Are business lunches a good business expense? There has been a lot written about whether or not lunch is worth the time and money. It depends on how you are using your lunches. Lunch is a great way to connect with existing long-term clients, or build relationships with potential clients. If you are doing that successfully and it’s resulting in business, then it’s worth it.
This is my feeling about lunch. It is your precious time; spend it with people who you want to do business with. Take it seriously and use the time wisely. Don’t waste time with people who you honestly believe will never do business with you or who you don’t think will be good clients. Focus your efforts on those clients and prospects that you think will pay off.
Once you get the client in the room, what is the best way to spend your time with them? Lunch should be about getting to know each other and building a relationship. It is probably not the best time to ask for their business. So what do you talk about at lunch? You can start by getting to know what is going on in their business or industry. Understanding their world will help you understand more about the contribution you can make to their business.
Think about ways you can help them. What expertise can you share that will help them be more successful? Can you help them grow their business? Can you answer questions? Give them information about what is happening in the industry? Maybe you can help them strategize about a sale or some other problem. This is your time to help them. You will increase business much faster by helping someone with a business problem than by pitching him or her on your products and services. If you are meeting with referral partners then talk about your mutual clients and how you can help them better, or talk about clients you would like to refer to each other.
Lunches can pay off in the long-term. Use them well. Make it part of your marketing budget to eat lunch with someone you can do business with weekly.
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