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15 Apr 2011
TIME. As much as we try and control it, measure it or waste it - it never stops. Think about it, how many conversations have you had with your peers or direct reports about ‘how can we maximise billable time?'
I have a solution for you. Stop letting your fee earners go out networking without a purpose - it's a massive waste of billable chargeable time. But they do have a purpose when networking, I hear you cry - to go out and win work. Yes, we all do it - as the pipeline looks to be a bit patchy, the directive comes down from on high... everyone, even the trainees, need to go out networking and bring back work.
Mmmm. There are a couple of problems with this approach.
Firstly, have you actually trained your fee earners how to network?
Do they know that going out networking with the sole purpose of winning new clients is the quickest way to accumulate a pile of business cards and a CRM system full of names. Filling up your firm's database with names, is going to get you precisely nowhere - in fact, as you start marketing to these people (who have almost definitely not agreed to go onto your mailing list), they will only unsubscribe and resolve never to darken your door...
Are you focusing your fee earners on building up relationships with people who are in a position to provide you with a regular stream of referrals? Yes, introducers and gatekeepers to your target client. It's only when a relationship is formed - and that takes more than just one chance meeting and a cup of coffee later, will it lead to a steady stream of referrals. (You do encourage your fee earners to follow up, don't you?) And that assumes, that you have met the right person in the first place. Because relationships take time to build, networking is not a quick fix to mend your business development headaches. To be successful networking needs to be strategic, focused and seen as a long term investment in key relationships and partnerships.
Secondly, and this is a massive bugbear of mine. Have you discounted the possibilities of online networking - for example, using twitter, LinkedIn and dare I say it Facebook to enhance your mix of networking activities? If you have blocked access to these networking tools from your practice's IT systems, then guess what, you have stopped your fee earners being able to network from their desk. No longer is networking just about going out and meeting people. Using LinkedIn for just an hour a week, can be a really effective way of generating a steady stream of referrals from your network.
I would assume that most of your fee earners spent at least two to three hours, of either yours or their personal time, attending a face to face networking event. So, think how much time could be saved if your fee earners knew how to use LinkedIn as a referral generation tool, and were encouraged to use it to help maintain their network.
How much are you networking without a purpose?
This is the first in a series of columns from Heather Townsend, author of ‘The Financial Times Guide To Business Networking' and a specialist in working with Accountants. Heather regularly blogs at Partnership Potential, and Joined Up Networking.
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Visitor comments Add your comment
How not to waste time networking
Not sure this piece tells us a lot.
Here are my rules of face-to-face networking at an event:
• Select an event where you know decision-makers from target organisations are going to be (this requires you to have a targeting strategy!).
• Research who is going to be there – try and get the delegate list (even if you only glance at the list on arrival) – and identify who you wish to meet.
• Learn the art of networking the room: how to break into groups, introduce yourself, etc. (this is for another time).
• Most importantly, learn how to move on from someone who doesn’t fit your strategy (this is where people really waste time at networking events – getting stuck with a bozo!).
• When you meet a decision-maker, make a good first impression, learn a bit about them (their company, role, reason for being at the event), tell them a bit about you (but don’t go into selling mode), and most importantly plan a reason to follow up, e.g. “That’s interesting you say that. We’ve just done a report into XYZ; I’ll send you a copy when I get back to the office.”
• Don’t take up too much of their time – they will have their reasons for being at the event – but get their business card before moving on.
• Follow-up when you get back to the office and take it from there. Don’t forget to put their details on your CRM system, including the snippets of intelligence that you picked up in conversation, and invite them to connect with you on LinkedIn.
Posted by: Kevin Wheeler, Wheeler Associates, 15 Apr 2011 | 09:37
Web Site
Kevin - I'm just trying to research some background on you and can't seem to locate your web site. Could you kindly let me have your url thanks
Posted by: Elaine Clark, 15 Apr 2011 | 12:44
Networking is more than just working the room
Kevin, thank you for some great advice on 'working the room'. However, networking is so much more than just 'working the room'. I was with the head of corporate finance of one of the top 6 UK firms, and he saw the 'working the room' aspect of networking as not a priority for his part of the firm. He was more concerned with relationship mgmt - remember networking is not the start of the sales process.
Posted by: Heather Townsend, 15 Apr 2011 | 12:56
The problem with this is
I don't think networking should be confused with going out and meeting people. real networking is about adding value to the right people. To do this you need to a) have a collection of currencies or ways you can add value and b) understand who the right people are.
My business grows through referrals but I never go to those frightful "networking events"
Do yourselves a favour and learn how to build up an engine of people who owe you more than you owe them and who will continually feed opportunities your way.
Or you can just learn how to work a room and harvest enough business cards to choke a minky whale.
Posted by: Mike Ames, 15 Apr 2011 | 13:14
Grammar!
Why do educated people write 'Try and' instead of 'Try to'? It is one action, not two!
Posted by: Mike Jones, 20 May 2011 | 12:21
Heather is so spot on!
It takes time and patience to build relationships. Simple process
Attend more events
Meet more people
Ask more questions
Listen more carefully
Be far more interested than interesting
If you spot an opportunity TO HELP AND ADD VALUE AND NOT SELL ask to call
Make more follow up calls
Have more 1-2-1 meetings
Keep in touch more often
END RESULT
In due course more business will ensue
It's a numbers game...come on acco!untants you're good at those...aren't you?
Posted by: Will Kintish, 26 May 2011 | 17:48