Download Networking Strategies and more Lecture notes Business networking in PDF only on Docsity!
COURSE DESCRIPTIONS
UNIT: NETWORKING STRATEGIES
UNIT CODE: HCOB 2210
INSTUTOR: MOSES O. GWEYI- PhD BA (Finance), MBA (Finance), BCOB (Finance)
COURSE PURPOSE
To equip learners with the necessary skills required for effective networking in modern co- operative business organizations
LEARNING OUTCOMES
At the end of this unit you should be able to:
- Explain meaning and benefits of business networking
- Understand the key components of communication
- Critically evaluate the MLM success strategies
- Understand the dynamics in groups
- Explain the Application of computer networks in organization
- Evaluate Organizational response to change
- Examine the various sources of inter-organizational linkages
COURSE DESCRIPTION
Introduction to networking; meaning of networking, business networking, types of business networking, benefits of business networking, successful business networking, principles of effective networking: communication networks; meaning of communication, components of communication, direction of communication flow, seven C’s of effective communication, effective listening skills, characteristics of a good listener, barriers to effective human communication, importance of communication in an organization: multi-level marketing; meaning of multi-level marketing, history of MLM, legality and legitimacy of MLM, MLM success strategies: group dynamics; defining groups and teams, difference between groups and teams, types of groups, characteristics of groups, groups development model, group conflict,
group cohesion, group decision making, effective and ineffective groups contrasted: computer networks; meaning of data communication, communications channels, meaning of computer networks, types of computer networks, networks topology, application of computer networks in organization :inter-organizational linkages; meaning of inter-organizational linkages, principles of inter-organizational linkages, forms of inter-organizational linkages: change management; meaning of change, kinds of change, overcoming barriers to change, models of change models, organizational response to change: stress management; meaning of stress, causes of stress, signs and symptoms of stress, types of stress, coping with work stress.
TEACHING METHODOLOGY
Lectures, tutorials, case studies, individual and group presentation
INSTRUCTIONAL MATERIALS
Whiteboards, markers, handout, presentation, LCD projectors, Computer, flipcharts, Video
COURSE EVALUATION
CATs and Assignment 30%
Final Examination 70%
Total 100%
RECOMMENDED COURSE TEXT BOOKS
REFERENCE TEXT BOOKS
COURSE JOURNALS
REFERENCE JOURNALS
LESSON ONE
Business networking can be conducted in a local business community, or on a larger scale via the Internet. Business networking websites have grown over recent years due to the Internet's ability to connect business people from all over the world. Internet businesses often set up business leads for sale to bigger corporations and businesses looking for data sources for business.
Business networking can have a meaning also in the ICT domain, i.e. the provision of operating support to businesses and organizations, and related value chains and value networks.
Types of Business Networking
Online business networking
Businesses are increasingly using business social networks as a mean of growing their circle of business contacts and promoting themselves and their business online. In general these business networking tools allow business professionals to build up their circle of business partners trusted to do business with. By connecting these business partners the business networking tools allow individuals to search for certain business people within their network. Through introductions, the members of these tools then can get in contact with new prospective business partners. Since businesses are expanding globally, social networks make it easier to keep in touch with other business contacts around the business world. Specific cross-border e-commerce business platforms and business partnering networks now make globalization accessible also for small and medium sized businesses.
Face-to-face business networking
Many professionals tend to prefer face-to-face networking over online-based networking because the potential for higher quality business relationships is possible.[ citation needed ]
Face-to-face networking can also occur through referral business networking clubs.
General business networking
Before online business networking, there existed face-to-face networking for business. "Schmoozing" or "rubbing elbows" are expressions used among professional business professionals for introducing and meeting one another in a business context, and establishing business rapport.
Networked Businesses
With business networking developing more business, many businesses now have this as a core part of their business strategy. Those businesses that have developed a strong business network of business connections suppliers and businesses can be seen as Networked Businesses, and will tend to source the business and their suppliers through the network of relationships that they have in place. Networked businesses tend to be open, random, and supportive, whereas those relying on hierarchical, traditional managed approaches are closed, selective, and controlling. These phrases were first used by businessman Thomas Power, businessman and chairman of Ecademy, an online business network, in May 2009.
Benefits of Business Networking Business Networking is a really valuable way to expand your knowledge, learn from the success of others, attain new clients and tell others about your business.
1. Generation of referrals/Increased business This is probably the most obvious benefit and the reason most business owners decide to participate in networking activities and join networking groups.
The great news is that the referrals that you get through networking are normally high quality and most of the time are even pre-qualified for you. You can then follow up on these referrals/ leads and turn them into clients. So you are getting much higher quality leads from networking than other forms of marketing.
The increase in business from networking is the major advantage, but there are many others as well.
2. Opportunities With a motivated group of business owners comes an abundance of opportunities! There are always lots of opportunities that come from networking and in fact this is where the benefits of business networking are huge! Opportunities like joint ventures, client leads, partnerships, speaking and writing opportunities, business or asset sales… the list goes on, and the opportunities within networking are really endless.
Just make sure you are jumping on board with the right opportunities and don’t go jumping into every opportunity that comes your way. The opportunities that you get involved in should align with your business goals/vision, otherwise you might find that you are spinning your wheels chasing after opportunity after opportunity and getting nowhere.
Networking is great for people that aren’t confident as it really pushes them to grow and learn how to make conversations and lasting connections with people they don’t know.
I was certainly not confident when I started networking, in fact it completely petrified me! But as I do it more, the more confident I get and the easier it becomes, and the more benefit I get from it.
8. Satisfaction from helping others I really love helping other people, and networking is a fantastic way that allows me to do this easily. Networking is full of business owners that have problems or issues within their business that need solving, and there is great satisfaction from helping someone to solve a problem they have and get a fantastic result from it. 9. Friendship Lastly, this one is more personal related rather than business related, but is a big benefit none- the-less. Many friendships form as a result of networking because (mostly) you are all like- minded business owners that want to grow your businesses, and you meet and help each other regularly, so naturally strong friendships tend to form. Some of my strongest friendships have been started from networking.
Tips of Successful Business Networking
Top Tips for Networking at Events
Some 'top tips' for networking are listed below. One of the most important is having a one- minute 'elevator pitch' about your business idea or a tag line about yourself (a few words you can say after your name by way of introduction). Being able to articulate your business opportunity in a short space of time is essential and during the Enterprise Tuesday programme we will have sessions on pitching your ideas.
- Check the delegate list beforehand and decide who you particularly want to speak to and what you want to talk to them about.
- Have a one-minute 'elevator pitch' ready to describe your distinctive competence.
- If you feel awkward, go with someone who is not and ask them to help you.
- Arrive early and check the name tags to see who else has arrived.
- If other members of the team are with you, work the room between you.
- Avoid spending too much time at the bar or in dead areas where it is hard to move onto another person you want to talk to if you get bored.
- If you do feel trapped, find someone else that the person you are with might enjoy speaking to.
- Ask others to introduce you to the people you want to meet.
- Get drinks for people who are having a good conversation.
Power Principles of Effective Business Networking
Networking is choosing interdependence over isolation and realizing the power of cooperation over competition. It links people and information to one another for the mutual benefit of everyone involved. One of the reasons networking has gotten a bad reputation is because many people are selling in the name of networking, but those who are truly masterful at networking do so in a very quiet, yet powerful manner. These people know the power of grace and respect. They've developed their personal power and know how to connect with people to share their power. You have that personal power within you, and your network is unlimited! The following 12 People Power principles show you how to be a source of power for yourself and others.
1- The Power of Giving Action Questions ■ In what ways could I be more giving and supportive? ■ In which personal relationships could I be more giving? ■ In which professional relationships could I be more giving? ■ Who will I call and ask, "What do you need?" and "How can I help?" The "boomerang effect" of giving is the guarantee of networking. A boomerang always comes back because that is the design of the instrument. In the same way, what you give always comes back in some form because that is the design of the law of giving. However, the only way the boomerang can return is if someone first takes action and throws the boomerang. Giving is a powerful way to activate your network, because human nature inherently provides the desire to respond in kind. Get your "giving power" into action. Pass along support and information to others. Then all you have to do is watch for that boomerang and catch it on its return.
2- The Power of Interdependence Make a powerful and mature shift from the mental state of "I can do this on my own" to "I honor the power and results that are accomplished from working effectively with others." Expand your thinking beyond yourself-- the "I can do it on my own" mentality limits your outreach and effectiveness as a networker. Many of us need to retrain ourselves to think
My favorite story about sending notes is from someone who attended a musical performance and sent the performer a one-word note: "Stunning!" That person's experience and appreciation was so eloquently and beautifully conveyed with that one word! Who Are the Five Most Well-Connected People You Know? By consciously building relationships with people who know people, you are multiplying your reach. List five people you know who are well connected and identify what you will do to strengthen your relationship with each of them. Ask... ■ How can I be a valuable resource for this person? ■ (^) How can this person be a valuable resource for me? ■ What will I do to strengthen this relationship?
4- The Power of Quality Connections Everyone has a vast and powerful network. However, for some people the connections have become weak and rusty from neglect. Clean up those communication connections so that you can network with all the people in your life in an easy, natural and consistent manner. Networking is as simple as friendship and as complex as match making. It is about people being there for one another. People are much more likely to be "people loyal" than they are to be brand loyal, and your network will naturally grow and blossom as you strengthen and nurture your relationships. Never underestimate the power of your contacts!
5- The Power of Staying in Touch Staying in touch with people what keeps your relationships close and connected. All of us at times get busy and even though we think of giving someone a call, often times we don't follow through on the thought. Make a point to call people to stay in touch and reconnect. Focus on calling at least one person a week to wish them well or see how they're doing. Call someone you have not talked with in a long time and let them know you are thinking of them. Networking simply happens through conversation, yet someone has to be willing to reach out and initiate the conversation. Seven Types of Calls to Cultivate Your Network The "Reconnection" Call: A call to someone you haven't talked to in a while for the purpose of reestablishing the relationship and getting an update on what the person is doing. You can acknowledge that it's been a long time, express your interest in catching up, and even if it feels awkward at first, most relationships can pick up again fairly quickly. The "Follow-Through" Call: A call to follow up on a project or idea; might involve giving or asking for information, scheduling an appointment or staying in touch about an opportunity. The "New Contact or Referral" Call : A call to someone you've just met or been referred to by someone you know, for the purpose of getting to know each other and seeing if and how you can provide mutual support. Remind people how you met, or tell them who referred you. The "Thinking of You" Call: A call that has no particular agenda other than saying hello and keeping communication lines open. Does not involve a sales pitch. The "Asking for Support" Call: A call made to request information, ideas, contacts or support of
some kind. Be clear about what you want and how you think this person can be of help. The "How Can I Help?" Call: A call to offer support or make yourself available as a resource. When you hear about a project or challenge that someone is facing, call. The "Developing Friendship" Call: Sometimes you meet someone and recognize an easy, natural rapport that leaves you wanting to get together again. This call is focused on creating an opportunity for a personal or professional friendship to develop.
6- The Power of Knowing You Ways I Can Be of Value to Others ■ Introduce people to other people I know ■ Recommend products and services that have benefited me ■ Share information that I have learned through my success and failures ■ Provide feedback regarding ideas ■ Provide encouragement ■ Share my expertise ■ Brainstorm and contribute ideas ■ Learn about other people's businesses so that I can promote and refer business to them ■ Provide a new insight or idea ■ Send other information I come across that could be of interest or value to them You are a wealth of information, ideas, and contacts. You must believe that this is true and train yourself to think and respond as someone who has value to offer. A positive sense of self, an awareness of the value you can be to others, and a positive attitude, all contribute to your success in networking. Identify your goals in all areas of your life and utilize your resources to assist you in accomplishing those goals with more ease, fun, and efficiency.
7- The Power of Small Talk Small talk is a style of conversation that allows people to get to know one another in a non- threatening manner. Small talk is not insignificant chit-chat. Expand Your Comfort Zone Are you at ease making conversation with someone you don't know, or do you avoid making eye contact? Ask yourself the following questions: ■ What steps am I willing to take to expand my comfort zone? ■ In what settings am I willing to take the initiative to approach new people? ■ Who do I know who is good at generating conversations with new people? ■ What do I notice about this person that can be helpful? It is the exploratory stage in conversation that leads to discovering commonalties and opportunities-- and conversation is where networking happens.
■ "I love working with... to.. ." ■ "My focus is to.. ." Are you one of those people you grew up hearing the phrase, "Don't toot your own horn!" and responded by going to the other extreme? If so, it's time you learned to speak up! You don't have to brag or be aggressive. But you must learn to speak with pride and confidence about who you are and what you have to offer. Always speak to the value and benefit of what you provide people. Most people introduce themselves by merely giving their name, title and the name of their company. To connect with people you must include in your introduction a phrase or tag line that helps people relate to what you can do for them.
10- The Power of Asking How to Be Effective with Your Requests ■ Be clear about what you want ■ Ask for what you want ■ Make your request as concise and specific as possible ■ Make your request with no demands and no strings attached ■ Ask in such a way that people feel acknowledged and included ■ Ask often People are often hesitant to ask for help or information for fear of rejection or concern about bothering people. In reality, most people feel flattered, acknowledged and glad to help, but you have to be the one to open the door and give them permission. The power of asking is that it builds relationships, and allows people to get involved in creating opportunities. Asking for help and information is a way of including people and actually acknowledging them for the contribution or knowledge they have to share. There are so many contacts available to you from the people who are all around you.
11- The Power of Thinking Big Stretch Your Reach! Who are some of the people you have never contacted because you thought they were out of your reach? List their names; then ask yourself the following questions about each one: ■ Why do I want to contact this person? ■ What do I think this person can do for me? ■ What could I do for this person? ■ Which of the people I know could be the link or stepping-stone in contacting this person? When you notice yourself thinking, "I've called everyone I know," think again! Everyone has anywhere from 250 to 3,000 contacts. If you know 250 people and each of those people knows 250 people, then at the second level of your network are over 64,000 people!
Every person you know could be a resource for an influential, life-changing contact with someone. Don't ever think that something is out of your reach. Don't ever think you've contacted everyone there is to contact. You have the choice and opportunity to have your network lead you to resources beyond your imagination.
12- The Power of Commitment The difference between a mediocre networker, who occasionally produces results and experiences sporadic satisfaction and gratification, and a master networker, is the level of commitment they have. That comes from a deep awareness of the long-term value of networking. Is networking a good idea? Absolutely. It is the most cost-effective marketing tool for growing your business and reaching an endless stream of influential contacts. But there is also documentation that people who have a strong support system tend to live longer and recover more quickly from illness. With commitment, these principles become a natural part of who you are. Good ideas are not the basis for results you produce in your life - your daily actions and habits are! Making a commitment to yourself, your relationships, and these principles is the most powerful step you can take toward a life of richness. Networking is like a treasure hunt. With a treasure hunt, you know there are jewels out there, you just don't know where, and the fun is in finding the jewels. With networking, too, there are jewels out there everywhere-- you just don't know where. So you meet this person, talk to this person, go to this meeting, call another person ... and sometimes nothing will happen until all of a sudden you'll find one of those jewels! And sometimes those jewels show up in the most unexpected places. Let your life be a treasure hunt! Let it be fun. Let it be an exploration, and I guarantee you'll have a life full of jewels!
means such as electromagnetic, chemical or physical phenomena. It is the meaningful exchange of information between two or more participants (machines, organisms or their parts).
Communication requires a sender, a message, a medium and a recipient, although the receiver does not have to be present or aware of the sender's intent to communicate at the time of communication; thus communication can occur across vast distances in time and space. Communication requires that the communicating parties share an area of communicative commonality. The communication process is complete once the receiver understands the sender's message.
Communicating with others involves three primary steps:
- Thought: First, information exists in the mind of the sender. This can be a concept, idea, information, or feeling.
- Encoding: Next, a message is sent to a receiver in words or other symbols.
- Decoding: Lastly, the receiver translates the words or symbols into a concept or information that a person can understand.
Communication Process
Communication is a process of exchanging verbal and non verbal messages. It is a continuous process. Pre-requisite of communication is a message. This message must be conveyed through some medium to the recipient. It is essential that this message must be understood by the recipient in same terms as intended by the sender. He must respond within a time frame. Thus, communication is a two way process and is incomplete without a feedback from the recipient to the sender on how well the message is understood by him.
Components of Communication
The main components of communication process are as follows:
- (^) Context - Communication is affected by the context in which it takes place. This context may be physical, social, chronological or cultural. Every communication proceeds with context. The sender chooses the message to communicate within a context.
- Sender / Encoder - Sender / Encoder is a person who sends the message. A sender makes use of symbols (words or graphic or visual aids) to convey the message and produce the required response. For instance - a training manager conducting training for new batch of employees. Sender may be an individual or a group or an organization. The views, background, approach, skills, competencies, and knowledge of the sender have a great impact on the message. The verbal and non verbal symbols chosen are essential in ascertaining interpretation of the message by the recipient in the same terms as intended by the sender.
- Message - Message is a key idea that the sender wants to communicate. It is a sign that elicits the response of recipient. Communication process begins with deciding about the message to be conveyed. It must be ensured that the main objective of the message is clear.
- Medium - Medium is a means used to exchange / transmit the message. The sender must choose an appropriate medium for transmitting the message else the message might not be conveyed to the desired recipients. The choice of appropriate medium of communication is essential for making the message effective and correctly interpreted by the recipient. This choice of communication medium varies depending upon the features of communication. For instance - Written medium is chosen when a message has to be conveyed to a small group of people, while an oral medium is chosen when spontaneous feedback is required from the recipient as misunderstandings are cleared then and there.
- Recipient / Decoder - Recipient / Decoder is a person for whom the message is intended / aimed / targeted. The degree to which the decoder understands the message is dependent upon various factors such as knowledge of recipient, their responsiveness to the message, and the reliance of encoder on decoder.
matter.
Disadvantages/Limitations of Oral Communication
- Relying only on oral communication may not be sufficient as business communication is formal and very organized.
- Oral communication is less authentic than written communication as they are informal and not as organized as written communication.
- Oral communication is time-saving as far as daily interactions are concerned, but in case of meetings, long speeches consume lot of time and are unproductive at times.
- Oral communications are not easy to maintain and thus they are unsteady.
- There may be misunderstandings as the information is not complete and may lack essentials.
- It requires attentiveness and great receptivity on part of the receivers/audience.
- Oral communication (such as speeches) is not frequently used as legal records except in investigation work.
- Written communication
Written communication has great significance in today’s business world. It is an innovative activity of the mind. Effective written communication is essential for preparing worthy promotional materials for business development. Speech came before writing. But writing is more unique and formal than speech. Effective writing involves careful choice of words, their organization in correct order in sentences formation as well as cohesive composition of sentences. Also, writing is more valid and reliable than speech. But while speech is spontaneous, writing causes delay and takes time as feedback is not immediate.
Advantages of Written Communication
Written communication helps in laying down apparent principles, policies and rules for running of an organization.
It is a permanent means of communication. Thus, it is useful where record maintenance is required.
It assists in proper delegation of responsibilities. While in case of oral
communication, it is impossible to fix and delegate responsibilities on the grounds of speech as it can be taken back by the speaker or he may refuse to acknowledge.
- Written communication is more precise and explicit.
- Effective written communication develops and enhances an organization’s image.
- It provides ready records and references.
- Legal defenses can depend upon written communication as it provides valid records.
Disadvantages of Written Communication
Written communication does not save upon the costs. It costs huge in terms of stationery and the manpower employed in writing/typing and delivering letters. Also, if the receivers of the written message are separated by distance and if they need to clear their doubts, the response is not spontaneous. Written communication is time-consuming as the feedback is not immediate. The encoding and sending of message takes time. Effective written communication requires great skills and competencies in language and vocabulary use. Poor writing skills and quality have a negative impact on organization’s reputation. Too much paper work and e-mails burden is involved.
3. Non Verbal Communication
Scenario 1 – You are sitting in front of an interview panel with arms crossed. So far you have not been asked a single question, however, your crossed arms have spoken louder than the words.
Tip 1 – Never keep your arms crossed especially during formal one-on-one meetings. It suggests you are not open to feedback and could also suggest that you are trying to dominate the situation.
Scenario 2 – You are giving a presentation to a group of 20 people. You keep your gaze fixed at the centre of the class / room through the presentation – your gaze has spoken louder than your words.
