“It’s not what you know, but who you know that matters.”
The quote suggests that having a strong network of business contacts is more important than having education and experience.
We won’t go that far.
However, to succeed, you need more than luck.
You need to build a strong network of business contacts.
Why It’s Important To Have Business Contacts
Education and experience are important, but in the real world, knowledge alone might not be enough to get a job or run a successful business.
Why?
Because it’s a competition out there.
A small business job post will attract 21 to 80 applicants. A corporate job post will attract an average of 250 applicants. Many job applicants have similar qualifications.
From the stack of resumes, only one person will be hired for the job.
One.
The rest head back to the unemployment line.
The competition in business is more ruthless.
Here are the business figures for the U.S from March 2022 to March 2023:
- Number of businesses opened: 1.3 million
- Number of businesses closed: 1.2 million
- Number of employed: 2.2 million
- Number of unemployed: 1.9 million
- Number of small businesses that opened: 1.2 million
- Number of small businesses that closed: 946,311
For every business that opens, it seems that a closure isn’t far behind. Likewise, the numbers suggest that the job market isn’t a zero-sum game.
Some will tell you, “I ran out of luck.”
The truth is that many job applicants share similar qualifications. The resumes are hardly differentiated. You’ll need an advantage that will swing the recruiter’s interest toward your resume.
That advantage is the business contact.
What Is A Business Contact?
A business contact is someone influential with resources to advance your career.
You’ll have something more tangible than luck.
Business contacts can boost your job application with one phone call or a referral letter. While other applicants are waiting for a phone call, you’re having a preliminary interview with the Hiring Manager.
Business contacts can recommend your company to clients, suppliers, high-value strategic partners, and their followers. While your competitors are sending proposals to prospects, you’re conducting a sales presentation to a prospective client.
A business contact can open a door of opportunity for you.
10 Ways To Build A Strong Network Of Business Contacts
Some argue that those born into privilege have an unfair advantage, as wealth often brings influence.
While there is some truth to that, it does not mean that building a network of business contacts is impossible for those who are less privileged.
Whether you’re privileged or not, some effort is needed to build a strong network of business contacts.
1. Start in School
When our parents said the friendships we cultivate in school are the friendships we cultivate in life, they also meant in business!
If our first tip still applies to you, rest assured, it’s never too late to start networking for contacts.
- Join organizations and special interest clubs.
- Participate in outreach activities.
- Run for the student council.
- Volunteer your time and skills for special events.
- Attend school-sponsored job fairs.
- Apply for a summer job or a corporate internship program.
- Ask for their contact details: Email and mobile number.
Your school activities can help enhance your resume, especially if you don’t have work experience.
The guiding principle is: Be nice to everyone.
Aspire to create a positive impression on people you meet. They’ll remember and have a favorable recollection of your time together.
Who knows? After the usual catch-up and “what are you doing these days?”, they’ll gladly help you find work or business opportunities.
2. Network at Work
The workplace can be a good source of business contacts.
Like school, foster good relationships with your co-workers. Be diligent with your duties and responsibilities, stay professional and respect time-keeping policies, and actively participate in company activities.
If you have the opportunity, talk to suppliers and other strategic partners of your company.
Leave a positive impression that lasts.
- A co-worker might decide to become an entrepreneur. If the venture is successful, in a few years, he’ll need talented people to help him grow the business.
- A supervisor or manager resigns and works for one of the biggest companies in the industry. He’s looking for someone to manage one of the regional offices. Could you be top of mind?
????Pro Tip: Develop a personal relationship first. It can be off-putting and appear disingenuous if it seems that all you’re after is clout, not sincere friendships.
3. Stay Active on Social Media
Social media is a proven channel for networking, but these are communities with a distinct culture and behavioral profile.
Facebook is more informal compared to LinkedIn, which is regarded as a professional networking channel.
To connect on Facebook, you send a “Friend Request.” On LinkedIn, you send an “Invitation to Connect”.
The difference is that on LinkedIn, you can include a cover letter with your invitation explaining why you want to connect. It’s acceptable behavior to send an invite to someone you don’t know on LinkedIn because members understand it’s part of the networking process.
On Facebook, if the recipient doesn’t know you or there are no mutual contacts, your request is likely to be declined.
Here are eight tips on how to network for contacts on social media:
- Set up a business page and invite your friends to like or follow it.
- Create a compelling profile page on LinkedIn.
- Stay active by posting at least once a day. Utilize the blogging platform on LinkedIn and publish a blog at least once per week.
- Keep your posts relevant to your business and useful for your audience.
- Join and actively participate in focus groups.
- Regularly engage your followers.
- On LinkedIn, set the search parameters to qualify people you want to connect with.
- Ask a mutual contact for assistance in connecting with a key resource person or influencer.
Remember to be respectful to others. If your invitation gets declined, don’t take it personally. Move forward and find other contacts.
????Pro Tip: For networking purposes, stick to LinkedIn.
Facebook, Instagram, X, and Pinterest are less formal and more ideal for close personal relationships. You might inadvertently post content that puts off a business contact.
4. Proactively Ask for Referrals
If you need a particular skill, product, or service, the first place you should look is your contacts list.
Scroll down your contact list. You might come across someone who’s engaged in an industry specific to your needs.
Send a text message or an email. Keep the communication concise:
“Hi (name of contact)
How are you doing? I hope life and work are going great!
I’m reaching out because I remember you were involved in (name of industry).
I’m looking for a (cite specific need), and I’m wondering if you could refer me to someone who could help me out.
If possible, let’s have a quick call at your convenience.
Thanks!”
Referrals are effective because a personal endorsement supports you. The response rate will be higher, and the KYC (Know Your Contact) process will be simpler.
And the benefits go both ways.
A contact won’t refer just anybody. You can be assured your contact has vetted the person referred to you. They might be friends or have been involved in a business transaction.
5. Attend Networking Events
Trade shows, conventions, breakfast/luncheon roundtable discussions, seminars, career fairs, and workshops are examples of events where high-level networking occurs.
People who attend these types of events are prepared to meet and make new business contacts.
Go the entire nine yards when you go to old-school networking events and bring the following:
- Calling cards
- Marketing/Business brochure
- A pen and a pocket notebook
Here are seven tips on how to effectively network in a trade show, convention, or seminar:
- If possible, find out the people and businesses participating in the event.
- Research the participants. Find out how they look and learn about their business background.
- Scope them out at the event.
- Introduce yourself and explain why you sought them out.
- Don’t break the ice by talking about business off-the-bat. Start with a pleasant conversation.
For example:
“Hi. You’re (name of contact) of (name of contact’s company),
I’m (your name) from (your company).
I know you because of your company’s involvement in (state a recent development).
How have you found the convention so far?”
- Be more of a listener than a talker. Once the conversation has established a nice and smooth flow, introduce your business.
- Don’t keep the participant hostage. 10 minutes is enough networking time.
Before you part ways, share your need:
“In case you need a digital ad agency for a future campaign, I hope you can keep me in mind. Here’s my calling card. Our website has links to the campaigns we’ve done.”
Get the person’s contact details. If he doesn’t have a calling card, write the contact’s information in your notebook.
In this day and age of Zoom meetings, networking events are viewed as old school.
Arguably, old-school networking events are more effective than online meetings because face-to-face interaction has no filter. You share the same space and breathe the same air. You look each other in the eye to assess sincerity and interest.
6. Use Networking Apps
Networking has become as important as ride-hailing, food delivery, and navigation, so developers have created apps for it.
Cast a wider net outside LinkedIn by using a networking app. These apps have interesting features that can enhance the networking experience.
- MeetUp: Organize face-to-face or virtual activities for your interest groups.
- Bizzabo: Create and customize a virtual networking event.
- Fishbowl: Reach out and have one-on-one discussions with professionals from other industries.
- Shapr: The app will recommend 15 professionals for you to meet daily.
- Eventbrite: Remove the guesswork and use Eventbrite to find the right conferences and trade shows for you.
????Pro Tip: Security and data privacy are serious concerns when using apps. Choose a networking app that provides encryption and multi-factor authentication, and doesn’t “claim rights for internal data usage.”
7. Volunteer Your Services
Volunteering is an honorable way to help communities and non-profit organizations run their projects.
It’s also an effective way of building your network of business contacts.
The people you meet while volunteering become aware of your hard skills, but more importantly, they appreciate your soft skills.
Soft skills are the behavioral attributes that define your personality. Examples of soft skills include honesty, discipline, focus, punctuality, and generosity.
Volunteers are selfless people who place the interests of others above their own. They willingly forego payment for their services because they understand their time is used for the greater good of the community.
You create a special bond with other volunteers. They’ll remember your charity and compassion and know you’ll be a valuable contact in their network.
They would be happy to join your contacts list, and if they require your specific skills, you’ll be the first person they contact.
8. Contact Your Alumnus
If volunteering creates a special bond, an alumnus fosters brotherhood.
With the alumni, it hardly matters if you know each other or graduated the same year. If you share the same alma mater, there’s a good chance they’ll be willing to help you.
Attend alumni homecomings even if your batch isn’t the host. Homecomings are festive, and the overall vibe is rife with feelings of loyalty and nostalgia.
Bring a stack of calling cards and circulate. Ask friends to introduce you to co-alumni who have become movers and shakers in your industry.
????Pro Tip: A homecoming is a networking event. Utilize the tips shared in #5, “Attend Networking Events,” for a more productive session.
9. Start Blogging
Social media posting is a great way of sharing updates and having conversations with your community. However, blogging is a more effective platform for highlighting your knowledge and expertise.
Producing consistently high-quality blogs that are optimized for search engines can improve brand recognition and enhance your reputation as a viable resource.
People would want to connect with you.
Here are four tips on writing compelling blogs:
- Write about topics that interest your audience.
- Keywords are an essential component for optimizing your blogs for search engines, but focus on writing user-focused content over keyword-rich content.
- Write using a conversational tone and avoid using technical jargon. Remember, you’re the expert. Make your content easy for the reader to understand.
- Make your blog mobile-friendly by keeping paragraphs short. Limit them to two to three sentences, ideally with no sentence exceeding 20 words. This approach ensures your blog is easily scrollable on mobile devices.
You can blog on LinkedIn or invest in a business website with a built-in blog page. The advantage of having a website is that it shows the audience you’re committed to growing your business.
Share your blogs on social media. 92% of bloggers use social media to drive visitors to their websites.
????Pro Tip: A blog is your asset. High-quality blogs can increase the value of your website because they build your brand, enhance your reputation as an expert, create inbound traffic, generate leads, and improve SEO.
10. Every Day Is Networking Day
Networking isn’t limited to trade shows, conventions, volunteering, and social media.
You can make connections anywhere!
- The bank branch manager might introduce you to a depositor who might need your services.
- A conversation with the person using the treadmill beside you might go from “workout” to “work.”
- You might recognize a long-lost classmate at the supermarket or coffee shop. Introduce yourself and confirm your suspicion. If you’re correct, go through the usual “how are you?” before asking “what keeps you busy nowadays?”
Before the conversation ends, exchange calling cards, or if you don’t have one on you, write down the person’s contact details.
You’ll never know who you’ll meet on any given day of the week. So it’s best to be prepared to network when the opportunity arises.
Conclusion
At a networking event, participants recognize that everyone is interested in expanding their list of contacts.
However, relationships forge the strongest and most reliable networks.
Build a personal relationship before establishing a professional connection. Show a genuine interest in discovering who the person is before uncovering what the person does for a living.
If there’s no professional synergy, don’t sever the connection. Keep in touch. Opportunities are a question of timing.
Invest in a website to grow your network faster. The website will function as an online hub where contacts can learn everything about you and your business. Unlike social media, the website is all about you!
Contact us if you don’t have a website or if your current one needs a redesign.
