How to Use Your Own Network to Grow Your Business

networking

"It is not what you know, it is who you know” - there is a lot of truth in that phrase. A network of connections is an especially powerful tool in growing a business. Research among high achievers shows that one of the reasons for their success is the fact that they cultivate (that is, develop and use) a strong network of personal contacts. Here's how to use your own network to grow your business:


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You already know how useful it is to have a personal introduction to someone you have not met before, or to have a contact or interest in common with someone you are meeting for the first time. Both these help to build trust – the core of every business and personal relationship.

By being very deliberate in the way that you use your network of personal contacts, you can develop your business at a much quicker pace. You know people, who know other people, who know other people ... and before you know it, you have personal introductions to new clients, investors, and suppliers.

Your network is a unique strategic resource (we all know 250 people, who know 250 people, who all know ….. you get the picture).

Recommended reading: Growing Your Business: a Personal Perspective

Not many people do it, but every (and we mean every) contact you know should be considered and analysed along these lines below:

Who do I know and how they can help me build my business?

Develop a profile of your own current network along the following lines.

Contact organisation

Contact individual

Nature of contact

Quality of contact

Value of this contact to your business

         
         
         
         

Create a Contact Database

Put all your contacts in a database. This is the beginning of your customer base, your sources for introductions, your first partners, the beginning of your community and the starting point of developing your goodwill (which ads value to your business). Consider LinkedIn and Opportunity as ways to connect.

Particularly use the network analysis to set up a board of advisors who could help you grow your business. Use your network!

Recommended reading: Why An Advisory Board Can Benefit Your Startup

Over to you now. How have you used your network to grow your business? Tell us in the comments below. 

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Thursday, 13 December 2018
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