Executive And Business Networks In Singapore and Asia Pacific (APAC) For Economic Growth
Executive networks help members improve their effectiveness and gain a competitive advantage in business. Executive network members share new ideas, solve specific problems and uncover best practices in a non-competing group. You can participate in networking activities and join networking groups for increased business effectiveness.
Every person you meet is a potential networking contact. A network replaces the weakness of an individual with the strength of a support system. Networking can be difficult. Reaching out to make and maintain contacts remains a tough task for many. Networking doesn’t come naturally to many people. Effective networking is a continuous process requiring consistent attention. Networking is a two-way relationship. Networking is actually about building long-term relationships and a good reputation over time. Executive networks can help with competitive insights and with exposure to new opportunities.
Networking can be done in-person, online or both. Meeting contacts face-to-face allows you to develop stronger bonds. Networking online is beneficial with the speed and ease of electronic communication. Executive networks can be facilitated by trained experts.
There is really no secret to building your network of contacts. There are a lot of resources out there giving tips and tricks on building business networks and expanding your realm of influence, but there are some basic principals to follow that can have a significant impact on how successful your networking events and strategies are. Paying attention to the basic details is often a more effective approach than using any "secrets."
What is the point of business networking? It is the process of building relationships with complementary businesses, business owners, and business managers to increase your influence and position within a specific market or industry. There are two points to take away here - building relationships and increasing influence and position. Relationships will naturally increase your influence, and influence creates opportunity and improved market position.
The most important value in business is the relationships that are built. Customers, clients, vendors, and colleagues all shape the relationships within a business. Like any other area in life, the quality of the relationships can have a huge impact on the outcome of your interactions with existing and potential clients, vendor/reseller relations, and every other aspect of your daily operations. Focus on building and maintaining positive relationships with your contacts (both within and outside of your company) you will quickly begin to increase your influence with your contacts.
How do you practically build good relationships with new contacts? There is balance and communication to work on. All relationships tend to follow a similar tract: introduction, follow-up, acquaintance, interaction, commitment. There is room between each stage for varying degrees of influence, but most relationships in business tend to fall somewhere in these five categories.
In the introduction stage, you first meet the contact, give some overviews about yourself, find out who they are, exchange contact info, and independently decide whether or not the person is worth a follow-up action. If there is the potential to have a mutually beneficial relationship, or the new contact can possibly benefit you, request permission to follow-up with that person. If you can benefit them, let them know that you would be open to a follow-up communication.
The follow-up communication is where most individuals drop the ball. It is difficult to make time in a busy schedule to get in front of your computer with the intent to follow-up on potential leads or new contacts. If you don't follow up correctly, a few things can happen:
1) you can loose out on a potential referral,
2) you could loose out on a potential client,
3) you loose out on a opportunity to get connected to a whole different network of contacts, and
4) you can loose credibility by not following up when you expressed an interest to.
If networking for increasing influence and position within a market is important to you, then follow-up opportunities should be created, not missed.
If you can get through the follow-up process, your hope is for a favorable response from the people you contact. When favorable replies are made (either by phone or email), you gain an opportunity to create an acquaintance with the contact. This is the real first step in developing a relationship. At this stage, you have made a favorable enough first impression to engage someone a second time, so use this opportunity to win them over. This third step is usually the opportunity to give out some usable information, such as potential leads for each of you, or a request for proposal (or a request to offer a proposal) for services.
Once you have had a few interactions with your contacts, you begin to develop an acquaintance with them. At this point, you both know each other and each others businesses, but you aren't close with them yet. You may or may not have had any business dealings with them, but they are at least on your radar for future deals, or as someone who you can send referrals to. Most business relationships don't grow past this phase, but if you continue to follow up with them and remain in contact, often times you will either get a lead or be able to give a lead to someone you stay in contact with.
The final step in the business relationship process is developing a commitment with the new contact. This doesn't have to be any formal commitment, but typically means that you both agree to continue interacting with one another. Hopefully the commitment comes in the form of a new customer or a referral that turns into a client, but either way, you have built a new business relationship that will only grow from here. It is important to not loose contact with individuals in this stage of the business relationship because they can often be the most influential people in your growing network.
Most business-savvy individuals are always looking to grow their network, which means that follow-up and continued interactions are welcomed. It is your responsibility to bring value to the relationships that you build - don't just look to your own interest, but to the interest of your new contacts. In doing so, you will begin to increase your influence and position within your industry.
How To Make an Effective Management Conference
Key things that Betruedesign recommends to consider for increasing effectiveness of an executive network are:
- Build your network before you need it.
Constantly build and strengthen your connections with your network. Do something to build your network each and every day.
- Reach out to others.
Identify the specific need you have and then contact people who are in a position to help you fulfill that specific need. Don’t be afraid in asking for help.
- Be specific.
Be specific in what you’re asking for. The clearer you make it for your network, the better your results will be. The more people know about your needs and objectives, the better they’ll be able to help.
- Be a valuable resource.
Actively foster relationships. Networking must be a two-way relationship. Its easy to move forward by helping people who ask for assistance. Only this way your network will be stronger when you need it. Regularly engaging with your contacts and finding opportunities to assist them helps to strengthen the relationship.
- Increase your visibility.
Establish yourself as an influencer. Mentor, speak at conferences, and participate in volunteering work.
- Use technology.
Social media can also be effective in helping you achieve your networking goals.
- Go deep and wide.
Build relationships with professionals across industries and locations, not just peer-level contacts.
- Say thank you.
Always show your appreciation to members in your executive network.
At Betruedesign we strongly believe “Networking Is About Sharing”. It is about forming trust and helping one another toward goals.