Businesses That Network Succeed

Networking doesn’t come naturally to many people. While some enjoy looking for people to network with, others face this part of doing business with apprehension. Business networking may bring up images of forced interactions and uncomfortable meetings, especially for introverts.

Countless articles cite the importance of networking in doing business. Business networking increases your business profile, gives you access to more opportunities, expands your knowledge, and increases your confidence. However, studies show that networking businesses have a higher chance of succeeding than companies that don’t spend time and effort on networking.

There’s no getting around it-business networking is an integral part of the business. Especially for smaller businesses, networking should be a priority. Simply put, there is no avoiding networking for business if you want your business to succeed.

Networking for business means building and maintaining relationships with other businesses and organisations in your industry. While you can also network with customers, potential clients, and leads, a business network typically means networking with other businesses. Networking for business is ultimately to create mutually beneficial relationships that both parties can benefit from in the future.

What is a Business Network?

A business network is a group of businesses or organisations that collaborate to reach their goals. It is a type of network that exists mainly because of business activity. While general networking creates connections between individuals, business networks focus on the relationships between businesses and organisations. It is still part of networking but has a more specific purpose.

Networking Connections

A networking connection is any relationship you create with a fellow professional. It can be with someone from the same or outside your industry. Similar job duties or skills usually connect people in business.

Let’s take a look at different kinds of network connections. Take note that these are individual types of connections, but all are part of networking for business.?

Personal connections

Personal contacts are those you already have a relationship with. They could be your co-workers, mentors, or family members. Maybe you have a former boss you worked under for many years and consider them both a mentor and friend. These are typically the easiest networking connections to establish. They are part of your business network as long as they have helped your professional development.

Operational connections

An operational network connection is a person you’ve worked for directly or whom you’ve worked with before. For example, a former co-worker working for another company can be an operational connection. Other operational connections can be current consultants, colleagues or service providers.???????

Strategic connections

These connections and relationships can help you get what you want in business. ?

An example of a strategic connection is a media contact. Having a solid relationship with someone in the media can be very beneficial when you’re looking for some PR for your business. Another example is a joint venture partner where you are both targeting the same audience; by working together, you have the potential to double your resources and your impact.

Types of Business Networking

Networking for business involves different kinds of business networking events and groups. They all have similar goals: to connect you with other organisations or individuals that can help you grow your business. Let’s take a look at some types of business networking:

Local Networking Groups

There are different types of networking groups you can join. For example, check if there is a local, industry, or merchant-specific group you can be part of, such as the Chamber of Commerce. Membership in these groups also gives you access to informative newsletters, workshops, local trade shows, and more. Of course, the most essential part of being part of your local chamber of commerce is it helps you connect with other small businesses in your area. ??????

Large-Scale Business Networking Organisations

In addition to joining local networking groups, you can join groups with a broader scope, such as District32. District32 is a referral network with hundreds of local members. Becoming a member of District32 gives you access to other professionals, mentors, and various courses to help you build relationships and your confidence and skills.????

Business Events and Workshops

Attending business events and workshops is another way to network in business. Seminars and workshops bring together people typically from the same industry. They are great opportunities to start relationships with peers and associates. After making contacts at a workshop, ensure you check in with them regularly to continue to grow the relationship.

LinkedIn

You don’t have to attend meetings to network in business physically. LinkedIn is an online platform that is used for professional networking and career development. The popular platform should be one of your main networking channels. The possibilities on LinkedIn are endless, and you should set aside time to maximise this vast social network by engaging with and connecting with others online.?????

Professional Associations

A professional association is similar to a networking group, but its members are typically from one type of industry, such as accounting, architecture, or construction. The primary purpose of this type of networking group is to exchange ideas and information with other members from the same industry.

Which kind of business network is right for you?

Business networking is undoubtedly a necessity for you and your business. How do you choose which kind of business network to join? There are a few important things to consider before you join one:

Your goals

What are your goals? Do you want to strengthen ties with your community and promote your business locally? You should join your city’s chamber of commerce. Do you need to learn more about your industry from people with more experience than you? Join your local professional networking group. Decide on your goals and align your business networking strategies with them.???????

Cost

Many professional groups charge membership fees and there may be some additional food costs. Make sure you factor in these costs before you decide which groups to join. Measure the costs against the benefits.

Time Commitment

Networking groups require you to invest your time in attending events and meetings. How much time can you spend on each group? Check how much time you need to commit to the group before you join. You may need to attend weekly meetings or monthly events. Time is an important asset so make sure you are ready and willing to commit time to these networking activities.

In summary, make the most of your professional networks, whichever business networking group you decide to join. Ensure you’re always prepared while networking, actively participates in business networking events, and follow up with your new contacts. All these are a must when building your business network and nurturing networking connections.

Remember that businesses that network succeed, and with enough time and effort, your business will too.?

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