Actively committing to business networking is one of the most effective ways to grow your business. These days business networking is less about puffing out your chest and selling yourself, and is more about building genuine relationships with like-minded business people for the benefit of both your businesses. Here’s a list of 9 ways that business networking can benefit your business:
1. Business networking for more business
The most obvious benefit is that business networking gets you more business. This is because business networking is all about supporting each other through referrals and recommendations. The referrals that you get from networking are usually high quality, qualified leads. Following up and connecting with these referrals can result in new clients.
An increase in business is the major, obvious advantage, but there are many more.
2. Build your business connections
As the old saying goes:
“It’s not what you know, it’s who you know”.
Business networking gives you a platform to build connections with other like-minded business people. Being in contact with these connections on a regular basis, through networking groups, helps to develop a deeper, more trusting relationship with that person.
This is extremely important because the deeper the relationship you have with someone, the more willing they are to recommend you to their network.
3. Develop business synergies
Sometimes it’s not just about getting work, but finding people in other industries that you trust to support your clients alongside you. This could be through joint ventures, partnerships, suppliers or even something as simple as speaking opportunities.
One of the best examples of this we’ve witnessed was a First Home Buyers event run by a real estate agent, mortgage broker, builder, lawyer and insurance broker. They held some seminars to help equip first home buyers with the information they needed to know before buying their first house, from how to get a mortgage, to what to check for in EQC claims.
4. Raise your professional profile
Business networking is all about being visible and getting noticed, as it’s essential for career building. Attending regular networking events or meetings gets your face out in the professional world.
But, getting known is only one part of raising your profile. In order to build your reputation it is important to bring value to the conversations you’re having at the events. To do this it’s important to actively listen, follow up with your new contacts, and try your best to remember people’s names! Try to only offer in-depth information and tips to people that need it. This way you can build your reputation as a supportive, reliable, and knowledgeable person.
5. Gain knowledge
There are lots of people at networking events, who all have differing levels of experience in their respective industries. The wealth of information that you can tap into is a wonderful source of new ideas and perspectives that may help your business. And you’ll find that people (usually) like being asked for help!
The flip side of this is that you can share your knowledge with people that might not know your industry, the new innovations, or about business in general. Sharing knowledge is a great way to connect with people.
6. Get Support
The great thing about networking is the connection with like-minded people. Yes, they’re here to grow their business, but they’re also here to help others. Discussing your successes, challenges, goals, and opportunities with like-minded people that know what it’s like to be in business is completely different from discussing them with your friends and family. They have perspectives and experiences that they can share with you, and visa versa.
7. Increase your confidence
When you first start attending business networking events, it can be pretty scary. But, this is where the old saying “fake it ‘til you make it” comes in. By getting out of your comfort zone and meeting new people, you’ll build confidence and key social skills that will help you build your business in the long run. The more networking you do, the more connections you’ll build, and the more benefit you’ll get out of the whole experience.
8. Feel great
Being in business, especially if you work by yourself, is hard. It’s easy to get caught up working IN the business, rather than ON the business and end up in a rut. It’s important to be around people who understand what it’s like to be in business. Spending time with a bunch of like-minded, positive, caring business people really helps get you out of that rut.
There’s also the point of being able to help other people, which’ll give you a sense of satisfaction. Surrounding yourself with people who are there to support you and your business is great for the serotonin levels.
9. Make friends
While business networking is about creating business relationships, when you spend enough time with certain people, you often can’t help but become friends. Because your new contacts are (generally) like-minded and (hopefully) nice people, it’s only natural that your professional network will spill over into your personal network.
There’s many different ways networking can help your business grow. Focus on building trusting, genuine relationships and your networking experience can’t go wrong!
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