Networking for Business Growth and Innovation

Marcin Wozniak, a Lecturer in Enterprise Practice at the Centre for Enterprise, Manchester Metropolitan University has shared with us his previous business engagement experience, exploring the value of networking for a small business.

Networking is a tool for engaging with the business growth and innovation ecosystem around you.

How can I build my business network, where can I meet clients or collaborators? These were the questions I asked myself when I was tasked with finding businesses that would be interested in joining our business growth programmes. The key to finding the answer was to engage with the local ecosystem of business support for small-medium enterprises (SMEs) and find out what events, and networks are available and where I could meet SME business leaders.

But what do we mean by ecosystems? Generally, ecosystems are things that mutually support and benefit each other, allowing each other to grow and thrive. In the same way, every industry will have a support ecosystem, which can be defined in terms of what it does or by its geographical location. In these ecosystems’ connections, collaborations and sharing of news and developments in their fields help SMEs innovate, grow and thrive. Networking is an essential tool to engage in, play an active role and benefit from your industry ecosystem.

Networking can be defined as the purposeful building and managing of relationships to grow or improve business or services. Although the benefits are clear, there needs to be an intent to engage with some networks in the first place, and be proactive in managing connections to build relationships with others to get the rewards.

Networking can also be useful in spreading and promoting ideas, alongside helping to generate leads that may lead to sales. But networking is much more than that. It helps with finding out what is happening in your industry, what key players in the industry are offering (e.g. new services, materials, designs, techniques), for learning good practices and understanding what is getting customers excited, which challenges are emerging and what you can expect in the future. These valuable insights can help with your business operations and planning.

Running a small business can be a lonely place. Local networks offer the opportunity to meet like-minded individuals who can be based in similar locations. Connections you‘ll make can lead to professional development: learning new things, collaborating, sharing contacts and referrals and to personal development: making new friends, and getting support.

Different types of networking events: 

Whether you offer a service, manufacture or sell products, there are networking events and business expos specifically targeted at your sector. Attending the right event can prove extremely valuable with a great return on investment, but getting it wrong can waste your time, energy and cost. Be strategic in your choice of a networking event. It’s worth considering if you want to find one-off events, regular networks, business expos (trade shows) or sign up for a business support programme.

• Networking events: for when you need to be strategic to get some leads, see what competitors are doing or get feedback for the product or service you are offering. Networking event may be offered as part of a series and are often free to attend.
• Networking groups: these often meet regularly and can offer opportunities to build meaningful connections with other business leaders in a supportive environment. Networking groups often facilitate cross-referrals.
• Business growth and innovation courses: a great way to learn and build a supportive network of other business owners who often share similar business problems and can offer each other a sounding board. You can find a range of courses offered via your local University, Chamber of Commerce or Business Growth Hub.
• Business expos: also known as trade shows, these are usually sector specific can help companies to showcase and sell their services/products to companies within their industry supply chain. Before considering exhibiting at an expo, it is usually a good practice to attend the event to see what is like before committing financially and logistically. It will also allow you to network, do some market research and decide if you should exhibit in the future.

Finding an event:

• If you are not sure where to start with finding a networking event or an expo, you can start with the local chamber of commerce which will have its own events and may be able to advise on other sector-specific events.
• Google search for local networking groups – there are so many that offer a mixture of face-to-face and online sessions or go on to the Eventbrite and see what’s available in your area. Often you can get a free ‘taster’ ticket to see if the particular networking group is for you.

Networking is a skill that you can practice. Attending your first event may be scary, but it will get easier the more you do it.

Top tips for making networking enjoyable and productive:

1. Grab a coffee, have a pastry and scan the room for those friendly faces. You may be nervous when you first walk into the room, but there will often be refreshments, so start with those. This will give you a chance to have a breather and scan the room for some friendly faces.
2. Prepare a 60-second pitch, that will describe your business and explain how you help customers through your product or services. Write it down and memorise it. You can use it during an informal introduction and there might be opportunities to be picked out of the hat and to pitch to the room. The more you do it, the easier it gets.
3. Don’t try to sell to the other person you are networking with. Instead, ask about their current challenges and explore how you can help with your product or services or maybe suggest someone else in your network who can. If nothing else comes out of the chat, it’s always nice to chat about something more personal. The more you connect on the human level, the better the chances of making a lasting connection and potentially benefiting from it in the future.
4. Ask for contact details and follow up the same or the next day. The tip here is to ask for a business card or LinkedIn QR code first (find out how to generate Linkedin QR code quickly), this puts you in control of following up.
5. Share about the event on socials, tag event organisers and people you have met and continue the conversation online. The more engagement in comments is generated, the more exposure you will get in their network.

Networking is about making real human connections, so explore what opportunities are around you, get out of the office, meet new people, and get energised by connecting with others.

Find and connect with Marcin on LinkedIn here.