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Bookbird Blog

Four Ways to Expand your Business Network for Better Growth

[fa icon="calendar"] Jul 9, 2018 3:40:32 PM / by Bookbird



Your business network is comprised of every business, entity, or individual that somehow helps your company to accomplish its goals. The profitability of your business model depends on this complex network. And as such, it is typically comprised of customers, suppliers, distributors, third-party developers, and every other outsider who’s already directly involved in your business in any significant manner. The larger this network gets, the more potential there is for your company to actually grow as planned or even beyond current growth estimates. Turn this potential into reality via the following tactics:

1. Attend Business Events
Whether it’s seminars, networking gatherings, or actual business clinics/workshops that gives pointers on running startups, make time to attend these and other similar events. It may sound boring to some, but in reality, this is one of the best ways to meet and greet fellow local entrepreneurs and business owners on a level playing field – an exciting opportunity for any business owner looking for great growth opportunities. Don’t know where to start? Auckland
Tourism Events and Economic Development regularly hosts free business clinics, entrepreneurial talks, and networking events – often filled with influential individuals who might just be interested in what your company can offer.

2. Commit the Necessary Time, Effort, and Resources to Get New Clients
Apart from the fact that your business has no reason to exist without clients, the mere act of constantly looking for viable clientele keeps your company in constant networking mode. This is definitely a key factor in paving the way for further growth.  Neglecting client acquisition is one of the top three business growth killers that no one is talking about. And if you want your business to grow and survive, talk to potential clients. Set aside some of your time and energy to generating new business. Alternatively, you can choose to outsource this task to any marketing agency – although it would be a huge advantage for your business if you yourself are able to face potential clients on a regular (or at least somewhat regular) basis.

3. Stake Your Claim Online
Expanding your business through digital platforms comes with considerably less overhead expenses than expanding via physical brick-and-mortar locations. Also, it costs very little for your company to maintain its own official online accounts via the different social networks that are popular to both customers and potential business contacts. These digital spaces have actually proven to be useful to many NZ companies in terms of sales –as revealed by the 2016
Asia-Pacific Small Business Survey, in which 38% of New Zealand’s small businesses increased revenues via online selling. In other words, NZ’s online markets are ripe for the taking. This could be the growth or networking opportunity that your company has been waiting for.

4. Know that (Almost) Every Situation is a Potential Business Networking Opportunity
Unless it’s a funeral or any other similarly sensitive situation, there’s no reason why you shouldn’t be constantly on the lookout for potential business partners and expansions to your network. Take a cue from Menlo Coaching’s advice for aspiring leaders applying to higher education institutions. It's important to always be open for opportunities to connect with others and figure out not just how they can help you, but how you can help them. In this way, you can forge a meaningful connection with those whom you meet. You'll find that more often than not, there’s a way to prompt positive interactions wherever you may be – interactions that can pave the way for successful college applications as well as effective future business partnerships.



Topics: business tips

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