The key to realizing value in business is to use your business network. The marketplace has moved on from a time when the competition was just among companies.

 Your Business Network must now succeed based on the quality of the network of suppliers and customers.

You have to leverage trusted connections to help you in Your Business Network design, produce, market, sell and maintain products and services.

Below Are Ten Ways You Can Leverage These Relationships To Create Value:

The 10 Reasons Tourists Love Your Business Network

1. Optimise online network: Business oriented social media like LinkedIn has made maintaining and building online business network easy. You can source information, pursue warm leads and even ask online supplier and customer contacts for inspiration for next venture. You should maintain regular contact with these connections to stay up – to –date with where product trends and innovation are heading in industry.

2. Optimise offline network: Despite the advent of online networks, offline networks still provide a very useful medium where you can meet you 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 web effect’: Another way of creating value from business system is understanding the concept of the system effect’. The system effect’ is the idea that the more value adding supplier and customer connections you make, the more valuable system becomes, until it dominates others.

4. Harness the buy-in of online contacts for product or service: Online contacts such as LinkedIn connections can provide feedback on job ideas and can provide case studies of their success in developing their own products and services.

5. Realise that your work network is your most valuable asset: Business network is your most valuable asset because of the latent energy of the participants in it. If you have a high quality work 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 web: Your business system 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 system 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 job network by buying Global Supply system’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 work system from 20% of the interactions you have with customers and suppliers. This rule still applies

10. Focus on serving deserving customers and suppliers.

Your Business Network

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