Business Networking 101
According to Adam Small — the founder of Strategic Business Network, networking is the single most powerful marketing tactic to accelerate and sustain success for any individual or organization. Starting a business is no easy feat, sustaining it is even harder. You can’t do any of it on your own. You need people, both within and out of your company, to help you grow your business. Gidibo Tindwa is a Program Officer at Segal Family Foundation and entrepreneur in Dar-es-Salaam, Tanzania. He has worked with a number of entrepreneurs over the years and spoke to us about why networking is an important tool for the growth of businesses in the region.
It is important for entrepreneurs to constantly remain in the know of what is going on in their industry, who else is out there, what are they doing, what kind of business models are in the market, etc. According to Gidibo, entrepreneurs neglect another important networking opportunity with peers: partnerships. He thinks many young entrepreneurs take this for granted because they look at their peers as competition.
“There is always room for partnerships,” Gidibo said, “Although two businesses might be doing the same thing, they should think of ways they can leverage and learn from each other in order to give both a bigger portfolio of clients.”
While there is always the risk of idea theft as a result of networking, according to Gidibo this would only validate your idea.
“Our work as entrepreneurs should be based on the quality of delivery of what we do,” he said, “If you have a home supplies shop, the only difference between yours and the thousands of similar shops is who does it better. How are you selling your experience? That is what sets businesses apart.”
If you never share your idea, it won’t grow, especially if you need to raise finances for it. While there might not be enough financing for businesses in our market, we also aren’t taking advantage of the resources available within our networks.
“Yes, there is a risk of people stealing your idea as a result of you sharing it, but what is the opportunity that comes with the risk?”
Depending on the business model and internal capacity of the company, you can network at every stage in the life-cycle of the business. An early stage company with a large initial investment requirement might need to partner with an already existing company to provide access to the resources needed. While a more self sufficient business would use its network to bounce off or develop ideas.
Networking At Events
When attending a big networking event, get a list of who is coming if possible and do your homework on them. Target a few people you want to meet and intentionally “bump” into them at the event. Even though you might know about what they do, allow them to tell you about it anyway instead of only talking about yourself.
“Don’t go to just tell people about what you do,” Gidibo said, “Go to learn about what others are doing.”
However, be careful about how you use the information you have researched. Don’t come off as aggressive or stalker-ish. Read their body language to know when you need to back off or tone down.
“Being able to read all these intricate details requires practice,” said Gidibo, “Invest time in getting good at talking to people by practicing with a friend before an event. It’s like going for interviews, speak to yourself in the mirror if you have to. If it’s a really high stakes event, prepare for it.”
On the other hand, when meeting people you know nothing about, ask them to tell you about what they do before getting into the details of your work. Tell them a little bit about your work, exchange cards and promise to follow up for a more in-depth conversation.
“Don’t fill the conversation up by only talking about your business without knowing what their interests are, because it might not be in your area of work,” he said, “You should always read their body language. If they are interested, you will be able to tell.”
The Follow-up
The standard for follow-up is within 24 hours. After the brief conversation, whether or not they are a good fit for you, send an email thanking them for their time. Show that you were listening as they spoke by making reference to a few things they mentioned in the conversation. Sometimes if you know you will meet a particular person at a big event, draft an email beforehand and have it ready on your phone. After meeting said person, add some of the conversation content to the email so it’s more original and send it right away.
“If you send the email 10 or 15 minutes after speaking with the person, you are telling them how important the conversation was to you and this will help you stand out. At such big events, your aim is to stand out from the hundreds of people they will meet.”
If they aren’t a good fit for you, apologize and let them know why. If you can, suggest a few people or organizations that would be a better fit for them.
“You will not lose that person as a part of your network because you are not asking for anything but giving them leads. They will see you as a resource going forward.”
For connections that are a good fit for you, follow up by telling them briefly about what your company does in relation to what they do. Ask to meet for coffee or a drink or via Skype to learn more about what they do as well as share more on your business.
“Avoid sending 5-page emails because they won’t get read.”
Networking for Introverts
Networking might sound like an extroverted effort and a terrible experience for the introvert. Is there any hope for the introvert? According to Gidibo — and a slew of other introverts — there is!
“I am actually an introvert and at events, I scan the room first for people I know. I try to make sure they are in different locations of the room. These will be my energizers. I will do a round of networking with people and then go to my energizers to recharge before going another round.”
In the book “Quiet; The Power of Introverts In a World That Can’t Stop Talking,” Susan Cain, the Author suggests having a friend or a “Golden Spot” — a group of people you are comfortable with — where you can recharge before diving back into the crowd.
“It’s always easy to have light conversation on open topics,” said Gidibo, “Don’t drive the conversation to topics you are comfortable with. Let people talk. It’s easy for an introvert to be a good listener — that’s not common at networking events.”
As human beings, we are prone to talking about ourselves. The people you meet at networking events aren’t any different. Allow them to connect with you on a human level first by allowing them to tell their stories and be themselves. It doesn’t even have to be about work or business; they might want to talk about their kids, sports etc. People value this type of interaction because it shows that they are being seen as normal people first and not just as representatives of the organizations they work for.
Happy Networking!
*Sugar, Spice and Everything Nice for Gidibo for helping us network better!
