The Business Networks Available for the Organization - Assignment Example

Student’s Name Instructor’s Name Course Name Date of Submission Business Networking Networking has become an important way of building and developing a successful business. Today, individuals and forms build networks to help attract new sales leads, enhance positive relations with the existing contacts, as well as learn new things about the market in which the business operate to ensure delivery of quality products and services that meets the needs of consumers in the market (Townsend 4). In other words, networking is regarded as the most cost-effective way of marketing. Townsend notes that, if done well, networking can have a positive impact on the organization (6). Boroondara Business Network (Melbourne) is one of the business networks available for the organization. The network provides individuals and firms with the opportunity to meet, share ideas and market themselves and products. The contact with the Boroondara Business Network was created through mobile phone contact, email, website and monthly meeting. Nevertheless, to develop an effective network and contact, people involved in the development network and contacts meet regularly in person so as to enable them to know each other, advertise themselves to new members and to appreciate other individuals that are part of the network. Additionally, it is important that members of the network share information and experiences professionally. Networking Strategies Below are some of the networking strategies that I could use in developing new networks and contacts. Knowing what to offer to the network Setting goals and priorities Distributing materials Selling to individuals Maintain regular contacts Keeping track How the above listed strategies will help promote an organization and its objectives Knowing what to offer to the network Because networking as give and take activity, it is critical for anyone who intends to participate in a networking activity to have something to offer to others in the network. This is important in networking because, if one focuses on what he/she has to offer to others than what he/she is to gain, the networking is destined to succeed. Setting goals and priorities In order to have a successful network, it is important for an organization to understand what it intends to achieve from the network. However, this is only possible if the organization establishes its priorities. Setting priorities will help an organization focus on the things that it wants to achieve instead of getting overtaken by other issues that are unnecessary. Distribute materials In order to have a successful networking, an organization should ensure that it gains visibility and awareness as much as possible. This require advertising the business or brand to help create awareness of the services or products that the organization has to offer. This can be done by issuing business cards, brochures, calendars and DVDs among others. Selling to individuals Selling to certain persons is important because it makes an individual or organization become known. This is important because it can help a great deal if the individual to whom one is selling has wide connections as this can benefit an individual and the organization through referral. Keeping regular contacts After developing networks and contacts, it is important to build a lasting relationship to ensure success. Fortunately, the best way to maintain contacts and networks is to maintain regular contact. Keeping track Lastly, having a successful network and contact requires one to keep tract of the people with whom they have met to understand what they are up to and sharing information with them to enhance growth and development. Interpersonal Skills required developing network contacts effectively Active listening Getting involved Positive attitude Embracing differences in opinions Embracing cultural diversity Being respectful Seeking clarification Assisting others Description of how information in new contacts should be shared, recorded and communicated with other people in the company There are a variety of ways through which the information in new contacts can be shared, recorded and communicated with others in the company. These include through written reports, sharing in a meeting, sharing through oral presentation, putting the information in company database, emailing to everyone, or sharing it at a function. Importance of sharing new contact information with people in your company and its benefit to the company Sharing new contact information with new people in the company is important firstly because it enhances a company’s competitive advantage. Secondly, sharing information is important because it promotes teamwork which is critical for enabling employees work together successfully. Thirdly, communication between persons and teams is fundamental for organizational success. Lastly, sharing information enhances the level trust and respect, which promotes teamwork and success. There are, however, many benefits that the organization will derive from sharing new contact information in the company. These include enhancing the penetration of company brand into the existing market; makes it easy for company to open a new market; enables the application of new technology; and create a chance for the development of new services or products. Lists of networks that I could participate to build and maintain personal knowledge and skills. Networks Name Date Cost Objectives Boroondara Business Network (Melbourne) June 2015 Free Assist people in starting business or growing their business with ideas on how to go about it to ensure success. Roosters and Feather Dusters (Melbourne) May 2015 Free Provides business people, company managers and employees with a platform where they can connect, build relationships and share business ideas Networking Chats (Brisbane) March 2015 free Provides business entrepreneurs with a platform where to connect with small business persons and share ideas and knowledge through relationship building Part 2: Establish and maintain business relationships The kinds of professional contacts/relationships that I have The most important contacts/relationships that I have include social networking friends on Facebook, LinkedIn and Twitter, loyal customers, and company suppliers. Why these relationships/contacts are important Social networking group: this contact is important because it allows me to keep in touch with group, participate in online activities, as well as welcome new members to the contact. Loyal customers: loyal customers are important because they keep the organization abreast of new events and promotions and ensure that a company has a market for its services and products. Company suppliers: suppliers ensure that the company does not fall short of supplies. Challenge I have experienced in keeping a professional relationship healthy and how I overcome the problem. The greatest challenge has been to do with misunderstanding in the group. Despite the challenge, I have always addressed it by advising members of the group to be positive, real, show appreciation for each other, be reliable and above all to embrace cultural differences. Action plan for managing business relationships effectively. Below are the steps that if followed appropriately can help build business relationships and resolve conflicts: Each member of the group must understand his goals and limits Know what other members need Make your position known Seek support from other members of the group Jot them down Keep good relationships Part 3: Promote the relationship  3.1. Below is how I will promote and present my interests at a networking event: Create a webpage, start a blog, sign to popular social media networks, have my profile on the company’s website, as well as through presentation before audience. 3.2. The following is how I can use my presentation skills, personal appearance, and body language to promote myself and ILSC. Firstly, I will ensures that I understand the audience that I am supposed address in terms of their native language, gender, level of education, religion, age, occupation and expectations. Secondly, I will ensure that I arrive early enough. Thirdly, I will ensure that I am neatly dressed in the right attire for the occasion to make me feel good and boost my confidence. Fourthly, I will ensure that I greet everyone by shaking their right hands while all other thinks such as glass of water is kept on the left. Lastly, I will ensure that the name tag is placed on the right side of my chest. 3.3. The two communication barriers I might experience at the networking event include noise and lack of attention. Noise may come from external sources, such as moving vehicles or people shouting that makes hearing difficult. I would overcome this barrier by choosing a quite room free of noise. Lack of attention may act as a communication barrier as some people may not be listening to what is being said or decide to engage in sideshows. I would overcome this barrier by advising everyone in the networking event to pay attention to what the speaker has to say all the time. 3.4. The two ways that I can get feedback on my communication and networking skills include from surveys and focus groups. 3.5. The feedbacks gotten from the surveys and focus groups can act as an invaluable way of improving my promotional activities. The information obtained from these sources will point my strengths and weaknesses thereby enabling me to focus on improving on my weaknesses with regards to performance networking. 3.6. Below is a summary of how I made contacts, developed rapport and built trust with the new contacts: Firstly, I showed appreciation to the contacts. Secondly, I made known the actions of the group that contributed to my wellbeing. Additionally, I made know the needs of mine that were actually met by such actions, such as enabling me to establish good relationship with others. However, as much as some of my needs were not met, I did not show hunger or disappointment as networking is a continuous process. Work Cited Townsend, Heather. The Financial Times Guide to Business Networking: How to Use the Power of Online and Offline Networking for Business Success. New York, NY: Pearson Education Limited, 2014. Print. Read More