f you own a small business, you may have heard mixed reviews about networking and certain groups that encourage it. But networking can be a great way to promote your business. 

Networking can allow you to find new opportunities for work in lines you may not have previously considered. You can build your existing customer base and find potential business partners or staff.

If you’re running a business from home, it’s also a great excuse to get out of the house and meet some people instead of staring at the same four walls. After all, peers can help you solve problems or attract the attention you may need.

Here are a few reasons why you should give business networking a go, from Neil Debenham, a Corporate Consultant, who grew a kitchen worktop business to a six-figure turnover within a few years.

Business leads

The most popular reason to network? To generate business leads.

Using the contacts you make when you meet people opens lots of doors for business opportunities. Networking is a great way to make this happen.

Make people take notice by introducing yourself at meetings, making a spoken contribution in raising an issue or solving a problem. You can use this opportunity to meet new people and get to know them – and get rid of a few business cards!

At an event make notes and get as many business cards as you can. Make sure you stay connected with those you have met and email while they are fresh in your mind. Store numbers in your phone for when you need them!

Identify best practices

A very valuable strategy in business is to learn from what others do and how to use it in your own company. Networking is a great way to do this.

By connecting with other people, you can build relationships, exchange ideas and learn ways to stay visible. See what others are doing well and apply it to your business.

Brand visibility

There’s no better way to get your brand noticed and the more events you attend, the more well-known your business becomes.

And of course, from contacts come referrals.

If you attend networking meetings regularly you begin to be seen as reliable and trustworthy, which are great things when you’re running a new business. 

Get connected 

So, this isn’t the same as getting leads. 

Neil Debenham, says: “You may spend half an hour talking to someone and then realise at the end of that they’re completely unfit for supplying you with work and you think, damn, I’ve absolutely wasted my time. No, you haven’t… because that person many know eight people who are a perfect fit and can provide you with projects galore. No time invested in networking is wasted.”

Communicate

Approaching networking events as a great chance to talk about yourself is fine. It is. But remember that it’s also a time to share and people will want to be listened to. Be an active listener and remember to laugh and share similar stories. 

Be inspired

Meeting other business people and talking about business is a great way to learn. Finding out about others in different industries can help you generate new ideas and adapt others’ innovations. It’s important to remember that entrepreneurs share a vision – and that is to succeed in business. They generally therefore are energetic and must think outside the box to gain new customers. 

It’s great to share problems with others as they may have great solutions that you hadn’t thought of. They can also encourage you to keep going when times are hard.

Make mates

Although we focus on business, regularly meeting with the same people can mean you get to meet some friends for life. By sharing your enthusiasm, ideas and problems you’re certain to find like-minded people. Strong friendships teamed with good business alliances make for a good force to build your network, says Neil Debenham.

You can follow Neil Debenham on Instagram , Twitter and Linked In

If you need to sell your business and want to make it look more appealing to others, you should consider adding value. There are several ways this can be done, resulting in you being able to sell for a higher price than you may have anticipated.

Corporate consultant Neil Debenham, who has bought and sold several companies throughout the UK, has these tips for anyone looking to quickly raise some value.

Consider diversification

If your business is about to change hands, it may be that customers who have been loyal to you since its inception, want to carry on being loyal to you and will go to your new company, if it is similar, or find somewhere else to buy.

If you own a small company and a lot of your takings come from a handful of major customers, losing them could prove detrimental to your business and therefore, not prove acceptable to a potential buyer, as it’s seen as a risk.

Neil Debenham adds: “Before you sign on the dotted line, consider diversification – could you sell more products or services to spread the risk factor? You have to weigh up the costs of this compared to your sale value.”

Boosting profits

This may seem silly as you’re about to sell your company, so why make improvements to profitability now?

Because you can increase the value and therefore sell your business for more money. Before selling your business, reduce those costs you don’t really need – the milk deliveries, the coffee pods and even finding more efficient processes. Are there middle-men that can be removed to save cash?

Even consider moving premises. Can you switch to an office on the rim of the city and save yourself hundreds in ground rent each month? If you’ve locked yourself into a major lease, ask the landlord if you can sublet the space.

Grow, grow, grow!

Every business owner loves an opportunity for growth so the more chance of great profits in the future, the better.

Consider ways you could scape up your business, whether through acquisition or expanding into new locations. It’s a bit like selling a house and offering some building extension plans with it. The potential for new plans will always put you in a stronger position when it comes to sale time.

Offer extras

When it comes to making sure that customer base stays for your sale, you should start adding more than just your products or services. 

Neil Debenham says: “You can add more value by providing expert advice that perhaps, would enable them to use a product or service more easily. Perhaps you could deliver faster? Or offer a free consultation? If you want to deliver real value, provide a level of advice that is more valuable and sophisticated than what your competitors offer.”

Customer service is another one to watch out for as it’s essential if you want to add more value. Even if you have a quality product or service, it’s only the halfway point to encouraging customers to do business. What’s going to make them choose you over another company? The personal touch, that’s what – it means more to customers than you could ever realise.”

Rave reviews

Buyers will ask you what your existing customers think of your business and they will seek out proof by searching your Facebook page, website and twitter feeds – anything they can find to prove how interactive you’ve been. If you don’t engage with your customers and respond positively to feedback, it’s already looking like a sour deal and a good indicator of what they can expect going forward.

You can follow Neil Debenham on Instagram , Twitter and Linked In