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Networking Is The Crack Cocaine Of The Business World

Networking is certainly the marmite of the business world: people either love or hate the thing. We have become polarised between those that love and those that hate networking; those that see it as the future of all business and prosperity and those who see it as a total and utter waste of time. “Twitter is for losers” is the cry of the anti-networkers.

Networking divides up into two varieties: online networking (Twitter, FaceBook, Ecademy) and face-to-face (BNI, BRX, NRG), although the two now tend to blur and overlap.

AS ADDICTIVE AS CRACK COCAINE?
I have no doubt that people become addicted to being online and in the loop. The average businessman takes his mobile phone wherever he goes, always having the opportunity to just check for messages. In my day, parents used to attend their kids’ football matches and focus on the game; now most parents multitask using the opportunity to send a few tweets or emails. The same applies at the dinner table!

Like a drug addict, networkers wait for the next fix in the hope that it will be as good as an earlier one. It rarely is.


ADDS ANY VALUE TO YOU BUSINESS?
The Directors’ Centre recently carried out a survey asking for clear examples of networking actually adding value to a business. While many people could clearly cite examples of face-to-face networking generating enquiries and actual business, the same was not true for online networking.

While loads of people were effusive about how wonderful Twitter, FaceBook were, we struggled to find more than a few examples where the business benefit could be demonstrated. We were asking to see a “Return on Investment”, some measure of time/resource spent and actual profit created.  Most online networkers struggled.


JUST BUFFULO DUST?
Online networking is the more addictive piece – like all addicts, similar people gather and share their obsession with each other.

Offline, face-to-face networking has a greater air of respectability, meeting in hotels and making connections. However, the groundswell of dissatisfied users suggests that not everyone sees the materials benefits of the activity. Maybe it’s a soft drug to online’s hard drug reputation.

In either case the users look for the ‘big hit’. “Maybe next time” they say to themselves but for many this never seems to come.


LOOKS COOL
Yes, it does look cool to look busy. Personally I’d rather be doing business, looking cool doesn’t pay the bills!


WHAT ARE YOU DOING?
Most people randomly sign up for some kind of networking club or website and suddenly find themselves getting sucked in. Most people don’t assess their investment in time (or the opportunity cost of what they need to drop) in order to do the networking.


AND WHY?
Most people claim to be networking to “help grow the business”, “look for new clients”, “share issues with like-minded individuals”.  


AND DOES IT WORK?
Well, surprisingly it does work but not in the instant gratification manner that most people hope.  Ivan Misner coined the phrase “givers gain” and actually he is spot on. If you go into networking with a selfish approach then people will give you little in return. If, on the other hand, you are willing to share and help others then you can reap the rewards. Networking is not a ‘get rich quick’ scheme but it can add real benefit to your business in the long run. 


AND HOW DO YOU DO IT?
Different networks work better for different people and purposes. Ask around and see what like-minded people think. Recognise that networking is usually a slow-burn activity so don’t expect miracles overnight. On the other hand, don’t keep flogging a dead horse.

For me, I need to feel comfortable in ‘a room’ of people but, more importantly, people who ‘get it’ – ie they are looking for a way to help me (which means that I will do the same for them).

Good networkers tend to work narrow and deep. The more systematic and structured you are then the greater the likelihood of success.

Be clear about your objectives and the time and resource you are prepared to commit. Be clear about what you want to be known for. Be clear about what you have to offer. Be generous with your ability to help others.  Time is your most valuable resource so be clear about how much time you are willing to spend.


AND WHAT SHOULD YOU EXPECT?
Not a lot in the early days. However, I do encourage you to measure your time investment and the returns (both tangible and intangible) that you get from the activity.


IS IT A MUST?
Depends on you and your business. What I will say is that you must do everything you can to avoid being a “busy fool”.

I am absolutely clear of the power of the “word of mouth” and of referrals. Networking can often be the perfect medium to cost-effectively grow your business. But it is not the only way!

 

 

about the author

Robert Craven is a keynote speaker and the author of business best-seller ‘Kick-Start Your Business’ and runs The Directors’ Centre. For further information, contact Robert Craven on 01225 851044, rc@directorscentre.com

Robert Craven©2010, Start Your Business Magazine

publication details

Published in Start Your Business, April 2010.