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Networking in Professional Associations

(Published in the Special Edition of Focus for the 44th World Conference of the International Association of Financial Executives Institutes, October 15, 2014) 

Relationships are the backbone of any business, more so in this regional and global economy. Many of these relationships are initiated, maintained, and nurtured at professional networking events. As Metcalf’s Law describes it - the value of a network is proportional to the square of the number connections. Accordingly, the value of your network is related to its size. The value of these events comes from the ties you build - both weak and strong - with a wide array of professionals, beyond just your clients; hence, the value of events like this comes from the connections you build, may it be weak or strong.

By engaging with delegates, speakers, and even the organizers of this event will give you valuable insights about the market, prospective partners, competitors, potential employees, and even potential employers through an extensive personal and professional network. That’s why it’s critical that you exchange information with other delegates that they will find valuable. Such information may be any of the following:

1) Leads – These are business opportunities for partnerships, acquisitions, or simply for selling your products and services. Leads can be “hot” or may progress in the future, but the important thing is that you gain insight on potential business partners and clients. Leads may come from proper introductions from a friend with other delegates.

2) Trends – The conference speakers will share industry trends, both regional and global. But having personal or group discussions with delegates and shed insights on trends that may just be starting, and may prove to be valuable business input for your plans. Have capital spending peaked in certain market? Are there new practices on risk management?

3) Industry updates and insights – Professional events like this are also a great source of industry news that you will probably not get from other sources. As the delegates will come from various industries across the globe, you can gain insights on your industry or related industries that will be valuable for your business plans.

While you will receive valuable insights, leads, and trends during networking activities, it’s important that you maintain your credibility by following through on your promises, such as the need to send an email update or a call. Your network grows stronger as you deal with it with integrity and credibility.
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Reynaldo C. Lugtu Jr. is the Editor-in-Chief of Focus, Vice Chair of ICT Committee of FINEX, and Chair of the SME Market Development of FINEX Foundation for Entrepreneurship Inc. He is Vice President, IT-Enabled Services Group of Globe Telecom and General Manager of Asticom Technology Inc.

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