While networking seems second nature to some and intimidating to others, it remains essential to small business owners' success in today's business landscape. Building and maintaining professional relationships through traditional face-to-face interactions or digital platforms can impact business growth. Let's explore the key benefits of networking and practical strategies for making it work for your business.
While business networking and community engagement often overlap, they serve distinct purposes. Community engagement focuses on building local relationships and giving back, whereas networking aims to create professional connections to drive business growth and entrepreneurial development. Both can be powerful tools in your small business toolkit.
Benefits of strategic networking
Networking offers numerous advantages, including valuable industry insights, potential partnerships, and new business opportunities. Through networking, entrepreneurs can gain mentorship opportunities, stay updated on industry trends, and solve everyday business challenges. For small businesses with limited resources, it can provide valuable access to shared knowledge and expertise without significant financial investment.
Networking can also lead to referral partnerships, often yielding high-quality leads and customers. It also helps build a support system of fellow entrepreneurs who understand the unique challenges of running a small business.
Shared experiences are powerful, especially during economic uncertainty. Our ATB Economic Insights Panel shared strategies for building effective networks. They emphasized the importance of breaking down self-imposed barriers around disclosing business and financial information with other business owners. When done safely and strategically, transparency can lead to valuable insights and collaborative opportunities that benefit all parties involved.
Practical networking strategies
Local networking opportunities
Start by exploring local business events, trade shows, and community gatherings. These venues provide excellent opportunities to meet other business owners and potential customers in a friendly setting. Consider joining local chambers of commerce or industry-specific associations, which often host regular networking events and provide valuable resources for members.
ATB hosts free virtual and in-person events that provide guidance, networking and access to valuable resources and community for small business owners.
Professional development integration
Attend workshops, training, and industry conferences to combine networking with professional development. These events help business owners expand their knowledge and connect with like-minded people with similar goals and challenges. If you can, attend as a guest before you join to confirm whether it’s a good fit for you.
Digital networking approaches
Don’t ignore online opportunities to connect. Some events and trade shows are transitioning to virtual versions, increasing networking opportunities. Leverage social media platforms to maintain and expand your professional network. Regular engagement through thoughtful comments, sharing industry insights, and participating in relevant online groups can help establish your presence in the digital space, which often leads to real-life connections.
The evolution of business cards
While traditional business cards still hold value in face-to-face networking, digital alternatives are gaining prominence. Some business owners use digital business card solutions that incorporate QR codes linking to online profiles. These digital options offer several advantages: they're eco-friendly, easily updateable, and provide immediate access to comprehensive website information. Having physical and digital options available ensures you're prepared for any networking situation.
Balance quality and quantity
The ideal networking approach depends on your business model and goals. While some businesses benefit from going deep with a few high-value contacts, others—like those in B2C markets—may need to cast a wider net. A business consultant might focus on fewer but stronger connections, while a store owner could benefit from a broader network. Consider your business needs but be authentic in your engagement regardless of your approach.
Follow-up strategies
After initial meetings, maintain connections through regular follow-ups. This could include sending personalized emails, scheduling virtual coffee chats, or sharing relevant resources. Consistent, thoughtful communication is key to strengthening relationships over time.
Maximizing networking success
Create a networking plan
Develop a clear strategy outlining your networking goals, target events, and desired outcomes. This will help you focus your efforts and make networking more purposeful and effective.
Prepare your pitch
Craft a concise, compelling elevator pitch that communicates your business value proposition. Articulating your business offerings quickly and effectively is crucial in networking situations. Read How to network like a pro for more on crafting a pitch and what to say and do at an event.
Offer value first
Approach networking with a giving mindset. Share your expertise, make introductions, and offer value when possible, but don’t monopolize the conversation. This approach often leads to stronger, more reciprocal professional relationships.
Effective networking remains crucial for small business success as we navigate an increasingly connected and complex business world. By combining traditional networking approaches with modern digital strategies, maintaining authentic relationships, and focusing on providing value to others, small business owners can build a rewarding network that supports business growth and development.
Resources
Find opportunities for networking through:
- Organizations like Alberta Innovates, Alberta Women Entrepreneurs, Business Development Bank of Canada, Business Link, Community Futures Network of Alberta, Edmonton Unlimited, Futurpreneur, Platform Calgary or Calgary Economic Development.
- Your local chapter of Business Network International, Entrepreneurs' Organization, Regional Innovation Network or Chamber of Commerce.
- Online: LinkedIn, Facebook, Meetup or Eventbrite, CIBN Connect
