Building a small business takes more than just the business owner. Just as it takes a family to raise a child, the owner must adopt a child raising perspective for the growth of their business. Networking is still hot and it still helps the owner in two ways. One, they help them to expand their sphere of influence into the community. They are also a way to learn about options the business owner may not have known about. This is especially true in the area of business loan acquisitions. For example, the business owner may just go with the default option and go to the bank. But, in their networking group, there may have been a reliable non bank lender that could introduce them to the merchant cash advance process.

Or, someone who has used a reliable non bank lender and has come off better for it. This would be a successful venture even if the business owner never made a single client. Why? Because valuable information was acquired and without asking, in most cases. Yes, that is correct, typically, when a business owner goes to a networking meet up, they are not seeking advice or information; at least not the type that will not make them a client. But, alas the universe works mysteriously and most networkers that keep at it will make contacts and consume information that eventually helps to build their business.

Examples of how Networking helps Small Business Owners:

  •    New Clients: This one is the most obvious. But, there are nuances to this that can be used in a unique way compared to the old-school business card exchange. New clients may not be the ones that are attending the networking event. If the business owner knows their target market, which they should have a firm grasp on before even attending the event; they will know what attendee will have a following that they can take advantage of. It works the same way as it does in social media. The business owner chooses a group that is in their niche, even competitors. They answer questions and comment and then, guess what? That new alliance will unwittingly or voluntarily let that business owner into their world of followers. Get it? Great! Let’s move on.
  •    Financial Information: As was mentioned earlier, some of the best financial advice comes from networking events. Most small businesses now use MCA as their reliable non bank lender.  These people network often and are found in pools of networking meetups, why? Because they are hitting their target market and finding the business people that will be potential borrowers. It’s a great place to sit down and pick brains of those in the non bank lending arena There is so much to know and most small business owners are grateful to get such sage advice. Typically when a borrower applies with a non bank lender, they have the convenience of doing so online. For a MCA loan, all that is needed is a business checking account and $10,000 dollars worth of credit card sales a month. But, when they can couple that with speaking to those that have used this system face to face it just creates more value.

Next time there is a networking meetup, expand those horizons that are just outside the box.