Diversify social network and you diversify knowledge base

NETWORKING has always been an integral part of any SME business. Owners and managers have limited time and resources, so they must often rely on social networks to find customers, suppliers, distributors and employees and to enhance the company's reputation.

While these are all worthwhile uses of networking, an often overlooked benefit of networking is access to knowledge about how to make the right business decisions.

In many cases, there are no fail-safe ways to make the right decision on whether to enter a new market, whether to launch a new product, whether to establish a particular partnership or whether to hire a new manager. Where there is no clear answer, we often turn to the conventional wisdom of those around us. As a consequence, the knowledge we use to make decisions often depends on who we know.