Singaporean expert to businesses: ‘Understand the concept of networking’

CEBU, Philippines - The world of business has become more competitive and having an edge among other industry players has also become challenging.

While this speaks of reality, a Singaporean trainer on financial and management development programs said companies need to understand the concept of networking and how it can help them in the ever changing business landscape.

In an interview, entrepreneurship expert Goh Ai Yat said that networking is the main business building tool today as it is thought to create connections and build up social capital.

“The basic key to networking is the right to earn the right thing to do business with and to ask for a favor,” said Goh, who is currently managing consultant of Singapore-based SBF Group of Companies. She was in Cebu recently for a one-day talk on Networking and Client Relationship Management.

“Why is it often perceived as a negative, unethical or ugly activity? It is not, if it is done professionally,” Goh added, saying the increasing competition -- when everything else being equal -- is one key reason to network.

“One common mistake that most businesses do is I think taking customers for granted. They think customers will keep coming back,” she explained.

Reality would indicate that customer trends and the market are changing all the time and the needs of the buying public are also varying.

“If they don’t do anything, they will be challenged,” she noted, saying market changes affect both large and small enterprises and vendors.

The former senior banker also pointed out: “When products and services are virtually identical, the difference lies in the salesperson (individual) and his or her management of the customer relationship.”

Goh, who also teaches entrepreneurship at Singapore Institute of Management, said knowing the right people at the right places aids efficiency in getting tasks done both in work and business.

Doing so, she added, would drive an enterprise’s expected outcomes -- to hike revenues and keep loyal customers.

She advised businesses that they should focus on customer retention and appreciate the value of customers. “The objective must be to build a positive relationship from the perspective of the customer, not of the organization.”

She noted a five percent increase in customer retention can yield between a 20 to 100 percent increase in profitability.

‘We are all business people’

The foreign trainer also wanted to tell people especially the employees that they can be considered as business people.

“We are all business people whether you’re employed or a business owner. If I do a good job, my company will make money,” she said, noting this is the new paradigm shift that business society should lead.

More “push” entrepreneurs to those who are encourage to become enterprise owners will arise in the future amid the rising business potential.

She said: “The only way to make wealth is to become an entrepreneur.” (FREEMAN)