Is your networking ecosystem actually improving your net worth? As the business landscape becomes more competitive, you’re going to have to pay careful attention to who you’re networking with and how they are contributing to your business’ growth.
All the answers to your unique business lifestage questions
The World Bank has ranked South Africa as an ‘upper middle-income country’, where SA is the third largest economy in Africa after Egypt and Nigeria. Growth of economies can be stimulated by the types of networks we have locally, regionally and internationally.
Entrepreneurs play a major role in the status of the economy. It’s important that you pursue networks that are founded with the purpose of initiating business growth.
Create relationships that harnesses your net worth
If you search the Internet, you will find many articles on networking and how harnessing good relationships pays dividends later. Entrepreneurs like you would do well to follow patterns and business models that grow your marketing and sales footprint.
Small businesses cannot afford to remain small, stay in silos or work with questionable networks that do nothing for their bottom line.
You need to create networks that provide mutual benefits, and advances and generates cash flow that can scale your business’ reach.
Related: Why digital matters to take your product to market
You can’t scale if you don’t network
Too often, SMEs and entrepreneurs are so burnt-out that they self-isolate from new market access for fear of networks and partnerships that go sour. Time is money, and in business networking is one of your most important resources.
All businesses require ecosystems that can become an extension of their marketing drive. Networking is a tool that can be exploited to enable an entrepreneur to plug into a winning circle of influencers that becomes the opportunity and access to the next big client.
Why use networking as a business strategy?
Referral networking has become one of the most valuable marketing strategies in businesses globally. The opportunity for entrepreneurs is to be prepared with a watertight marketing solution every time they meet a new network.
Remember, networking is about making connections, interacting with people and building mutually benefiting relationships.
Connecting you to markets
Networking helps you gain access to new business markets; and it accelerates your access to new customers, suppliers and business partners with minimum costs and output of expensive resources.
Important factors to note about turning your networks to net worth
- It’s not about whom you know, but more about who knows you. Strategic invitation of potential clients and networks to one of your company functions is critical. Many potential clients who want to invest in your company will look at the networks you associate yourself with.
- Your success depends on network quality, rather that network quantity.
Related: 8 Quick tips to maximise your networking skills
How to turn networks turn into net worth?
- Join social networks that align with your business’ interests.
- Networking provides productive, proficient methods to build relationships.
- Be ready with your first, social, verbal company pitch. Credibility and trust is imperative.
- Always have your business cards handy to barter with the people you network with.
- Share your business opportunities and ideas.
Even though networking is an important factor in any business, when it comes to the ‘We-Economy’, it is not about the number of people in your network but the quality of people in your network.That is why it’s important to surround yourself with people smarter than you.