7 Reasons Why You Should Network

In today’s technology driven digital world global expansions are on the rise and the old saying “It’s not what you know it’s who you know” cannot me more true. As companies seek out new markets and buyers that were virtually inaccessible a decade ago, networking is identified as a key factor in business success.

Although the internet is a great way to reach out to potential clients, it’s not as effective as face time; an in-person, face to face meeting. There are some skeptics who still rely on their expertise, education, or credentials to get by in the corporate world but they are few and far between. Networking is now the best way to get clients and keep business.  Networking isn’t always easy and does require an investment of both time and money but it is an investment that will pay off.

Here are 7 reasons why you should network :

 1. Word of mouth recommendations
Networking is a great way to spread the word about your business or the services offered by your employer. Interacting with people in person helps build a rapport and a level of trust which will in turn make others more comfortable when recommending you to their friends. When you can identify with others they will also be more likely to remember you and recommend you to their friends or peers.

2. Mentoring
Working is a continuous learning experience and it’s always helpful to have a mentor to guide you along your corporate journey. Networking events are a great place to meet potential mentors that can provide you with helpful insight and ideas. If you are a veteran in your field networking can help you connect with potential mentees and share your expertise with young professionals.

 3. Gaining a better understanding of your market
Understanding your market is extremely important when selling goods or services. Networking gives you access to a wide range of individuals and opinions. You can use these opinions to your advantage by examining how they react to the products or services you offer and how much demand there is for your product. By expanding your network you will have access to more people and be able to identify those individuals who fit in to your niche market.

 4. New Employment Leads
If you are a job seeker you can network your way to your next job. Networking is now the primary way of finding a job. People are more likely to hire or recommend someone they know rather than someone they don’t. Networking and letting your contacts know you are looking for a job is the first step to starting your job hunt. Your contacts will then be able to recommend you to their network and keep you in mind for any upcoming vacancies. Make sure you highlight your skills and specialties so the referrals you get will be relevant.

5. Explore a new career
Effective networking gives you access to contacts from varying fields and work environments. This is especially useful if you are looking to change careers. Reaching out to your network to learn about different options and fields of work will help you seek out new career interests. Networking is also a valuable tool for new grads starting their careers. We advise graduates to actively seek out contacts who are already employed in the positions they are interested in and get a first hand account of what the job really entails.

6. Increase or drive sales
Increasing your network and meeting new contacts can help you increase your reach when promoting materials or products. More people reached means more potential clients. Networking is often used to drive sales. More effective than cold calling, networking allows you to actually meet your potential clients prior to approaching them with an ask for a sale or an endorsement. It’s usually easier to call someone you’ve met before and explain how you met them etc. rather than calling a stranger and making small talk before getting to your pitch.

 7. Building brand familiarity and notoriety
Attending networking events puts a face to the name of your business. Building brand familiarity is something business owners and associates must keep in mind when seeking out new clients. The larger your network the larger your reach! You want people to be able to identify you and only you with a particular service, not your competitors. It’s important for entrepreneurs and professionals to be aggressive in networking, this means expanding your network and getting your name out there.

 For more tips on expanding your network check out our upcoming workshop Courteous Connections

Copyright © 2013 by Professional Edge Consulting

Doing Business in South Asia

South Asia is home to world’s largest democracy, some of the fastest growing economies and booming stock markets. Traveling within the region is definitely exciting, especially for those from North America who are well acquainted with vast uninhabited spaces; the network of congested roads and buildings can be overwhelming.

South Asia is is not only a hub for history and cultural diversity, but a force to reckon with, when it comes to global business. In fact many companies from North America have outsourced some of their services to take advantage of time differences in order to offer 24 h service to clients, and reap the benefits of cheaper labor costs.  In the years following the post colonization era foreign investment in South Asia still continued, and although there was a decrease in foreign direct investment in 2012 companies still continue to look favorably upon the region for investment opportunities. South Asia remains a lucrative market and it is always advantageous to be better acquainted with the cultural and social aspects of conducting business in the region.

Our experience in conducting business in South Asia coupled with our knowledge of the cultures prevalent in the region, has provided us with insight in to the business etiquette and protocol used within South Asia. Here are a few business etiquette tips for doing business in South Asia:

1. Time isn’t always money
Don’t expect your 9 a.m. meeting to start on time. Your South Asian counterparts may arrive as late as 9.45 and will not be concerned that they are not on time. This can be frustrating to business associates from North America where punctuality is essential and it is considered rude to be late for a business meeting.

2. There is never a direct No
South Asian society is very polite and its best to avoid using the word “No” during business dealings. “We’ll see”, “Possibly”, “May be” are phrases that can replace the word “No”.

3. Refrain from ordering beef
Opt not to order beef at business meetings as cows are considered sacred in India, which is the largest country in the South Asian continent.

4. Quit your wine-ing
It’s best to limit alcohol to just one glass or none at all as some of the South Asian countries like Pakistan and Bangladesh  are prominently Muslim and alcohol is not permitted.

5. Take my card
Business cards play an important part in conducting business in the region. Business cards are  presented with both hands, like a gift. Take a few minutes to read and look over the card. Do not just put it away or keep it lying around. After taking a good look at it, put it away in a safe place.

6. Titles matter
At business meetings, stick to the hierarchical structure. Credentials and titles matter in South Asia.

7. Religious celebrations are often national holidays
Prior to meeting business colleagues, ensure that you are aware of any religious holidays as most religious festivals are marked by a national holiday. For example, Sri Lanka celebrates the festivals of four religions, Buddhism, Christianity, Hinduism and Islam.

8. Guess who’s coming to dinner
If invited to a colleague’s residence, do not refuse trying out any food that is offered to you. If you do refuse it, it will be taken as an insult. It’s best to at least taste it out of respect for the host.

9. Do not open
If you receive a gift from a business colleague, do not open it in the presence of the one who gave it to you.

10. Suit up
Men are generally expected to wear a suit and women are expected to be modestly dressed in a business suit or pant suit.

11. Let’s do lunch
Do not expect to seal the deal at the very first meeting. Building a relationship matters most in this part of the world and the business deal would follow after the relationship is established.

12. It’s not what you know it’s who you know
Knowing people of influence goes a long way in any business relationship in this part of the world. You will be treated differently if you’re known to someone who is higher up in the corporate structure.

Copyright © 2013 by Professional Edge Consulting