What comes to mind when you read the word “networking?” Attending conferences, performing your “elevator” pitch, or exchanging business cards? The enterprise value specialists at Ceibass have observed that the more successful companies are very skilled at networking or building networks.
“First of all, it is essential to establish some background about building networks. Why do it? For ambitious companies and ambitious people, the reason is to produce competitive advantages. The idea is to produce better networks than their competition so that they make better offers, have better people, the best customers, the best technology, the highest margins and assure their survival all the while building enterprise value,” said Tom Fochtman, Ceibass CEO. “We observe that successful companies think of building networks of people who can help them and that they can help. So there are networks of powerful customers who they can transact with now or in the future to build revenues, networks of professionals who are fellow allies that they think and anticipate the future with, networks of teachers and advisors who bring in special skills, networks of tactical help like employees, vendors and manufacturers, and, of course, networks of family, friends, acquaintances, and colleagues.”
For the team at Ceibass it is evident that the more powerful and the more numerous the networks of help that a company builds the more likely they are to be successful.
“There are so many networks or structures of people that need to be built or assembled or organized to have a successful company,” added Tom. “That’s why it is essential to make it a full-time, 24/7/365 focus –in every department, for every company concern including staffing, H-2B, new technologies, moving from gas to electric, financing, consultants, vendors, new services, getting employees up to speed, certifications, management training, legal, customer relations, sales, and marketing. The result is that you will build a much more valuable company when you exit.”