Small and Medium Enterprises (SMEs) form the backbone of Kenya’s economy, contributing over 98% of businesses and employing approximately 70% of the workforce. Yet, for many SME owners, growth remains elusive. One potent strategy to propel your business forward is by embracing the power of business networking.

Why Networking Matters

Networking offers invaluable opportunities to build relationships with potential clients, partners, investors, and industry peers. These connections can lead to collaborations, referrals, mentorship, and access to resources that could significantly boost your business growth.

Tips for Effective Networking

• Identify Your Goals: Understand what you hope to achieve through networking. This could be finding new clients, seeking investment, or collaborating with complementary businesses.
• Research Events: Look for relevant business events, conferences, and trade shows happening in Kenya. Platforms like Lipabiz Events can help you discover opportunities.
• Prepare Aimfully: Before attending an event, research the attendees and companies participating to tailor your pitch and approach.
• Be Authentic: Authenticity builds trust. Be yourself and share your unique value proposition in a clear and concise manner.
• Follow Up: After meeting someone, send a follow-up email or LinkedIn connection request to maintain the relationship and continue the conversation.

Data Insights

According to the Global Entrepreneurship Monitor (GEM) report 2019/2020, network-based initiatives are the most effective method for startups in Kenya to access new clients. In fact, a staggering 54% of entrepreneurs rely on their networks for client acquisition.

Recommendations

As a Kenyan SME owner, take advantage of the power of business networking to unlock new opportunities. Leverage platforms like Lipabiz and attend relevant events to connect with potential partners and clients. Remember, your network is your net worth.