a formal interview any more than it's a party. BE SUCCINCT. (And don't forget to smile!)

GO FOR THE NUMBERS

I talked about networking being more like farming than hunting in a previous article, Networking: It's a Tool, Not a Crutch. For your networking efforts to pay off most effectively, you should focus on getting to know people and their business and on them getting to know you; not on how many contacts you can check off the list. It shouldn't be a card gathering contest.

Networking is about developing close relationships because people do business with people they like and they trust. It's not what you know that counts; and many times it's not even who you know. It's how well you know them. Focus on the quality of the connections you make rather than the quantity. Look at the person in the eye when you're speaking to them and when they are speaking to you. Don't be scanning the room looking for your next target. BE PATIENT.

And the $12,000, where did that come from? Let's say, on average, your time is valued at $50/hour. (If your hourly rate is more or less make the adjustment to your calculation.)

• You're a member of a local networking group such as BNI. You meet once a week for 90 minutes a meeting. You have approximately 30 minutes travel time to and from the meeting. 104 hours a year. $5,200 (not counting the annual membership dues)
• You meet with your networking partners throughout the year to get to know each other and your work better. You meet individually as well as in Referral Sphere groups and training venues. Let's assume you have these types of meetings/ gatherings 36 times a year, which is 3 times a month for 1 hour each time. $1,800
• You're a member of the Chamber of Commerce and you attend a few Chamber After Hours events as well as a few breakfast networking (it's called Eggs 'N Issues in Maine) events throughout the year for a total of 26 hours a year. $1,300
• You're also civic minded and are a member of the Kiwanis, the Rotary or another civic organization. While technically, your primary reason for joining this group isn't to network, let's face it; you make some great contacts and do some great business through these contacts. Assuming weekly meetings of an hour and a half per meeting you're looking at an investment of 78 hours a year. (This doesn't take into consideration the various projects and additional time these organizations sponsor.) $3,900.

$5,200 + $1,800 + $1,300 + $3,900 = $12,200

Whatever time you invest in whatever activities you consider to be valuable networking opportunities, it is important you treat this investment as you would any other financial investment you make. Because when you get down to it, networking IS a financial investment.

BE FOCUSED * BE PREPARED * BE SUCCINCT * BE PATIENT

and remember... BE BOLD. Success starts with a vision.

Lynnelle Bianco, President of Bold Vision Consulting ( http://www.boldvisionconsulting.com ) brings 25+ years of professional and corporate working experience to clients. Having held senior positions in marketing, new business development and client service for global institutions — as well as owning and operating her own small businesses — Lynnelle brings real-world experience and forward looking perspectives to helping today's professionals and business owners achieve breakthrough success. …and remember; Be Bold! It all starts with a vision. Subscribe to the BOLD Bulletin, a monthly e-journal for solo-preneurs and small business owners.