Free tips on business networking

Business networking is important as I learned again this morning while at the Los Angeles Chamber of Commerce referral breakfast.

During a group exercise on "How are your partnerships building your business?" one member, Walt Whitney, shared how he spent $ 1,200 on a networking group for one year. He didn't receive any direct referrals from the group. Then he went to breakfast with one of the members who is a financial planner. She brought along another financial planner and then they introduced Walt to someone else. It was that connection who introduced Walt to 3 clients!

Walt diagrammed how the business networking proceeded. He drew about 5 circles before he actually met the client.

Here are other lessons on business networking I picked up from the LA Chamber meeting:

• Business networking is a long-term proposition (6 months to 12 months for some businesses)
• Build relationships before expecting business results
• Ask others about their business needs - don't just talk about yourself
• Actively network others and you'll be seen as a "go to" resource
• Be clear about the type of client or customer you're seeking

I recently did an interview with May Hui, the founder of Catch Matchmaking and she said business networking consistently allows her to stay in the top of the minds of contacts who have the potential to refer new business.

Click here to read the full interview with May Hui of Catch Matchmaking.

Business networking is a viable way to generate qualified leads and find new business. But it will take time and it will take a commitment to stay within a networking group.

Click here for a related post on business networking and remaining consistent.