Online business networking
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If you have little time for networking, using the Internet can be a convenient and cost-effective way to build contacts with suppliers, customers and potential business partners. Afsheen Latif finds out what online networking has to offer
Making the right contacts can be crucial to developing your business. But traditional networking can be very hit or miss, and spending valuable time calling potential contacts only to be rebuffed, or attending events that yield no connections, can be very frustrating.
According to a Barclays Bank survey, one in ten UK business owners now uses the Internet as a networking tool. "To begin with, online networking was only used by the technically savvy, but now it really is butcher, baker and candlestick maker," says Penny Power, founder of business networking site Ecademy. "Networking online is a more time-efficient and convenient way to facilitate introductions than cold-calling and it is now much simpler than it used to be," she adds. Advantages of networking online "I set up my site after observing my husband go self-employed, a process which can be very isolating," Power recalls. "I thought of creating a network where business people can help and recommend each other - a book-keeper could advise a marketing consultant, for example." The key benefit of online networking is convenience; it can take place at any time and you do not need to travel to events. It also exposes you to a wider pool of potential contacts who you can pinpoint in a way that removes the chance that characterises many traditional networking events. How to do it Before signing up to a business networking site, make sure that it will suit your business. Some are specific, such as the Women's Business Network; others have a regional focus, such as the various 'chapters' of Business Network International. Basic membership of a networking site will enable you to submit a profile of your business, search for contacts and receive messages from other members. Paying a subscription typically allows you to initiate contact with other networkers, advertise your business prominently, access business experts and conduct online meetings. "By being active you can build your network quite quickly," explains Power. "Aim to make the most of every contact you get. Think about current projects you are working on and who could help you. Remember, if your contact can't help you directly, they might refer you on." The right blend Although networking online is attractive to business owners who are pressed for time, it is best considered a 'virtual handshake', not a replacement for face-to-face networking. "You should not neglect physical networking, because it is a good way to build a lasting relationship," advises Professor Jim Norton, senior policy adviser at the Institute of Directors. "Things sometimes work much quicker if you meet someone, and it's easier to assess if you want to do business with each other. "If you want to bring people of different disciplines together to spark off each other, you have to get together to do that," he concludes.
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