Successful businesspeople understand the value of networking — whether it’s the opportunity to develop relationships with potential new clients or the simple pleasures of making a new friend. It turns out that not all networking events are created equal. Busy businesspersons who juggle numerous responsibilities need to find the networking events that will best meet their needs. They need to avoid wasting precious hours at networking events that are really intended for someone else.
During our first half-dozen years in business, we developed a solid base of clients across the country. But like so many professional services businesses, our core business remained close to home. For us, like so many professionals, the answer was clear: Open a branch office in another city and build a fresh book of local business. The answer may have been clear, but the execution took a while before we got it right. Here’s what we learned.
Growing mid-sized businesses will eventually reach a fork in the road where they have to decide whether to integrate or continue outsourcing. The decision can be difficult. Vertical integration — when a company takes ownership of its supply chain — can give businesses greater control over costs, efficiency and product quality. But continuing to outsource portions of your supply chain allows you to focus on your core business while still relying on trusted business partners.