Editor's Note
Letter from Ryan McNeil

In this issue of PBFN Connections, the Editor turns his focus to the ins and outs of networking.
Full Article
Money Matters
U.S. Small Business Administration launches electronic procurement program.
Full Article
PBFN Announcement
NV Magazine, a leading business magazine targeted to young black professionals, presents PBFN founder and CEO, Ryan McNeil with an NV Award 2k3.
Full Article
Member Profile:
Scott Turner
Having a Plan and a Purpose

Current NFL player Scott Turner encourages PBFN members to look forward to what is to come in their post-playing days by planning on what they want to do BEFORE retirement. Full Article
In the Know
Networking Your Way to Tax Deductions

In addition to the increased exposure to like-minded business professionals, certain aspects of networking can impact your tax return. Full Article
 
  Networking 101
 
Networking is a buzzword-and a technique-of the times. A relatively new word coined in the 70’s, the word networking is nothing more than a term to signify relationship building. Essentially, the time you spend networking makes it easier for you to call on potential customers, find a job or get promoted. It opens doors and warms up prospects.

There are several forms of networking and strategies surrounding successful networking. The stronger your network, the greater your strength to get things accomplished when you "know someone" who can help you down the path.

Your network is all around you. Family, friends, current and previous business associates, teammates, association members – the list goes on. The key is for you to use your time at meetings, events, conferences and social gatherings to develop relationships. Meet as many people as is comfortable for you and establish a rapport with them, then later contact them or the people referred to you by them.

Aside from your family and circle of friends, joining associations or networking groups is an ideal way to expand your networking circle in a targeted manner.

Joining Networking Groups
Joining a networking group is one of the easiest and least expensive ways to develop a good base of contacts.

The most obvious benefit of joining a networking group is that you meet or find out about potential clients. But, networking groups, particularly those that focus on specific professions, also allow you to informally continue your professional education. Conferences, problem solving, brainstorming, sharing new ideas and discussing new technologies – networking groups simply foster your personal and professional development.

Spending time with people in your field helps you stay current without necessarily spending a lot of money on training and seminars.

Find a Group
You can find networking groups in a variety of ways. Search the Internet using your city and profession as keywords. Scan local business journals for lists of local mixers, lunches and tradeshow events. Contact your local Chamber of Commerce. But the best source of networking information is networking itself. As you meet people, ask them if they know of any local networking groups. Visit those and you'll no doubt hear about others.

Commitment
Paying membership dues for an organization is the first step. Once you find and join a group, take the commitment seriously. Attend meetings regularly. Start thinking about how you can help other group members. The goal is to develop your network and allow the learning to continue beyond the meeting setting. Overtime, people will begin to trust you, and will introduce you into their inner circle, where real business is conducted.

Tips for Successful Networking
Networking isn't about instant gratification - it's about long-term success! Relationships -- business and personal --need time to develop. The following are some networking tips to get you started examining your existing network, as well as some general networking and contact follow-up tips:

1. Write down a broad list of contacts. Think of people knowledgeable in your field, well connected and/or willing to talk. Maybe your neighbor has a friend in your line of work. Maybe you're changing career direction.

2. Contact each person on your list with whom you'd like to meet. Ask yourself what you can actually gain from a conversation with this person. Are there answers you could learn from this person that might clarify your market research? Do you want to learn more about a specific company? How to progress in a particular field?

3. Develop a concise message about your business or yourself that explains what you do. Test this message on your family, friends and associates making sure to test it on someone not overly familiar with you and/or your business. This will help ensure your message is understandable and concise.

4. Get the business cards of the people you meet. A good idea is to jot down the specifics of your conversation on the back of the business card, including the event details and any referrals immediately following the event/meeting.

5. If you have one, always carry your business card.

6. Maintain a record-keeping system. In whatever format works best for you include the following information on each contact:
• Who referred you
• Name & title of person
• Referrals, if any
• Company name, address, phone and any other pertinent numbers
• Date of each phone call and/or meeting
• Topics discussed

7. Find a way to follow-up and communicate with the contact in the near future. If you come across an article you think may be of interest to someone in your network, clip it and drop it in the mail. Hear about an event that may be of interest to members of your association? Let them know. Don't skip this opportunity to be in front of your contact's eyes once again.

 
Interested in learning more? For additional information about developing your network and networking groups, refer to the following sources:

Black Enterprise
“Making Connections. An employee network can provide the support you need to get ahead.”

Entrepreneur
“Join the Club - Chambers of commerce can help you get your foot in lots of doors.”

Entrepreneur
“Developing a Networking Contact Sphere - Forming symbiotic relationships with other entrepreneurs may help you boost business.”

Professional Business and Financial Network

US Chamber of Commerce