Increase Your Business Through Networking, Part I

Monarch Mortgage

Crofton, MD

Bill Vourazeris 443-618-2880

Crofton, MD. Monarch Mortgage Bill Vourazeris reaching Out To Your Community
The best way to increase your business is by mastering the art of networking. Nobody understands this concept better than Dr. Ivan Misner, the founder of Business Network Int'l. (BNI), the world's largest referral organization. BNI has over 4,100 chapters with 82,000 members in 26 countries worldwide. In 2005 alone, the organization generated over 3.3 million referrals, translating into $1.5 billion in business.When it comes to the art of networking as a means to build your business, Dr. Misner has identified five key strategies. In this first of a two-part series, we'll examine two of Dr. Misner's recommended tactics: 1 - Diversify Your NetworksIt's no secret. You're not going to meet people by being a "cave-dweller" who sits behind a desk all day. In other words, good business people put themselves out into the community. Misner takes the concept one step further by recommending that professionals diversify the groups they associate with. He suggests that individuals select at least three different groups to pursue, since networking with just one group is the business equivalent of putting all of your eggs in one basket.Good examples of organizations to network with include local chambers of commerce, Rotary and Lions Clubs, country clubs, churches, temples and schools. Misner says that even though some of these groups aren't known for business networking, trusted relationships are built and referrals do take place. As long as you properly honor the event you're attending, there is no harm in networking.Dr. Misner goes on to say that a good networker is someone who wants to help people. Referral opportunities arise every day, but in order to recognize them we must first learn the language of referrals. These opportunities begin with phrases such as, "I need", "I don't know", or "I can't". In order to be prepared for such events, it's a good idea to carry a business card file containing your favorite referral contacts and pass a card along in an appropriate situation. Another idea is to write the referral contact's name on the back of your card and have the recipient email you for the contact information. Most importantly, teach your referral partners to do the same for you.2 - Develop Your Contact SpheresA "contact sphere" is a group of professionals who work in non-competitive businesses which could potentially lead to symbiotic relationships. As an example, a loan officer's sphere would include real estate agents, financial planners, CPAs, insurance agents, landscapers, handymen, etc.Citing his philosophy of "breadth versus depth", Dr. Misner emphasizes that sheer numbers are not nearly as important as the quality of relationships within one's sphere. He points out that strengthening these bonds is about more than simply referring business. It's about your ability to help someone however you can, which may be through the offering of advice or the sharing of ideas. Just remember the "Law of Reciprocity". What you contribute to others will eventually come back to you.Look for the remaining three strategies in Part II of this series. Until then, if you'd like to discuss Dr. Misner's strategies further, please call me! I would welcome the opportunity to speak with you about them.

Monarch Mortgage Bill Vourazeris 443-618-2880