Expand Your Network; Tips for Small and Growing Businesses.
Building a reputable business network is a key determinant of success for small businesses because people prefer to do business with people they know, like and trust rather than a complete stranger.
A healthy network of business contacts can be one of the greatest assets. It can help you find customers, generate fresh ideas and put you in contact with financial partners, suppliers and advisors. And the benefits compound since each new person in your network brings along their own network too.
Today, successful business development is contingent upon building trusted relationships and leveraging those relationships to meet new prospects that could end up driving revenue growth. It is vital that you continuously grow and nurture these relationships as a large percentage of your business growth will come from your business network.
Effective networking requires seeking out authentic connections to build mutually beneficial business relationships. But if your business network is scarce or even non-existent, how do you expand it?
And, while you might not have the network connections you need right now, you can grow your network into a thriving suite of human, social and financial capital by following in the footsteps of successful entrepreneurs. Follow closely:-
#1. Decide on your purpose
First figure out what you're seeking from your network. Do you want more customers, to get a contract, to have an informal advisory board, to find fresh ideas or perhaps combination of all these? Your purpose will show you where to focus your efforts.
#2. Start networking from you came from
The question of how entrepreneurs go from nothing to something is so intriguing. It may surprise you to learn that attending lots of startup events and investor pitch days is one of the less useful strategies for entrepreneurs to make connections. Successful entrepreneurs start with relationships they already have in place, lily pad hopping from point to point, expanding their networks quickly. One of the challenges in networking is everybody thinks it's making cold calls to strangers. Actually, it's the people who already have strong trust with you, who you know you're dedicated, smart, a team player, who can help you. So start by going back home!
#3. Be social
Grow your business network by using social media sites and apps, such as LinkedIn, Twitter and online networking communities. However, before you jump into social media, you need to fully understand the medium, how it works and how you can use it benefit your business. LinkedIn is a great place to start and grow your business network. Twitter is a microblogging site that will complement your blog. Facebook is a place to build an online community around your small business.
#4. Seek out new faces
Even confident business leaders can have a tendency to flock toward individuals they already know at a networking event. But it's difficult to expand your business network if you resolve to cling to the contacts you already have. Don't be afraid to introduce yourself to new faces. The advantage of being at a networking event is that everyone is in the same boat. The majority of the people you meet will be eager to hear your story if you are only willing to lend an ear and listen to theirs.
#5. Use good networking etiquette
Networking isn't about the hard sell. It's about making personal connections and building relationships of mutual benefit. That starts with being attentive to other people's opinions, challenges and needs. Self-promotion quickly turns off contacts. When asked about your business, don't drone on. Be ready with a concise, clear description of what you do and the unique value you offer.
#6. Make introductions at the right time
One of the best ways entrepreneurs can build their networks is to connect people who might be helpful to one another but move in distinct networks. It's well known that serving as a broker in this sense is a characteristic seen commonly among successful entrepreneurs. Yet knowing when to make truly useful introductions can pose more challenging. Entrepreneurs use their ever growing networks thoughtfully, match making when there is a clear sense of value for both parties, becoming a central, trusted node among networks.
#7. Build a reputation
Building trust and reputation are essential for growing a strong business network. Lack of trust prevents successful business networking. Certain connections are absolutely impossible to make until a very high level of trust and reputation is established. In a professional setting, people prefer to build business relationships with people they see as being valuable. By building a reputation as someone talented, helpful and valuable, people will be more motivated to meet you and stay in touch with you. Let people know what you're accomplishing and learning through blogging, emails and conversations.
#8. Think long-term
The longer the relationships you build, the more valuable they become. Hence, it is important not to be too desperate and quick to seek results when building a relationship. Connections open doors, but relationships close deals. Networking is not just about exchanging business cards and connecting on LinkedIn. Networking is most valuable when long-lasting, mutually beneficial relationships are formed. Relationships take time to build. Be patient. Stay in touch with people you like.
Final Thoughts...
Starting up is a daunting process and can feel impossible at times. The one thing research consistently shows can help put success in your grasp is other people. If networking feels like an amorphous task, filled with rubber chicken dinners and pitch events, focus on the above proven strategies. Start with your existing connections, do favors for people who have the potential to someday help your business and make valuable connections for others. Your network will flourish and your startup will too.
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