Do you want to grow your business further? To take your business to the next level, you should think about the individuals you wish to connect with. Additionally, make the most of networking. Networking for SMEs is not about what you know, but who you know. It’s a tried and tested method and is not a sales opportunity. It’s about interacting with like-minded individuals and exploring mutually beneficial opportunities with minimal costs for your business.

Why should SME owners network?

Many SME owners may find that networking is rather challenging. The main obstacle that prevents SME owners from networking is the lack of time. As SMEs have less staff than larger organisations, attending events may be time-consuming. Consequently, this could hinder you from carrying out your office duties. However, you should not ignore the importance of networking for SMEs.

Networking for SME owners is vital in not only building business relationships, but also in helping to grow your business. Interacting with clients, business partners or potential investors will help you to form loyal and long-term relationships. Furthermore, it can open up new opportunities.

Here are the key benefits of why networking should be part of SMEs’ business strategy:

Brand awareness: Some individuals may not be familiar with small businesses. Therefore, networking will provide you with a valuable opportunity to promote your business. Building relationships with other professionals means that they are more likely to remember you. This may lead to more business opportunities.

Referrals: Many people trust the people they have met through their network. Networking introduces yourself and your business to people. Consequently, your network may share your brand with their clients. This will lead to a higher degree of trust in you at the outset. This will also be useful for your network’s clients in case they need to be referred to your organisation. It also increases your value to your clients and deepens their loyalty to you.

Finding support: Being a business owner can be overwhelming and stressful at times. Whether it’s a challenge you’ve never encountered or an issue you’re desperate to solve, building a network is a fantastic way to gain advice and encouragement. This support from your business peers can help you make good decisions for your business and your team.

Staying up to date with industry trends: Networking allows you to stay up to date with trends. It is a great way to stay informed and learn from other companies in your industry. As a business owner, you need to be aware of what’s happening in your industry. In this way, you can adjust your business accordingly.

Where do you network?

Networking has traditionally taken place at face-to-face corporate events, social events, or organised regional networking events. However, in light of covid-19 and the development of the Internet, many networking events have taken place virtually through popular sites like LinkedIn and Facebook. It’s likely that virtual networking will continue in the future.

Advice from the top

We recently held an event for female founders and asked an inspirational panel of experts for their advice on successful networking:

“Become a connect’o’preneur”. This phrase was coined by Vanessa Vallely OBE, founder of WeAreTheCity. But what does this mean?

Be energetic and purposeful with your connections. Find people who you can help and who can help you. Protect your connections and treat them with respect. But mostly, as you take a deep breath and enter the room, ask yourself ‘what can I give to this room?’.

Maxine Laceby of Absolute Collagen’s advice was simple, but to many a challenge: “Do not head to your tribe”. Meaning, talk to people who are not like you, get out of your comfort zone.

Rugby legend Rory Underwood MBE DL, advises not to miss the opportunity to network effectively. “Play it forward; you don’t know who will be the CEO you wished you knew in 20 years.” He admitted to not taking advantage of opportunities to grow his network when he was younger. He preferred to chat to colleagues and friends at events.

Four Tips for networking

Here are some tips SMEs should consider prior to networking with other individuals:

1. Preparation

Before you attend a networking session, you should take some time to prepare yourself for the event. Doing some research for the event in advance can in turn allow you to have a marvellous networking experience.

If you’re attending an SME networking event, you should look through the list of people invited and check the social media coverage of previous events. This will help you to get a flavour of the experience in advance. It will help with matters such as what to wear and what to bring with you. For face-to-face events, you should bring plenty of up-to-date business cards. In addition, bring a pen and paper in case you need to note things like recommended services or individuals you may wish to contact in the future.

2. Connect on social media platforms

Connecting on LinkedIn and other social media platforms counts as networking. It can take place at any time of the day. If you have LinkedIn, you should start by updating and refining your profile. This ensures that when you make new connections, they’re seeing the polished version. You should then post relevant content about your business or industry and comment on other individual’s posts.

3. Introduce your business

At SME networking events, people will ask about your business goals. You should always be prepared to deliver a message about what your business does and why it’s different from its competitors. You may discuss the problems your business is helping to solve by sharing a story or experience from your client. This allows your peers to get to know your business’s vision and goals.

4. Follow up after events

Once you’ve attended an SME networking event, you should follow up with any new contacts you meet. This demonstrates your interest in their business. By doing so, the individuals you meet may remember you. They may seek or offer advice from you in relation to their business developments and strategies.

For SMEs, networking could be a great way to take your business to the next level and increase brand awareness. Therefore, where there are any events relating to your industry, you should use this opportunity to meet new individuals and promote your business.