Women entrepreneurs make a huge contribution to the Canadian economy. According to WEConnect Canada, a non-profit organization that helps women business owners access opportunities, more than 821,000 women-owned businesses in Canada annually contribute more than $18 billion to Canada's economy. Women-led firms provide jobs for 1.7 million Canadians and creating new jobs at four times the rate of the average firm.
Women’s business networks, which have emerged at national and local levels across almost every industry segment and profession, have been an important facilitator of this growth. “From my experience, I can say that business is very much about relationships. Those who get out of their comfort zone to reach out to create the 'right' contacts will benefit by establishing a valuable network of those who can help them move their business forward,” says Betty Wood, Lead Strategist, Women Business Enterprises for WEConnect.
WEConnect helps women-owned businesses connect with procurement officers in top corporations, other qualified firms and government bodies. It delivers education, training, coaching and mentoring programs that help Canadian women enterprises successfully bid on contracts. The organization also provides a networking opportunity where women entrepreneurs can do business with each other, connect with mentors, and exchange valuable information, advice, and business leads, and contacts, says Wood.
“The other thing [for an entrepreneur] to remember is that just as you want to connect and learn, so do others. Having an abundance mentality and a willingness to share your experience is a big part of building valuable relationships,” says Wood. “Our certified businesses are part of a unique network in that they are all proactively growing their businesses and are open to advice, sharing, and collaboration. Our corporate members are open to share their processes, experiences, and contacts. And that's when the magic happens!”
Wood recommends that entrepreneurs look for networking and professional organizations that match their industry or profession as well as their business scale. Whether these are local, national, industrial or professional, a common key to success is that the entrepreneur must be willing to put in the effort to connect.
“The people who get the most benefit from networking are the ones who come to the events — who meet with people and are unafraid to pick up the phone,” Wood says, adding that entrepreneurs also need to work to determine which of the many networking associations will bring them the most benefit.
“Entrepreneurs are really busy and you need to work hard to develop your relationships; there are a lot of different professional networks, you have to be discerning and choose which one will have the most value for your business,” says Wood. “The bottom line is that you have to pick the right organizations and show up to build those relationships, ask the questions, learn, and follow up.”
She also strongly advises seeking local-level networking advice from your bank manager and Small Business advisor. “Bank managers and account managers are very well connected in their communities,” says Wood. “They know who’s good, who can come up with resources that you need or who can help point you in the right direction.”
