Being a small business owner can be full of highs and lows. Working for yourself, or as part of a small team, in a “Soho” (small office/home office) setup can often be a lonely place. To unleash the full potential of your small business enterprise, you need to make connections. We explore five ways in which the right kind of network can help take you to the next level.
The mentoring connection
In the business world, the power of a good mentor is well known, and the statistics back up the benefits; according to a CNBC/SurveyMonkey Workplace Happiness survey, 91% of workers who have a mentor are satisfied with their jobs.
The 2014 Apprentice winner Mark Wright has grown Climb Online, the digital marketing business he started on the show, to a turnover of £5m a year. He credits the mentorship of Lord Sugar with some of his success.
“It can be lonely and somewhat daunting running your own business, and the last couple of years have been particularly isolating for many,” he says. “Having someone to bounce ideas off who understands you and your business and who has been in the process themselves, is invaluable. It is reassuring when times are tough, and their support will navigate you through.”
Of course, we can’t all call on someone like Lord Sugar, but a mentor who knows your industry or has been through similar struggles will help you feel less isolated.
“A decent mentor won’t just tell you what you want to hear,” says Wright. “Their experience will enable them to provide you with relevant and tested feedback and to encourage you to think more clearly about your ideas and problems.”
The community connection
The power and value of community has been thrown into sharp relief in the events of the last couple of years, and business is no exception. Entrepreneur Eddie Whittingham sold his startup cybersecurity business last year to a Nasdaq-listed company, and now provides consultancy and support. He created GoFounder, a platform for startups, having felt frustrated at the lack of community when he was setting up his own business.
“As a small business owner, having a community of people in a similar boat to you can be hugely helpful,” says Whittingham. “It sometimes feels like you’re really alone or that other people can’t relate, but the truth is, most business owners go through a lot of the same troubles. So being part of a community of other startup founders can be invaluable not only to your success but also your mental health.”
The partnership connection
People who think collaboratively will always benefit in the long term, says Michael Edwards, founder of The Northern Affinity, a business community set up with the sole aim of connecting businesses based in the north.
For Edwards, partnerships are crucial. “Running a small business often means you are competing with businesses that are bigger, better resourced and with bigger budgets than you. The only way you can compete is by being more agile and working with others to provide a fantastic service.”
During the pandemic, Edwards says he’s seen “isolated business people engage in more virtual networking and rallying together virtually to support vulnerable people”. All this, he says, was driven by an increased awareness of how much everyone needed outside support.
The tech connection
For small businesses, getting the right infrastructure in place can be a hugely daunting task. But bandwidth is at the heart of almost every modern business function. With a powerful internet connection in place, minimising frustrating delays and hassles, you can start to build up to a level of tech that enables every employee to give their best.
“As a tech communications consultancy, we wholeheartedly embraced the various uses of technology to keep the team connected,” says Heather Delaney, founder and managing director of London-based Gallium Ventures, “from workflow applications such as Slack and Google Meet all the way to the metaverse – for example, when the pandemic hit, we gave employees headsets to experiment with collaborating and social games in virtual reality.
“By creating a solid technology infrastructure in which we can work virtually during the early days [of the pandemic], we have [had] no disruption to workflow [due to Covid waves].”
The social connection
Creating a social media presence and boosting paid ads is one of the first steps most small businesses take in marketing. But, says Delaney, drilling down to who your company wants to connect to on social media, and how you want to speak to them, is the real key.
“Although it is tempting to pay for a high-profile influencer to promote your product or service, this isn’t always the best approach,” she says. “Opportunities like this can be expensive and if their fans and followers are not relevant to your customer targets, the return on investment will be low.” Start with free activities to build a presence until you understand who your audience is and what their interests are, says Delaney.
“Digital ads and influencer relations can then be the next step in driving sales, downloads or customer acquisition.”
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