Over the past few weeks, I have had several conversations with different people about networking, boundaries and the value of time. One of them asked me to put my thoughts in a series of blog posts. Not being one to walk away from a challenge, I have taken the bait. And here is my first post on this issue.
As a business owner, you probably attend a significant amount of networking meetings. Your objective is to foster new relationships that can help you grow your business. And as you continue to attend these events, you may hear from others how successful they have been for them.
But think about this:
- Is this networking group the right fit for you? Are the other attendees in need of your services or able to make connections for you to help grow your business? Do they even understand your business or the value it offers? Are you building relationships? If you walk away feeling positive and energized, it might be a good fit. If you walk away confused and empty, it may not be the right environment for you.
- What is the ROI? You are taking time to attend these meetings. Are you paying to attend? Are you spending money on food/drinks? How much time do the meetings take? Take your hourly rate and multiply by the amount of time at the meeting as well as travel time, plus other expenses. Are you seeing a return on this? Keep in mind that you may not see a return immediately, but there should be a potential of a return on investment. If you can’t justify the time you are spending, then move on.
- Are you giving it away? How often do you meet people at a networking event, who pull you aside and say “can we meet for coffee, I want to pick your brain?” Think about it, they value your help, but will they put an amount on that? We all love when people flatter us and compliment how great we are. But do you really have time to drive cross town for a cup of coffee? If you offer business advise/coaching as part of your service, then it should have a value. A compliment only requires a “thank you”.
My advice:
- Don’t join any associations until you have attended a meeting as a guest and clearly see the value to your business. Your best friend may love it, but if their business is different from yours, the ROI can be very different.
- Try as many networking meetings as you can make time for. Even if they are not beneficial for your business, you may find new friends and contacts that will enhance other aspects of your life. Look at everything as an opportunity!
- Fine tune your 30 second pitch. Always have business cards with you. Have all of your services and contact information on your website. Ask for testimonials. Participate and monitor social media.
So I named this blog post My Two Cents, but I’m hoping you found it more valuable than that. Please feel free to share your two cents.