CelTrust Blog

Getting Involved: Importance of Social Business Networks

Companies strive to succeed. But what can a business really do to get that extra boost of confidence and support? My time with CelTrust has taught me that with the backing of an accredited, reliable, and experienced business, your business has a greater chance to succeed. This wonderful relationship companies sometimes have with each other is known as an alliance or affiliation.

A company’s affiliations with other local businesses is its Social Business Network. Specifically we’ll discuss what a Social Business Network is, and how with a little research any Startup CEO can create their own Social Business Network.

The Basics

I’m going to assume that your business is already a functional working body that is ready to expand in its market; and grow in the surrounding areas. If not please click here.

A Local Business Network

A Local Network is a group of businesses and organizations that work together and exchange ideas.

The questions is, how do businesses and organizations benefit from each other? Businesses don’t always exchange their services for money like you and I do when visiting the groceries store. Two networked companies might exchange one company’s service for another company’s service, free of any monetary exchange.

Still, you might find yourself asking, how does networking really improve a company?

Networking greatly increases the number of client el you have. If your customers trust you, they’ll trust businesses you point them towards. This works the other way around in your benefit too. If an allied company’s clients trust them, those clients will trust you as well.

Working with allied companies closely, can give you and your employees extra experience. This leads to an increase in productivity, efficiency, and sales (the list goes on). This extra experience is valuable because it can lead to new market opportunities and allow your company to expand.

The bigger your network gets, the more places you can look to for help and advice.

The Basics in building up your network

• Step 1. Formulate a plan

Are there any local businesses or organizations that could use your product or service in exchange for something mutually beneficial, or vice versa? For example: Company A offers Company B discounted tech support in order to receive free payroll management. It is something you’ll have to do a lot of research on before you decide anything.

Remember:

• The relationship two companies have might exceed the said relationship above, and there are numerous other exchange options available that can greatly benefit both companies (You are only limited to what either company has to offer).
• Also, the initial offer could make or break the deal so make sure what you are offering is a worth-it investment for both parties.

• Step 2. Reassure yourself

Double, and even triple check the service exchange you are about to make. Whatever deal you might be conjuring up is a commitment your business might be stuck with. Ask yourself these questions: Can/Should I really commit my company to this? Can I really count on that business? How long will we need Company B’s services, and should we rely on those services?

Ultimately, you are the CEO and it’s your decision to make, but if you’ve done your research this networking stuff might be the push your business needs.

• Step 3. Always look for Step 1. Opportunities

You might have already created a small network between your company and the accounting firm down the street. Keep going. Always look into growing these alliances and making new ones. The more friends you have, the more opportunities you have to expand and grow your business. Referrals and favors are sure things you should come to expect when you surround yourself with other businesses willing to help you succeed.

• Step 4. Protect your interests

Even the best of friends might betray each other in the end, this is true in business as well. Always watch your back, and keep a close eye on any affiliations you make. Remember these businesses can help make you more credible or less credible. Not only that, but they are willing to do anything to succeed - you should be willing to do the same.

- Brian

Tags: Affiliations, Alliances, Expanding Business, Market Opportunities, Social Business Networking