Building your network is crucial in expanding your connections and finding business opportunities. Having a trustworthy pool of contacts can be helpful as you continue on your own journey and meet people who can eventually become referral partners, if not life-long friends.

Networking can have a positive impact on you and your business, but it can also hurt your career or become a waste of time if you approach the process the wrong way. It’s important to remember that networking isn’t just about chasing after clients or attending as many business events as you can. 

At its heart, a business network is centred on human connections. You need to build a thoughtful networking strategy that will allow you to cultivate meaningful relationships. By learning the nuances of networking and developing the skills you need to engage with potential contacts, you can avoid the common networking pitfalls that executives run into. 

It’s important to consider taking the guidance of a professional business coach to help you in sharpening your networking skills. An experienced business coach can help you identify areas of improvement as well as hone your people skills, allowing you to create quality connections through networking.

Why it’s important to be good at business networking

Business networking refers to the process of building a mutually beneficial relationship with your contacts. Connecting with other business leaders in your industry, as well as in other fields, can bring numerous benefits to your business.

The advantage of networking effectively include:

• Community of supportive peers – You will meet professionals who may have gone through the business setbacks you’re experiencing now, and they can offer invaluable advice or even their products and services to help you overcome your problems.
• Potential investors – If you need equity financing or funding, having a diverse network can help you find potential investors that will support you in growing your organisation.
• Increased knowledge of latest industry trends – Being willing to learn from others in your network can help you know more about what’s new in your industry, and how you can leverage the current trends in driving business growth.
• Access to talent – Your contacts can recommend people that they think would do well in your organisation. It’s also possible to find talent within your pool of contacts, allowing you to directly engage with potential candidates for open positions in your company.
• Potential clients and suppliers – As you continue growing your network, you’ll meet more contacts that you can potentially include in your client base or even supplier list.

A good business leader will strive to create and use their network to the best of their ability because they know that it can be a great source of both professional and personal relationships, helping them grow as a leader and become more empowered in achieving their personal and organisational goals.

Being good at networking requires having high emotional intelligence as this allows you to interact with others in a more personal and genuine way, enabling you to network effectively. 

Knowing the networking pitfalls you need to avoid (or stop doing) will also help you in improving your networking skills and building your pool of contacts.

10 things to avoid (or stop) when business networking 

It’s important to remember that networking is about meeting people and establishing relationships. Doing this involves learning the right business etiquette and developing networking skills so that you don’t make a bad impression and inadvertently turn people off.

Here are 10 networking pitfalls you should avoid:

1. Not doing your research – The majority of networking events will release participant lists in advance, so it’s a good idea to review the list and target the people you want to speak to at the event. This ensures that you maximise your time at the event and that you can think of conversation starters with the people you want to interact with. 
2. Not having a 30-second elevator speech rehearsed – Someone will inevitably ask what you do for work, and sharing your experience to outline your position and business is a great and engaging way of introducing yourself.  In my case, I wouldn’t just say “I’m a business coach.” I would introduce myself by saying, “You know that moment when you start growing a business and you hit brick walls along the way that cause frustration and stress? I help people navigate and break through those walls by teaching them the strategies and skills they need.” Adding a personal touch to your elevator speech will set you apart and make you more memorable among the crowd.
3. Focusing on yourself and waffling – As mentioned, networking is about building relationships, not just about promoting yourself and making transactions. No one likes being sold to in a networking environment. Focus on getting to know other people and the work that they do, rather than telling them that your business is the greatest thing since sliced bread.
4. Letting others monopolise your time – Inversely, you may meet “serial networkers” that just want to talk about themselves or even inexperienced business people who are intimidated by networking and would prefer to stick with you after you started a conversation with them. In case this happens, politely say, “It was great meeting you, how about we go and meet other people?” You can even take them with you to join another group and then break away. 
5. Spending time with people you already know – It can feel fun and comfortable to catch up with friends and long-time business associates, especially if you’re going to an event by yourself and you’re anxious about meeting new people. Make sure that after you say hi to those familiar faces, step out of your comfort zone and have a chat with people you haven’t met.
6. Spending too much time with one person – Maybe you’ve met someone you connect with, and both of you are equally engaged and interested in the conversation. It’s important to remember that a networking event is a place to meet new people, so you need to be careful not to overstay your welcome. You can schedule a separate coffee or meeting to discuss your ideas before suggesting that both of you should talk to other people at the event. 
7. Not giving someone your whole focus and attention – Maybe you’re distracted by the noise in the room or maybe you’re still thinking of the last meeting you had before you attended this event. Whichever the case, it can be hard to connect with someone if they see that you’re not listening or paying attention to what they’re saying. Make sure you are mentally present when someone is talking to you about themselves or their business.
8. Talking about work nonstop – People want to know more about a person before they start referring business to them. Talking about other topics aside from work, like your hobbies, interests or favourite sports, is always a good way of making a lasting impression and building a genuine connection.
9. Drinking too much or grabbing at food as soon as it’s served – It’s never a good look to drink too much or rush to the buffet as soon as it’s open. A networking event is an opportunity for you to represent your business, and observing proper etiquette ensures that you will be taken seriously. People who grab food like they haven’t eaten in two week portrays a scarcity mentality and can come across as desperate. 
10. Failing to follow up – Following up as soon as the event is over is crucial if you want to pursue a professional relationship. If you delay the follow-up or forget to do it, the effort you put into meeting that person can go to waste. Following up immediately, when the interaction is still fresh on the other person’s mind, will remind the person of who you are and allow both of you to talk in a private environment and explore opportunities together. 

Networking can be a game changer, if you know how to do it right. By developing the right skills and avoiding common pitfalls, you can reap the benefits of having a strong network and use it to grow your business.

If you want to learn more about improving your networking skills, give us a call.