EstablishingNetworks

AssessmentActivity One

Executivesummary

KeyFindings

Ifound out the organizers of business networking to be both governmentagencies and non-governmental organizations.

Ifound out the benefits gained from business networking such asincreased entrepreneurship, acquiring many customers, and increasedprofits to be essential in establishing strong commercialrelationships.

Ifound out how the majority of the citizens attend networking eventsthrough either online attendance or one on one congregation withtheir investors.

Recommendations

Iwould like to advise the world leaders to encourage their citizens tostart using business networks for economic growth due to its abilityto form strong trade relationships.

Thegovernment should start initiatives of supporting organizers of allnetworking organizations so as to empower the youths who want tostart venturing in business.

Itis also essential to protect of business owners from possibleeconomic dangers caused by poor commercial relationships with theirclients through proper network establishment.

Contents

Executive summary 2

Key Findings 2

Recommendations 2

Introduction 3

Brief Background Information 3

Background Information of Business Networking 3

Objectives 4

Body of the Report 4

Seek Referrals Always 4

Use of Testimonials 5

Participating in Meetings Relating to Your Business 5

Blogs 6

Be social 6

Organizers of Networking Events 6

Benefits of Business Networking 7

Increase Business 7

Connections 7

Advice 8

Raising Your Profile 8

Positive Influence 8

Increased Confidence 9

Table1 9

Table 2 9

Conclusion 10

Bibliography 11

Business network is a kind of social set-up which helps in connectingbusiness owners and customers. This helps in creating and formingmutual relationships in business where both the entrepreneur andconsumer benefit from established system. There are many famous tradenetworking organizations that exist across the world. Furthermore,these prominent networks enable businesspeople to get fresh ideas,create trade opportunities and play an important role in attractingmany clienteles. Industry networking is a cost-effective way ofgenerating new entrepreneurship compared to the public relations andadvertising efforts.

Locationand Services

Thisparticular business is located in Melbourne city which is one of thelargest in the Australia. The company mainly deals with selling ofclothes in retail prices and it is the main supplier of garments tomany business organizations in the country.

BackgroundInformationofBusiness Networking

Networking is used by entrepreneurs as a primary factor when doing amarketing plan for their businesses. It also helps in creating trustamong commercial stakeholders hence contributing in promoting profilefor a business1.Buyers and suppliers are seen as networked rapport because there isexistence of a strong relationship between them.

In the recent decade, tactics of business development and strategieshave changed dramatically. Today, business development and success iscontingent upon growing trusted relationships between the owner ofthe company and his/her clients. Furthermore, such dealings should beleveraged to meet the set prospects so as to ensure both parties aresatisfied. The set associations form the basis of a business network.The growth of the entrepreneurship mainly depends on how therelationships are nurtured and its ability to have continuous growth.

Objectives

Todetermine how to start an effective trade network that will assist ingrowth of many businesses.

Toidentify how to build strong business network that connects allstakeholders across the globe.

Tofind out the people who visit the business premises frequently.

Todetermine the criteria of maintaining business network that promotescommercial success.

Bodyof the Report

SeekReferrals Always

Inmost cases, customers mostly know their colleagues who need yourservices or products. It is important to request or ask for referralpermission from customers to introduce your product or service usingtheir names2. When you have a preferred contact at hand and trusted customers asback up, one can make a telephone call or send an email in order tointroduce your products to the market.

Useof Testimonials

Themost vital advocates in your business are the customers. Moreover,you should inquire from them whether they are willing to give atestimonial about the products and services or not. The testimonialmay be about the role which your products play in solving their dailyproblems. After getting testimonial, new methods should be improvisedon how to publish it3.Such may be done through posting the testimonial on the website afteridentifying sites or publications interested in publishing your casestudy.

Participatingin Meetings Related to your Business

Ownersof businesses should take part in tradeshows, conferences andindustry meetings. This provides a great opportunity to nurturerelationships through the network, colleagues, and meeting newpeople. If your business has a national trade organization, join andparticipate in the meetings they hold. Since attending meetings isnot cheap, the business owners should try to maximize its impact byattempting to organize one-on-one meetings. During the meeting, oneshould look for a permission to give a speech which would help him orher to advertise his or her products to the customers directly. Thebusiness owners should also participate in trying to organize aneducational workshop4.When attending the industrial activities, one should be well preparedto take note of some point for future reference.

Blogs

Whena personal blog is published on your company’s website, gives agreat chance for customers to understand the business philosophy,services and products. Blogs also provide a platform for interactionand commentaries hence one can copy new ways of growing the businessnetwork and increase relationships. This is where you share anecdotesthat show your expertise or position on a controversial industrialtopic. Search engines assists in identifying keywords in the blogthus generating traffic on your site.

Besocial

Thebusiness network growth can also be enhanced through social mediasites such as Twitter, LinkedIn, and online networking community.Before one starts using social networks, he/she should understandfully how it works, the medium and how to make it beneficial to yourbusiness.

Organizersof Networking Events

Mostnetworking events are planned by business associations in Australia.The business owners attend these events once a week. The officersfrom the organization give advice entrepreneurs on how to get incontact with many customers and how to increase confidence among theclients on the importance of networking5.

Howto Attend Networking Events

BecauseI wanted to start selling clothes in retail in Melbourne, I startedattending business networking to gain more experience on how to reachmy clients6.I had kept in touch with the organizers of the networking events. Iwanted to know the strategies which other entrepreneurs use to besuccessful in business world.

Ihave registered my company online with different trade organizationsin order to get updates on any upcoming networking events7.This enables me to learn new ideas from my fellow business owners whohanged around with during these proceedings. I normally spend my timewell in these meetings so that I can come up with latest ideas eachday. Nevertheless, because of the economic gains which the countryhas achieved from these events, the government has decided to supportthese marketing initiatives.

Benefitsof Business Networking

IncreaseBusiness

Probablythis is the most obvious reason why many business owners participatein activities of networking. The referrals which one gets throughthese events are of high quality and help the participants to becomepre-qualified private enterprise. These referrals can easily beturned into potential regular customers.

Connections

Inbusiness, it is known it is about who you know and not what you knowwhich determines the success of an individuals. In order to havesuccess in business, it is good to have relevant people who you cancall upon in your network when you need them. Business network itprovides enormous of connections to customers and many influentialpeople who positively influence your success in trade8.

Advice

Businessowners can obtain a work-life balance when sharing ideas withlike-minded people. These people always provide advice on all sortsof things related to your business. You should seek advice fromsomebody who knows what you want. Moreover, you should not askguidance from people who are unaware of what you are doing or havelittle knowledge on your business.

RaisingYour Profile

Gettingnoticed is the most essential benefit of networking. One shouldattend social business events that will help your face to be known.This helps you to build your character as a reliable, supportive andknowledgeable person by giving useful information to the people whoneed it most, in addition to getting more referrals during suchnetworking events.

PositiveInfluence

Thepeople whom you talk to and hang around with can influence what youdo and who you are. It is important to surround yourself withuplifting and positive people who can help you thrive and grow as abusiness owner9.In raising the business growth, networking is very essential as itconnects commerce to the customers and other stakeholders10.

IncreasedConfidence

Themore you regularly talk to individuals, who do not know aboutnetworking, the more you build confidence on the growth of yourbusiness. Self determination is important for growth of any business.Networking is also very vital to those people who have no confidenceon their ability because it enables them to learn and makingconversations with people whom they do not know.

Table1

Processof delivering clothes to customers

Sender

Receiver

Key message

Delivery method

Duration

Location

Marketing manager

Supervisor networking organization

Networking event

One on one delivery

07/03/2016

Forty minutes

Melbourne head office

Business networking manager

Supervisor of Melbourne sales agency

Delivery of clothes

Through making a phone call

07/06/2016

One and half hours

Marketing branch

Table2

Stepsof becoming a business owner

Professional development activity

What will you gain out of it

What will be the cost

When will you do it

Marketing

To be able to learn how to handle different classes of customers

To be able to complete the training, it will require a total cost of seven hundred and twenty-five thousand dollars

I will be able to start learning this profession after completing my internship at Melbourne retail.

Conclusion

Basedon the discoveries which I have made above, I would like to persuadethe government to encourage industrial networking so as to promotethe standards of businesses in the country. Further, marketing ideasneed to be shared among the individuals with a common interest so asto boost each other’s confidence. Young people in the businesscommunity should be encouraged to use networking technology to enabletheir businesses to become familiar with the customers.

AssessmentActivity 2

RolePlay

Everyoneunderstands the important of good relationships with clients inensuring the success of any business. Despite this understanding,nobody has been able to turn these acquaintances and contacts intovaluable commercial assets. Building of Relationships depends on theintegration of both hard and soft business skills which are oftenoverlooked by many people.

Thestrength of customers, clients, and referral relationship is crucialin achieving the goals set by business owners each year. There isincreased need for individuals and organizations to buildrelationships of confidence and of high integrity

Developingand Maintaining Relationships in Business

Havinga clear contract agreement with your client

Itis good to have a clear understanding of your role. There should bean agreement between you and your client concerning when the projectwill be completed. With a better contract, your relationship improvesautomatically11.If the client knows your role well, they will feel the relationshipis good.

  • Know your client better. For a business relationship to grow, individuals who are interacting must take time to know one another well. It is essential for entrepreneurs to spend enough time with their clients.

  • Ask more questions. We understand situations better when we question more about them. Share with your clients opinions on the progress of the projects which they have interest on.

  • Be a problem solver. Clients always hire us to help them to solve their daily challenges. It will be better if you are able to find answer to many of your customer’s problems. You should take time to assist your client to find solution to their challenges.

  • Keep distance. You should know your roles and avoid disturbing coworkers. We should keep distance to other people’s personal affairs as we continue to give valued expertise and advice.

  • Stay focused. It is essential to stay focused on contracts and deliverables which are useful in maintaining and building relationships with clients. We enhance our credibility and build our relationships when we deliver on our promises.

  • Be a learner. This means approaching every new project with fresh eyes and be open to the latest approaches. You should not hurry in giving solutions because every task needs a different approach. When you panic in giving solutions, it will make the client go off and stop trusting your approaches. Take time to integrate and inquire about the possible solutions.

Goalsand Objectives of Relationships

  • The main aim of building good relationship is to maintain excellent understanding within the working staff. When everyone understands his/her roles and performs them to the required standards, the relationship will grow automatically.

  • Good relationships give a client chance to interact and share ideas on how to improve business hence attain good profits.

  • It aims at getting more customers who will help the business to grow economically and enhance production of quality services.

Benefitsof Good Relationships

  • Good relationships help in advice sharing. When one looses focus on how to improve the business, someone who is an expertise in the area will give a few pointers to help him or her.

  • They provide lending and investment opportunities. This is because if someone has a good rapport with other, they will be able to loan him/her some amount which may be helpful in saving his/her business from deteriorating.

  • Word of mouth as means of marketing has assisted many businesses to expand massively. Getting referrals from families, friends, and satisfied customers is effective because it is typically unbiased and extremely efficient in generating more work and promoting the business.

  • Good relationships will enable one to acquire employees, coworkers, and potential partners. Many people aim at working with someone with a good reputation. This is because it will enable them to learn new ideas concerning how to conduct themselves in their daily lives.

Bibliography

Fang,E., 2008. Customer participation and the trade-off between newproduct innovativeness and speed to market. Journalof Marketing,72(4),pp.90-104.

Thisjournal was written by Fang in the year two thousand and eight. Ithas information on how customers can participate in increasingbusiness growth and become more profitable. I used the informationfrom this book to come up with the role of customers and theirimportance. The information in this book is relevant to what has beendiscussed in the report.

DeJudicibus, D., Leopardi, S., Modeo, L. and Pergola, N., ToshibaGlobal Commerce Solutions Holdings Corporation, 2013. Methodand system for secured transactions over a wireless network.U.S. Patent 8,352,360.

Thiswas written by five authors in the year two thousand and thirteen.They try to explain how online business networks can help in businessgrowth. The journal gives the basic background information on how toestablish networks. Sharing of marketing ideas is also discussed inthe journal. From this book, I was able to gather information which Iused in my report on the benefits of business networking.

Weyer,F.M. and Javaher, T.K., 2010. Methodapparatus and business system for online communications with onlineand offline recipients.U.S. Patent 7,644,122.

Thisbook was written by two authors Weyer and Jayaher in the year twothousand and ten. The main information in the book is about onlinecommunication about business growth. I used the information from thisbook to know how business owners manage to attend networking eventsand how they are being managed. The book also helped me to be able toknow the organizers of networking events and how business ownersmanage to communicate to each other.

1 Fang, E., 2008. Customer participation and the trade-off between new product innovativeness and speed to market. Journal of Marketing, 72(4), pp.90-104.

2 Fang, E., 2008. Customer participation and the trade-off between new product innovativeness and speed to market. Journal of Marketing, 72(4), pp.90-104.

3 Fang, E., 2008. Customer participation and the trade-off between new product innovativeness and speed to market. Journal of Marketing, 72(4), pp.90-104.

4 De Judicibus, D., Leopardi, S., Modeo, L. and Pergola, N., Toshiba Global Commerce Solutions Holdings Corporation, 2013. Method and system for secured transactions over a wireless network. U.S. Patent 8,352,360.

5 De Judicibus, D., Leopardi, S., Modeo, L. and Pergola, N., Toshiba Global Commerce Solutions Holdings Corporation, 2013. Method and system for secured transactions over a wireless network. U.S. Patent 8,352,360.

6 De Judicibus, D., Leopardi, S., Modeo, L. and Pergola, N., Toshiba Global Commerce Solutions Holdings Corporation, 2013. Method and system for secured transactions over a wireless network. U.S. Patent 8,352,360.

7 Fang, E., 2008. Customer participation and the trade-off between new product innovativeness and speed to market. Journal of Marketing, 72(4), pp.90-104.

8 Weyer, F.M. and Javaher, T.K., 2010. Method apparatus and business system for online communications with online and offline recipients. U.S. Patent 7,644,122.

9 Weyer, F.M. and Javaher, T.K., 2010. Method apparatus and business system for online communications with online and offline recipients. U.S. Patent 7,644,122.

10 Fang, E., 2008. Customer participation and the trade-off between new product innovativeness and speed to market. Journal of Marketing, 72(4), pp.90-104.

11 Weyer, F.M. and Javaher, T.K., 2010. Method apparatus and business system for online communications with online and offline recipients. U.S. Patent 7,644,122.

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