This section is about identifying networking opportunities and includes understanding the organisation’s objectives in networking and identifying the current networks. It also includes how to research networking opportunities, understanding the various types of networking and evaluating your best opportunities.
Tony Rizzo from the Sales Department at MacVille has been commissioned to explore networking possibilities with other organisations to enhance their ability to increase business and productivity.
He needs to provide a written and oral report to the Business Manager within 2 weeks demonstrating that he has researched and identified networking possibilities and ranked which ones he believes are the best opportunities for MacVille.
Skills needed for this section are:
Review current networks
Research other networks
Identify types of networking
Explain the benefits of networking
Rank networking opportunities.
Review Current Networks
A lot of networking happens naturally. Whether it’s individually or corporately, we take for granted the number of contacts we make in one week while going about our everyday lives.
The Oxford English Dictionary definition of a (business) network is: "A group or system of interconnected things or people."
This is significant when we consider networking in its fullest sense; beyond one-to-one meetings or contacts. The word network first appeared in English around 1560. It meant, not surprisingly, 'a netlike structure'. The meaning of 'a complex collection or system' is first recorded in 1839. These terms derive originally from the net used by a fisherman. The bigger and stronger the net, the more fish would be caught. The same applies to business networks; the greater the network the greater the possibility for greater productivity.
According to Beverley Hamilton, business coach to business consultants and author of "Take Control of Your Time: 7 Straight Shooter Strategies for Success". Networking is, "Creating mutually beneficial relationships with like minded people with whom you can offer and receive value, knowledge and support over time."
Research other Networks
How do you research other networking opportunities? The following are some principles or helpful hints. Research organisations that:
Have similar objectives
Have more experience in the same industry e.g. established
Provide a similar service e.g. cleaning contractor
Provide an innovation or niche e.g. specialise in cleaning high-rise buildings
Produce a similar or associated product e.g. cleaning equipment
Located in the same city or region
Are on a similar journey to you e.g. commenced two years ago
Provide training or professional development to your industry
Host conferences and seminars
Everyone is talking about.
Identify Types of Networking
Organisations with similar objectives have the potential to network together for mutual benefit. Although there are principles to successful networking, there is no fixed way to network. Networking occurs in various types and forums for various reasons. These forums could be formal or informal, online or face-to-face, exhibitions, social clubs, annual conferences or quarterly training seminars.
Industry – because of similar industry involvement e.g. automotive manufacturing
Goods – because they produce similar products e.g. electrical appliances
Services – because they provide similar services e.g. care providers
Region – because they all live in the same locality and are committed to the development of the same region e.g. Western Suburbs of Sydney
Cause – because of their interest and support of a cause that effects humanity e.g. abolition of slavery
Crisis – because they responded to a crisis together e.g. tsunami, bushfire, earthquake, etc. Their ability to respond in an emergency is based on the synergy and co-operative strength of their network
Informally face-to-face
– always around a meal in a neutral venue because friendship is a strong factor in their partnership
Online – due to distance, convenience and streamlining processes e.g. Skype, conference calls, live streaming, blogs, LinkedIn.com, Facebook.com, and Tribes etc.
Results of Networking
Relationship
Increase Knowledge of Industry
Increase Accessibility
Increase Profitability; discounts, mates rates
Aware of new innovations
Awareness of trends
Increased number of referrals.
Results of Not Networking
Isolation
Trial and Error
Time consuming Research
Incur unnecessary expenses
Discover innovations later
Experience unexplained downturns
Lower number of referrals.
In order to assess the best organizations to network with, you need to rank or ‘weight’ what they provide against what you need.
Every organization has its strengths and weaknesses; areas where they specialize and areas they outsource to others.
The bottom line for business is profitability. This is true, however you may value a particular organization or business network because of the new ideas and innovations you learn about. These ideas inspire you to develop a new product or take a different marketing approach which in turn leads to increased sales and greater profitability.
