HOW TO GROW YOUR BUSINESS WITH NETWORKING

Welcome to another week of financial learning. I started a discussion on how entrepreneurs could raise capital for their businesses. The three avenues I discussed last week were capital from personal savings, partnership, and support from financial institutions. I will like to look beyond the capital in today’s article.

I want to address how entrepreneurs can grow their businesses on the back of networking and referrals. In the age of technology, networking is fast becoming a crucial part of the sustenance of businesses today. One may ask, what at all is networking? Investopedia defines networking as the exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting. There are two major forms of networking.

Business and Online networking. According to Julia Kagan of Investopedia, business networking offers small business owners a network to develop relationships with people and companies they may do business with in the future. These connections help them establish rapport and trust among people in their own communities. Business networking is also a process in which you might leverage your existing business connections to develop sales and business opportunities.

She further explained that online networking is a professional networking platform that is an online location for people to engage with other professionals, join groups, post blogs, and share information. For the purpose of this article, I will focus on business networking, how it can be conducted and the benefits to businesses across Africa.

Every networking often begins with a single point of common ground. The common ground here means similar aims and aspirations, interest, focus, and mindset. The stadium, for example, is a very good networking ground because people who meet there usually have a common aim and interest.

As a business owner, you need to constantly focus on how you can connect with customers and competitors with common goals. Nowadays, most business-to-business customer pipelines are developed mostly with social networking sites.

Establishing a strong professional network can benefit your business in several ways, from receiving feedback by bouncing ideas off successful entrepreneurs and business owners to opening doors that were once closed according to Jonathan Long, Founder, Market Domination Media. Networking has changed the narrative of “Who you know” to “Who knows you”.

For your business to grow amid technology and keen competition, you need to learn how to connect with people outside the normal workspace environment as an entrepreneur. Networking widens the prospect of new investors. The right connections can open doors with some amazing opportunities behind them. With the above preamble on networking given, the next issue to address is how we can establish our networks.  

LEARN TO ATTEND NETWORKING EVENTS  From the definition of networking, we learn that is it the exchange of information and ideas among people of the common good. The best avenue that one can exchange ideas is through networking events both on and offline.

The ways to meet new people include conferences, events, to mention few, asking people you know for introductions, reaching out to people directly, personal interest groups, sports leagues, classes and workshops, parties, happy hours, alumni associations, Twitter, and LinkedIn groups. Almost every industry in the world has conferences and trade shows that provide great networking opportunities. There are also local meet-ups and local organizations that hold regular events that are great for building your network. In the year, many associations organize conferences and seminars.

You need to learn to attend these seminars, not for the lectures only. However, to connect with participants who share similar goals and mindset as you. Some of the people you connect there can become partners in the future. They can refer customers to your business and vice versa.

This face to face networking through the events being discussed was further confirmed by Forbes Insight. They conducted a survey on this face-to-face networking and an overwhelming 84 percent of the respondents stated that they prefer face-to-face meetings when it comes to establishing business relationships. When asked why they preferred in-person business meetings, here were some of the responses:

• 85 % said it builds stronger and more meaningful relationships
• 77 % liked the ability to read facial expressions and body language during in-person meetings
• 75 % preferred it due to the prospect of more social interactions and bonding

It is therefore important that networking is conducted via online and offline means. BE THE CONNECTOR Successful networking is more about giving than receiving. To be able to connect well, you need to make sure to share your knowledge and expertise and offer to help when you see an opportunity. Helping other people will often come back to you tenfold. Helping someone is going to give them extra incentive to return the favor. Seize every opportunity to connect business networks that may not bring you an immediate benefit. Hawkers who sell in traffic often use this strategy. You may want to buy meat pie but will be seeing only sachet water sellers. When they realize you do not need their product, they will further ask you what you need. It will surprise you to know that, when you say you want meat pie, this sachet water seller will run to call what you need. The sachet water seller becomes the connector between you and the meat pie seller. In the future, the meat pie seller becomes indebted to her. Being a connector will also help your long-term networking — connecting two people, you know who will benefit from knowing each other strengthens your network. The bottom line is that do not be selfish but rather think of how you can help everyone you meet. ALWAYS FOCUS ON LONG-TERM RELATIONSHIP Networking is a long-term step. Making a connection and exchanging business cards is a foot in the door, but its long-term relationships that lead to business deals. Concentrate on forming long-term relationships that are mutually beneficial for both sides. You need to make a conscious effort to establish a two-way street for all of your professional connections. The key point here is that; do not try to see the other person as a stepping-stone. See them as potential partners who have something to offer. FOLLOW UP Many of us go through the stress of picking cards and establishing contacts with new people at events and programs. Only a few of us follow up after the event. Make sure that you follow up with every connection you make. If you return home with a few business cards make sure to take a few minutes the next morning and send an email letting the person know it was a pleasure to meet them. This is also a great time to let them know they should reach out to you if you can ever help them in any way. This is the beginning of the mutual respect I said in the introduction. Let them feel that you appreciate this friendship and network. As part of the follow-up strategy, one needs to also honor all promises made in the course of networking. There is nothing worse than not following through with something you told someone you would do. People need to value your words so protect it from the onset! I will like to end this article with words from Sallie Krawcheck, CEO and co-founder of Ellevest. She explains the value of giving before receiving further: “My advice for folks on networking gives, give, give. You will later receive. Nevertheless, you are really planting these seeds. Some of them will die, and they will not become anything. Many of them will take many, many years before they pay off for you if at all.” I wish everyone a wonderful and memorable week! Gratis!!!