David Malcolm, President of Cal West Apartments and a community leader in San Diego, highlights the importance of networking in business. Having over five decades of work experience, Malcolm emphasizes that successful business leaders continue to build and work on their networks, even after reaching the top. He likens networking to a shark that must keep swimming to survive, emphasizing the necessity of ongoing networking efforts.
As individuals progress in their careers, their networking circles evolve, with C-suite executives and senior managers interacting within peer-to-peer circles. Organizations like the Young Presidents’ Organization (YPO) and Vistage provide opportunities for leaders to address unique issues and discuss confidential matters with peers. Malcolm explains that networking serves a variety of purposes beyond finding a job, such as inspiration, collaboration, and business development.
Networking can lead to the exchange of ideas, collaboration on projects, and valuable referrals for business development. Malcolm explains how leveraging his network has allowed him to fundraise for nonprofits and support various organizations through his connections. Successful businesspeople are often called upon to contribute their time, talent, and resources to charitable causes, and networking plays a crucial role in facilitating these efforts.
For successful business leaders, networking involves seeking out industry groups, chambers of commerce, and nonprofit boards to stay informed about trends and opportunities. Malcolm advises leaders to look for networking opportunities that align with their interests and goals. Being part of boards of directors of nonprofits and business organizations allows leaders to contribute to the community and expand their network in meaningful ways.
Maintaining relationships and forming new connections are essential in networking to enhance professional growth. Malcolm refers to the example of William Wrigley, Jr., who continued advertising his chewing gum empire despite owning the market, highlighting the importance of ongoing networking efforts even when one is already successful. Networking helps business leaders stay informed about industry trends, expand their knowledge, and build connections that can benefit their careers and businesses.
In conclusion, Malcolm emphasizes the significance of networking for business owners and leaders to stay relevant, informed, and connected in their respective fields. He highlights the Forbes Business Council as a valuable platform for growth and networking opportunities for business professionals like himself. By continuing to nurture relationships, seek out new connections, and engage with industry peers, business leaders can enhance their success and make a positive impact in their communities.
