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It is undeniable. Your future success will be based on the quality of the leads you develop. This will be determined by the quality of your professional network of contacts and relationships. And the ability to cultivate and transform these “contacts” into a practice-building set of allies is what separates the top producers from the rest of the profession.

Mistake # 1 -- Random networking: Wasting time networking in the wrong places and in the wrong way
Problem: Most professionals think of networking as meeting as many new contacts (i.e. strangers) as possible and trading business cards. All the time, their mindset is on “what can this person do for me” – and this attitude permeates their interaction with potential referral sources. They also do not “qualify” contacts on their ability and willing ness to help them.
Solution:  Start by networking with people you already know. Be VERY selective beyond this group. Only invest time and energy in networking with people or groups who can get you the “ideal” clients you desire. Have a “giving” mindset. Your goal is to build a mutually beneficial business relationship – not add to your business card inventory.

Mistake # 2 -- Networking myopia: A self-limiting view of networking
Problem: Doing “networking” is seen as an activity. For example, I am going to an association meeting or luncheon to “network”.
Solution: The right way to think about networking is as follows: Networking is building relationships with ANYONE who can help you to grow your practice. Using this definition, you are already networking all the time. When you are working with clients, meeting with your colleagues or mentors at your own firm or attending an alumni event. The key is to recognize that you are constantly network building, inventory & prioritize these business contacts and develop an express action plan to cultivate these relationships.

Mistake # 3 -- Settling for referrals: Getting “cold calls” with a name attached.
Problem:  A referral is defined as a contact telling you to call someone they know and “mention my name” when you call. Now, getting a referral to a potential new client can’t hurt, but it is not the best you can do. The person doesn’t know you, don’t understand why you would be of value to them nor are they prepared for your call.
Solution: Ask your contact to first call to introduce you to the future client. In this way, they “pre-sell” and endorse you to the prospective client – and prepare them for your call.

Mistake # 4 -- “Solo” networking: Marketing yourself by yourself:
Problem: Professionals only look to build THEIR personal network – people who can help them to build their practice.
Solution: Instead, team up with a few like-minded professionals and build your combined relationships. Look to trade and inter-connect your web of relationships together. Add collective value by introducing people to one another – even if there is no direct business benefit to you.  Find people with ‘power networks” like the head of an associations and go to see them as a team.

Mistake # 5 --No allies: Settling for “shallow” networking relationships
Problem: Professionals often look to network with MORE and MORE people.
Solution:  Instead, the best business generators look to forge highly committed alliances with FEWER & BETTER referral sources. Build a small, elite team of professionals “business partners”. Continually market together on a cooperative business. See your business contacts as “de-facto” partners in growing each other’s business.

Learning to Build Your Network is Your # 1 Business Development Priority
You will only go as far in your career as your network and alliances take you. Treat your network as an asset, plan to cultivate it daily and learn the skills you need to master network building.

About the authors:  Michael Cummings and Larry Bodine have worked with industry leading professional firms as trainers, coaches and business development consultants. They have built the entrepreneurial skills of thousands of professionals at hundreds of firms – including personal marketing, building a network of allies and cultivating relationships with customers.