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Successful networking for small business
Starting a small business can mean leaving behind support networks. Read how to make the most of your networking opportunities while also finding new ones.
3 minute read
Living the dream and chucking in the day job to go it alone is the way many small businesses are born. In the Ministry of Business, Innovation and Employment 2014 Small Business Report, one third of all owners said they set up a small business for the lifestyle.
However, one of the problems with ditching the security of fortnightly pay and setting up shop for yourself is that sometimes you end up separated from the support and networks that go hand in hand with working for someone else. It’s not until they’re gone that you start to realise how important it is to have a trusted team around you to test ideas. 97% of New Zealand businesses have fewer than 20 employees — when you’re that thin on the ground, you often don’t have all the necessary skills required to do everything your small business needs. That’s where having a network you can call on really helps.
The good news is, even if you’ve temporarily forgotten about networking with other people as you start out in business, there are plenty of ways to get back in the swing of things. Here are a few tips for making the most of networking.
Use your professional service partners’ network
There is more than one type of network. Your accountant, your lawyer, your banker and any other professionals you engage with form part of what you call your ‘operational’ network. They (the good ones, at least) bring with them a wealth of specific, subject-related knowledge that you can tap into for the benefit of your business. So, make sure you get your money’s worth out of these people and build a relationship that makes full use of their skills and services.
Seek out other business owners
Another type of network is actually something most of us tend to do quite naturally whenever we talk to our peers and fellow small business owners. Any time you meet with and share ideas with other business owners, you’re networking. So, keep in touch with other business owners at every opportunity in order to discover new opportunities, ideas, and gain invaluable knowledge from their experience of starting a small business. One of the best examples of a networking group for small and medium business owners is the NZ Leaders Group, sponsored by BNZ. Each month, The NZ Leaders group of 50+ SME CEOs meet at the Royal NZ Yacht Squadron in Auckland and listen to a couple of Ted Talk style workshops. This is followed by sessions with industry experts and then a keynote speaker in a social environment. Check it out
Invest in yourself, consider a business mentor
Business mentoring is essentially another form of networking, but in this case it’s more of a one-on-one affair. A mentor is someone who has experience in business and is willing to share that expertise with you in face-to-face meetings, over the phone or via email. There’s usually a cost involved but look at it as an investment in your business.
Along similar lines, there are a number of organisations dedicated to helping business owners become better business people. The Icehouse runs a number of popular workshops and programmes designed to help you get better at actually running your business — something we tend to overlook as we get bogged down in the daily grind.
Many people aren’t aware that dollar-for-dollar funding of up to $5K may be available to you via New Zealand Trade and Enterprise’s Regional Business Partner network. This is well worth understanding and can halve the cost of your investment in getting some help.
Social networking
Social networks such as Facebook, LinkedIn and Twitter offer a wealth of opportunities to engage with other small business owners (not to mention customers and potential customers), quickly and easily. Social media groups for business owners are great, but they aren’t your only option. Public meet-ups and shared workplaces such as community101 in Christchurch are great for those that prefer a face-to-face experience.
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