Networking as an SME

What is networking? Some people think networking is handing out business cards and starting a conversation with any random businessman or woman. While that may be part of it, it is not the nitty-gritty. At its core, networking is about building relationships. It’s about getting people to know, trust, and want to do business with you.

Building a reputable business network is key a key determinant of success for small businesses because people prefer to do business with people they know, like and trust rather than a complete stranger.

Here are some activities that may be considered as business networking:

• Join social media groups
• Go to industry events
• Become part of a co-working space
• Go to in-person business meetings and conferences
• Partner with online influencers

Today, successful business development is dependent upon building trusted relationships and leveraging those relationships to meet new prospects that could end-up driving revenue growth.

Business networking is an effective low-cost marketing method for developing sales opportunities and contacts, based on referrals and introductions either face-to-face at meetings, or by other contact methods such as phone, email, and increasingly social and business networking websites.

Here are five important networking tips to help build your small business network:

1. Be Social

Grow your business network by using social media platforms such as Facebook, Twitter and other online networking communities. But before you can jump into social media, you need to understand how it works, and how you can use it to benefit your business.

2. Be Helpful

Always be willing to assist and share your expertise and ideas. Promote your network’s work and accomplishments. Be a connector.

3. Build a Reputation

Building trust and reputation are essential for growing a strong business network. Lack of trust prevents successful business networking. In a professional setting, people prefer to build business relationships with people they see as being valuable.

4. Think Long-Term

The longer the relationships you build, the more valuable they become. Connections open doors, but relationships close deals. Networking is most valuable when long-lasting mutually beneficial relationships are formed.

5. Follow Up

Networking only produces good results when it is followed up. Following up with contacts build trust, reputation and relationships.

Build a reputation as someone who delivers on their promises and is persistent. Follow up with people who promised to do something for you or vice-versa.