The Importance of Networking to Your Small Business

By Joe Ruiz

Posted : February 24, 2016

Category : Interviews

The Importance of Networking to Your Small Business

Expert Interview Series: Sabrina Risley on The Importance of Networking to Your Small Business

What are you doing to market your business?

No matter the size of your business or franchise, marketing is essential. And what do you do if your marketing budget falls short of your drive? Network.

Professional networking can be an extremely useful tool for growth. And while that might sound like common sense, you’d be surprised at the amount of business owners who neglect to be assertive in their connection creation.

To learn more about the importance of networking your small business, Franchise Gator spoke with Sabrina Risley, founder and CEO of the CERTUS Professional Network. Here’s what she had to say:

What is the importance of networking to your small business?
Small businesses and small companies don’t always have the budget for big league marketing and advertising like larger organizations. People can’t buy from you if they don’t know about you. So, how can you get people to know about you? Networking. It’s an age-old, proven means of getting found and found out about. It’s a way to get people talking about you so that you can stay top of mind.

What are three to five benefits of networking for the small business owner?
1. Grow your network: Each time you network, you have the opportunity to nurture existing relationships, as well as meet new people. Both new and existing relationships are crucial to a small company. Each connection could get you closer to your next biggest client.

2. Referral Generation: People on the networking circuit are highly connected individuals. For this reason, it’s important to ask for introductions to the key players you want or need to meet. Just one introduction to a contact in their "rolodex," could have you on your way to meeting the decision maker of your dreams.

3. Collaboration: I encourage collaboration vs. competition between companies. If you detect synergy with a company and you both serve the same or similar target market, set up a meeting to discuss the possibility of referring business back and forth. Think "external sales force." Some of the biggest competitors turn out to be the principal referral sources for one another.

4. Visibility: If you don’t have a $1 million advertising budget, you’ll need to get out and get seen. As my friend, published author and keynote speaker David Avrin’s book title suggests, It’s Not Who You Know, It’s Who Knows You. Networking increases your visibility so you’re at the top of people’s mind when they need your product or service.

5. Access to Knowledge: Being in the mix with other business owners keeps you in the know about tools and resources. Come out from behind your computer and talk to the people who have great advice and suggestions for you in areas of marketing, packaging, customer service, techie tools and more.

How is this different from the importance of networking for bigger businesses?
Bigger businesses can afford marketing and advertising directly to their target buyer. The reach and results from billions of dollars for advertising is enormous.

How specifically has this affected your business?
I personally see companies grow and expand by leaps and bounds through networking. Companies are reporting 70 percent or more of their new business comes through a connection they met networking. The trick is to be a focused, effective and efficient networker. Know your purpose for networking (who do you want to meet?) and follow up with the people you meet.

Check out Franchise Gator’s business opportunity franchises.


About the author:

Joe Ruiz is an author, podcaster, MBA graduate and marketing professional. He writes on a variety of topics including business, leadership, news, and politics.

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