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Why Business Networking is Important?

The secret to business success is connection. And when smart, like-minded professionals connect, they learn and grow together.

Adamou Boubacar Amadou

Table of Contents

The Insight 💡

Human connections are powerful. Genuine connection with other people for a beneficial outcome for both parties is what effective networking seeks to achieve. Your network, be it in business or otherwise, has the power to make what was "impossible" or out of reach a reality.

Networking

Achievement closest friend

What is Networking?

Networking is the process of connecting with like-minded individuals or companies.

More broadly speaking, it is getting to know other people with shared interests to create a more significant outcome together.

In business specifically, it means establishing a mutual partnership with other companies, potential clients, and existing customers. Networking should be a mutually beneficial relationship, as it is a mutual association.

How Networking Benefits Businesses?

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Networking helps businesses in every step, from the start, expansion, and even rebranding.

If you are a business owner, having a solid network benefits both the company and customers. You will learn what is needed for improving your product or service from others as well as developing new sales channels through your connections.

Many business owners join business networking groups because you do not only get to meet with potential partners but also your competitors.
Having your business rival in your business connections is always advisable, especially for small business owners. You will learn from them. Gaining knowledge and exchanging information is one of the many benefits of networking.

As long as you're ready to build and nurture the relationship, a single contact may get you into meetings or interviews with numerous organizations without you having to strive to form relationships at each.

How Networking Benefits Entrepreneurs?

Illustration by Andrew Rybalko

Being a business person, you do not throw a party to show off; in fact, you should not because you might only attract people who want to party and probably not the business partners you are looking for.

You throw parties to invite people who have the same value as you.

You invite them to socialize and to learn from each other. Luncheons are done among business people to gather ideas and develop solutions.

In doing so, you should not only take ideas, but you must also prepare ideas to share because the aim is to build relationships.

You should not brag about your achievement or show off in the process because no one really cares about how much horsepower is under the hood of your newly bought Ferrari.

Updating and bragging are two different things. Remember, these people can be your professional mentors, and you could also be a mentor to others.

Learning from those who have been in the industry or walked the path for so long is a better learning experience than perhaps school because real-life problem solving will help greatly in your business as these are more practical experiences.

How Networking Will Help You Thrive in Your Career?

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There are various reasons why people go to Ivy League Universities. Some for prestige, but mostly to build a network. Such institutions represent business networking organizations on their own.

Being with like-minded people has a great effect on you that will, later on, reflect on how you see the world, think, and your work ethics, among others.

Some of the most successful companies are built by a group of people who met in college or university. Though some of them would drop out, they would still be able to see which people have the ethics they want to work in their company.

Professional networking does not end in joining fraternities or clubs during college.

It even becomes stronger after college; now, you know different people in different industries and geographies, making you virtually connected to millions of people.

Importance of Workplace Networking

Illustration by Oleksandr Pupko

Your employment is a prominent area to expand your network. These kinds of connections may help you land a job, get mentorship, and get hands-on training.

Get to know your coworkers, and you may find that they may help you develop in your present position or move to a new one they are invested in you.

Supervisors can send letters of reference on your behalf, managers can offer you inside information on an available position, and former colleagues can suggest you to their new employers.

Reach out to your coworkers and learn about their professional backgrounds, responsibilities at work, and aspirations for the future.

The more you get to know them, the more you learn about how they may help and benefit you.

Several factors contribute to career growth, including education, work experience, and prospects for progression in their current position; however, one of the best ways to speed up your professional progress and open up new prospects is networking.

As a professional, career growth is essential, and leveraging your business network may be a helpful tool. You may improve your knowledge and abilities as a professional by keeping in touch with people who operate in various industries and at different levels of authority.

Staying active and engaged in your community might lead to great opportunities in the future. When it comes to changing careers, your network is by far your most effective resource.

Even if you don't see yourself making a job move shortly, it's always a good idea to keep your network active. Maintaining tight ties with your network is the best bet if you ever find yourself in a position where you need to shift jobs rapidly.

You will be able to tap into your professional network's resources more readily if you make systematic efforts to build maintain your business relationships.

How to Build Your Network?

Illustration by Vladimir Kononok
As an entrepreneur, you are not limited to learning from a single community of entrepreneurs. You have to be open to learning from different communities.

This is because there are good practices to learn from others that can benefit your business.

For example, if you are in the furniture business, it does not mean that you will not learn from other businesses like technology.

As the world evolves, having an understanding of different business disciplines will not only help your business grow but will also make you grow as an entrepreneur.

There are different types of business networking. Nowadays, you have the possibility to network with other local business owners or expand your reach to the outside world, physically or virtually leveraging technology. networking

When you are starting to establish your network, be prepared with the knowledge and basic information about yourself, your business, and what you want to get from the meeting. Investing in a business card is always a good step, especially when joining professional networking groups.

A business card is a great way to provide your contact information and inform them about your business.

When meeting people for the first time, make sure your introduction is concise. This should only take an average of a minute, and you must already be able to provide all the information the other person needs to hear.

You should also let the other people speak about themselves, and you carefully listen and pay attention to them. When meeting with other people, make sure that you ask good questions.

And know that it is alright to move on without making the connection if the person does not match you.

When pitching about your business, make sure you do not sound like someone presenting a memorized poem in front of the class.

Creating a network is one precious thing, but maintaining it is even more valuable and rewarding.

Entrepreneurs and business professionals attend events and seminars. When you join such events make sure you maintain your relationship with the people you meet.

Maintaining a good relationship means you are in constant communication. You add value to your relationship.

You benefit from them as they do from you. In business, people must be genuinely valued because they are the actual asset.

While it is good to keep records of their profiles, you must take note of the knowledge you have gained. This could come in handy as a future reference.

What Are The Best Practices in Networking?

Illustration by Master Sergeant
Networking success relies on many factors but the most important is to be genuine.

Nobody would want to talk to someone looking grumpy or confused. Practice a good smile in front of the mirror, yes practice; that's called intentionally building your brand.

Have an articulated, simple, and fun introduction. The introduction should show confidence. Most importantly, it must contain good information.

You should know yourself and what you want them to know about yourself as truthfully as possible.

Do not try to bend reality and twist your personality to attract people. That's wrong and will severely hurt you.

Not only will you build a strong a genuine connection, but you would have made it sustain itself.

When in any event, you should consider starting the talk by sharing your hobbies.

Hobbies can make a great connection. Those who had read the same book, played the same sport, supported the same team, the list goes on.

When you talk about what you are passionate about, it makes people comfortable.

When you start having a conversation about your business, do not brag about it. Give them information about your business, invite them to invest, but do not force them to do so.

Business people, especially investors, do not want to be forced to take on a company they do not have an interest in.

When you have established a good conversation, you can slip in a conversation asking for their contact info.

Go for good quality over quantity. You do not need the business card of everyone in the room.

You can have the contact information of the people you are comfortable talking with and can add value to your business.

When you are joining a business networking group or business networking events, always listen. Let them talk. Do not interrupt them. If you do, make sure you are asking a relevant question.

Make sure it is thought-provoking.

So let them talk, and you listen. Take the good points and apply them to your business. The most prosperous of business people are the ones who listen. They welcome the ideas of others— listen to suggestions without ego getting in the way.

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Adamou Boubacar Amadou Twitter

I write content at the intersection of business and technology to help you learn while I do the same. I currently work in marketing in the media industry. Great Content + SEO = 🚀