Business networking

Meeting people who might buy from you or refer you. A channel with a real cost.

What it means

Networking includes formal groups, chambers of commerce, trade associations, industry events and informal relationships.

Why it matters

For many service businesses referrals are the largest single source of work, and networking is how the referral relationships get built.

What it looks like in practice

Treat it as a channel and measure it. Time is the cost, and an hour a week for a year is a real investment.\n\nBe specific about who you want to be introduced to. "Anyone who needs an accountant" produces nothing.

What to watch out for

Groups where everyone is selling and nobody is buying. Check who is actually in the room before committing to a year's membership.

Where to get proper advice

Your local chamber of commerce and trade association. Your own record of where enquiries actually came from.