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Business Networking

Business Networking:

The way of developing business strategies is changing day by day. Business Networking is an effective and low cost marketing method that has been used vastly in past decade to develop sales opportunities and contacts, based on referrals and introductions.

“It’s not what you know, it’s who you know”

The term Business Networking is far different from Computer networking. Where computer network connects several devices, Business Networking connects people, organizations or entities. Business networking offers a way to reach decision-makers which might otherwise be very difficult to engage with using conventional advertising methods.

In 21st century, with the help of new transportation and communication technology, the market span grew and consequently led to specialization of the industrial economy. And it also becomes important to build contact with other enterprises, also from foreign countries. Business networking is a way for you to make the maxim, “It’s not what you know, it’s who you know” work for you. Management is also using it as a tool to increase efficiency.

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Source: Robbins, Judge & Campbell. 13th edition, 2010.

Business networking in the new economy can be seen as the coordination of process within and across companies. More precisely, it is the management of IT-enabled relationships between internal and external business partners.

Some essential tips:

At first, we have to consider that all sorts of professional people outside of the business community can also be very helpful networking contacts. For example, scientists, lecturers, educators, councilors, etc. Here are some tips for effective business networking. These tips can be applied to any sort of business networking- face-to-face, organized events, business social networking websites, etc.

  • Have a plan: Your plan and goal should be specific, like, when and why you are intending to create a contact.
  • Be professional: Greet and say goodbye correctly. Dress up and attitudes are also need to be professional.
  • Stay in touch: Even is your aim has been reached after creating contact with some persons, never end your connection with them. Because you may need them again or they might need you.
  • Ask open-ended questions in networking conversations. This form of questioning opens up the discussion and shows listeners that you are interested in them.
  • Help Others: Always prioritize helping and giving to others ahead of taking and receiving for yourself.
  • Follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor that and your referrals will grow.
  • Acknowledge them in your social media. Discuss their work, congratulate their accomplishments, and keep them in your discussions.
  • Schedule a time in your calendar to think about and research each contact.
  • Build trust and reputation. Building trust is essential for growing a strong business network. Lack of trust prevents successful business networking.
  • Life balance: A healthy balance in your life – of work, pleasure, business, social, etc – promotes and gives off a feeling of well-being, which is helpful for networking in many ways.

Like a computer network, business network of contacts needs to be created before it can help anyone in the network. So, create the network first, and then you will get the benefits of it.

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Reduce Paper Use

Paper is an important element in our daily life. We use paper for study, for official works, to keep data, to send written document etc. But, use of paper is declining day by day. Professionals also noticed that change already.

We are looking forward to a near paperless world where we won’t want magazines, students won’t need to carry textbooks, and paper forms will be redundant. Microsoft chairman Bill Gates said, “We are right on the verge of something that could become mainstream. We are the people who have been saying this for a decade, but now we’re finally saying it’s near.” And, now-a-days, we are vastly using internet, emails, e-newspaper, tablet computers, book readers; and we are becoming the part of this vision.

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Every year, thousand tons of woods are using to produce papers. That affects our environment very negatively. Reducing paper use reduces green house gas. Another thing is papers are not recycled properly. Paper increases dirt as well. When we burn it, it produces a huge amount of carbon dioxide. And, a large amount of waters are wasted to produce papers. Papers are counted as one of the biggest components of solid waste in landfills.

In contrast, paperless works are easy, time consuming, swift, cost effective, and environment friendly. People are getting interested more in paperless works. They are using book readers instead of carrying books every time. Many Exams are now computer based.

So, technology is taking the part of paper right now. We can adapt to these changes which would be, of course, very positive for us and our environment. For example, reducing paper use saves money. Here is another example of that.

Here are some tips to reduce paper use.

  • Use email instead of post or sending any paper document.
  • Don’t print email messages unless you really need to.
  • Write “Don’t print this email unless you really need to” at the bottom of all email to discourage others to print.
  • Print a paper in both side.
  • Reuse whatever you can.
  • Consider cloth towels instead of paper napkins.
  • Try to take note in your phone or computer.

Finally, what we have to do now is, reuse papers if possible, recycle them, and reduce environment pollution.

 

 

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Problems of Microfinance

To reduce the poverty and to develop the condition of poor people, Microcredit is being used as a weapon in recent years. Especially in the third world countries, the importance of Micro credit is discussed widely. Dr. Yunus’s Micro credit system has got very wide attention in this case. From 1980 many firms have started their micro-credit activities. Now the question is how much role they really played to reduce poverty and the topic is much more controversial. Now I am going to discuss about some of the negative issues of this system.

Today, if you look at the credit distribution system of NGOs, you will see that the credit is not given in productive sectors.  The NGOs don’t give loans individually. Only a group of 5-8 people can get credits. If a person run away or die, others have to pay the debt together. That means, there is no chance of losing money for the NGOs. That is the reason why people don’t need to provide collateral for taking micro credit. However, if NGOs say that they provide loan without collateral, it’s not totally right. Because, group members collectively are the guarantee of themselves.

Let’s move to financial analysis. Suppose, you took a loan of 500 euro with 15% interest rate. That means, you have to pay 75 euro interest after the year. But the company will keep 50 euro as compulsory payback. So, you will actually get 450 euro. And you have to pay interest of 75 euro. As a result, your actual interest rate would be 16.67%.

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If you take a loan for 1 year, you have to pay interest every week (52 weeks). So, on the first week you have to pay near about 11.1 euro. As financial term, you can keep 500 euro the whole year and pay 500+75 at end of the year. But here, you only get 450 and pay 11.1 each week. That’s why you won’t afford to invest money in productive sectors which takes long time to return your investment. Another thing is, you have to pay more interest rate in real than they showed.

I put the interest rate 15% in my example. Now imagine, what would be the situation if the interest rate is more than 30%! Poor people will have to work harder and harder to pay their debt back. Their condition will never change if they have to pay that high rate of interest.

If you ask, why the people take micro credit then? Actually, many people have no choice except taking loans. For example, if a boatman needs to repair or buy a boat, he needs an initial investment. And he can pay it back afterwards in a regular basis. For him, Micro credit would be helpful but for investing in a productive sector, it will not be a good decision to take micro loan.

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Microcredit

Microcredit

The term ‘Microcredit’ is not new in economics. But still many of us don’t know about it. As I saw in some statistics, it has a strong success rate for removing poverty in many countries. I choose this topic because I get interested on it.

Micro-credit is a credit system that provides- agricultural credit, rural credit, cooperative credit, consumer credit, credit from the savings and loan associations, from credit unions and from money lenders.

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It programs extend small loans to very poor people for self-employment projects that generate income, allowing them to care for themselves and their families.

As I have just getting to know about it further, for today I am just finishing my post after only delivering the meaning or definition of Microcredit. But I put some links below for further information.

  1. http://www.microcreditsummit.org/
  2. http://www.grameen-info.org/index.php?option=com_content&task=view&id=28&Itemid=108
  3. http://www.accion.org
  4. http://www.microcreditsummit.org/stories/intro.htm