Networking is one of the most cost effective and productive ways of achieving business goals, but if done haphazardly it can drain money, time, and resources. To network successfully, create a networking strategy that targets market segments that meet your specific goals and objectives. Select and attend networking venues with those market segments in mind.

Create a short, attention-grabbing company position statement that informs others of what your company does and how they will benefit from your products and services. The average person needs seven contacts to be remembered, which is a significant investment. Make your company stand out more by creating a professional brand that makes a great first and lasting impression.

Use all of the resources available to you, including your employees. Frequently, your employees will be your best public relations representatives. Send employees to networking functions in their specific areas--sales people to network where other sales executives are likely to be, IT people to IT conferences, and so on. Using your employees to expand and promote your business adds value to them on top of their primary positions, and makes employees feel useful and valued.

Improve your networking skills by reviewing your performance at the end of every networking event. Write down what you did well and what you would have preferred to have done differently. Keep and rate every business card you collect. Never throw a card out. Creating and owning an expansive list of contacts will make you a powerful business contact that others will want to help them fulfill their business needs, giving you a reputation as a well-connected person.

"Maximize Networking ROI" Washington SmartCEO (05/08) Vol. 3, No. 5, P. 57; Savar, Sheila