Networking is a top priority for many small business owners. Unfortunately, many business owners do not have the skills to network effectively.

Networking is a great tool to build your business. Networking events across Canada attract tens of thousands of business owners and managers every year. Typical networking events include a meal, a guest speaker presentation, and time to connect with attendees. Most business organizations offer some type of networking events to serve their existing members and to attract new ones. Aside from a small registration fee and a few hours of your time, networking events are typically low-cost.

However, like any marketing activity, it's important to remember that networking must be done well to produce the desired results. This is where many small business owners fail. To help achieve noticeable results from your networking time, here are a few suggestions:

Have a purpose. Anyone can attend a business function and walk away with a pocketful of business cards. Simply meeting people without an objective is ineffective.

Your goal for a networking event should be to meet one prospect, one supplier, or one colleague. That's it. Your current business goals will dictate which of those three types of contacts are most important for the event: launching your business? You'll likely want to meet prospective customers. Just lost your website designer? Maybe you're on the hunt for a new firm. Concerned about government legislation that may impact your industry? Talk to some colleagues to find out their perspective.

Don't try to meet dozens of contacts, but rather look to connect with just one person at each event. Meeting one good person who can advance your sales, solve a supply problem, or share industry news is a great return on the time you'll spend at a particular networking function.

Furthermore, once you've decided which type of contact you'd like to acquire, it's easier to choose networking events that offer the best chance to meet that prospect, supplier, or colleague.

Set time limits. How important is networking to your business? If you're a start-up with a small marketing budget, you might want to devote several nights a week to networking. If you're running an established business, you may feel a few hours a month is all you want to spend to stay connected with your colleagues. With so many networking opportunities available across Canada - and they can all sound so alluring - it's a good idea to cap the number of hours you devote to 'pressing the flesh.' Otherwise, it's easy to spend too much of your time networking and not enough time running your business.

Do your homework. Smart "networkers" try to find out in advance who's going to be at an event so they can identify people they want to meet. Many event hosts offer a list of registered guests as a way to entice you to register. Or, simply call up the event organizer and ask who will be attending.

Once you've got a list of attendees, it's time to do your homework. Research on the Internet to learn about people you may want to meet. You can determine if their experience is relevant to your business plans. And, armed with some background information, you'll be able to better strike up a conversation.

Rehearse your elevator pitch. Practice a short introduction to your business and your professional background. It's a good idea to launch a conversation with how you help people, rather than who you are. Open with a strong benefit statement. For example, a website designer might say, "I help business owners to attract new customers online."

Remember, you don't have much time in an elevator to make an impression. Avoid long-winded explanations of what you do and how you got into business. If your listener is truly interested in what you say, you'll get to more detail as your conversation progresses.

Remember to respect peoples' time by keeping your chat short. If you sense there's a connection, make a note of it, promise to follow up, and free yourself (and your new contact) to continue to work the room.

Introduce people. People who introduce others are always popular. If you're truly listening to each conversation partner, you'll naturally think of ways he or she could work with other people you know. When you hear the comment, "I just can't keep on top of my bookkeeping," you could introduce that person to your accountant. You'll gain respect as a thoughtful advocate, be perceived as a "connected person" and may enjoy a kindness returned.

Write it down. During your conversation at a networking event, be sure to jot down relevant notes on the back of your conversation partner's business card. You'll thank yourself later because the notes you took will make following up with each individual much easier.

Listen eighty percent, talk twenty percent. In business, listening is the secret to success. It's easier to find a way to sell to someone, to solve a problem, or to connect them with help when we just listen carefully.

Unfortunately, many business owners talk too much. Naturally excited about their business, the talkers figure the more information they give, the more reasons their listener will have to buy. It rarely works that way, and an excessive talker usually just turns off the people he meets. Instead, listen more than you talk. It shows you're interested in what the other person does and that you can put ego aside in order to focus on them. Everybody loves a good listener.

Dress for success. They say you never get a second chance to make a first impression. How you present yourself will say a lot about your business.

Considering most communication is non-verbal, visual hints and cues tell us a lot about someone. Sloppy or worn clothing may communicate "unsuccessful" or "doesn't care about details." Jeans and a sweatshirt may communicate "not that serious" or "doesn't respect others attending this business event."

Put your best foot forward by wearing that sharp tie, new suit, or tailored blazer. If you're attending a networking event for the first time, contact the organizer about the dress code to ensure you're not underdressed.

Follow up. Just like trade show leads, too may entrepreneurs fail to follow up with people they've met at networking functions. Emerging with the best of intentions to make contact, disorganized people fail to record their new contact in their database and schedule a call or send an email.

This is your chance to be part of the minority who actually do what they say. Commit to making contact as promised, either the next day or the next week.

Make no mistake about it: networking functions are an investment. After all, they consume your time and your money. But, with a little preparation and organization, you can turn networking into one investment that could reap huge returns.