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10 Ways To Create Value Through Your Business Network

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10 Ways To Create Value Through Your Business Network

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:

The 10 Reasons Tourists Love Business Network

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.

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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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Table of Contents

ABOUT THE PRINCIPAL AUTHOR

Today, Vivek and his partners are among 20-30 people on the planet earth who have this deep understanding of supply chain systems, practices and tools. CEOs, COOs, executives and Boards call them in most challenging situations once they know the full potential of supply chain based transformations. Following are key milestones in Vivek's journey:

  • Started in 1983 as a merchant navy cadet at 18 years age, worked his way to qualify as a Captain – qualified to take command of any merchant ship, worldwide.
  • Earned a top tier MBA from UNSW at the top of his class.
  • Joined highly regarded strategy consulting firm Booz Allen & Hamilton, consulting to the CEOs, Boards and senior management of global corporations within Australia.
  • To learn and specialise in supply chain – against all odds, sought out the co-inventor of supply chain in Germany and convinced him to be a partner in his firm, GLOBAL SUPPLY CHAIN GROUP, launched in January 2000.
  • More than 500 successful blue chip projects with high impact business transformations in large corporations using the full power of SUPPLY CHAIN MANAGEMENT.
  • 4 Seminal and path breaking business books IN SUPPLY CHAIN MANAGEMENT – these are available in bookstores and universities and libraries worldwide.

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Our Clients come from a variety of industries – yet they have a common element. They rarely rest on their laurels, and are always looking to do better.

OUR PROJECTS - EFFECTIVE TRANSFORMATIONS

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THE 5-STAR BUSINESS NETWORK

If you are deeply passionate about the world of business and supply chain networks as I am, and enjoy digging answers to critical questions that will help build and steer your business with wisdom, then join me. This book is a journey of exploration through the world of business networks that run along the veins of today’s commercial world.

4.3
4.3/5

OUTPERFORM OUTSOURCE OUTPROFIT

The trend of outsourcing continues to grow unabated with the whole gamut of services, from simple to mission-critical tasks. There is not a single company on earth that does not outsource anything. It is not just about cost arbitrage, it is also a finer expression of division of labour at the organisational level. Like all leverage, outsourcing is a double-edged sword too. On one hand, it allows you to do more, faster. On the other hand, if it goes bad, it can easily kill your business. If you do not believe that is possible – you can google the Fox Meyer saga from the 90s and see for yourself.

4.3
4.3/5

UNCHAIN YOUR CORPORATION

Businesses Are Chained By Unseen Chains. If You Are Looking For Ways To “Unchain Your Corporation” A Successful Business Transformation Is Required.

Successful Business Transformations Are Difficult, Yet Rewarding.

Business Transformation Is Fast Becoming A Question Of Survival In The Modern Globalised Era.

Modern Supply Chains Integrate Businesses And Economies Faster By Systematic Information Sharing From Internal And External Sources.

Companies Can Multiply Profits By Progressively Ramping Up Cohesion And Collaboration Of All Moving Parts In B2B Network To Achieve Tighter Integration.

4.3
4.3/5

GREEN SUPPLY CHAIN – AN ACTION MANIFESTO

It is generally accepted that environmental consciousness is now changing to environmental proactiveness as organizations are discovering that it makes good commercial sense.

Boards are asking the management to review their policies related to environmental norms, not only to bolster their corporate social responsibility aims, but also because consumers are asking for greener supply chains

It is also widely agreed that consumers will increasingly prefer to buy more and even pay more for products or services provided in an environmentally sound manner.

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