Business growth strategy and the power of connection

Being an entrepreneur is incredibly rewarding and whether you want to build an empire to last the ages or simply be master of your own career, starting your own business is a highly attractive option for people who have the drive and enthusiasm to create something from scratch. Even at the best of times, it can be challenging, so the advice in this series looks at the considerations new entrepreneurs need to bear in mind when they approach their new venture. 

The Power of Connection 

Who you know is as important as what you know 

A solid, diverse and continually developing network is an immensely valuable resource for your business career – for this business and your subsequent ones. Good contacts will offer your business better discounts, wider services, and improved terms: all of which are valuable throughout your business life, but even more so at the beginning, when funds are usually particularly tight.  

Remember the best network is a growing one: every new connection makes your existing network more valuable to you and even your new contact. Networking itself is a vast topic, but often approached as chore. However, at its simplest and best, it is the process whereby people expand their connections with people they know, like and trust – not every connection needs to lead directly to new business or benefits – it can simply be a friendly chat with someone like-minded or who offers an interesting perspective, so relax and find people you “want” to talk to, not people you feel you “have” to talk to – the more this becomes a pleasurable and authentic activity, the easier it will become, the more effective it will be and the greater the rewards you will reap. 

Get the right systems and support  

Running a business isn’t easy, especially as it requires the production of, and reliance on, huge volumes of information and data. This data is critical for all sorts of reasons: informing current and future business decisions, meeting financial regulatory requirements, tracking performance, honouring contracts. It is therefore vital that you integrate the right infrastructure to ensure that this information is handled and stored effectively. Like delegation, the importance of finding the right support cannot be stressed enough.  

When it comes to policies, regulatory requirements, and contracts, it is also recommended that you source specialist advice and representation to help you deal with these in a manner that is both accurate and favourable to your business. Slip-ups in this area can bring serious sanction and also significant costs.  

About the author 

Caroline is a highly regarded corporate lawyer with over 25 years’ experience in her field. She is known as a pragmatic adviser who cuts through complexity to find sensible and practical solutions, while always communicating with clients in an attentive, straightforward, and intelligible way. 

Caroline and her team at Vardags offer substantial expertise and outstanding strategic solutions on company and commercial legal issues, advising clients from entrepreneurs and SMEs to private multinational corporations. Included within the team are Reputation and Privacy specialists Alex McCready and Eva Wallace, alongside leading litigator Frank Ryan, who can can deal with any litigious or reputation-based matters which may be involved in your case.