10 Benefits of Business Networking
Business networking is something that can help you reach more clients, knowledge, and eventually attain business growth and increase the profits. It is normal and even an important part for business growth where people share their success and mistakes with other businessmen.
And for getting new clients, growing your business and even understanding where not to go wrong or what to do to grow your business faster, you would need to start networking before you initiate your business plan. With this, you would be able to build a sustainable business.
Here is why you need to network with other people in the business world if you want to become successful:
This has been mentioned first since it plays an important role just as much as every other point that would be mentioned further. With networking, it is easy for you to end up making great friends since you both think alike. And friends can become a strong building stone for your life, ideas, and even business. Some of the strongest friendships started from networking in the business world.
2. Generation of Referrals
This is an undeniable benefit that many business owners usually join networking groups and participate in networking activities. The best thing about networking to get referrals is that the referrals you get are mostly pre-qualified for you.
With the help of these referrals, you can give them the best to turn them into a permanent client. So, in short, you get much higher quality leads with the help of networking as compared to the leads you get from marketing. And with this, your business would also increase.
3. Increased confidence
By networking regularly, you would be able to push yourself to talk to different people and this would eventually increase your confidence. Moreover, being an owner, it is important as the business growth is entirely depending on your way of making connections and talking to people.
Eventually, it also turns you into a confident person and the more confident you are the more confident you are in your business. And this would bring out a new color in both your thoughts, actions and ideas for the company as well.
A group of business owners who are highly motivated and confident also gets them enough of open opportunities. By networking with different people, you would always come across new opportunities. And aren’t the opportunities why you decided to network with people?
Opportunities here means an asset or business sale, writing and speaking opportunities, partnership, client leads, joint ventures and many more. All you need to take care of is choosing the right opportunity and ignoring those that would be harmful to you or your business.
Also, the opportunities that you take up should strengthen your business goals, otherwise you would see yourself moving from place to place and opportunity to opportunity and getting nowhere.
5. Positive Influence
It is normal for a person to have an effect mentally after speaking to a person or experiencing something. Just like this, the people you network with does influence what you do and who you are. So, it is always important to surround yourself with those people who are positive and uplifting instead of those who would make you feel negative.
Networking is all about growth and with negativity, there isn’t any kind of growth. As a business owner, you do not want to be frustrated with your business. Instead, you want to love it more and make it thrive. Positive people would help in it.
In the business world, it is all about WHO you know and not about WHAT you know. If you want your business to thrive, you need to have enough of reliable connections and few to null enemies. With the help of the connections, anytime you need something, you can easily call them to get some help that is needed.
Through networking, you would be able to connect with highly influential people who you wouldn’t be able to connect with easily without the networking.
That is not where the networking ends, with each connection you make, they would also have a huge network that they can tap into and introduce you to them. So, if you meet a link, ask the right question to see if they know the person you are looking for.
7. Raising your profile
Another great benefit of networking is getting noticed and being visible. Ensure that you keep every social event and business events so that your face becomes well-known.
You can build a reputation for yourself as a supportive, reliable and knowledgeable person by offering tips and useful information to those who need it. When you have earned enough respect amongst everyone, you will get referrals much more easily.
As mentioned in the first point, networking makes you meet those people who are like-minded. And these people can give you advice on various matters that would help in improving your business.
In short, networking is the best way to get advice and expertise on things that you cannot easily catch hold of. You just need to be sure that the person advising you is the right person and isn’t someone trying to bring you down.
9. Satisfaction from helping others
If you are a person who loves to help others and feel that growing is not just for you but those around you as well, networking would allow you to help many. And when you help someone, you earn respect in that person’s heart, referrals, connections, friendship and the most important thing which is the satisfaction of helping a person.
10. Problem solving
In addition to the potential of increasing your business you can often find solutions to your own business problems or needs by networking. For example, if your business needs the services of a bookkeeper, accountant, or lawyer you may find the ideal candidate via networking, or if your business needs equity financing for startup you may be able to find an angel investor or venture capitalist through networking channels.
Make the Most of Your Business Networking
1. Meeting people in person seems old fashioned in the digital age, but wherever possible you should network face-to-face. Social media platforms such as Facebook, LinkedIn, and Twitter are excellent ways to communicate with customers and business associates, but they do not substitute for meeting people in person. A lot of local business is still done on a handshake basis, and the best way to network with other local business owners and entrepreneurs is through business groups.
2. The best business networking groups operate as exchanges of business information, ideas, and support. The most important skill for effective business networking is listening; focusing on how you can help the person you are listening to rather than on how he or she can help you is the first step to establishing a mutually beneficial relationship.
3. Don’t spread yourself too thin. Business networking is about cultivating relationships – you’re not going to be able to do that if you’re trying to be an active participant with five or six different groups. And you need to be an active participant in whatever networking group you join. It’s contributing that will bring you the benefits of networking you’re looking for, such as more business. You need to not only attend the meetings of your networking group regularly, but go prepared to offer something of value to the group.
4. Choose the networking group that’s best for you. A strong contact referral group such as BNI, whose purpose is for members to find and exchange referrals, operates very differently than a community service club such as Rotary International whose primary purpose is to serve the community.
With all the points mentioned above, you now know how much networking can do and how important it is for you and your business. So, what are you waiting for? Check out all the social and business events around you and make time to join those events to network and grow your brand and business.