Developing and Maintaining Business Networks - Assignment Example

The paper "Developing and Maintaining Business Networks" is a perfect example of a business assignment. Make referrals. When you learn of a business or colleague in need of a product or service that a business or colleague you know can provide, offer to arrange an introduction between the two parties.

• The person or business should find out how to cooperate with their competitors on certain business or projects. For example, if a business own a certain tool or machinery that can add value to another business’ services, approach the business owner to work together.
• Send a card. Writing an old fashioned card is the best way to maintain business relationships.
• When a client or customer has been referred to your business, the gesture should be acknowledged with a phone call.
• Utilize social networking (such as Twitter and Facebook etc) platforms to build larger business circles.

Activity 2

1 . Choose an industry (eg the wedding industry, pet-related businesses, real estate, child-related businesses) and make a list of the types of businesses organizations in that industry should network with and pursue to maximise their range of contacts. What opportunities might they have for maximising their contacts?

Answer(s):

Weeding Industry

Caterers

Dresses

Beauty suppliers (hair, makeup),

Photographers,

Favors/bridesmaids gifts,

Music,

Honeymoon related, etc.

Activity 3

• What do you consider to be the main reasons why you should network?

Answer(s):

• Educational Opportunities.
• In-Person Networking.
• Learn About Competitors.
• Marketing to Potential Clients.
• Recruit talent.
• Stay on top of current trends.
• Socialize.

• What do you think is the most important benefit? Why? What do you think is the least important benefit? Why?

Answer(s):

The most important benefit of business networking is ‘marketing to potential clients’. In order for a small business to become a big player in the industry, the business needs to make known to its competitor and future clients in order to give itself the best chances of success. Also, business networking will allow small businesses to benefit from in-person networking and educational opportunities that take place, but it will also give the business direct access to market its products and services to potential clients and customers.

The least important benefits of business networking are ‘recruit new talents’. Although potential new employees can be sported in business networking, other means can be used to recruit new employees into the business such as advertising and the use of Employment Companies etc. In addition, a business can outsource a talent that is lacking in the business.

• How might you communicate information regarding new networks and their benefits?

Answer (s):

I may use social networks such as Facebook and Twitter or discussion groups at the college website
4. To whom should you communicate this information?

Answer(s):
Determine who to communicate to!
• Individuals
• Colleagues
• Clients
• Customers
• Users
• Managers
• Stakeholders