I outlined the steps you should take to prepare yourself for ‘The New Work World’. One of the essentials I mentioned was networking. Why is networking so important?
We all know how long it takes to establish a good business relationship. Doing so is an art. Learning to trust, understanding the give and take, setting the terms for mutual support. These things cannot be done in an instant. They take time. Start now. It will put you ahead of the others. Who are you going to have to rely on in your career and business?
Your colleagues, bosses, subordinates are the most important people as far as your career is concerned.
You will network with some of them because you like them. That’s valuable friendship. But your networking at work must go beyond that. You want to know what is going on in the business. Cultivate those of your colleagues who keep their ears to the ground. They can see the storms ahead.
Your customers, of course, come next.
But do we need to network with them? After all, they ARE customers. The answer is that eighty percent of your new business will come from your existing customers if you cultivate them. They are the second most important networking you will do. They must be high on your networking list.
Your suppliers are almost as important as your customers.
However clever and watchful you are you need the trust of your suppliers to be able to have trust in them. Never underestimate the help that a good supplier can give you if he is on your side – or the damage he can do if he isn’t. “You don’t see what the waiter does in the kitchen.” Your suppliers know what is going on in the business beyond your section of it. Their intelligence is invaluable. Make use of it.
Your shareholders – yes, even if you are not a Director it is sensible to know some of the shareholders.
They have a point of view and it’s a pretty important one as it determines the share price. Shareholders are knowledgeable but beyond their knowledge is a certain sense of the market often not observed by those too close to it. Make use of their knowledge. Use the knowledge of stockbrokers, too. Make friends with one or two. They have as close to an inside track as you can get these days. They don’t always get everything right – none of us does – but they are better informed than most.
Your competitors should be on your network list all the time. All business works well because of a mixture of competition and cooperation. Too much of either is bad. Often there is not enough cooperation. Besides, the next job is more likely to be with a competitor than with anyone else. How many of your competitors do you know?
The media are an essential part of your network.
They must be cultivated long before you need to give them a story. Find out which is the reporter dealing with your business – not just in the press but in TV, too, and on the radio; get to know them; socialize with them. You may become firm friends. That will be a great help to you when you have to mobilise their help.
Notice I have said ‘socialize’. Many people prefer to stick to their circle of friends and keep their non-work-time to themselves. In ‘The New Work World’ you can’t do that. You must be prepared to mix business and pleasure. The successful have been doing it for a long time. Now it’s your turn.
John Bittleston blogs at TerrificMentors.com, a site that provides mentoring for those who wish a change in career or job, wanting to start a business or looking to improve their handling of people (including themselves).
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2 Responses to The Art of Networking
Klaus Wiedemann
November 1st, 2007 at 11:21 pm
Hi John, excellent post. We just posted today a article at Not For Slaves covering a similar aspect of perosnal networks.
I would perhaps add one additional group:
Peers in your industry. People doing a similar job as you do, facing the same challanges as you do.
Best regards,
Klaus
Marcel
November 3rd, 2007 at 4:43 am
Klaus, I enjoyed reading your article too. Especially the part about analyzing and maintaining your network of contacts. We’re so busy nowadays to even bother about it, but it’s such a crucial part of networking.