February 1, 2025
The power of the network
I ‘googled’ famous quotes about networking to start this article and was met with thousands – from Richard Branson, Diane Helbig to Steve Jobs and Michelle Obama, among others. All pretty much said the same thing, networking with people is essential to business and a positive professional way of life.
For SMEs, I would suggest it is even more important. So, I took advantage over the break to think about how reliant we are on our own networks to continue to grow successfully. It was a healthy exercise, and I recommend others to do it.
Over the years, Eumar Technology and our sister business Ubersorb have developed outside the mainstream geographic corridors of manufacturing and innovation, like Oxford and Cambridge science parks with naturally located professional networks. From our base in #Hereford, we have grown to be successful small businesses reaching into global markets. However, like thousands of other SMEs, we have had to dedicate specific time to researching and developing networks beyond our locality to professionally move the business forward that might not be readily located on our doorstep. That is not to say local networks are not important, they are, particularly for local resources, colleagues and services.
Developing national networks take time, resource and effort and the benefits are not always immediate. But one of the most important contributing factors to our evolving outreach has been developing confidence; a confidence to know we are able to talk knowledgably, a confidence to reach out to often much larger organisations and a confidence to know we belong. I think that is one of the biggest challenges for SMEs and I would suggest we are not alone in that.
That is the importance of networks like Medilink, particularly in the diverse world of medical devices and innovation. Having recently joined, we can look forward by reaching out to peers in the same situation as us – a lot to offer but not always the forum or network to share it in.
So for those SMEs at the start of their networking journey, is it worth the effort and diversion from the day-to-day business as usual? Simple answer is yes; the more complex answer is yes but it isn’t easy. These are just a few of the benefits both us and other SMEs I speak to have found:
Opening doors to new markets
Networking opens doors to new markets and potential clients that might be inaccessible through traditional marketing methods. This has been the case for us at Eumar Technology albeit it continues to be a slow burn. By connecting with diverse individuals, including potential customers, suppliers, and partners, small manufacturing businesses can showcase their products or services to a wider audience.
Knowledge sharing and understanding
Small manufacturing business owners can gain valuable insights and stay updated on industry trends through interactions with more established entrepreneurs and industry experts. By working with others, we have been able to test our thinking. This knowledge sharing can be instrumental in making informed decisions and steering the business towards sustainable growth.
Strategic partnerships and collaboration
Networking allows small manufacturing businesses to identify potential partners with complementary products or services – it’s a phase one of a deeper relationship. Other organisations we work with have seen significant benefits by partnering, helping extend their reach and customer base. We have also found by merging interests with complementary partners we have been able to extend our offer to new markets.
Problem-solving and innovation
Having invested heavily in our skills base, innovation is central to our success in 2025. It sounds obvious but so many of us think we are alone with a problem, but we rarely are. Again, you need to build that confidence to reach out, share ideas and discuss common problems with peers, recognising that you won’t be the only one who is experiencing the challenge. From there amazing innovations can flourish!
Finding a competitive advantage
Collaborating with the right person or organisation could help bring a product to market quicker, improve the supply chain or strengthen it from vulnerabilities, or secure supplies at a more competitive price. All these connections, often brought about by developing networks and partnerships, can provide a significant competitive edge.
Enhancing Brand Value and Credibility
This is an important benefit and one that often goes under the radar. Being in the right room or conversation at the right time can make a huge difference. Again, this can come down to confidence. At Eumar Technology, we made a step change in 2023 to attend international conferences and reach out to national and international stakeholders. For us that was a bold step but it helped build our credibility. Ultimately, regular engagement in industry networks can develop a business’s brand and establish its place in the industry or sector.
I realise that many of these benefits sound obvious but when we have our heads down and resources are tight, SME leaders don’t always have time to invest in networking. It can be a full-time job.
We are not fully there, and I think while we are investing heavily in 2025 in contract manufacturing and R&D, we can dedicate more time to networking, starting with Medilink and local small business networks.
Photo credit: Headway
