How do Businesses Achieve Sustainable Growth in A Recession?

From the small business owner to the multi-national corporation we have all felt the ripple of the world wide recession in one way or another. Some businesses are embracing the new culture emerging as a result of the recession and others are sadly struggling. Some companies are folding and there have been mass redundancies. Some people that have been made redundant are now able to achieve their dreams and reach their goals by finally having an opportunity to start their own business. No matter who you are or at what stage in its life your business is, we are all left asking the same question, “how does a business achieve sustainable growth in a worldwide recession?”.

Many would say, we are in an emerging market with more and more start ups coming to the fore and competition higher than it’s ever been. Getting noticed is the most important factor in achieving sustainable growth and that would be true, given this the marketing budget is hiked up a little. Time is taken to ensure effective use of online social media, time is taken to create and approve a newsletter which is sent electronically where possible and in the post when not. Businesses invest in advertising and telemarketing campaigns. The pilots are usually very successful, how much does an exercise such as this cost your business? Is there another way to get your business noticed? A more cost effective way?

Yes there is, the answer - networking.

Many businesses consider networking to be a form of marketing and although the two forms of revenue generation share similarities, they are in fact very different. Marketing involves advertising a service or product with the purpose of achieving a sale, it is more aggressive. Networking is making acquaintances and sharing information about yourself and business in order to develop relationships and this relationship building creates genuine trust and rapport which will lead to sustained revenue geneation in the future, additionally networking can give you a true insight on how other entrepreurs view your venture. Both of these techniques involve selling and use different ways of doing so.

Statistics have shown that 86% of entrepreneurs in one UK region won the majority of their new business through exisiting clients and contacts. 35% of those entrepreneurs asked thought, it’s not very easy or it’s difficult to sustain regular business in today’s economic climate. 55% of the entrepreneurs asked are concerned how widespread uncertainty will affect their income.

Successful business networking group, Business for Breakfast have four thriving groups in the region based at Peterborough, Grantham, Oakham and Stamford. Business for Breakfast’s Local Director, Janet Malphus, says, “business networking is the most cost effective way of attracting new clients and generating new orders. Business networking provides you with invaluable contacts that give your company a dramatic boost regardless of size or turnover. Business networking frees up your time, reduces your overheads and opens doors to great success.” Janet goes onto say, “It is a fact companies who do not network are missing tapping into a rich stream of new contacts and new business which can make them more successful, profitable and help them to understand their customers and the marketplace better whilst testing their message and its effectiveness.”

Business for Breakfast meetings start early at 6.45am for 7.00am and finishes at 8.30am. In time to get back to work/business/apointments by 9.00am. The meetings are relaxed and friendly and all guests are given a very warm welcome. There is no pressure to bring in referrals because through mutual respect and friendship built up over time referrals happen. The emphasis is on helping people build strong alliances and rapport building following the principles of, “know, like and trust.”

If for any reason a member is unable to attend a meeting the Business for Breakfast team simply ask that member to arrange a representative, colleague or client to represent them. There are a list of members in other groups who are always willing to help a fellow member out and ensure their business is represented at the meetings.

There are opportunities to become a member of the executive team which not only provides a higher profile in the group, which can generate a greater number of referrals it also leads to various benefits during the term of service as well as having an influence over how the group develops and the standard adhered to by the group.

Business for Breakfast helps with personal development too, providing training, business back up and cross group sharing of ideas and best practice.

Local Business for Breakfast member Lee says, “I attend Business for Breakfast meetings because it helps me with difficult issues that may arise in my business that I can’t talk about or find difficult to talk to anyone else about.” Lindsey from another local Business for Breakfast group says, “on my first visit to Business for Breakfast I was approached by a member who just 2 weeks later became a client. An introduction to his business partner in London added a second client to our books and all before my third meeting.”

Business for Breakfast meetings are held in Peterborough at The Holiday Inn (West), fortnightly on Wednesdays. In Grantham at The Fellows Café, Westgate, fortnightly on Thursdays. In Oakham at The Bansdale Lodge Hotel, fortnightly on Tuesdays and in Stamford at The Lady Anne’s Hotel, fortnightly on Thursdays. Come along to a relaxed and friendly meeting, receive a very warm welcome and network your way successfully to sustainable business growth.

For more information contact Local Director – Janet Malphus – janet@bforb.co.uk.

ENDS