The importance and value of business networking

You have probably heard this phrase before: “your network is your net worth.” It is obvious that networking has become much more than a buzzword. In fact, it is a powerful tool that can make or break your career. And in today’s interconnected world, it has become more important than ever to maintain a strong network of business connections for you and your company.

Continually expanding your networking efforts can have great value when it comes to recruitment, business partnerships, outside endeavors, private equity marketing and so much more

Today we are going to take a look at how a robust business network can take your confidence and career path to new places. We will also give some pointers on how to build and maintain valuable connections.

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The Benefits of Business Networking

It may sound a little Hollywood, but the business world is often more about who you know, not what you know.Here are just a few of the benefits of building a solid business network:

• It can lead to new business

This is probably the most obvious benefit, but making new connections opens the door for new business opportunities and referrals. For example, you might meet a potential new client or partner just by attending a networking event related to your field.

• It makes you more visible

One of the biggest perks of regular networking is boosting your reputation and profile within your industry. The more people see your face, learn your name, and know what you bring to the table, the more clout you will build (if you are engaging in positive and meaningful ways).

• It makes you a potential resource

This goes hand-in-hand with visibility. If people are aware of your expertise and you’ve made an impact on them, guess who they will contact when they need help with something? You.

• It provides new ideas and perspectives

Networking means engaging with all kinds of different people who come from all different backgrounds. You and everyone you meet can bring something unique to the table. Collaborating (or even just talking) can lead to new business ideas, new insights, and so much more. Not only can this help you learn new things, but it can help you avoid mistakes, save you time, and make sure you never run out of fresh ideas.

• It gives you a stronger support network

No matter what industry you are in, hard times happen. You may lose your job, face a seemingly-impossible deadline, or come across a problem you don’t have the expertise to handle. During situations like these, a strong network can really pay off. The connections you make could lead to career opportunities during rough times, give you resources when you face a challenge, and so much more.

• It builds your social skills and confidence

This is an advantage of networking that people often overlook. As you network, your confidence and self-value can grow tremendously. Sometimes it can feel out of your comfort zone to be surrounded by other professionals. But in the end, you’ll get more accustomed to presenting your skill set, speaking to people of power, and so forth – ultimately making you more confident in what you have to offer.

How to Build Your Network

If you’re new to networking, you may be asking yourself where to start. Getting your foot in the door is easier than you might think.Here are some easy ways to start networking:

• Attend networking events

As we mentioned a moment ago, most clubs and associations host events on a regular basis. Everything from happy hours and mixers to multi-day conventions is happening constantly. Some events cost money or require a membership fee, but there are many free events as well.

Once you find groups or associations you are interested in, be sure you subscribe to their newsletters as well. Often times, you don’t even have to look for events to attend ,they’ll send the information straight to you!

• Get involved in mentorship programs

Many businesses, clubs, and schools offer valuable mentorship programs. A simple Google search can help you find programs in your area that may fit your needs. This is a great way to learn from people and companies in our field that have successful track records.

Tips for Making New Connections

By taking a genuine interest in a person’s line of work and providing them with value, you’re building a relationship that has the opportunity to benefit both parties.Here are a few simple things you can do when engaging with a potential new connection that will help foster a lasting relationship:

• Learn about their background

Ask the person about what they do and how they got to this point in their career; get some insights on who they are as a person, their character, and so forth.

• Ask their goals

Learning about a potential connection’s ambitions is critical. If your goals line up, you can prove to be valuable to each other in the future.

• Share knowledge

As we touched on earlier, ideas and insights are just a conversation away. If you can provide someone with valuable knowledge, they’re likely to return the favor plus build more trust with you.

How to Maintain Your Network

Maintaining a great business network takes a little effort, but is well worth it..Engage in meaningful ways, and do it consistently.

Networking is more than showing up to events or occasionally saying hello to another professional. It takes effort and engagement, so be sure that you are interacting in meaningful ways. Discuss things that bring value to your connections, send them information you came across that you think will benefit them, congratulate them on promotions and new endeavors, and so forth. This can be a great way to bolster your business as a whole. Maybe you need fresh idea from a different perspective on how to unlock creativity in your company. Be sure you are connecting on a regular basis so you aren’t forgotten.

• Don’t neglect the power of social media

Social media at its core is meant for making and maintaining relationships. So be sure you are taking advantage of your social channels to learn about your connections, communicate with them, and foster positive relationships.

Wrapping Up

The most important thing to keep in mind when networking is staying sincere in your efforts. Not every connection will prosper into a business relationship, but every connection has the opportunity to teach you something. If you approach networking with this mindset, it will be an enjoyable and fulfilling process that yields personal growth for years to come.