6 Different Types of Business Networking

Six different types of business networking that may work for you:

1. Service Organizations
2. Open Business Networking
3. Exclusive Business Networking
4. Online Networking
5. COI Networking
6. Shot-gunning

Service Organizations: This type of networking is when you join an organization that has a mission of service. Business networking is a by-product.  The primary focus may be educational or to raise funds for worthy causes.  Examples would include: Rotary, Optimists Club, National Association of Woman’s Business Owners, Kiwanis and the Chamber of Commerce (However Chambers do have open and closed business networking events also.)

Open Business Networking: This type of networking is when business people get together to meet each other in order to be visible, connect and form relationships. Leads or referrals can be given and received.  Several attendees may be in the same profession. There is no exclusivity. They may not meet on a regular basis. Usually membership is not required and there are no attendance rules. Examples would include: Chamber networking events, Young Professional groups, Better Business Bureau networking events and local networking groups open to all businesses.

Exclusive Business Networking: This type of networking is when business people meet on a regular basis in order to form reciprocal business relationships and to develop referral alliances.  A person will usually have to join after a few visits.  There are usually attendance rules. There is exclusivity which means that there is only one person representing each business category.  The meetings usually have a purposeful agenda that is geared toward giving and receiving referrals. Examples would include: Gold Star Referral Clubs, BNI, and LeTips.

Online Networking: Online networking is a growing industry. Some of the sites used to connect businesses are Facebook, LinkedIn and Google Plus. These sites are dedicated to connecting people. Online networking can be successful if manage well, but overwhelming if not. It is recommended that you limit yourself to doing a few groups very well. Don't mistake a connection for a relationship.

COI Networking:  That is when you develop a plan to network with your personal Circle Of Influence. This works best when you have a well-thought out plan to continually make yourself visible to past clients and the people you know. Some ways to develop these relationships include: breakfast or lunch meetings, email campaigns, sending cards, promotional gift giving, attending events together and office visits.

Shot-gunning: Shot-gunning is when you do a little bit of everything, without a plan. Although connections and sales can be made, it is difficult to form lasting relationships without consistency.

There are many ways to business network. I suggest that you form a plan using two or three methods that work for you. Remember your purpose for business networking, which is to form long-lasting reciprocal relationships that increase your business.

Acquiring Business - Your Toughest Business Challenge

-- Gary Keller, Founder and Chairman of the Board of Keller Williams Realty Intl. and author of "The Millionaire Real Estate Investor," said:

"I've found that acquiring business is the toughest challenge for professional service providers."

When an entrepreneur starts a new business, they may or may not be aware of all the challenges that are ahead. But, for most, the rose colored glasses will come off pretty quick. Some of the challenges may include, lack of capital, low sales, and tough competition.

How much do you think your business would improve if you had three or four bonafide high-quality referrals each month? How much would your revenue grow if you had friends in business that referred their clients to you?

When you look at the multiple reasons that the Small Business Administration gives for why over 50% of businesses fail within the first 5 years of opening, it's easy to see that a good portion of challenges could have been resolved with more sales. Therefore, it makes sense to me... and maybe to you too, that learning how to convert everyday contacts into referral sources should be every business person's top priority.

You can't just blue-sky yourself into more sales. It takes work. So does business networking and relationship building. Building referral relationships may or may not generate immediate sales, yet I encourage you to get started today. How? You can start by stirring up some ideas on who would be good referral sources for you and your business.

Here are 4 ideas that will help you capture more sales with referrals.

1. Create an online Facebook Group with a community of people that you have something in common with. It may be a group for your neighborhood, local school parents, or  in regard to a favorite hobby. Build those relationships into friends who refer.
2. Email, call or visit with all of your past and current clients several times a year. Let them know that you welcome or even reward referrals.
3. Attend local business networking events with the intention of connecting with two or three business people that might benefit from receiving referrals from you and who also would potentially send referrals to you.  Don't know what to say? Check out Bob Burg's 10 Feel Good Questions.
4. Join or start an exclusive industry business networking group, where you are the only person representing your industry.

Although, I could go on for pages and pages on how to create a never-ending stream of referrals, I'm going to stop right here. Let's not get too complicated. I hope that you will get started today with at least one of the four ideas that I've suggested.

Please call me if you need some advice on how to network yourself into success. Beth Davis 918-933-4864.