Strong and diverse networks are crucial to the success of your businesses and innovations. But how can you maximise the benefits of networking? And can you make strategic networking successful and enjoyable?

For our recent event SMEs tuned in to hear from Prof. Andrew Parker (University of Durham), Andrew Kellard (Patientcards), Robert Wolf (Made Open) and Seb Stephens (Apollo Health Innovations). Our speakers shared a wealth of experience and advice. Read on and watch the videos below…

What matters when it comes to networking?

Dr Tim Walker shares four top takeaway tips from watching the event:

1. Networks matter: Enterprise research has consistently demonstrated that networks matter for success. Networks give entrepreneurs access to resources, knowledge, advice, new ideas, and social support. So focus on building a strong network that provides legitimacy and social status, which can leaver access to further resources.

2. Diversity matters: Diversity in your network is important, more important than the number of people in fact. Effective networks are determined by the number of people in the network who don’t know each other. Build a network which is diverse by expertise, demographics, geography, and hierarchy.

3. Weak ties matter: Weak ties are a type of relationship you have with acquaintances, rather than strong ties with friends. Weak ties help you to bridge into other networks and are pivotal for access to new and unique information. Who are your weak and strong ties within your network?

4. Maintenance matters: Networks require maintenance to be effective and this can be achieved by keeping an open dialogue, even when you are not seeking anything. This will also strengthen your ties, through developing trust and reciprocity, and create a tie which is more partnership than transactional. Think about how best to communicate and stay in touch with those in your network.

Ten point action plan for improving your network

Professor Andrew Parker has over 20 years’ experience researching and consulting with SMEs about strategic networking. We asked Andrew to share some advice. Watch the videos below, and use our eight point action plan to take a more scientific approach to your networking!

1. Be clear: why do you want to build your network?

2. Map your ideal network: think about open vs closed networks, diversity, and deepening.

3. Don’t wait: book time in your diary today.

4. Make the ask: get third-party introductions.

5. Think social and business: what have you got in common with someone?

6. Key messaging: make your ask clear.

7. Give back: what can you offer?

8. Use online tools: use networking software to visualise your networks (see video on the right).

9. Follow up: when you meet someone at an event, always follow up afterwards.

10. Focus your time energy: networking is about quality not quantity, so focus your energy on building useful relationships.