Why Networking Is One of the Most Valuable Business Tools Around

A business owner found all the contacts he could hope for after regularly engaging in networking. Find out why you should do the same.

Andrew is a business owner who started his wealth-building journey in a rather unconventional way. That is, he inherited his business instead of starting it from scratch - unlike what most people do.?

But just like most of them, he was looking to grow it.

When he approached us, he was still fresh - just in his first months as a business owner. But he soon expanded his network and got in contact with many other owners he met through our various events and the community we have.

Andrew’s decision to reach out was because he saw the opportunity to not just reach more people but to also create stronger connections with his new contacts.?

And this proved to be true.?

He found more potential clients and even strategic partners and referrals for his business after doing his fair share of networking.?

So by the time he left, he had a team of four and had significantly multiplied his asset - a far cry from what he had starting out.

From a personal perspective, joining The Business League helped Andrew get his value for money and take his business to a new level.

His understanding of what networking can help him do greatly benefitted him and his business. Andrew understood the fact that networking is less about referrals and more about business growth.?

Unfortunately, this concept is not something many entrepreneurs comprehend all too well.

The fact is that networking is a tool that you can use to your advantage. But you don’t have to use it just because others do.?

Only when used correctly can networking help expand your contacts list and scale your business.

There are five ways in which networking can help you grow and become more successful in your field. This article will take you through them.

Five Ways Networking Grows Your Business

#1. It Unlocks New Opportunities

Most successful business owners have two attributes in common:

They’re confident.?

And they’re very motivated to succeed.?

So it’s hardly a surprise that they never stop seeking new opportunities. And that’s why networking is one of their favourite tools in their arsenal.

One of the main benefits of networking is that you can come across lots of people. And every person you meet and talk to can present you with a new opportunity.

A roomful of people provides you with so many opportunities for a business sale, a joint venture, or a partnership, to start with.?

Yes, you may also stumble upon harmful propositions for your business. But nothing’s stopping you from ignoring those.

You always want to choose only what’s best for your business. But without networking, you may not even have enough options to choose from at all.

#2. You Grow Your Social Capital

Social capital isn’t something you want to take lightly when trying to grow your business. You want to get many lucrative opportunities, too.?

But before you can do that, you have to raise your profile first. You have to start building a solid reputation as a knowledgeable person.?

Why?

When people see you as an authority figure, you gain their respect. And the more respect you earn, the more referrals you can get.?

This is one aspect that networking helps. After all, it puts you in front of the people whom you want to start noticing you and your brand.

Besides, you can’t start a fruitful partnership by asking for favours. You must build reciprocal relationships, and growing your social capital is an effective way to do so.?

#3. It Sets You Apart from the Crowd

Do you want to be just one of many or in a unique position on the market??

Or…

Do you want to get the edge over your competitors?

The fact is that not creating enough differentiation between you and others can hurt your business. And this is especially true when it comes to start-ups.

Networking comes in handy here, as participating in social events gives you lots of exposure.?

Meet people and impress them with your knowledge and skills, showing them that you’re an authority in your niche. Don’t forget to set yourself apart from the crowd with your unique value proposition. That’s how you will get them to see the value that you bring to the table.?

Use networking to shine and show the world that you offer something different from your competitors.

The next time you go to a networking event, don’t be just another drop in the sea of businesspeople. Show why you’re different from everyone in the room and people will gravitate towards you.

#4. Your Confidence Grows

Some business owners don’t succeed as often as they should. And a key factor for this is their lack of confidence, whether in making pitches or talking to other people.

But this changes as you get more involved with networking.?

The more you talk to others in your field, the more comfortable you become. Networking then becomes much easier.?

That confidence boost can also spill over into other aspects of your business. You may be able to act faster, think better, and come up with unique ideas, to start with.?

You may have to push a bit harder at first when you network. But do it consistently and you’ll reap the benefits and get the confidence you need to succeed.

#5. It Takes Your PR Strategy to a New Level

Contrary to popular belief, PR isn’t the same thing as networking. While PR is largely about communicating with your target audience, networking involves meaningful interactions.

Despite the difference between these practices, they work well together. Networking can help you optimise your PR strategy organically.

You can go to a networking event and offer promotional material to media members. And you can talk about your media mentions and use that to build credibility with your contacts.

You can also use networking events to create new relationships with journalists or other valued speakers in your field.

Use This Great Tool to Your Benefit

Some business owners don’t bother with networking. Others do it, but with no clear outcome or expectations in mind. Don’t be either of those examples.

Networking is one of the most powerful tools at your disposal.?

You can use it to boost your confidence or generate awareness. It’s also what you can use to set your business apart from your competitors and gain credibility and notoriety.

Networking is also one of the best ways to find new and better opportunities for your business, maybe even ideal clients or partners. Just remember to have your game plan ready before you do so.

Before you go to any event, come up with a list of goals you hope to reach - whether it’s generating leads, exchanging contact information, talking to journalists, or anything else.

Know what you want before you go in. That way, you won’t waste any time and you’ll know what to say and who to talk to.?

Networking is great, but it can also take a lot out of your schedule if you do it unprepared.

There are a lot more useful tips for you in our Free Workshop. You can also practice your networking skills if you choose to join our Business League Networking Event. Or, if you just want assistance with growing your business, don’t hesitate to book a Brainstorming Call.