Business Networking Strategy

Networking with FOCUS The Bottom Line – FINANCIAL RETURN In my last FOCUS blog, I asked the question ‘why did you join the Chamber?’ I believe that networks can produce much more effective results if you focus on what you are looking to achieve from membership. To make the most of networking, treat the cost as a business investment, not a club membership. Like any investment, such as a marketing campaign or new technology, it’s important to know what the return is going to be and to map out a strategy to get results. By focussing on a financial return, you are more likely to take the steps necessary to achieve it. By extension, you are far more likely to meet, and exceed, that return. Many people initially join networking groups with the view to just getting back their membership fee. As a result, the business they ask for tends to be quite small, and goals are unambitious. While I was MD of BRE Networking, we introduced training based on financial targets. Groups saw a dramatic change in the business asked for, and won. As a result, one member, previously looking for business worth between £250 and £1000, began asking for contracts worth in excess of £200,000 and was able to substantially increase their goal for the year.. Businesses who join networking groups without a clear vision of what they want to achieve frequently fail to see value for their membership. Focus on a clear financial return and make networking pay. Next time... Beyond Money