On average, senior managers surveyed said that 11% of their business’s turnover was facilitated by “core contacts” – people who give careers and work-related information and advice.
42% of respondents within manufacturing and construction industry felt that core contacts were quite important to the success of their business.
Senior managers in medium and large businesses have 25 core contacts on average and estimate that they contributed an average 11.3% of business turnover in the past 12 months.
Psychologist Dr Sally Ann Law said: “Royal Mail’s research underlines the importance of developing a network of core contacts in helping managers deliver their business goals.
“Nurturing and keeping in touch with core contacts over time so that they feel valued is also important. Sending letters and cards during the year, whether to mark a business success or a special occasion, is one way of building business relationships and taking them to a more personal level.”
The research also revealed that core contacts play an important role in establishing new contacts. More than half (52%) of the respondents have been introduced to new suppliers and customers through their core contacts. More than a third (37%) turn to core contacts for business advice.
“Strong relationships with colleagues and others in boundary-spanning roles keep people informed and on top of potential new business opportunities,” Law said.
“Past and current contacts can also facilitate access to other useful contacts, stimulate different ways to think about future directions and provide support through challenging transition periods. Interpersonal networks are playing an increasingly important role in people’s lives. After some creative, open-minded thought, people begin to see how they might use those contacts as a spring-board to new business and even career opportunities.”
