7 minute read
The Power of Networking
from Yalla! December '23/January '24 - The magazine for Arabian Gulf business owners and entrepreneurs
The first experience we all had of networking was probably starting school – dressed to impress, going into a room that was unfamiliar to us, with a group of people that we probably hadn’t met before, and having to quickly assess our place in the situation independently, feeling the pressure of needing a positive outcome! It can feel exactly the same for many as they walk into a room of business owners, professionals, and industry experts at a networking event!
I am fortunate to enjoy networking. I love meeting new people and am an active listener. I really enjoy connecting people! I am fortunate to enjoy networking. I love meeting new people and am an active listener. I really enjoy connecting people! Ideally situated in my role as the General Manager of a British business group, I manage and inspire a team that curates over 70 events a year. We connect 900+ members through introductions, facilitate knowledge transfer, and actively encourage their visibility across our active social media platforms.
In today’s interconnected world, the power of networking cannot be underestimated. Building and nurturing professional connections has become a crucial aspect of our career development and personal growth. Networking allows us to expand our reach, establish meaningful relationships, and open doors of opportunity that may have otherwise remained closed.
There are multiple reasons for engaging in deliberate networking – building your contacts, familiarising yourself with a new sector or location, as a job seeker, or to quench a thirst for knowledge. However, I will start by saying that the most successful networkers I have observed are those who walk into an event and genuinely think, ‘How can I help?’
“Be a pain detective to connect with others. Focus first on the other person and their suffering. You and your possible solutions come second.”
In Joe Polish’s recently launched Wall Street Bestseller, “What’s in it for Them,” you will find many great examples - and the theory - of the power of mastering relationships with people in business. Joe says, “Be a pain detective to connect with others. Focus first on the other person and their suffering. You and your possible solutions come second.”
Strong networkers are also always referring leads to others because that sincerity builds credibility and strengthens your personal brand. Your readiness to recommend others will naturally elevate you to be at the forefront of your contacts’ minds when they hear of leads that could be relevant to you.
Networking groups, such as the British Business Group (BBG), provide a platform for members to exchange ideas, insights, and experiences. Engaging with professionals in similar or complementary fields can lead to acquiring new knowledge and expertise. A study conducted by McKinsey found that 81% of professionals believe networking is essential for career development. Our events range from closeddoor roundtables and large-scale business briefings to golf days, evening networking, and family days! We cater to a diverse and dynamic membership that represents over 25 industry sectors.
By attending conferences, seminars, and industry events, you will learn from experts, stay updated with industry trends, and broaden your horizons.
I am often approached on LinkedIn by job seekers who identify that the BBG will likely be a great source of open positions. Perhaps it is because it is widely known that a significant number of job openings are never advertised publicly. Instead, they are filled through networking and word-of-mouth referrals. There is great significance in building a strong professional network as it provides access to the ‘hidden job market’ and increases the chances of landing sought-after opportunities that may not be made available externally but are known within your wider network. Personally, I only ever applied for and interviewed for my first job; the roles I have held since then were gained through my network, by recommendation, or via a direct connection that I had forged. Your potential job network could be a virtual network, and I would say that specifically in Dubai, there is a heavy reliance on Facebook pages like British Mums Dubai. These pages have had some great success stories, with people looking for work themselves or on behalf of their spouses. When reaching out through a post, there is often a great community response to help, by sharing CVs and open positions.
I would confidently say that networking is vital for entrepreneurs and business professionals. Connecting with like-minded individuals, industry experts, and potential clients leads to partnerships, collaborations, and new business opportunities. A study conducted by Harvard Business Review found that 78% of startups consider networking crucial for entrepreneurial success. By expanding their network, entrepreneurs can tap into a wealth of knowledge, resources, and potential customers, partners, and suppliers.
Networking also provides a sense of community and support. Connecting with other business owners, managers, department heads, etc., who share similar challenges and goals with you can create a network of support, encouragement, and mentorship –particularly for the ‘solopreneur’. According to a survey conducted by the US value-based career platform, The Muse, 76% of professionals believe that having a mentor is crucial to career success. Networking enables individuals to find mentors who can guide them, share wisdom, and provide valuable advice along their professional journey.
Expanding their network, entrepreneurs can tap into a wealth of knowledge, resources, and potential customers, partners, and suppliers.
At the BBG, we were cognisant of a lack of interaction and mentoring during the lockdown and now with hybrid working. The younger generation does risk feeling isolated and missing the interaction and proximity to more seasoned professionals to learn from. For example, by overhearing client management practices over the phone in an openplan office. The BBG ‘Speed Mentoring Series’ was an event series that was born out of the pandemic where we hosted 40 members and ‘rising stars’ who sat opposite each other for six minutes at a time with prompt questions such as, ‘What do you wish you invested in at the start of your career?’ ‘What would you have done differently as you launched your business?’ and gave both new-to-career and established business leaders the opportunity to learn from each other in a fast-paced, dynamic setting. It’s still one of our most popular events which has since evolved to ‘Speed Networking’.
As an active and visible platform for British businesses and expats in Dubai, the BBG Board and business team feel a responsibility to support our members and the wider business network. In 2019, then UK Prime Minister Theresa May appointed the first ever Minister for Loneliness. The “Loneliness Epidemic” is a globally recognised issue. Research has shed light on the often overlooked struggles faced by solopreneurs, revealing a pervasive sense of loneliness within the business world. A study conducted by Harvard Business Review found that 50% of solopreneurs reported feeling lonely on a regular basis. The BBG is committed to providing a strong support system with multiple networking opportunities to combat the isolation that solopreneurs and increasingly middle-managers often experience in their entrepreneurial and professional journey.
50% of solopreneurs reported feeling lonely on a regular basis. The BBG is committed to providing a strong support system.
In conclusion, the power of networking is undeniable. By building and nurturing professional connections, you can tap into the hidden job market, unlock new business opportunities, acquire knowledge, find support, and enhance your confidence and communication skills. Research positively positions networking as playing a vital role in career development and success, and I would urge you to actively invest time and effort into building and maintaining the right professional networks.
