Member Article

Importance of networking

A new study has revealed that SME’s are well aware that they need to improve their ‘social capital’ through networks and connections to develop and grow…but lack the knowledge how to go about it.

The report, ‘Generating Social Capital’ analysed data collected from a survey of over 1,000 SME leaders and revealed that most regarded social media as a ‘necessary evil’. Although SMEs considered LinkedIn to be of equal importance to traditional networking events, and nearly 80 per cent used networks and social media , over 35 per cent of SMEs did not consider their use of these to be effective.

In my role here at the North East Business and Innovation Centre (BIC) I receive a lot of invitations to attend events. Of course, no business owner can simply afford to say yes to the opening of an envelope, however that doesn’t mean that SMEs can afford not to weigh up the pros and cons of attending certain events.

The research from the study has revealed that it is vital to be selective about events and not to suffer ‘event overload’. It is just as important for businesses to have a clear strategy for networking events as it is to have a strong marketing strategy.

Virtual relationships with clients is vital in making sure your business is current, but SMEs must take a coordinated approach, combining face to face networking with online tools such as social media.

For those businesses who would like to tap into and understand social media in depth the Centre for Digital Business offer courses to suit all levels.

Choosing to leave your desk and your workload to attend an event can make business owners anxious, however networking is a fantastic way to gain new clients, and to build and grow a sustainable and successful business.

Lauren Saul is a Marketing Assistant at the North East Business and Innovation Centre (BIC).

She graduated from University of Sunderland in 2008 with a BA Hons in Journalism and has enjoyed previous career success within the recruitment and cosmetics industries.

Lauren’s role at the North East BIC is working on the development of the BIC’s new Open Space facility as well as sourcing, attending, promoting and organising events throughout the region. Lauren also regularly attends regional exhibitions and trade fairs, and generally promotes the BIC’s services through a variety of PR mediums.

This was posted in Bdaily's Members' News section by Lauren Saul .