October 2007
The following article was first published in the Eastern Daily Press' 'The Business' on 24 Octobber 2007
Getting good value from networking
When an invitation to speak to the Young Entrepreneurs Society at the University of East Anglia arrived recently, I was both intrigued and flattered and I accepted with alacrity. However, when the topic for the lecture was revealed, I hesitated momentarily, since it wasn't a subject to which I felt I could do justice. The organisers had asked me to talk about networking - things like techniques, hints and tips, and how one could be taught the `art' - not really my scene. But then I got thinking about the variety of ways in which one can interpret the concept of a network, and the presentation began to fall into place.
In modern parlance, we frequently now use the word network as a verb, as in “I'm going out tonight to network with some other business people”. By this definition, the word means `to communicate with and within a group', and it's one of the best ways for owners of new or young businesses to make connections within the local business community. I believe strongly that simply making connections is the key - not, as some would have it, to attend a networking event with the sole objective of meeting as many people as possible, exchanging as many business cards as possible and trying to pitch your product or service to as many people of possible in a roomful of relative strangers.
From those initial connections, and over a period of time, you can progressively make others aware of you and your business while establishing relationships with other people whose products or services might be of use to you or others you know. Learning more about your fellow networkers by meeting regularly and exchanging ideas and experiences helps to build credibility. Being prepared to refer business to others without expecting any reciprocity is usually more productive in the long term. Chris Liles used the phrase `givers gain' in his column a few months ago, and it's a maxim worth remembering. In my experience, the most valuable business referrals usually come from unexpected places at unpredictable times.
We shouldn't, though, forget the word network as a noun - `a group of people who exchange information, etc. for professional or social purposes.' In this context, networks can be important to business owners as a way with which to expand their activities and to grow their businesses without necessarily growing the number of employees. By building a network of other like-minded people with different but complementary skills and experiences, small business owners can come together with them for specific purposes, working collaboratively as a team to deliver a project, for example, and then disbanding after the work is completed. I believe this sort of `virtual business' will be seen increasingly in the future, especially in the service industries. It allows a consortium of small organisations to take on projects that, normally, only larger enterprises could handle.
Networks and networking can be valuable to the small business owner. Treat networking as an investment, ensure that you establish credibility within your networks, be unselfish and be patient and the rewards will follow.