Seminar on Business Networking:
A business networking seminar was held on 5th March 2016 for business social network whose reason for exiting is business networking activity (or connecting with other business people in order to further each other’s business interests – forming mutually beneficial business relationships).
There are several prominent business networking organizations that create models of business networking activity that, when followed, allow the business person to build new business relationships and generate business opportunities at the same time.
In the case of formal business network, its members may agree to meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this business activity, members often meet outside this circle, on their own time, and built their own one-to-one business relationship with the fellow member.
Current Scenario of Business in United Arab Emirates:
The United Arab Emirates, one of the world’s fastest growing tourist destinations, has all the right ingredients for an unforgettable holiday.
The U.A.E is classified as a high income developing economy by the IMF. The U.A.E’s reserves are raked the world’s sixth largest and the U.A.E possess one of the most possesses one of the most develop economies in West Asia.
The United arab Emirates is a constitutional federation of seven emirates: Dubai . The federation was formally established on 2 Dec 1971.
The U.A.E has a vibrant free economy, a significant proportion of its revenues arising from exports of oil and gas. Successful efforts have been made to diversify away from dependence on hydrocarbons and a solid industrial base has been created, together with a very strong services sector. The establishment of free zone has been an important feature of this diversification policy.
Infrastructure in the U.A.E is second to none. Telecommunications, including mobile and fixed telephony as well as internet access in on pair, if not better, than the world’s largest international business hubs.
The road network is constantly upgraded and ports and airports are of world-class standard. To date, the Government has invested heavily in infrastructure development, but it has also opened up its utilities and other infrastructure to greater private sector involvement so much so that public-private partnerships are now the norm.
Challenges faced by Business owners in United Arab Emirates:
- Managing through the economic recovery with emphasis of finding new sources of growth.
- Monitoring the competitive environment and adjusting the strategic direction of the company accordingly.
- Adjusting to the challenging realities of continued globalization.
- Maintaining morale and retaining top talent
- Building customer loyalty.
- Protecting sensitive and private information.
- Managing in an environment of increased regulatory oversight.
- Understanding and responding to a changing risk profile.
- Assessing capital and managing cash flow effectively.
- Effectively using the data and information available in the organization to make timely and informed decisions.
Benefits of the business networking:
1.Generation of referrals/increased business:
This is probably the most obvious benefit and the reason most business owners decide to participate in networking activities and join networking groups.
The great news is that the referrals that you get thorough networking are normally high quality and most of the time are even pre-qualified for you. You can follow up on these referrals /leads and turn them into clients. So you are getting much higher quality leads from networking than other forms of marketing.
The increase in business from networking is the major advantage, but there are many others as well.
With a motivated group of business owners comes an abundance of opportunities! There are always lot of opportunities that come from networking and in fact this is where the benefits of business networking are huge!
Opportunities like joint ventures , client leads, partnerships, speaking and writing opportunities, business or asset sales… the list goes on, and the opportunities within networking are really endless.
Just make sure that you are jumping of board with the right opportunities and don’t go jumping into every opportunity that comes your way. The opportunities that you get involved in should align with your business goal/vision, otherwise you might find that you are spinning your wheels chasing after opportunity after opportunity and getting nowhere.
“It’s not what you do, but who you know”. This is so true in business. If you want a really successful business, then you need to has a great source of relevant connections in your network that you can call on when you need them.
Networking provides you with a great source of connections, and really opens a door to talk to highly influential people that you wouldn’t otherwise be able to easily talk to or find.
It’s not just about who you are networking with directly either- that person will already have a network you can tap into as well. So ask the right questions to find out if the person you are networking with knows who you want to know!
Having like minded business owners to talk to also gives you the opportunity to get advice from them on all sorts of things related to your business or even your personal life and obtaining that important work-life balance.
Networking is a great way to tap into advice and expertise that you wouldn’t otherwise be able to get hold of. Just make sure you are getting solid advice from the right person – someone that actually knows about you what you need to know and is not just giving you their opinion on something that they have no or very little experience in.
5.Raising your profile:
Being visible and getting noticed is a big benefit of networking. Make sure you regularly attend business and social events that will help to get your face known. You can then help to build your reputation as a knowledgeable, reliable and supportive person by offering useful information and tips to people who need it. You are also more likely to get more leads and referrals as you will be the one that pops into their heads when they need what you offer.
The people that you hang around with and talk to do influence who you are and what you do, so it is important to be surrounding yourself with positive , uplifting people that help you to grow and thrive as a business owner. Networking is great for this, as business owners that are using networking are usually people that are really going for it, positive and uplifting.
By regularly networking, and pushing yourself to talk to people you don’t know, you will get increased confidence the more you do this. This is really important as a business owner, because your business growth is very dependent on taking to people and making connections.
Networking is great for people that aren’t confident as it really pushes them to grow and learn how to make conversations and lasting connections with people they don’t know.
I was certainly not confident when I started networking, in fact it completely petrified me! But as I do it more, the more confident I get and the easier it becomes, and the more benefit I get from it.
8.Satisfaction from helping others:
I really love helping other people, and networking is a fantastic way that allows me to do this easily. Networking is full of business owners that have problems or issues within their business that need solving , and there is a great satisfaction from helping someone to solve a problem they have and get a fantastic result from it.
Lastly. This one is more personal related rather than business related, but is a big benefit none-the-less. Many friendships form as a result of networking because (mostly) you are all like-minded business owners that want to grow your businesses and you meet and help each other regularly, so naturally strong friendships tend to form. Some of my strongest friendships have been started from networking.