Three Essentials to Creating a Networking Strategy Establish a plan to help determine who you want to connect with and where to find them.

By Ivan Misner

Opinions expressed by Entrepreneur contributors are their own.

As a time-strapped small-business owner, determining which networking events to attend and which to skip can be tricky. It's all about the return on investment. How will your business benefit by you attending versus the time and resources it takes to be there.

This is when having a networking strategy will come in handy. From identifying who you want to connect with to knowing where to find them, here are three essential questions you should answer in order to create a networking plan that will work for you.

1. Who are my best prospects? You'd be surprised at the number of business professionals who can't define their best prospects. Most of them either say that everyone is a potential prospect, or they offer some vague description without any specifics. This is why business professionals so often find themselves trying to attend every networking event that comes down the pike. The usual result is that they don't wind up getting as much business from their networking efforts as they'd like to.

Having a strategy will help eliminate this problem. If you're not sure who the right contacts are for your business, go back and take a look at your past client list. What industries were they in? How long had they been in business? Were your clients even businesses to begin with or have you worked mostly with consumers?

Related: Selling to Your Best Prospects

Once you've put together a profile of the people you've worked with in the past, pick up the phone and run it by a few trusted friends and colleagues. People who are close to you often have insights into patterns that you tend to overlook because you're busy with day-to-day operations.

2. Where can I meet my best prospects? If you're trying to meet more small business owners, you'll generally want to spend time at the chamber of commerce, your local business association or with a referral. Not only do these groups have exactly the type of audience you want to meet, there's a system in place that helps you help others to get more referrals for you.

But while attending chamber and other business association events are usually a good starting point, there are other venues and opportunities that fall outside typical networking events that will benefit your business as it evolves and you begin targeting specific niche markets.

Related: Smart Ways to Find Customers

If you're looking to meet representatives from bigger corporations in your area, I recommend service clubs, nonprofit groups and volunteer work. Another good way is by attending homeowners' association meetings. It's a great way to connect with people who work in the corporate world but don't attend typical networking events. If you're a real estate agent who wants to meet first-time homebuyers and people interested in moving downtown, for instance, you'll probably find more prospects by networking at downtown events. It doesn't matter which event, as long as it's being held in the city center. Look also for networking events likely to be attended by young professionals, since these are the people most likely to be living in an apartment while accumulating the disposable income to buy a downtown condo or home.

3. Of my prospects, who exactly do I want to meet? The principles behind making the right kind of connection -- summed up in the simple aphorism "You don't know who they know" -- are ably outlined by network expert Wayne Baker at business networking consulting company Humax Networks in a referral tool he calls the Reciprocity Ring. Boiled down to its essentials, the idea is that the greater the number of networks you're connected with, the greater the chance that there's a short chain of contacts between you and anyone you'd care to name. All you have to do is recognize that fact and ask a few people a specific question or two. The answers will either put you in direct contact or lead you in the direction of the networking events you need to attend.

Related: How to Push Prospects 'Off the Fence'

The way to meet the unknown contact is to be as specific as possible without closing out all possible variations. You can do this by starting your question like this: "Who do you know who . . . ?" You complete the sentence with specifics: "Who do you know who is a new parent?" "Who do you know who belongs to an organization that builds houses for the homeless?" By asking for a specific kind of contact, you focus the other person's attention on details that are more likely to remind him of a specific person. Asking, "Do you know anyone who needs my services?" just isn't enough.

Finally, remember that it's important to surround yourself with quality business contacts. The best way to your ideal contact very often is through another contact.

Ivan Misner

Entrepreneur Leadership Network® VIP

Bestselling Author

Dr. Ivan Misner is a New York Times bestselling author and co-author of the bestselling book, Networking Like a Pro (Entrepreneur Press 2017). He is also the founder and chief visionary officer of BNI, the world's largest referral marketing and networking organization.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Leadership

Lead From the Top: 5 Core Responsibilities of a CEO

Knowing exactly what the chief executive's role entails is critical for steering a company to success.

Side Hustle

This 29-Year-Old's Side Hustle Brought People 'to the Dark Green Side.' It Made $10,000 Within 2 Days and Sees 6 Figures a Month.

Nikki Seaman began work on her business when the pandemic led to grocery store shutdowns.

Side Hustle

How to Build Endless Passive Income With This Simple Online Hustle

Autopilot stores aren't just income streams. They are passports to freedom, flexibility and finally working and living on your own terms.

Business News

Here's How the CEO of the Biggest Bank in the U.S. Spends His Downtime: 'This Gives Me Purpose in Life'

JPMorgan CEO Jamie Dimon, 69, recently said that his top three priorities are his family, his country, and his purpose, which is working at the bank — in that order.

Growing a Business

Does Your Business Feel Stuck? Here's the Mindset Shift That Will Move It Forward.

Your business isn't stuck — you're just asking the wrong questions.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.