Networking is ‘an essential component of the business tool bag’, according to Forbes magazine. Few in Ireland would dispute the observation of executive coach Pat Slattery that ‘a lot of business is still done on a handshake basis’ and therefore ‘the best way to network with other business owners and entrepreneurs is through face-to-face meetings and networking groups’.
A report from Fáilte Ireland and Tourism Ireland last year indicates a healthy pipeline of corporate tourism events here, valued at €1.2bn in the coming decade. The resurgence of in-person seminars, conferences and trade fairs is both significant and sustained.
‘Good networking is about building and using an informal web of people’
Before printing a fresh trove of business cards, however, it is well to reflect on the view of Eoghan McDermott, managing director of the Communications Clinic, that networking is best seen less as a distinct activity and more about simply ‘keeping in contact’. He says that ‘good networking is not about meeting tons of people’, but ‘building and using an informal web of people who you actually have a relationship with and who can vouch for you and give you a hand’.
Given the well-recognised potential of such relationships, ACCA has recently launched a networking campaign. It makes the point that while network events and opportunities ‘won’t always be branded as [networking]; in fact, they rarely are’, they are nevertheless key to ‘building relationships with others’ and ‘vital to your career growth’.
Preparation and purpose
Those who shirk at the prospect of working the room can take comfort in Slattery’s observation that ‘the most important skill for effective business networking is listening: focusing on how you can help the person you are listening to rather than on how they can help you’.
Preparation, purpose and focus, rather than a display of bonhomie, are at the heart of getting value from networking opportunities (see the box for some dos and don’ts).
The dos and don’ts of networking
- Be mindful of body language. A firm handshake with eye contact indicates your readiness to connect.
- Ask thought leadership questions. This showcases your knowledge and encourages a deeper, more meaningful conversation.
- Spruce up your LinkedIn profile. Make sure your LinkedIn profile is up to date and polished to reinforce a strong, positive impression.
- Ditch the sales pitch and craft your elevator pitch. Networking isn’t about making a hard sell; it’s about building lasting relationships.
- Focus on quantity over quality. Focus on building a network that aligns with your career goals and ambitions.
- Don’t put people on pedestals. No one is ‘too good’ for you to engage with at a networking event; it’s all about being proactive and prepared.
- Don’t forget to follow up. The first 24 hours are crucial for reaching out to keep the conversation going.
- Don’t speak only to people you know. Speaking with people from varied backgrounds will broaden your perspectives.
Source: Wix.com
‘People who actively network are 72% more likely to be promoted’
ACCA recommends attending events ‘with clear objectives, including how you want to be remembered’, while US business academic Bryan Robinson has sympathy for those who cling to the defence that ‘initiating conversations with people they don’t know is daunting and exhausting’ (see the box for some sure-fire conversation starters).
Robinson says: ‘One in four don’t take the time to network, despite the fact that people who actively network are 72% more likely to be promoted.’
Many take the view that networking is of most value early in a career, but writing for Harvard Business Review, Herminia Ibarra, a London Business School professor, argues that for senior executives, networking is ‘a delicate, complex and time-consuming task’. She recommends using it as ‘an opportunity not just to scout out your next role but also to strengthen or deepen relationships you already have’.
Community innovation
Against this background, ACCA’s employer communities initiative has been described as seizing an opportunity sitting under many employers’ noses. It emphasises networking within organisations, thereby strengthening existing relationships while creating new ones.
‘Networking is often an outward rather than an inward-facing activity,’ says Stephen Kenny FCCA, director for capital adequacy and model risks at Bank of Ireland, which has set up an ACCA employer community. ‘This represents a significant missed opportunity, particularly within larger organisations. Bank of Ireland is one of the country’s largest employers of ACCA members, students and affiliates. We have a vibrant, ready-made network that had gone largely untapped until recently.’
Sure-fire conversation starters
- ‘Hi, I’m X’. Simple but effective, so long as you have something to follow your introduction. And say your name instead of X, of course.
- ‘That [food or drink] looks great. Where did you find it?’ Try also: ‘Do you know if there’s a cloakroom?’ Both gambits let you leverage the communal confusion that occurs at every event.
- ‘I can’t believe how cold/hot/beautiful it is today’. Talking about the weather is never a cliché in Ireland.
- ‘Are you here with colleagues?’ Try also: ‘You look like you’re having fun over here. Mind if I join this conversation?’ and/or ‘I’m tired of talking to my colleagues – I see them all the time. What are you guys talking about?’
- ‘Are you here to see anyone in particular speak?’ For smaller events, try: ‘What did you think of X’s speech/point about Y?’
- ‘Did you all come here together, or did you meet here?’ The logistics don’t matter in the least but the question will get introductions flowing.
- ‘Well, while we’re here, I might as well introduce myself’. Who says no to an introduction when the work has been done for them?
Source: Amanda Zantal-Wiener
The bank launched its ACCA employer community on a pilot basis in late 2023, in tandem with similar initiatives in EY, Grant Thornton and Mazars.
It proved an immediate hit, not least because of buy-in at the highest levels. The Bank of Ireland group CEO is an ACCA member and was ‘fully supportive of us setting up the community and agreed to be a guest speaker at the launch event,’ Kenny says. ‘Our deputy chief internal auditor, also FCCA, came on board as our executive sponsor.’
One of the joys of networking is making connections that don’t follow any expected path
Such involvement, he says, reflects the fact that ‘ACCA members are rightly proud of their qualification and also eager to give back. We have a common bond in terms of the hard work – and often struggle – on our journey from student to member. It’s shared trauma that binds us together!’
A strong response from participants in the bank’s ACCA employer community provides further evidence of hitting a sweet spot. ‘Such events help colleagues to network and connect better,’ says one, with another adding: ‘It made me understand how essential collaborating with the team is and supporting teammates.’
And of course, one of the joys of networking is making connections that don’t follow any expected path. ‘At one event, I got talking to someone about how hard it was to find a good decorator,’ Kenny recalls. ‘They recommended someone who went on to do an excellent job at a great price. As the saying goes, it’s good to talk!’
More information
To find out more about the ACCA employer communities initiative contact Lloyd Meredith, member engagement manager – Ireland
