Supply chain finance advice: Earning from your network

The trade industry continues to evolve and remains highly competitive. One of the most crucial keys to succeeding is professional development (the process of improving skills, knowledge and experience to enhance your career), whether you are a Supplier (Exporter) or a Buyer (Importer).

Competition, geopolitical risks and rapid advancements in technology continuously shape how companies import and export. Global trade has been thrown into disarray by the Covid-19 pandemic. Trade growth will likely slow to 4.0% in 2022, with the total volume of international trade remaining below the pre-pandemic trend.

Companies anxious about making the switch to international sales while a trade war is going on need options, ideas and help from like-minded people.

Digital networking has become more common than face-to-face networking because of Covid-19, with sites like LinkedIn serving a vital role as people expand their network from home. 

So how can companies make the most of networking in the trade industry with these considerations in mind?

Rule #1: Attend events

Events are excellent resources for professionals to stay in touch with industry changes and meet others in the same sector. Even though the pandemic created a shift towards digital networking events and online conferences, many industry events are returning to a face-to-face format. 

Face-to-face and digital trade finance events present an opportunity to grow your trade network. Professionals can discuss topical situations, highlight new priorities, listen to industry experts and ask relevant questions.

Attending will help to broaden your trade network significantly. The next step is to build and maintain relationships with your new connections and make the most of digital networking opportunities. 

Rule #2: Look out for opportunities

Building a good trade network will provide opportunities for business and professional development.

Discover professional opportunities

Statistically, 85% of jobs are found through networking. Learning how to network effectively is crucial for building credibility and it opens the door to careers that you didn't know were available.

Win new business 

An extensive import or export trade network can present incredible business opportunities for you and your company. Trade industry networking can also help you discover new partners and employees with subject-matter expertise. 

Rule #3: Learn How to Leverage Your Trade Network 

Build rapport

Once you have established valuable connections throughout your industry, it is time to build those relationships. Take the time to get to know the people in your network and you will likely find similar interests and values.

Establishing mutually beneficial relationships will open the door to many business opportunities and introductions to other useful connections.

Check in regularly

Successful networking involves regularly checking in with the people in your network. This strengthens relationships and shows your connections that you care about their work. 

Refer business

Trade industry networking is all about sharing information and ideas. However, it's important to remember that you get what you give. This means you should contribute, and there is no better way to do this than to introduce people in your network to each other.

For example, you might know several Suppliers and Buyers. Introducing them could start a solid business relationship between both parties. This could boost your reputation and lead to more business opportunities for referrals.

Even while working remotely, networking and referring business is easier with sites like LinkedIn.

Rule #4: Get paid through supply chain finance

By attending industry events, building relationships with other professionals in your industry and leveraging those relationships, you will lay the foundations for an excellent trade network. 

In international trade, numerous Buyers and Suppliers desperately need reliable and money-generating business relationships. 

Many Buyers and Suppliers aren't aware of the financial solutions that can make generating business much easier. For example, many Buyers and Suppliers are unaware of supply chain finance, where both parties can free up essential working capital. 

This is where a valuable and established trade network comes in useful. 

As a Stenn Representative, you can get paid to refer Buyers or Suppliers to us. If the Buyer or Supplier is a good fit for Stenn's invoice financing services, you could receive up to a 5% commission on each international invoice.

If you have valuable contacts in your trade network, such as international Exporters or Importers, that could benefit from invoice financing, we'd love to hear from you. 

Read more about becoming a Stenn Representative. 

If you are interested in learning more about generating additional income, Stenn has a dedicated FAQ section where you can find more information about our invoice financing services. We also provide videos which explain the company and the financing process in detail.

About the Authors

This article is authored by the Stenn research team and is part of our educational series.

Stenn is the largest and fastest-growing online platform for financing small and medium-sized businesses engaged in international trade. It is based in London, provides financing services in 74 countries and is backed by financial giants like HSBC, Barclays, Natixis and many others.

Stenn provides liquid cash to SMEs within the global financial system. On stenn.com you can apply online for financing and trade credit protection from $10 000 to $10 million (USD). Only two documents are required. No collateral is needed and funds are transferred within 48 hours of approval.

Check the financing limit available on your deal or go straight to Stenn's easy online application form.

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