The need for aspiring young business men/women to seek and share knowledge is more vital than ever before. With the unprecedented challenges of today's economic environment, there are no excuses for not maximizing every opportunity to strengthen their business operational and strategic direction in this ultra-competitive market. Their knowledge needs to include not only what exactly is happening at the moment and what will - or may - happen in the future, but it also must include the ability and resources to lead their businesses through such events and circumstances. The smartest and most successful business entrepreneurs don't just know "the what" of that, but they are also particularly knowledgeable of "the who" - if they don't know the answer or the solution, they have developed the ability to find it through the process of networking which they have cultivated down through the years, and continue to develop.
As business tools go, networking is one of the most important, networking is a requirement for business leaders in today's competitive environment.
For business leaders there are three categories of networking that are important:
Business Operations
Personal
Strategic
While many business managers excel at building and using their operational network, they often overlook the personal and strategic networks. Operational networking involves cultivating relationships with the people directly associated with accomplishing tasks and achieving business success. It encompasses constant and positive relationships with the people in your critical path. Most business managers manage this aspect of networking; some master it. Either way, without doing so, they would not be in management. However, some business managers do not reach out widely enough to build all the relationships they need over the longer term - or, having built them, they then fail to maintain them, thus negating the advantageous position they had created. This will often occur as a result of becoming so bogged down in day-to-day operations, that they misguidedly change overall priorities.
Networking with your team within the business, using a relaxed approach, is a skill in itself. Though each manager has their own style of management, the personal touch at some point with each team member is one of the most powerful tools of leadership.
Personal networking is an afterthought for many business managers. Working the typically long and unsociable hours, the easiest thing to eliminate from one's schedule is the industry social meetings, or the local networking meetings, etc. However, such networks allow managers to meet, interact with and feed off a diverse group of like-minded professionals. They also develop important personal connections with professionals who may be the first ones to whom a manager turns when the need for information, advice or leads arises.
These are discretionary professional contacts that are not as closely tied to the immediate job. They do not require daily management, and thus do not intrude on club obligations. However, they do allow managers to continue developing professionally, benchmarking with peers, and remaining within sight - if not on - the cutting edge. Additionally, such a network is often invaluable when managers want to make a career move.
Strategic networking is the toughest - but the most essential and exciting - if one is ambitious to become business leaders. Contact with industry peers and senior executives are vital, but taking a bigger-picture view can be even more important. Networking with indirectly-related industry representatives and also non-industry professionals can enable one to share ideas about best practices in the broader realm of business management, learn new approaches and keep close tabs on development in business, trends and technology. It helps to gain macro perspectives, and create their own visionary approach. It is essential to dismiss any personal shyness in contacting business leaders - the objective is to get the answers to key questions; to uncover pending trends; to learn better business practices.
The hunger for such insight is mutual. Additionally, each extension of one's network leads to the opening of further opportunities and contacts. Previously doors that were locked to you will suddenly be wide open. Inviting them to play golf helps to improve the growth opportunities within your business.
Too often, comments are heard about not having time to network, or considering it unsavoury. Bother are just lame excuses. Period. Success requires an investment of time. Managers need to realign their time, delegate more, and schedule networking into each week. Make it a business habit. Some managers may feel that they are wasting time: they've gone to that conference, to those meetings, to this networking event, and say they have gained little. The likelihood is their approach is limited, their view is restricted, and their operational management habits lack proper efficiency. Consequently, they miss out, leaving opportunity on the table.
Another oft-heard objection to networking is that "it's using people, it's political." Another excuse. The old saying is truer than ever: "it's not what you know but who you know." We also know that the day we think we're finished learning may be the last day on the job. Without the benefits of networking, how many managers effectively gain information, ideas, resources support, and industry intelligence? The habits may not come easily to some,or they may believe they can rely on their own talents. However, success today requires thinking, acting and operating without the proverbial box.