Advertisement

Meeting other company owners, possible suppliers, or other professionals with business expertise is referred to as business networking. The purpose of business networking is to take the assistance of experts in building your firm. Networking allows you to tap into a pool of professionals, ranging from rivals to clients. This also allows you to offer them something in exchange for their services, advice, information, or relationships.

It is the practice of forming a mutually advantageous relationship with other business people and future clients or consumers. The intangible advantages of engaging with other experts in or related to your field are known as business networking.

woman on smartphone business networking

Why is networking in business important?

In business, networking is one of the most valuable resources for job advancement and professional success. A solid network may bring career leads, growth prospects, and personal development opportunities. If you want to advance your career and boost your chances of professional success, you must grasp the value of business networking. We explain networking, describe how it might help you progress your career, and give networking strategies in this article.

career advancement men climbing corporate ladder
Going Up The Corporate Ladder

You can have access to opportunities that you would not be able to locate on your own via networking. Your network has the ability to supply you with insight into many disciplines. It also helps you fetch some vital information on what potential employers seek and professional guidance. A single contact might get you into meetings or interviews. So be prepared to form and maintain the relationship.

Knowing how to use networking successfully may save you time, effort, and worry. It makes it a valuable tool for your professional advancement.

Types of business networking

1. Casual contact networks

These are generic business organizations that bring together people from a wide range of vocations. These clubs meet on a regular basis and frequently have mixers where everyone may connect casually. They may also organize meetings where guest speakers address significant business themes or concerns. Examples include legislation, community affairs, or local business programs are discussed.

The hundreds of chambers of commerce functioning across the world are the greatest examples of these organizations. They provide attendees with the opportunity to network with a variety of other local entrepreneurs. Attending chamber events allows you to create initial relationships that will help you expand your referral company in various ways.

business networking across the world

However, because casual-contact groups aren’t designed to assist you to acquire recommendations, you’ll have to put in some effort to get them to work. You may volunteer to be a chamber ambassador, a position that involves little effort but delivers a lot of exposure. Serving on committees allows you to get to know your colleagues better. Most importantly, you must attend events on a regular basis. This will be helpful if you want to take advantage of every chance to build the bonds you make.

2. Strong contact networks

Strong contact referral clubs are organizations whose primary goal is to assist members in exchanging business recommendations. Some of these organizations meet on a weekly basis, usually for lunch or breakfast. Most of them only allow one person per profession or specialty to join.

Strong contact networks allow you and your colleagues to start constructing referral marketing programs with a laser-like concentration. In this sort of organization, you won’t meet hundreds of businesses. Everyone will be taking your business cards along with them everywhere they go. As a consequence, it’s as if you’ve hired up to 50 salespeople! With a program like this, you’ll be able to build strong long-term partnerships that will be quite beneficial.

business network teams
Top Networking Companies like BNI, Meetup, Rotary International, etc…

If you’re considering forming a strong-contact group, keep the following in mind:

You must plan your calendar so that you can attend all or almost all of the meetings. It’s critical to show up on a regular basis. Especially, if you want to build a connection with the other members of the group and learn about their companies.

You should feel at ease attending a networking event. Feel free to look for people who can assist other members of your group. A solid strong-contact networking group will usually keep track of how much business is done. You’ll be asked to quit or recommendations will cease coming your way if you’re not “pulling your weight.”

3. Community service clubs

Service organizations, unlike more business-oriented groups, aren’t set up primarily for referral networking. Instead, their activities are centered on community service. Giving time and effort to civic issues allow you to develop long-lasting ties. This will widen and strengthen your personal and professional networks. Go in with the intention of contributing rather than receiving! As a result, the social capital you build will eventually repay you in other ways; including business.

4. Professional associations

Members of professional associations are often from a single industry, such as banking, architecture, people, accounting, or health. A professional association’s main goal is to exchange information and ideas.

Joining organizations that contain your potential clients or target markets is your objective when tapping into such networks. Asking your top clients or consumers which groups they belong to are a straightforward way to target important groups.

Surgeons at work
Surgeons & Doctors belong to professional associations established for them.

Many organizations only accept members who have specialized industry qualifications, and vendors are not accepted. A rising number of associations have developed an associate member category. Its members aren’t engaged in the industry or profession for which the group was formed.

We advocate that you stand out in these kinds of networks by discovering methods to benefit members without marketing to them.

5. Online/social media networks

From a business standpoint, the best way to use social media is to provide value to your connections and followers. This is helpful if you want to grow your brand and credibility with those you’re linked to. Whether you’re talking about face-to-face networking or online business networking, developing credibility and relationships is always important.

Outlining a strategy that incorporates the amount of time you can actually devote to your online marketing efforts is important. Remember that being consistent is the key to success with social media. Make a weekly calendar outlining the days and times you’ll spend working on your social media approach. Determine what is feasible and appropriate for your situation.

social networks
Let’s get social- Linked In is a great start for Business Socialising

You’ll no doubt be eager to see a return on your social media investment once your strategy is in place. It’s critical to remember that networking, whether online or in person, is more about farming than hunting. It’s all about building interpersonal ties. It is all about establishing your brand’s trust, which doesn’t happen immediately.

Here Are The Tips On Becoming An Amazing Business Networker

Do you wish to improve the efficiency of your company networking?

I have attended a number of networking events over the years. So, I can speak to the fact that networking can be a pleasant endeavor for any business professional. I’ve learnt over time that putting yourself with an appropriate attitude, setting suitable goals may help you develop amazing business partnerships.

Here are some networking strategies to keep in mind during your next event:

1. Be Yourself

It is critical to establish trust in order to establish a productive partnership. Being sincere and honest in your talks may go a long way.

2. Know Your Goal

Know what you want to achieve and make a game plan to achieve it. Check the registration list ahead of time (if one is available). Else, you may check the website for sponsors to see if there are any folks you’d like to meet. You may make the most of your networking time by focusing on certain relationships or titles.

set business goals

3. The Ed Principle

Try not to attempt to be interesting by coming up with jokes and tales. Take an interest in what the other person is saying. With very little effort on your part, you may be remembered as a great conversationalist. What do you need to do? Be open to listening to the other person and asking follow-up questions like “tell me a bit more about…” This relieves stress, allows you to understand more about their contact. This also allows them to remember you as a good listener.

Firstly, Are You New To Business? Not Sure Where To Start – Secondly, here is a free Business Template to help you get started.


Related: Understanding Small Business Entity Structures Company-vs-Partnership


4. Participate

Joining a committee or a board of directors in a non-profit organization might help you create solid ties. You’ll get more visibility and be recognized as a resource to others.

Remember that networking is a two-way street, so give a little bit. Help others by introducing them to your contacts, making recommendations, and aiding them when necessary. When you give someone your time, they will remember you and promote you to others as a valuable resource.

5. Volunteer

Many organizations host fundraisers, charity events, and other volunteer opportunities. Of course, helping individuals in need is always a good thing to do. Contributing your time or resources to charities or volunteer efforts may also provide team-building opportunities. Some of the most powerful business relationships are formed via activities that take place outside of the workplace.

6. Find a Companion

Going it alone in a new organization, especially one with numerous long-standing ties may be difficult. Bringing a buddy or colleague can help break the ice and make networking simpler. This is because you can both benefit from each new person’s interaction. Bring up subjects, anecdotes, or business insights that are relevant to your “buddy” and vice versa as an example. This will help you to emphasize your own abilities without having to talk about yourself.

7. Pitch

It’s a no-brainer to polish your pitch. Bring your “A Game” to all networking gatherings and master your 30-second elevator pitch.

8. Inquire about introductions

It’s fine to be the newcomer! Ask the communications director or the person who invited you to the event for introductions to people. Specifically, those who would be a good fit for your business. Their purpose with these events is to connect people and keep you coming back, so take advantage of them.

9. Wrap It Up

In case the discussion begins to veer into unsettling territory. Be patient! Gently excuse yourself to grab a drink, food, catch up with someone else, or make a phone call.

10. Thank you notes and follow-up letters

What good is it to make a contact if you don’t follow up? Following the event, connect with them on LinkedIn. Send a brief email as a “Nice to meet you” or a follow-up on a chat. Else you may provide the resource that you promised them. Doing so within 24 hours of the event will keep you top of mind. This will provide a solid foundation for future conversations and relationship building.

calligraphy thank you

11. Concentrate on listening rather than speaking

Effective networkers are quick to empathize with others, to comprehend their perspectives and motivations. Practice connected listening to avoid becoming defensive, going into problem-solving mode, or unintentionally tuning people out until it’s your turn.

business networking is about listening more than speaking

12. Find a point of agreement with them and engage them in that place.

First, ask questions to see if you have any mutual friends or hobbies. Further, explore them on a personal level to develop a beneficial relationship. You’ll have their trust to listen to your purpose and needs. Soon you’ll get the most favorable comments and interaction once you’ve created a relationship.

13. Lead with your accomplishments rather than your goals for the future.

Your objective is to motivate individuals to want to build a better relationship by demonstrating their strengths. Most individuals are scared of commitment when you start with difficulties or needs. They perceive you as someone who needs them rather than someone who would benefit from your relationship.


accomplishment quote


14. Use a handful of personal anecdotes to make yourself unforgettable.

Positive personal stories stick with people, and they will set you apart from the crowd at most networking gatherings. Select tales that offer value or emphasize a similar circumstance for the other person. Increase your credibility and interest.

15. Showcase times when you have triumphed through hardship.

Don’t be afraid to share the beneficial things you’ve learned as a result of trials or unexpected situations. Relate this to comparable situations in the life of the people you encounter if at all feasible. Have the courage to express your emotions since shared emotions enrich any connection.

16. Thank you for any suggestions and words of encouragement.

Any expression of thanks or appreciation for comments and guidance will strengthen the link. This will increase your desire to keep the friendship going. Therefore, offering to follow up on queries or pass along information is an even more beneficial expression of thanks.

17. Don’t try to dominate someone’s time or attention.

Recognizing that it’s time for both of you to move on is sometimes the most beneficial thing you can do. Collect the information you want, exchange business cards as needed. Gently remark, “I’m sure you’re itching to get some mixing done right now. It’s been an honor to chat with you.”

18. Dress neatly and suitably for the occasion.

In business, you only have one chance to make a good first impression. What you wear plays a big factor in that. This isn’t to say that you shouldn’t dress up. Networking isn’t the place to make a statement or appear to be opposing authority.


To Sum It Up

Employment searchers may use networking to get a competitive advantage over their competitors in the job market. The experienced networker cultivates personal ties with potential employers and selection panelists in hopes of influencing future employment choices. This type of networking has sparked an ethical debate. The argument is that it is an attempt to tamper with formal selection procedures. The networker is accused of seeking a non-meritocratic edge over other candidates. An advantage is based on personal preference rather than any objective assessment of who is most qualified for the job.


New To Business & Not Sure Where To Start? Here is a free Business Template copy to get you started.

 

Advertisement
Previous articleThe Lucky Colors for New Year 2022
Next articleAll you need to know about Asset Allocation and why you must pay attention to it.
I am passionate about helping individuals create wealth through property investments. I am the co-founder, mentor and financial writer at WatuDaily, specialising in property investment, business advice and personal money matters. I was previously a financial adviser for over 15 years and it is on that high that I wish to share my knowledge and experiences and channel them towards a vision and purpose of helping others to realise and achieve their financial goals through my publications. As a financial adviser, I won a number of industry awards for the outstanding contribution I made to my clients and peers. I hold a Bachelor of Applied Finance degree and a Master of Commerce in Accounting and Finance degree. In my spare time, I enjoy travelling and staying active through playing sport.

1 COMMENT