33% of businesses are struggling to network successfully, despite 86% acknowledging that these connections are beneficial for boosting business growth
The research conducted by Natwest also reveals that 50% of small businesses increased profits and 70% secured business from connections they have made.
Although the majority of businesses know the benefits, initiating business meetings and introductions can be pricey and difficult
As a result, small businesses and startups are being advised to focus more on networking in 2017 to boost business growth and success.
Introbiz is a Cardiff-based company, founded in January 2009 by Tracey Smolinski, which aims to help their members to connect, collaborate, learn and succeed.
As the largest independent professional network in Wales, Introbiz host weekly business networking events, as well as Wales' biggest business exhibition every Autumn, where they bring businesses together in over 50 4 and 5* venues to share their stories and experiences.
In 2016, Introbiz's UK Business Expo was the biggest event they have hosted at the Motorpoint and was one of Wales’ Biggest Business Events of the year and they sold out of Exhibition Stands for the fifth year in a row.
Introbiz are also very proud to welcome many global brands to this years events including: Google, Maserati, Mercedes Benz, Hugo Boss, Cartier, BMW, Cardiff Airport, Royal Mint, Pall-Ex, Cardiff City FC, the Welsh Government and Cardiff Council and many more. Tracey Smolinski and her partner Paul Smolinski say, "2017 will be even bigger and better."
Introbiz Cardiff Business Exhibition 2017 will be coming to you from the Motorpoint Arena, Cardiff, South Wales on Thursday, 2nd November!
Q&A with Paul and Tracey Smolinski, Directors of Introbiz
Can you become an entrepreneur without a degree?
"Yeah, you can become a successful entrepreneur without a degree, it all depends what experience you have done before in business. Also, if you have been very entrepreneurial in business working for other businesses, it gives the idea of achieving your own goals, targets & having that freedom is life changing.
I think a degree in business is very useful and studying the industry you want to work in but having the experience working you learn from all our mistakes. Having the day to day life working before branching out to be entrepreneur is so important in business."
What are the key skills needed to be a successful entrepreneur?
"You must have passion for what you do and have good listening skills. Be approachable, believe in yourself & your product, set yourself the highest standards, be a great team leader, be connected to the right people in business by networking, the ability to make entrepreneur friends, ability to identify strengths & weaknesses, employ the right people in your team & train correctly, have great social media skills also in IT SEO & Website, provide fantastic customer service and spot new trends in business.
You also have to have the vision to create something and be a good leader to move the team forward. There is a difference between an entrepreneur and a business owner. Business owners work in their business as a main player and if they step out of the business, it doesn't work without them in the business. An entrepreneur systemises their business so that if they are not working in the business the business still carries on, therefore an entrepreneur creates a business that is sustainable without them in it."
Does age matter in business?
"Age doesn't matter in business if you have the key skills & passion to be an entrepreneur then go for it!"
What advice would you give to budding entrepreneurs?
"One message that always stands out was at Introbizexpo when headline keynote speaker said in 2013 Ex Dragons Den Hilary Devey CBE "no business will survive with out going to business networking events."
It is paramount that you start attending weekly networking events! You start building new partnership relationships and getting to know, like and trust businesses.
People buy from people and that is fact, so where ever you are in the world you are going to meet new people and be connected to maybe a golden opportunity for your business.
I believe it's one of the best times to start a business in 2017. If you an excellent opportunity in business go for it. Firstly do your homework, be connected, have sufficient funding and plan your marketing campaign to build your brand. I know 80% of new businesses fail in the 1st year because many of them don't plan or set any marketing and networking budgets to grow there business."
What valuable lessons have you learnt from the business industry?
"One of the most important lessons I've experienced in business is never judge a book by its cover, you never know who you are talking to or who you have just met.
It may be your new business partner or new client.
Also, understand the money and cashflow. The heart of the business is cashflow, if you don't have it, you don’t have a business."
Both Tracey and Paul are proud Big Ideas Wales role models encouraging young people to think in entrepreneurial ways.
