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Why is networking important to creating business success and wealth? The answer is simple. It is no coincidence that hundreds, even thousands, of people are hired for positions over more qualified and more experienced individuals simply because they have cultivated relationships with key centers of influence. It is no coincidence that one politician is elected over another because he has cultivated relationships with more individual voters than the opposition.
Through networking, you will receive opportunities that will expand your current knowledge base, business and wealth creation. Through networking, you will be empowered to expand your current skills and learn to communicate on many levels. Networking means communicating with others to create mutually beneficial relationships.
People often confuse networking with “contract quantity.” However, the purpose of networking is simply to improve your cause. Think of networking as opening doors to the unknown. You might be tempted to believe that the more ports you have, the more likely you are to make the right kind of connections, but this is incorrect.
Networking is intentional by design. By placing yourself in situations that attract others with whom you can establish mutually beneficial relationships, you increase your potential profits. Therefore, one of the most important traits of the networking leader is the ability to actively identify which doors to open.
Related: 4 Reasons Why Networking is a Must for All Successful Entrepreneurs
5 Ways to Network to Achieve Growth and Wealth in Your Business
1. Do your homework
It might seem self-explanatory, but you’d be surprised at how many business owners overlook this part. Planning is a component of networking, and you’ll need to make lists and look for resources that can answer basic questions about the person or organization you’ll be meeting. For example, who knows the person you are trying to meet? Who else works with this person? Where they live? I’m not suggesting you stalk your potential networking target pool; instead, sit down and list information that could help you increase the quality of your potential interactions.
I learned the importance of doing my homework when I had the opportunity to have dinner with author Mary Higgins Clark. Despite the many possible ways to learn more about my famous upcoming dinner guest, time required me to select just a few. The first step was a trip to my local bookstore, a place of great networking resources. I asked the person working behind the counter if she had ever heard of Mary Higgins Clark. “Oh yes,” she replied, pointing to a display that held more than 10 of her books. Now I felt anxious; despite my desire to read what seemed to be stacks upon stacks of her best-selling novels, I only purchased three to read on the plane. When I left the bookstore, I found myself less anxious and more excited about my impending meeting.
2. Take the initiative and introduce yourself
When you meet someone of notoriety, it’s natural to be nervous about making a bad first impression, regardless of your level of success. Even the most charismatic individuals say the wrong things out of nervousness or excitement. I think it’s always wise to rely on kindness. This seems like an obvious tip until you mistakenly call someone by their name after a two-minute introduction. Whether the person you’re approaching is famous or not, it’s always acceptable to ask, “How would you like them to address you?” after introducing yourself. I also like to have a few questions in mind that begin with the phrase “Tell me about…”, followed by a reference to something I know about the person. Since most people like to talk about themselves, the more the conversation focuses on your new acquaintance – not on why they should be excited to meet you – the more likely there will be another meeting.
Luckily, I didn’t have to make any decisions about how to approach my dinner guest as Mary Higgins Clark greeted me as I approached her home. However, outside, Mary and I talked about a range of topics, from our families and hobbies to the stock market. She was very interested in the market. You asked questions that, frankly, were quite difficult to answer. Instead of trying to impress her (a mistake often made when trying to make a good impression), I answered her questions with simple, easy-to-understand answers.
Related: The 10 Networking Commandments You Need to Know to Make Authentic Connections
3. Think about them
You never want to seem better, smarter, or more knowledgeable than your partners in a conversation. When you do this, you come across as condescending, and despite your desire to build the foundation for further interactions, you may have just closed the door. In fact, that should be your goal ask more questions than you answer. Keep the other person involved in the conversation by asking them to share information about themselves. Find a common interest. Finally, do what is necessary to make yourself appear approachable. Offering your business card is just one way to ensure this happens.
To my delight, my use of effective networking skills with Mary Higgins Clark was immediately rewarded. For example, as I was leaving after a wonderful evening of conversation at a dinner in New England, Mary asked me if she could talk to me for a minute. I walked her to the corner of the room, where she said, “I really like you and how easily you explained the answers to my questions. I’m looking to open an investment account with another company and would like to open the account with you.”
4. Stay in frequent contact
Why did this happen? Simply because I took the initiative to stay in touch. There are many ways to do this. Writing thank you notes, sending items of interest with a note, or remembering significant events with flowers are all examples of frequent contact. Sending an email, while impersonal compared to a letter, also keeps your name and contact information visible. Call a few contacts periodically and, if you’re in their area, take them to lunch or give them a quick call to say hello.
5. Look for ways to offer praise
Making others feel good is essential to walking through the doors once they are opened. Congratulating someone on their accomplishments or thanking them for taking the time to talk with you are ways to praise them. This doesn’t mean you should act like a crazed fan; instead, think about what you could say that would make the other person feel good about themselves. Praising your accomplishments can lead to a competitive tone in your conversations. Having a calm sense of self while praising others makes you seem confident and much more worthy of further contact.
Final words
No successful entrepreneur achieves business or financial goals without the help of others. No matter how competent, qualified, or experienced you are, without the help of others, you probably won’t be able to excel. Push yourself to step outside your immediate comfort zone, seek out different ideas, and discover a world of potential opportunities for you and your business.
Mastering the art of networking will enhance your skills and opportunities to create the business growth and wealth you desire.