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The world is gradually returning to some form of normalcy since the start of COVID, but business development will change forever. Advisors have not been able to network at in-person industry events, one of the more common business-development activities, and conducting business virtually is here to stay.
As we transition back into the workplace, consider new ways to build relationships and nurture your network. Here are five steps to adjust your professional networking skills for a post-pandemic world.
1. Aim for more meaningful connections. It’s not about hoarding business cards. Thanks to COVID, many clients have reevaluated how and where they work, and with whom they spend their time. Many clients and referral sources are looking to establish deeper connections for business development. Forget the sales pitch and serve as a true advisor, a shoulder to lean on, or a new friend.
Approach business networking as a bridge to developing genuine relationships that are grounded in common interests and mutual respect and trust. This approach encourages participants to place their faith in others' abilities as true professionals. You may collect fewer business cards, but the relationships you forge will be of higher quality and longer lasting. When this happens, there are commercial and personal advantages.
2. Avoid glad-handing. Far too many people go into sales mode in a professional networking setting, and this comes across as forced and fake. Check your ego at the door. Instead, focus on getting to know others on a personal level and letting them get to know you. Share the “backside of the business card,” such as your information about your family, hobbies and interests.
But it’s not all about you! You have two ears and one mouth, so listen twice as much as you talk, and you’ll set yourself up to create connections that are genuine, mutual, and beneficial. Building lasting relationships is a job, but it can be enjoyable and invaluable. Take the time to do it now and your future will thank you!
3. Give before you get. This may seem counter-intuitive, but it’s more effective to give referrals and business opportunities than to expect (or worse, ask for) them. Offer kindnesses for others because it’s what a good person would do, not because you earn quid pro quo credits.
Remember that helping others is a reward, and when you’re a giver, you will naturally become a receiver. You may not get a return favor or referral in the moment, but it will come back to you from elsewhere. When you give for the right reasons, karma can become very generous!
4. Differentiate yourself. When it comes to networking, a narrowly defined focus will make you more memorable and will deepen your connections. Too many advisors try to be everything to everyone, which impedes their ability to become known as an expert in “something.” Saying you're a CPA, or business accountant is too broad, and is not memorable. Are you an accountant focused on complex tax matters, M&A transactions or international finance? Be clear and distinctive, so people know exactly with whom to connect you.
Especially in a virtual setting, it is much more beneficial to be known for one or two things. Others can more easily remember you and what you bring to the discussion that is different than everyone else.
5. Embrace the virtual world. The business world has become virtual, and some hybrid model will persist for the foreseeable future. While most of us may miss the human contact, there are benefits to this new way of connecting. Allowing people to see your environment, how you live, and who you live with will humanize you faster than in-person meetings could ever do. And yes, you can dress more casually. If you have a formal business meeting, pull out the power suit; but otherwise, it’s unnatural to be dressed up in your house. Don’t wear your ratty bathrobe, but dress down and be appropriate.
To grow a sustainable advisory practice, these tips will help build a community of life-long clients and referral sources grounded in meaningful interactions, rather than empty connections. These relationships can be nurtured in a virtual setting, and should in-person networking come roaring back, these tactics will still apply. The bonds based on friendship and trust are significantly more rewarding than business leads that were generated as a result of pressure, quotas, and expectations of reciprocity. These bonds will survive in any environment.
Joe Chatham is the founder and managing partner of USA 500 Clubs, LLC. As an entrepreneur and trusted advisor, he believes the path to successful business development is through strong personal and professional relationships. In 2013, he put that philosophy into action when he launched USA 500 Clubs. More than a business networking group, USA 500 Clubs creates a platform for high-caliber professionals, including attorneys, accountants, financial and banking advisors, and business consultants, to build and nurture meaningful relationships that naturally result in commerce and camaraderie. Fondly referred to as the “Master of Relationship Marketing,” Joe has strategically grown USA 500 Clubs across 10 states with over 800 carefully curated members, ensuring high-quality, like-minded members. Joe is often tapped to share his views on relationship marketing and professional networking at industry conferences, as well as with reporters and podcasters.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.