Expanding Business Networks and Connections

Category: Customer, Data, Interview, Retail
Last Updated: 18 Jun 2020
Essay type: Process
Pages: 15 Views: 160

The purpose of this research Is to compare the different types of networks and injections of each type of business, to show their similarities and differences, and to know how these networks and connections help in expanding the business. This paper also includes the factors and strategies businesses take into consideration for their plans of expansion. Keywords. Business, networks, connections, expansion. 1 Introduction Business Is and will always play an Important role In every country. What makes It important Is that It Is already a part of people's everyday lives.

Business provides goods, services, and Jobs. In other words, It satisfies the needs and wants of every human. The UN Global compact (2010:5) argues that business, as the world's mall source of economic growth, is at the heart of virtually any widespread improvements in living standards (Hooey, 2010). Without businesses, everyone would have to be an expert in all aspects of life which is impossible to do. Countries would also be at stand still and would have no progress at all. In short, we would not have the life we are enjoying right now without the presence of these businesses.

In the past, businesses started out as humble barter trades that slowly expanded as people explored and discovered new lands. Communication and transporting of odds and services were a great challenge. This comes to show that running a business back In the day was definitely not an easy task. But today, businesses have definitely evolved and Improved from what It was and a lot of them are venturing Into different business networks and connections. Related to the topic and the effects of having these in sustaining and developing a business.

Order custom essay Expanding Business Networks and Connections with free plagiarism report

feat icon 450+ experts on 30 subjects feat icon Starting from 3 hours delivery
Get Essay Help

Ritter, Wilkinson, and Johnston (2004) suggest that firms should not be seen in isolation but as being connected in business systems. Hall, Deanne, and Lenox (2010) state that sustainable development has emerged as an increasingly influential incept in managerial and academic settings and the term sustainability has become a mainstay of corporate strategy. Business Networking is a very important aspect that businesses need to maintain substantial growth and harbor strong relationships. We are presently living in the information age. All this information is available and accessible to everyone in the world.

Business has definitely changed the way people live their lives. Since it has been established for a long time, it has become flexible and adaptive to the changes that we humans have been making. Our advancing technology has made networking easier for businesses to manage. Alt, Fleischer, and Were (2000) state that intolerability is the internal and external ability to cooperate as well as the ability to rapidly and efficiently establish, conduct, and develop IT-supported business relationships. Networking is built on relationships between the actors and organizations of business.

Holland and Tornados (no date) state that a relationship is defined as an interdependent process of continuous interaction and exchange between at least two actors in a business network context. 6, Goodwin, Peck, and Freeman (2006) state that a network is any moderately stable pattern of ties and links teens organizations or between organizations and individuals, where those ties represent some form of recognizable accountability. Networking, technology, and relationships go hand in hand in making businesses more manageable and organized. In this day and age, business has become very competitive.

Some businesses fall behind due to competition, negative revenue, and a plethora of other reasons. For this very reason, companies of businesses agree to have partnerships and in order to become a bigger and stronger company that can withstand tough competition. Business connections are very important to have. Connections take time to build but it is these connections that take a business and make it known to different corporations and consumers alike. Big businesses that have made it this far could not have achieved their status without first establishing and then maintaining these connections.

Connections do not only apply to other businesses. Making strong connections with clients, friends, and even family will definitely help in business expansion. As diverse and complex as the business world may be, this research paper would simply be focusing on networks and connections of different types of businesses and closer investigation on how these networks and connections help businesses in their plans of expansion. In the information age, the networking of companies is one of the most important business trends (Alt, Fleischer, & Were, 2000).

This research businesses. The researchers would like to make this paper as comprehensive as possible by including three types of businesses namely a corporation, a franchise business, and an online business. Three research questions are proposed. First, what kinds of connections are important for businesses to have? Having at least a few connections are considered a necessity for every business. Suppliers, contacts, and tie-ups with different businesses are examples of connections. These will help the business in creating their output and reaching out to a bigger market.

Businesses would not survive long enough without the help of having these connections. Second, what are the factors to consider before a business decides to expand? Businesses do not Just decide right on the spot whether to go for expansion. This kind of decision must be carefully done because the fate of the whole business is at risk. A business should reassure that a big decision like this would be beneficial and would positively affect the company. Lastly, how does expanding or having a bigger network help businesses reach out to more consumers? The consumer plays an important factor for a business to survive.

Without the consumer, there is no point in running a business at all. The consumers is the catalyst that keeps the business alive and running. By buying its products or services, the business thus earns the profit used to create even more goods and services. 2 Methodology For this research, the sources of data that the researchers used came from its participants. The participants were businesses recruited by the researchers via personal connections. Two businesses were taken from each type of business namely a corporation, a franchise business, and an online business to ensure accuracy in the results.

The researchers made sure that all the six businesses had already undergone expansion throughout their existence and possess the knowledge to describe in detail what this crucial business step is and how it should be properly executed. The method the researchers utilized is the descriptive method. The descriptive method is used to gather information about existing conditions in a certain place and period of time. The hypothesis formed regarding the situation will be tested using he information gathered concerning the said situation.

To gather the information needed, the researchers formulated a number of questions about the said research. These questions were able to collect important data from the participants. The questions were comprised of open-ended questions. These are questions in which possible answers are not suggested. Thus, it was designed to encourage full and meaningful answers from the participant's own thoughts, opinions, and feelings. The questions focus on the importance of business connections, the factors, strategies, and effects of expansion.

These questions were seed for an interview of each of the businesses. After all the interviews were them. Analysis and interpretation of the collected data are made to attain information on the desired subject matter. The results were very specific and focused on the chosen types of businesses since these results are in the interest of the researchers and to whom they may concern. The researchers then compared results to see which favored method was used to efficiently execute the expansion process. Different instruments were used in gathering data.

Most of the data gathered came from the interview questions that were given to the participants to gain their Houghton and opinions on the subject matter. An interview guide which contains all the questions was used to keep track during the interview itself. 3 Results and Discussion Two interviews were conducted for each of the three types of businesses which give us a total of six interviews. A brief description on the businesses we interviewed and the interviewees are as follows: Nun Chi Corporation is a trading company. It basically buys and sells used trucks.

Patrick Unsung, the owner, has ventured into this kind of business because it is his line of work. He had done the same kind of work in the previous company that he worked n for almost 18 years. Green Future Innovations, Inc. Is a corporation fully committed towards a green and sustainable development. It is a manufacturing company which produces ethanol for a better environment. Our interviewee, Alexander Icy, is the chief administrative officer of the company. He ventured into this kind of business because he was previously involved in the tobacco industry.

He had a friend who works in the sugar cane industry and together, they came up with the idea of processing ethanol because it also stems from the sugarcane industry. Goldbricks' Bakeshop, Inc. Is a franchising company. It operates and franchises Akers stores around the country and internationally. It offers a wide selection of desserts, snack foods, bread, sweets, Filipino food, and many more. Goldbricks' Vice- President, Franklin Go, shared to us how the business started. They started off with a business plan, and then comes the mission and vision for the company.

Once they reviewed the goal, they hired a consultant to set it up for two years. MS Potato Fix is a IT-registered business. It is a franchise of Potato Corner owned and managed by Eleanor Mordant. She has ventured into this kind of business because she wanted to find a business that was not too time consuming. She knows that she has made a wise decision in choosing the Franchise business because of its financial benefits and the ample amount of time that is made for meeting and dealing with clients. And Classics Resale. The online shop mostly sells accessories such as earrings, necklaces, rings, and bracelets.

The shop also has shoes, bags, and cell phone accessories. Candace Mordant, one of the owners of the online business, told us that they ventured into this kind of business because they wanted to provide accessories for ladies at a low cost. She also added that as a fashion flogger, her goal is to be able to share this kind of fashion lifestyle to her readers. Lastly, The Votive is another online business owned and operated by Angelical Villa. The online shop mostly sells clothes, shoes, bags, accessories, and swimwear at affordable prices.

Angelical has ventured into this kind of business because she loves fashion and selling items and online shopping has always been a favorite past time of hers. 3. 1 Results and Discussion The research question that we would first like to present is, "What kinds of connections are important for businesses to have? " For us to answer this question, e have asked our interviewees about their connections in their business, how they were able to build those connections, if the connections they have at present enough, and their thoughts on what connections are necessary for every business.

Patrick Unsung of Nun Chi Corporation said that their connections were built through word of mouth. The business lost money during the first two years of operation because there were not enough customers and so the expenses outweighed the revenue. But after a few years, the business improved and progressed because their customers started recommending the services to their own connections. We asked if the connections they have at present are enough to sustain the business and he said yes but he wasn't a hundred percent sure.

He told us that although the inquiries for the trucks have never stopped, he believes that he is still in the circle of business and he is confident that he is not out of the loop. When asked about his thoughts on the connections necessary for every business, he believes that there are different connections needed for different businesses in terms of suppliers, clients, etc. He believes that businessmen should be familiar with their own businesses and connections of all kinds can be made. He warns not burn bridges because they are important to businesses and one will never know when they will be needed again.

Alexander U of Green Future Innovation started his connections through a friend. He also made partnerships with people who also have businesses in the same field of interest and he has met foreign businessmen who were interested to venture into the same kind of business. He made connections through the forums, seminars, and conferences that he has attended. These connections were mostly people who were involved in the same field and are related to the same industry. He believes that the connections he has at present are enough to sustain his business but he is still open business and more people entered the scene.

He described this as a web of effects. He also believes that at whatever point your business is in, it never stays flat. Change is always constant in business and businessmen always need to grab that chance to innovate in order to stay ahead of the competition. When asked about his suggestion on the connections necessary for businesses, he believes that it depends on the involved field because every business has its own different suppliers, clients, and injections so the businessmen should circle themselves around the people who are in the same field.

Franklin Go of Goldbricks told us that the company started building its connections through time and through new clients that come to them. As a franchise business, their franchisees are considered their connections. He considers their connections at present to be enough because the business is doing well and they still have a strong relationship with their connections but are open to make room for growth and improvement and to meet new people, setting up new relationships, and establishing ore connections. He also believes that connections vary for every business.

But for the franchise sector, it is important to know the people from different franchises because they play a large role. Eleanor Mordant of MS Potato Fix told us that the advantage of a franchise business is that it didn't have to build so much connections because everything is already set-up by the franchiser. For example, all purchases are made with the franchiser that is the one dealing directly with the suppliers. But she also mentioned it is also nice to meet new people such as other franchisees. She believes that injections are necessary to ensure that all materials and services run smoothly.

Candace Mordant of Charmed Couture started their connections with their suppliers. They tried to buy some products from the suppliers to see if they are real and after verifying, they made them their official suppliers. In terms of clients, their friends were their first customers. Because since their business is run online, they also involved themselves in having tie-ups with floggers. She believes that the connections they have right now are enough to sustain their business but they are still eager to meet new people to help their business grow even bigger.

She believes that for an online business to last, it should have suppliers who are trustworthy enough to provide the business with all the necessary materials. Given the fact that there is a large amount of successful online shops, the competition is bound to be ruthless. For that very reason, a support system such as friends and family are important, as they are usually the first clients who help the business survive. Angelical Villa of The Votive also started her connections with her friends because they are her first buyers. Her friends also started endorsing her to their friends.

Soon, she met new people and interested buyers. She also mentioned that meeting floggers also do the trick because they can help you out in spreading the word about your business. She believes that she has enough connections to sustain to be a well-known online business. 3. 2 Results and Discussion The next research question we would like to present is, "What are the factors to consider before a business decides to expand? " For us to answer this question, we asked the interviewees about the factors they considered before they expanded, what strategies they used, and if they made the right decision.

Nun Chi Corporation decided to expand when their business started to grow by paving more clients and customers. Before the expansion, the business only had Japanese trucks. When they decided to expand, they acquired American trucks. Now, the business is going to have a new addition of European trucks. Patrick Unsung told us that they made the right decision in expanding the business. Green Future Innovation, on the other hand, kept their eyes open for opportunities and when they came, they immediately grabbed them. Alexander U believes that growth is necessary. Otherwise, the business will go downhill from there.

The strategy of the company was to make the company stand out among the rest. They strives for growth, made greater goals for both long term and short term, all of which aided in their expansion. Goldbricks being a franchise company, it is necessary for expansion for growth and improvement. Franklin Go mentioned that one must do whatever it takes to improve the system so that it will last long term. They expanded through the years by giving out more franchises and opening more branches. They made the right decision because it was a necessary and beneficial for their business.

Eleanor Mordant of MS Potato Fix believes that expansion entails availability of UAPITA to fund it. Location and the target market are considered for a franchise business like hers. One strategy is to set up an eye-catching stall in a strategic location. Currently, she has already two branches of Potato Corner and she believes that she made the right decision. She is also planning to put up another branch by the end of the year. The factor Charmed Couture online business took into consideration before expanding is the income/profit that the business is going to spend.

They slowly entered the market so as not to splurge on the expense instantly. Their strategies ere giveaways, flogger styling, and soon they will be featured on video blobs and hopefully put up a booth in bazaars. Candace Mordant told us that they made the right decision in expanding. Time and money, on the other hand, are the factors that Angelical Villa took into consideration before deciding to expand The Votive. Her strategies in expanding were creating backbone and Mainstream accounts for her shop. She also started in 3. Results and Discussion The last research question that we would like to present is, "How does expanding or having a bigger network help businesses reach out to more consumers? " In order to answer this question, the interviewees were asked on their insights if their expansion gained them more customers and what were the advantages and disadvantages they encountered during expansion. Patrick Unsung of Nun Chi Corporation said that expanding the business has definitely given them more clients. He gained more clients through the new people that he has met before, during, and after expansion.

The advantage of which is the growing number in sales, and the learning experiences along the way that were later applied in the business. There were also some disadvantages such as the loss in new profits and the higher amount of expenditures. Other than that, the advantages outweighed the disadvantages in the long run. Alexander U of Green Future Innovation also agrees that they have gained more consumers in expansion. "Meeting new people means more connections for your business. The new people you meet eventually become business partners, who, in turn, introduce you to even more people. He describes it as a web that continues to grow and grow. He believes that there are no disadvantages, Just challenges. He considers them all as challenges that the business needed to overcome. After expansion, everything was doing even better than before. The revenues earned back wise the loss, the employees were satisfied, and the budget was even bigger. Franklin Go of Goldbricks affirmatively said that they have gained more clients because the stores saturated, therefore giving them more clients, more people to work with, and more connections. MS Potato Fix, on the other hand, had no problem in the budget aspect.

The business was able to help more people who needed Jobs. Opening more branches means a need for more employees. However, with more people, there are more problems in terms of closer supervision and monitoring to ensure smooth operations and quality customer service. And, the presence of a new outlet in a location with a market with a lower buying capacity has affected sales/revenues. Candace Mordant of Charmed Couture said that they also gained more clients. One way was through their giveaways in blobs. Currently, they don't get much of those "Are you a trusted store? Type of issue because they have seen floggers buy and wear the store's items. Managing the business is a challenge because the owners of the business also have full-time Jobs. They ensure that all products delivered are in good condition and give refunds to those consumers who receive damaged goods. Expansion. She met new people online because of the accounts she made for her shop. She also met people in the bazaars that she had attended to. 4 Conclusion Business plays a very important role in the lives of people today. Without it, there would be no innovation, no progress, and no improvement.

For those very reasons, businesses today strive to be the best, strive for improvement, and strive for excellence. It is clear that the advantages of business expansions definitely outweigh the disadvantages. Great businesses would never have come to be that way if it weren't for expansion and the hunger for improvement. In the end, losses are gained back, he challenges improve the state of the company, and more possibilities and opportunities for the business are made. If a business chooses to be stagnant once it reaches a point that seems good enough, it will only be run over by other businesses that seek to improve and innovate.

Based on the data collected, connections and expansions are necessary for a business to survive in a very competitive world. Connections are one of the important factors that keep businesses alive. The kinds of connections necessary do not have to be very specific. After all, all businesses are different and require different people for efferent needs. Neophytes who plan to inject themselves into the intricate and competitive industry of business need to be familiar with the type of business that they want to involve themselves in.

By knowing the business in and out, finding connections for the business will not be a problem. Connections are built through time, people, and experience, so no new business can have an instant plethora of connections. It is a progress that needs to be dealt with in a reasonable amount of time. The time taken for every business to build connections is different. Once connections have been established, it does not stop there. Businesses that stay on top are businesses that continue to renovate, innovate, and create an edge over other businesses.

Cite this Page

Expanding Business Networks and Connections. (2018, Jul 29). Retrieved from https://phdessay.com/expanding-business-networks-and-connections/

Don't let plagiarism ruin your grade

Run a free check or have your essay done for you

plagiarism ruin image

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Save time and let our verified experts help you.

Hire writer