"Do our people know enough about what is going on?"

The Importance of Networking

The above question is one of the most common asked to EP. The answer is to ask “how often do your people actually network externally? And how much do they listen to what is going on?”

May sound so simple but our data will suggest that less than 10% of senior executives network externally; so, it is natural that most will have internal perspectives and not have a full understanding of the key trends and influences at play in the market. One cannot have a growth mindset if does not read and listen to what others are saying.

We recently spoke at a sales conference and the question was asked to 60 salespeople – “how many actively network in industry”. Less than 10% put their hands up. The same was asked in a broad FM conference. There were the same figures.

The industry is changing and still deeply challenging and yet, so few do have new ideas and solutions. Is the above all linked? How can one have new solutions if one does not actively listen to others across their sector?

Of course, we are biased as we host events all the time but we so to both bring leaders together but also to understand the key trends and thinking.

The counter arguments often evolve around:

·??????? Networking opens to the door to too many sales approaches

·??????? Networking is surely for those seeking new roles as research will suggest that 80% of roles are filled through personal contacts and relationships.

Both are valid points but hardly relevant. Surely it is good to have the opportunities that the second point provides and as for the first one, isn’t that just business?

The real reason to network is to build knowledge and contacts so that there is a flow of information and data to allow for good decision making. If it also serves to open the door to opportunities, then that is a bonus. Is that a reason to discourage others to network? If someone is going to leave, they will do so for other reasons.

It's often said that "never underestimate the power of your network,”. It may not be an investment that you can measure but it is one of the more important assets one can possess, which makes the facts that less than 10% of executives network seem mildly ridiculous. A degree is often a start to one’s career but what really builds a career is knowledge, judgement and relationships. We will argue that this comes best via social skills and networking.

Networking is an important part of growth and is worth the investment. There really is little excuse not to engage.

Written by Chris Sheppardson, EP Business in Hospitality