Why Business Networks Within Your Community Are Crucial
Business networks can be one of your brand's greatest strengths, especially considering the opportunities that potential collaborations may bring your way.
As an example, let’s take a look at the keiretsu business model of Japan. Rather than keeping each other at arm's length, the keiretsu system embraces multiple businesses working together, in order to achieve mutually beneficial scenarios for all parties involved. With one of the most famous examples of keiretsu being the unofficial partnership between Yamaha, Canon, Nissan and the Sapporo Brewery - if some of the world’s biggest companies are doing it, why aren’t we?
How Business Networks Can Benefit Your Brand
Call it human nature, but it’s not uncommon for brands, businesses and entrepreneurs to play their cards close to their chest. We worry about other operators stealing our ideas, customers and concepts, but the reality is that the pie is often big enough for everyone to get a slice.
After all, communities have served as the backbone of social and economic growth throughout human history. Pioneers exploring new parts of the world depended on both forming and joining communities of like-minded folks for their very survival.
What many operators tend to forget is that when the community thrives, everybody thrives - including economically. Developing business networks and relationships within your local community or even sector is one of the most grossly underrated methods of expanding, with the potential rewards having been discounted for far too long.
Referrals - Potential customers that are steered your way from other local operators are usually of higher quality when compared to other traditional marketing methods. These leads are “pre-vetted” as such, and are ripe for you to work your magic.
Opportunities - New and exciting opportunities such as joint ventures, client leads, partnerships, speaking and writing opportunities, business or asset sales can open up to you via local business networks - so get busy bonding.
Connections - If you want a successful business, then you need to have a supply of relevant connections within your network that you can call on when you need them, and when they need you. In turn, this can also open serious doors that you wouldn’t normally have access to.
Advice - Networking is a great way to tap into advice and expertise that you may not otherwise have been able to touch base with. It doesn’t always need to directly correlate to your product or service - sometimes it’s even helpful just to get tips on work life balance.
Awareness - The more you can network, the more you’re raising your business profile within your community, industry or sector. It’s a great way to become the “go-to” brand authority within your area of expertise, and is essentially free advertising when embraced correctly.
How To Get Involved In Business Networks
While it may initially be daunting, the best way to start networking in business is to simply show up - metaphorically or physically. In the era of social distancing and restrictions on events, there’s still plenty of ways to get mingling with your fellow industry associates.
To start making the most of business networks around you, the following tips are great methods to deploy if you’re just getting started.
LinkedIn is the modern professional’s social media - if you’re not online already, you’re missing out on opportunities to virtually network.
Stay up to date on community events happening in your neck of the woods. If you’re nervous about going it alone, bring a buddy with you for support.
Whether online or in the real world, avoid cold selling. Successful networking is about building relationships, not alienating potential allies.
If you haven’t done so already, consider sponsoring or partnering with a worthy cause in your local community. It’s a great way to break the ice and meet people.
Don’t be shy in recommending other brands or businesses. Word of mouth travels fast, and the consumer will likely pass on your feedback to the operator directly.
Where To Source Further Advice On Business Networks
If understanding the in’s and outs of business isn’t your strong point - particularly, finance - then it may be reassuring to know that you’re not alone. In fact, many businesses (big and small) enlist the services of an accountant and business advisor in order to free up their time, while knowing that their financial obligations are already taken care of by the professionals.
What you choose to invest in or shy away from as a business owner can have a domino effect that ripples through your entire team - so are you confident in your financial choices?