I think as part of any College Business Course, Business Schools should make Business Networking 101 a required subject.
Many books have been written about the value of Networking and many have recognized the axiom "It is not what you know but WHO YOU KNOW" that determines your success in business (and even for your personal life).
Why should we network?
1. In a highly-competitive market where there are many suppliers of that same-quality product, it will be your Business Contacts that will GIVE YOU THE EDGE over your competitor.
2. There is no such thing as SUPPLIER LOYALTY. (You may be a good supplier for many years but if another supplier comes along with similar quality and expertise but at a lower price, you can expect your CUSTOMER TO SWITCH. It will be your relationship with the customer that will save the day)
3. You have a product but do not know whom to sell it to BUT YOUR BUSINESS ASSOCIATE MAY KNOW SOMEBODY who may need it.
4. A Company has a Big Order for a certain Product and several offers have already been received. Unfortunately you need time to source and prepare your bid. It will be your acquaintance with the Purchasing Manager that will allow to hold-off the awarding until you have submiitted your offer too.
5. In his book, Napoleon Hill spoke of a meeting with Mr. Andrew Carnegie, one of the richest industrialist in the USA, in which Mr. Carnegie said something to the effect that he does not know everything but he surely know somebody who does. And that can spell the edge in losing a business opportunity or winning it.
6. You may meet a person in a particular field that for now may be of no use for you but may prove highly valuable in the future when a requirement presents itself to you in the most unlikely place and time.
Business Networking is all the more important for the Small Business owner as he does not have deep pockets of cash nor can he afford to chase all business opportunities available out there.
Networking is definitely essential for small business owners. We operate in an extremely competitive society, where 'Word of Mouth' and 'Referrals' absolutely rule. Everything is online and digital now, so the power of face-to-face encounters for relationship building should not be underestimated.
ReplyDeleteYes, even with the advent of social media like FB, Multiply etc, in the end meet-ups, Eyeballs EB are still the norm especially in the Philippines.
ReplyDeleteMay I know what business are you in? I look forward to exchanging ideas with you especially on other topics you might wish me to post. I would also appreciate it if you could pass along my blog to others who may benefit and who may also want to share their ideas.
A freind of mine once told me NEVER STOP LEARNING and that is what I hope to accomplish from my blog. See you