Strengthen Your Network by Making Meaningful Connections
Having a valuable network is key to success in the world of procurement, as many opportunities stem from strong relationships that were built over time. If you are networking in order to grow your business, you need to do more than purely meet and greet at another wine and cheese party. In order to really get value, you need to develop a good strategy and think deliberately about the types of contacts you have and those that you need to advance your business. How can they serve your growth?
Having a well-rounded network should include individuals and organizations in these four categories: Industry, Customers, Competition and Nonprofits.
Industry
Industry conferences and events are good starting points for those looking to grow their network. These settings provide an opportunity to enhance your industry knowledge, improve your skillset, meet potential customers and maintain relationships with others in the industry. These events are also a great platform to promote your business to others familiar with your trade, which can lead to strong partnerships. American Express OPEN regularly hosts events throughout the country that provide an excellent opportunity to network with peers as well as government officials and buyers. In fact, at one of these events, a small business owner walked away with a contract from the U.S. Department of Interior.
Another way to get industry exposure is by joining a professional trade organization. Consider not only serving on committees, but to stepping up and assuming a leadership position. By doing so, other members will have the opportunity to view your management style and you will get to know people on a personal level.
Customers
While it’s always important to be on the lookout for new customers, it’s equally important to maintain strong relationships with your current customers. Those who had a positive experience with your company are more likely to come back for future projects and also refer your goods or services to others. An American Express OPEN survey found more than one in four active small business contractors received at least one referral from a satisfied prime contractor that led to other subcontracting opportunities.
Put effort into checking in with past customers to see how they are doing and if they have any upcoming projects that you can assist with – even if it’s just connecting them with someone else in your network. It’s a great way to build loyalty and get some word-of-mouth marketing from satisfied customers.
Competition
The advice to keep your friends close and your enemies closer has value in the business world. You need to be in the presence of your competitors as much as your customers in order to know how they are representing their brand and what audiences they are targeting. In some cases, those you may think to be a competitor can turn into a strong teaming partner. Take the time to get to know them and be open to seeing them in a different light.
Nonprofits
One area that people tend to underestimate is the world of philanthropy. Make sure you have good exposure in the world of nonprofit organizations. This is a wonderful place to showcase your skills and develop relationships with potential customers in an environment that is not intimidating. It breaks down barriers that can sometimes be uncomfortable under different circumstances.
In this arena, you must make sure that you focus on being a volunteer for the nonprofit and avoid pitching yourself or your skillset to others on boards or committees. This is where you really have the ability to shine as a value-added volunteer and where people can potentially see you as a vendor for their corporation.
Networking should be seen as a work in progress that is constantly being evaluated and improved. If you haven’t already, take a moment to evaluate your network to see if you have the right mix of both individuals and corporate or government customer contacts. Taking a strategic approach to networking will help improve your value in the marketplace while allowing others to view you as a potential asset to their organization.
