Published by DIFME on 23-Mar-2020

Networking for your enterprise

Finding new customers, intermediaries, partners and international opportunities hinges on successful international networking. Building a network takes time, money and sometimes also staff who are dedicated to helping your business grow internationally. Networking isn’t always at the top of our priority list. It can be awkward and time-consuming, Yet Networks are a vital component for growth and internationalisation for smaller entrepreneurs . International networks may help them engage in overseas markets and to be more innovative. Smaller enterprises rely more and more on trusted networks, clusters and partnerships which provide access to information and know-how increasing their ability to internationalise . Here are three reasons how networking can help you grow , develop and even internationalise your entity.

1. Networking can help you establish your enterprise

Being a part of a network can further help the potential of your enterprise to grow, and evolve. You could receive business news, local updates and invitations to business events, e.g. conferences, seminars, workshops, exhibitions, lectures by prominent business people or industry experts.. Having connections in your sector will keep you apprised of global opportunities and offer chances to collaborate with companies that offer complementary services. You might even find a way to align with your competitors in cases where you can team up to offer more bandwidth or product. Industry associations will prove valuable, as will chambers of commerce and business councils. A diverse business network will help you navigate your way through the local market.

2. Networking can help you grow your business

It is important to find partners who understand your prospective customers— including who has the decision-making authority and how they make those decisions. All of these can help you establish and grow your business easier in the different market. Moreover, networking can help you receive information on market developments in your specific sector or market, information which might not be available to you if you did not network effectively. A network is a good gateway to supply chains you may not otherwise know about. Building relationships with the biggest players in your industry will get you access to those supply chains.

3. Networking is a long-term investment

Networking can help you and your team expand various aspects of your business, and equip you with skills which will have a long-term effect on your business. It can open up learning opportunities for processes in the different markets, improving and understanding regulations in other countries. Moreover, networking can open up the path to useful exchanges that facilitate sharing of best practices and knowledge in the efforts to internationalise. Importantly, networking can help you meet potential clients and suppliers, who may help you with your business growth.

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