Everything You Need To Know About Business Networking

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What do we mean by business networking?

In simple terms, it refers to the relationships you make as a business. Primarily, we’re talking about the relationships you have with other professionals and companies. The idea is that you collect lots of different contacts within different industries, growing your own little network. When you need assistance or support, you have numerous people to call. 

Networking is something that a lot of new business owners tend to forget about. There’s definitely a strange feeling of wanting to do everything alone as a business owner. You get it into your head that it’s you against the world, and you want to be a self-made millionaire. However, you need to focus on networking if you want your business to succeed. As the old saying goes: sometimes it’s not what you know, but who you know. 

Referring back to all of the above, what are the benefits of networking – and how can you do it? Throughout this guide, you will learn all you need to know about business networking…

Benefits of networking

Before we look at the best ways to network, let’s consider why this is advantageous for businesses:

Gain new ideas/information

Networking with other professionals or companies can help you gain new ideas and information. You may speak to entrepreneurs in your industry that can provide great advice that helps you come up with a new idea for a product or service. Not only that, but you can network with professionals in different industries that offer the information your business may find useful. For instance, networking with accountants can help you learn about any upcoming tax trends or financial benefits that might be coming around. 

Find new talent

You can also gain access to the best talent by networking. Attending events in your industry may uncover entrepreneurs or freelancers that are excellent at their work. By connecting with them and forming a relationship, you might be able to lure them to your company. Whether this is on a freelance basis or as a permanent employee, it doesn’t matter! What matters is that you can find the most talented individuals to contribute to your business and help you thrive.

Acquire the best services

Similarly, networking helps you develop relationships with suppliers and service providers. This makes it easier for your business to find the best services to help you flourish. It can mean you get the best quality supplies for your products, improving your service. 

Save money

That’s right, networking can help you save money! Again, it goes back to the idea of finding the best suppliers and services for your company. By networking, you develop excellent relationships with these companies, meaning they are more likely to offer loyalty discounts. The same can apply to freelancers; if you network with them and help them out, the strength of your relationship can mean they offer lower rates for services. Overall, it’s a chance for your business to save money. 

In reality, there are numerous benefits of networking and absolutely zero downsides. It’s not something that costs a lot of money, it isn’t particularly hard to do, and you will definitely gain something from it. 

How to network

Moving onto the second section of this guide; how can your business network? You’ll be pleased to know there are many methods to choose from, and each one could suit you more than the last. Ideally, you want to explore as many networking methods as you can, but pick whichever ones make the most sense for your business. 

Business events

Business events are almost always designed for networking. The concept behind them means that professionals from all places come to the same location. The event can be based around something – like a trade show or conference – but the idea is that you can walk around, chat with other business owners, speak to professionals, and generate some contacts. It’s a hands-on way of doing things, yet it is so effective. 

Collaborative workspaces

In modern times, this has become a highly popular way of networking with loads of other professionals every single day. The idea of a collaborative workspace is that businesses, digital nomads – and any other professionals – all work in the same space. You share the use of an office, working in the same area. It might not offer the most privacy, but collaborative workspaces are typically cheaper than leasing offices – and you get the networking benefits. It’s an excellent way to develop deep and long-term relationships with professionals as you might see them every day. 

Social media

Yes, we can’t talk about networking without touching upon social media platforms. I mean, the clue is in the name; these are social networking websites, the whole point is to network with others. For businesses, there are a couple of ways you can network very effectively. Firstly, joining LinkedIn is a must as this is where all the professionals will be. Secondly, try joining groups on social media sites – Facebook is a good one for this. The idea with groups is that you have lots of businesses and professionals in the same place, so you can easily interact and talk to them. 

Job fairs

Attending job fairs can also offer networking chances. It’s an opportunity to network with job seekers and find new talent, but it can also help you network with other businesses at the job fair. Many companies can be in the same place looking to hire new talent or take on interns. At the same time, you may see some companies that could help your business. For instance, your stall is next to an office cleaning company. By talking to them and exchanging details, you may have found a service that keeps your office clean for a good price. 

The major point of this guide is to teach you the importance of networking. It is highly beneficial, and you can do it with ease. The second section provides a host of networking ideas that any business can try. So, focus on developing relationships and growing your network, then see the success this brings!