IS NETWORKING FOR BUSINESS ABOUT MARKETING?
Laura Swetman, AQ Networking for business
Networking for business is often thought of as being entirely about marketing - but is it?
Marketing your business is certainly a significant part of networking, but of equal importance is the relationships you build that lead to a good understanding of who you are and what your company does. Let's face it, networking for business is also just about the most cost effective method of marketing your business as well. The other side of the coin in networking for business is that this is a really good way of finding new suppliers to your business, or for finding new suppliers for your own clients if that is appropriate. It is also about making connections and helping one another.
Think of it this way, you get the chance to meet someone, talk to them face-to-face, have the opportunity to gain an understanding of what their business does and how they work with their customers before you start talking about whether they can be of help to you - what can be better than that?
Networking and managing business challenges
Small and medium-sized businesses face many challenges in an economic downturn as their suppliers tighten credit terms and customers and clients struggle with cash flow. Add to this the loss of business as companies cut back on their spend and the 'uphill' element of generating revenue and profit becomes steeper the longer the recession is in place.
If you combine the challenges faced now with a potential inability to take advantage of the economic upturn when it arrives, then many small and medium-sized businesses may continue to face difficulties once the recession is deemed to be history. A number of people expert in their field can provide guidance and support to help businesses through this difficult time as well as in the future. Two questions though are, who do you turn to for that advice and where to find the right person to help you? Taking on board guidance and advice means that the professional person you talk to may have all the right qualifications but, if you don't know them, do you feel comfortable letting them discuss the intimate details of your business with you? When networking for business you have the chance to explore options and, sometimes, get good advice from people expert in their field as part of your conversation. You also gain the practical development of the start of a business relationship that can be mutually beneficial.
One way to place your company in a position of strength is through networking for business - now and in the future. With spend limited in many areas, companies who are looking for products and services will be more inclined to use someone who is connected to them by a contact that they know and trust. Looking at costs is important but reducing, or even cutting out, face-to-face connection with people who can be of help to you is unlikely to help grow your business.
Networking and your niche market
Many of us will have received lots of advice as business start ups - however long ago that was! One thing we were often told is to focus on our niche market to generate sales - and so we should! But, the question we should be thinking about is 'does that focus on our niche market make us miss other opportunities'? So often we hear people say "I met lots of really interesting people but there's no-one from my niche market here". The answer to that just has to be, "but who did you talk to who could help you?" Be prepared to think 'out of the box' of your niche market and explore opportunities for synergies and alliances that could be beneficial - whether that is with someone in your own business discipline or one that works with the same type of client as your niche market. The potential for generating business for your respective companies is there if you look for it.
Are you missing out?
Sole traders and owner managers can find themselves missing out on attending networking for business events because they get caught up in the daily detail of their business. It takes supreme self-control to take a step back and see the need to deal with the bigger picture. You are missing a great opportunity to meet people and dispel the isolation often felt by the 'responsible' person. Diary networking events like any other important business appointment to make sure you don't miss out on the opportunities to connect with others.
Most of all, have fun!
Laura Swetman
0292 343772