Success in business has more to do with investing in relationships and not just money. When you think of it, people are the most valuable asset for any business. Building networks is about increasing and strengthening professional and personal relationships. After all, succeeding in business is about the ability to work with others who share your values and passions.
In addition to building relationships, business networking results in greater profitability for the business. Here is how it works.
1. Better Opportunities
Building powerful business networks with industry leaders may lead to better opportunities in terms of business and jobs. After all, business leaders are more likely to enter important transactions with people they have met before and whom they trust. With the big deals, you will end up with huge profits. This is the reason you should never tire when it comes to seeking exclusive networking opportunities.
2. Business Leads
Through networking, you will be able to acquire fresh business leads. All you need to do is to leverage the contacts you make after meeting people. There is no better way to get new business opportunities. When you start following up on the leads, do so professionally. Don’t badger people for business. Be courteous and time your message perfectly. When you get to convert the leads, your business will definitely improve.
3. Learning about Best Practices
Through the networks you build, it is possible to identify industry benchmarks or business best practices. The idea is to learn from what others do. If you have a retail shop, you can find out what inventory management software your competitors are using. Once you do, try the same in your business and watch as your business improves and profits grow.
How to Build Business Networks From Scratch
To succeed in business, you need to build a strong network of like-minded people. The problem is how to do it. While some people find it easy to connect with people, others have to try very hard. If you are in the latter group, here are a few helpful tips.
1. Attend Relevant Social Functions
To build networks, you have to go out of your way to make friends. It isn’t as tough as you might think. Just be social and you will start to build your network. So, go to meet-ups, join a country club or attend seminars related to your business niche. When there’s a major industry event happening, attend. Have plenty of business card on hand, make brand new professional connections, and expand your network.
2. Social Media
Some people believe that the connections you make on social media are not real. They are wrong. When it comes to building networks in this day and age social media contacts are essential. If you are on Facebook, Twitter or LinkedIn, connect with your contacts. Participate in forums and groups, make regular posts, “like”, “share”, and publish articles. By engaging in activities that show how “social” you are, you will gain and build trust. In the end, these contacts will become your major business leads. If you have the means consider outsourcing some of the grunt work of social media activity by subscribing to a social media management companies such as Social Pilot, Crowdfire, or Socialoomph.
So what are you doing to build your networks? The earlier you start the easier and better it will become.
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