10 Ways To Create Value Through Your Business Network

10 Ways To Create Value Through Your Business Network

AUTHOR

chiefstaff

TIME TO READ

minutes 

UPDATED ON

January 8, 2019

The key to realising value in your business is to use your business network. The marketplace has moved on from the time when competition was just among companies. Your business must now succeed  based on the quality of the your network of suppliers and customers.  You have to leverage trusted connections to help you design, produce, market, sell and maintain your products and services.

Below are ten ways you can leverage these relationships to create value:
  1. Optimise your online network: Business oriented social media like LinkedIn has made maintaining and building your online business network easy. You can source information, pursue warm leads and even ask your online supplier and customer contacts for inspiration for your next venture. You should maintain regular contact with these connections to stay up – to –date with where product trends and innovation are heading in your industry.
  2. Optimise your offline network: Despite the advent of online business networks, offline business networks still provide a very useful medium where you can meet your next supplier or customer. You can join exsiting groups such as the Freemasons, Rotarians and clubs including chambers of commerce.
  3. Understand the principle of the ‘network effect’:  Another way of creating value from your business network is understanding the concept of the ‘network effect’. The ‘network effect’ is the idea that the more value adding supplier and customer connections you make, the more valuable your network becomes, until it dominates others.
  4. Harness the buy-in of online contacts for your product or service: Online contacts such as LinkedIn connections can provide feedback on your business ideas and can provide case studies of their success in developing their own products and services.
  5. Realise that your business network is your most valuable asset: Your business network is your most valuable asset because of the latent energy of the participants in it. If you have a high quality business network, your suppliers and customers will invest in your success or help you to work out how to be successful.
  6. Use a high quality IT system to formalise your network: Your business network requires a high quality IT system and strategy to formalise it.
  7. Adopt the cornerstones of a Five Star Business Network:  A Five-Star Business Network adopts five principles: “fire-aim-ready innovation”, “Speed-to-Store Efficiency”, “Transaction-Optimisation-Profitability”, “Advanced-Product-Phasing” and “Results-focussed outsourcing and Modularisation”. Find out more information about you can add these principles to your business network by buying Global Supply Network’s award winning book 5-Star Business Network.
  8. Keep up to date with market information: Decision making technology has developed so much over the least 40 years that it has demands businesses keep up to date information. The same applies to your decision making. You need up to date information in order to make the best decisions.
  9. Apply the 80/20 rule: You will get 80% of the results in building your business network from 20% of the interactions you have with customers and suppliers. This rule still applies.
  10. Focus on serving deserving customers and suppliers.

Copyright - These concepts, frameworks and ideas are copyright of GLOBAL SUPPLY CHAIN GROUP from the time of their creation. Do NOT copy these without permission and proper attribution.

Notes:

  1. These ideas and concepts will be usually expressed by our thought leaders in multiple forums - conferences, speeches, books, reports, workshops, webinars, videos and training. You may have heard us say the same thing before.
  2. The date shown above the article refers to the day when this article was updated. This blog post or article may have been written anytime prior to that date. 
  3. All anecdotes are based on true stories to highlight the key points of the article - some details are changed to protect identification of the parties involved. 
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chiefstaff

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  • That’s very nicely described the business network I will surely apply all of these mentions
    let me see if this make sense in my business or not?

  • Very helpful ways to create values through our business network. Networking is about connecting with people, building and nurturing relationships, sharing information, tapping into the hidden job market, learning about career opportunities, pooling resources and expanding your contacts. Networking is about connecting with people, not collecting people. It is truly a life skill whereby you build, nurture, and maintain quality mutually-beneficial relationships over your career and your lifetime.

  • I like the points described above regarding business network. Let me try it in my newly joined Business network marketing. I’ll provide practical experience over the described points and I hope it’ll work to get my target.

  • Rightly said that business network is the most valuable asset. As it is with your personal relationships, business relationships must be skillfully maintained and handled if they are to bear fruits for everyone involved. Here are some ways to invest in and maintain your network for the purpose of growing your business. The first major rule of networking is understanding that other people don’t exist just to serve your purposes. A network can function at its highest potential only if all of its individual nodes are contributing to the rest of the bunch.

  • When I meet someone, I focus on understanding his or her values, passions, goals, and current needs. I look for ways to support endeavors and show real care for them as a person. As I launched and built my company, these same people were there to support me, as well. Yes! Always lead with a genuine curiosity about someone else. It’s the fastest way to create value, connect authentically, and lay a foundation for a longer-term business relationship.

  • Building and creating value through business network takes time and effort. It helps to build a strong reputation for yourself and for your business. You may not realize it, but if you are constantly asking too much from the people in your organization, it may result in the least productivity. It’s important to know how to add value to the people around you and then they will start adding value to your network.

  • In a world of mounting performance pressure, businesses definitely need to evolve into movements, mobilizing large numbers of participants in a collaborative quest to discover new ways to create value. These businesses should identify opportunities to engage people around what is meaningful to them, creating value through faster learning and mutual discovery. A powerful narrative can inspire, focus, and spur to action a large number of participants.

  • Being able to mine value through your network’s collective intelligence when solving a business problem can be the difference between success and failure, and providing value back to your contacts can cement your place as a trusted ally making them more likely to send business your way if they can. Creating and getting value from business networks takes time and patience and perhaps that’s why we call it a valuable investment.

  • Good blog post-Vivek. The business network supports and shares the work people are doing because there’s a link to do all the business tasks, as well as a sense of co-creation. Creating value to business network help in many ways. Growing and maintaining a close-knit network of knowledgeable individuals, then, creating value out of it can be one of the best investments you can make as a business owner.

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