Business strategies

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Freshman (College 1st year) ・Business ・MLA ・4 Sources

Over the decades, organizational tactics have shifted significantly. Telephony and emailing are almost out of date, so that if they are unidentified an individual is immediately blocked. The construction of effective networks is now essential for successful companies. By exploiting these relations, new opportunities are then realized. Therefore, networking is an important factor in sustaining economic stability and growth in industry. The various skills required to cement valuable business contacts entail, identifying all the available networks, reviewing the existing systems, researching for new ones, evaluating the importance of building the connections, and ranking the opportunities by the company’s benefits. The rapid growth of the technological world has made networking a streamlined process. The instant sharing of information through social media and other portable devices has facilitated the synchronization of political, social and economic functions. Tangible connections can be made individually or corporately during social functions and events. Greater functions generate more relations compared to tightly woven forums; however, the partnership correlates with the groups’ values, expected goals, support, and the acquired benefits. Before any contact is made, it is important to research on the habits of the targeted individuals that is, monitoring their activities, passions, and initiatives. Familiarizing with their routines may help cement strong connections through mutual understanding and awareness.
As a team we were interested in further developing our hybrid business which participated in manufacturing, merchandising and service provision. The team collectively heads a gourmet restaurant that supplies wines from leading wineries and other beverages from reputable sources. Our targeted aim was to expand our local restaurant into the neighboring districts; hence our first order of business was to learn and create useful connections that would help us materialize our goals. Not all connections are necessary or favorable; prioritization thus becomes necessary to sift among the many opportunities that are available. Given the nature of our business, there was a need that we approach people or institutions related to our enterprise, say commercial farmers or food related companies who would supply us with products at favorable prices, social media gurus for marketing insights, and investors who would help us finance our expansion. Socializing with other excellent restaurant managers was important because they were sure to offer valid advice concerning the line of business. Getting hold of prominent persons was also vital since they would be huge promoters of our complimentary dishes and services.
Some of the strategic methods for effective networking include: seeking referrals, participating and exchanging ideas in industrial gatherings, using testimonials and blogging. Providing quality products and services would prompt your clients to refer your business to their colleagues. As a manager, one can also fish for personal investor contacts from the clients. When contacting such individuals, one can identify the customers who referred them hence the probability of their calls or emails getting rejected is significantly reduced or completely averted. Face-on meetings, trade shows or conferences help in nurturing relationships. Actively participating in the meetings prompts the participants and organizers to notice your presence. Visibility is critical, as it generates interest and curiosity among the prospective investors who seek to take part in the same course. Social platforms can be effectively used to market the business, in our case, the restaurant. Creating a website was an efficient means of advertising our services and products to the public. Direct interactions with the clients on the site would foster the development of new relations and feedback relative to the restaurant’s services. Other social forums such as twitter, online communities, and LinkedIn, could be valuable resources for further marketing and networking. Understanding how these platforms work is vital, that is, being able to identify with the users and the mode of interaction.
Self-advertising goes a long way; the business should be in a position to attract clients with the services it offers. Creating exceptional products and praise worthy services would entail the hiring of experts and training of the staff accordingly. In some of the conferences, we had the opportunity to interact with some prominent managers. The managers offered great insights on staff training. When hiring restaurant personnel, it is important that certain factors are met. The level of training is dependent on the type of restaurant. Fine dining requires finesse, the servers, for instance, should be well versed with the kind of food being offered, that is, where the product is bought, how it was prepared, et cetera. In the social gatherings, say research organizations, employers’ federations, and virtual platforms, the managers can learn new ideas through training and can keep up with the changing trends. The idea is to connect on these platforms, not only to get contacts from other investors or business persons but also offering your contacts. Networking promotes awareness of the business environment, it helps foster relationships, facilitates resource sharing, and promotes business exposure. Below is a brief section summary of the networks we encountered that facilitated the materialization of our set objectives.

Network

Date

Cost

Objectives

Purpose

Research organizations.

 

Staff training, and outsourcing, an average of $20,000 spent.

Getting Referrals.

Providing quality services.

Resource sharing and establishing relationships.

Building a reputation

Learning networks.

 

Conference costs, averaging to $10,000.

Benchmarking in successful enterprises.

Participating in industrial forums and information seminars.

Acquiring new skills

Virtual networks

 

Blogging costs, say an average of $7500.

Online marketing and interaction.

Increasing profits

Establishing and Maintaining Business Relationships

Forming networks entails more than just exchanging contacts; dedication is mandatory for building lasting relationships. An enterprise should set up a marketing department that takes care of all the networking parameters. The group should have skilled and qualified personnel that can be relied on for insight, and support. As a business, strategic networking is essential; a balance ought to be established between taking and giving (Martinez, Martha, and Howard, 15). Aldrich. Learning from our business peers can help us develop and gain insight on the industry, however, we should also add some value to the table. Engagement and consistency are some of the effective ways of establishing great contacts and forging relationships. As a team, we have both company and individual contacts. Our company contacts entail business partners who share our value and property base. Individual contacts, on the other hand, are our clients, friends, and family who share in our success. Contact classification facilitates the streamlining of company approaches through understanding and forming perspectives, primarily business related. Categorizing contacts is primarily strategic and advantageous if a company has multiple business relationships. The classification provides enterprises with the opportunity to maintain and manage different businesses to promote sales, and industrial influence.
To build lasting relationships, an organization ought to exercise authenticity. Some companies fall victim of creating false personas, especially online; this is not the way to go. Establishing fake credentials may be as a result of unnerving relationships, and as a result, the company tries to find ways that it can fit it. It is important, however, that companies pair up with like-minded individuals or organizations per se, to create a natural connection. Communication becomes easy when two parties have shared agendas and values. Being original therefore accelerates the attachments. Respect is fundamental for any business partnership. Unless introduced to someone as a referee, establishing trust takes time. As a company, it is important to build trust through accounts, activities, and association. A company can join group forums or an online community to enhance relationships. Being patient, selective, and learning from others is key, as it shows integrity. Integrity in the sense that we value what others are offering, being open to their ideas, and also contributing to the pool. Sharing some level of vulnerability creates a connection and trust. Care should be taken, however, to identify what needs to be shared, and to whom.
Professional relationships have great perks. However, they can come with even more significant challenges. The idea is to be prepared and establish means of managing such conflicts when they surface. Some of the problems that may arise when forging networks are financial strains, unclear business relationships, and responsibilities, personal and physical barriers, among others. Territorial disputes occur when the decisions made seem to cross trust boundaries (Macneil 94). To avert this challenge, it is important that clear lines are defined and that they are congruent with every party. Ideally, a partnership agreement should be stipulated which describes the roles of the groups involved, and ways of managing conflicts as in the case of ‘Project Alliancing’ (Rooney 4). Competing for resources and finances may cause disharmony. Valuable resources and assets need to be distributed equitably in the partnerships. Having a distinct picture of the available resources during the onset of the alliance helps in waylaying the conflict. Personal prejudices may hamper productive associations, recognizing these issues and managing them helps foster harmonious relationships.

Promoting the Relationships

With every partnership that is formed, it is important to sit down as a company and evaluate its effectiveness, which is, if it meets the set objectives. Key performance indicators can be measured and assessed by identifying every party’s goals. The company can use the KPIs to analyze their performance and ensure that their values and objectives were maintained. Establishing KPIs requires that appropriate time frames are set, setting short time periods may be unrealistic. Other important aspects to put into considerations include: assessing the number of referrals made, increased product sales, consumer traffic, new markets, established ventures, et cetera. Given that the partnerships generated high-performance indexes, then maintaining them is necessary for future development. A strategic approach to maintaining relationships lies behind the ‘law of proximity.' Social forums, conferences, and the media can serve as effective avenues for managing contacts.
Building a rapport with your partners promotes familiarity hence generate positive responses. Individuals are attracted to warm personalities; thus the selected personnel that are meant to represent the company in networking activities should have good social skills that will help foster and cement the associations. Have clear visions and strive to meet them, investors are drawn to successful businesses that have clear cut goals; consequently, they can trust that their funding does not go to waste. The online platform can be used effectively to promote business relationships. Research initiatives, interaction, brand advertising, and cross promotion can all be facilitated by a comprehensive web presence. Research can be done to identify the best strategies for growth and development. Getting to know a company’s clientage is vital since the planners will be in a position to produce and relay products and services that meet their consumers’ demands. Satisfying the buyers’ needs translates to high profitability and establishes market competitiveness. The media platforms such as LinkedIn forums can be used to interact with the investors and staying on par with the planned visions. Maintaining constant communication with the business partners promotes trust and accountability, thus creates a conducive working relationship.
In the networking event, a company’s representatives should interact with as many people as possible; this will increase exposure. Enthusiasm and complementary efforts will be appreciated by everyone; they also make an individual stand out. When approaching prospective investors, it is important that a quality background check is done such that one can interact effectively. One can then start the conversation by complimenting their initiatives or published articles, before describing their professional interests. A company can also train their personnel in ILSC schools. The training will help craft proficient interaction skills that will help them interact in public forums. ILSC can contribute to foster creativity skills, personal advancement through self-awareness, language, and cultural skills etcetera. Through the interpersonal awareness, individuals can indulge and interact effectively and efficiently with the members of the social forums hence network relationships can be cemented.
In any given conference, due to the multicultural dynamics, communication barriers are prone to exist. Some of this barriers may be emotional, language, or cultural related. Psychological hindrances may arise through fear; some individuals may lack the necessary courage to participate in valid conversations. Confidence is critical for effective communication; it also portrays overall success and qualification. Another common barrier is the current cultural diversity. Cultural barriers can arise as a result of different societal or business backgrounds. Identifying a mutual ground is necessary to facilitate communication. Language barriers can exist where there are certain industrial jargons; care should be taken that this word is not used in external forums to alleviate communication hindrances. Clear narratives are preferable to technical jargons when interacting with new people.
Receivers in the networking forums are not passive, but rather assimilate the message that one presents to them. The feedback can be verbal, non-verbal, or written. Non-verbal signatures include sighs, smiles, body language among others. Given the extent of the audiences’ feedback, one can evaluate the effectiveness and quality of their message. Where the audience does not comprehend the nature of your message, their physical expression can be detected, and this should be used as an opening to change the delivery method. Asking the audience whether they get what you are trying to project is also important. This is a direct way of knowing whether the message has been properly assimilated, or whether your business objectives and agendas are reflected.

Works Cited

Kleinaltenkamp, Michael, Wulff Plinke, and Ingmar Geiger. Business Relationship Management and Marketing: Mastering Business Markets. , 2015. Internet resource.
Macneil, Ian Roderick. "Relational Contract Theory: Challenges and Querries." Northwestern University Law Review (2000): 94. Print.
Martinez, Martha A., and Howard E. Aldrich. "Networking strategies for entrepreneurs: balancing cohesion and diversity." International Journal of Entrepreneurial Behavior & Research 17.1 (2011): 7-38.
Rooney, Greg. Project Alliancing- The Process Architecture of a Relationship Based Project Delivery System for Complex Infrastructure Projects. Moscow: Social Sciences Research Network, 11th March 2009. print.

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