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Putting Business Networks to Work For You
If you are an independent contractor, or business owner, then you may have heard of business networks. The principle behind any business network is both simple and successful. Groups of business people gather on a weekly basis to exchange business cards, provide referrals and share information. In some business networks such as Business Networking International, an organization of business owners and professionals who boost one another’s businesses through referrals, there is a golden rule. To avoid competition among group members, membership is limited to only one person per profession. However, in most business networks the concept is the same; If I give you business you’ll give me business and we’ll both benefit”.
The goal is that each individual, or small business becomes marketing agents for the other. Each relies on sharing business contacts and sharing business leads to grow and expand their business and with a focused and ongoing “word of mouth” campaign, you can keep your marketing costs low and hopefully generate more sales.
The Business Networking International franchise, founded by Dr. Ivan Misner of California, marks its 20th anniversary this year. Since its formation, the organization has grown to over 3,400 chapters with roughly 68,000 members around the globe.
Many business networks will have a membership fee, but the amount is nominal, and for the cost of an annual fee, you’ll maximize your advertising spend by having others do the work for you. Essentially what you put into it is what you will get out of it.
So lets face it. The real purpose behind a business network is to simply exchange business cards with as many people as possible. The hope is that people you give your card to will either call on your services when needed, or pass on your card to other entrepreneurs within their own network. We use the word “entrepreneur”, and not business professional, because business networks are really a grass roots marketing effort embraced by many entrepreneurs who are aware of customer acquisition costs and are driven to network with as many people as possible in order to grow their business from the ground up.
Most recently, the Montreal Gazette posted that a year-old Montreal non-profit group known as the Canadian Entrepreneurs Organization will host it’s 3rd business card exchange event designed to bring together venture capitalists, stockbrokers and accountants to doctors, lawyers and renovators. The group started at just 14 in 1996, but then grew to hundred. Their last major gathering attracted 1,500 people so the group expects that number to be even higher this time around (around 2000 people), and obviously the attendess recognize the value of a business card exchange event. We are certainly glad to here that these kinds of activities are making headlines as it only helps propagate the expansion of our business networking communities.
To get started, find a local chapter in your area, or ask friends and collegues if they are part of a business network. Simply attend a meeting (often they are breakfast meetings before the business day starts) and assess whether you are willing to participate in the scheme. Either way, make sure you leave your business card with as many people as you can, because you never know who may need your services down the road and if your business card looks good, chances are they’ll be calling you sooner than later.
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