When Business Meets Pleasure: Networking for Business Growth

You cannot keep yourself locked up in your office poring over your company’s performance figures and mulling over how to improve your business strategies. Business involves interaction and socialization. The most successful businessmen do a lot of networking for business growth. They’re not slacking off or splurging some of the company’s resources on senseless chit-chat. They’re actually getting more done for the company when they build their network.

business man in bar

Some businessmen would consider going out
for drinks before heading home as a way of
networking for business growth.

Get out of the office and spend some time with your colleagues and contacts in the industry. Business lunches are more productive when you spend it with people who can help you solve your most challenging business problems or let you in on the next new thing that’s about to hit the market. You’re likely to get more information when you’ve established a closer relationship with your peers and business contacts. Aside from these informal gatherings, some businessmen would consider going out for drinks before heading home as a way of networking for business growth.

It’s time to take off that suit and put on your athletic gear. Spending time with other businessmen in sports activities will give you quality time to spend having fun and exchanging notes about what’s going on in the industry or what the latest buzz is in the world of business. There’s a personal side to this kind of networking as you often share more than just “official” news and tidbits. Oftentimes, you get to talk about family and friends too. If you are not ready to do this, don’t worry. You really do not have to talk about anything you are not ready to talk about.

Another way of networking for business growth is to join associations and organizations that focus on sharing best practices and cascading information about new developments in the industry you belong to. These professional organizations usually have regular meetings as well as conventions and conferences. Speakers from the industry are often invited to these professional gatherings. Round table discussions, meet and greet sessions, and open forums are venues for participants to interact with the experts and ask for advice about their specific concerns.

No matter which type of networking for business growth you choose, you stand to gain a lot from getting out of your office from time to time. Interacting with the people from your own company, as a start, could already offer you a lot of new ideas from different perspectives.

Image Credit:
Stock Images – FreeDigitalPhotos.Net

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Business Growth in Difficult Times

It’s the first month of the new year and businesses are set to put their business plans into action. Economists do not predict any big improvements in global economy. The uncertainty is still in the air and governments are still in the midst of trying every possible solution their fiscal managers and economic planners can think of to get the economy going upward again. Despite the not-so-optimistic global economic outlook, slow to moderate growth is expected for particular industries. Still, nothing is certain as demand for goods and commodities continue to be influenced by often abrupt market movements and speculative investment decisions. For small businesses, the uncertainty can be nerve-wracking. But, no respectable businessman should back down from challenging times. The best way to do business in difficult economic times is to face the challenges head on.

business growth

Good business sense, prudent risk management, and financial savvy are important traits that business owners should have to take their businesses through tough times. They should be able to accurately predict socio-political and economic events in the near and distant future. These forecasts would serve as the basis for putting together a sound business plan. Risks should also be identified and the appropriate contingency plans should form part of the business plan.

As financial resources are often limited, the company’s financial experts should be able to manage the cash inflows and outflows to ultimately result in better profitability and growth. Dealing with tough economic times does not necessarily mean less spending. More important than how much the company spends would be how much income what they spent will result in. Of course, finance managers should come up with realistic projections on return on investment or revenues on spending for better decision making of the business owner.

Business growth and success are possible even in difficult times for as long as the business owner and managers have a clear view of where they want the company to go, what they need to do to get to their goal, and how much resources they have to devote towards this goal.

Image Credit:
Patpitchaya – Free Digital Photos.Net

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