What is Business Networking?
Business networking is a low cost method of marketing. It is used to build new business contacts through connecting with other like-minded individuals. The benefits of business marketing are that you can leverage your business contacts to help bring you a regular supply of new business. Sounds simple, doesn’t it? It can be if done correctly, and you understand how to network in business. And on occasions you can almost see instant results. But because it involves relationship building, it can be a surprisingly complex process.
The importance of business networking
The importance of networking in business is massive, especially when working as an entrepreneur, or in a startup. It can be key to gaining your next project or pay check. Most importantly, networking is free. Industry specific events can ensure that you meet like-minded people. Relationships that you build whilst networking in this capacity can form the fundamental basis for your next business strategy, or could introduce you to your next business partner. It is hard to stress the importance and value of building and maintaining solid working relationships that often start through networking.
Here are some insights, and business networking tips that have helped me through the years.
1. Approach networking with a plan
It is important to understand your strengths and weaknesses. You should also identify your core activities, and map out your capacity as a business. Through this you can identify the work that has to be outsourced or carried out in partnership due to lack of capacity, expertise or non-value added activity. With this knowledge, you can be more specific about what type of networking events or activities you target. This will enable you to build up the required network of professionals that will help you move forward, and add value to your business.
Don’t leave networking to pure chance. Plan your networking like you would with your business plan. You should identify the key business networks, top industry influencers, like-minded companies and a suitable networking group that could be beneficial to the future of your business. From this you should work on a plan that will help you connect with them. Don’t rush in to approaching these people, as timing is important. You don’t want to make an introduction when you are unprepared, and have nothing to offer or promote. Incorporate your activities into your calendar and commit to a plan with a timeline.
2. Make real and meaningful connections
The success of the networks you develop depends on your ability to manage relationships. Maintaining a business relationship is like any other relationship. It requires frequent communication, clear boundaries, defined roles, a common goal and most of all trust and respect. These relationships can enable you to run your business easier, and make your business journey a lot more enjoyable.
3. Build and manage your network
As your business begins to grow, the size of the projects that you’re involved in will also grow in size, importance and budget. This is when the professional relationships that you have built over the years are going to be tested. Some people will deliver, and unfortunately some won’t. This is why I mentioned earlier the importance of communication.
Stick with those who deliver, and don’t be afraid to move on from those who don’t. Time is valuable, and with current social media platforms it is easy to forge and build new connections through Facebook, LinkedIn and Twitter. Use them often, but sparingly to update, share and congratulate your connections.
In Julia Hobsbawm’s white paper on the topic: Fully Connected: a look ahead to working and networking in 2020, she say’s “Create a group of 150 people you know who you will connect or reconnect with and actively manage them on a single system: this means reviewing all your disparate systems, from internal intranets to social media and creating a single group. You can then sub-divide that into three: the essential people you currently must keep up with; those you wish to reconnect with or maintain relationships with; and those who you should get to know: your connection targets.”
4. Develop yourself professionally and academically
Very few of us enter in to business as experts, so there is always an opportunity to learn and grow. During my time networking I have bumped in to some great minds, from seasoned business professionals, to highly respected university professors. These people have always been willing to give me some of their time, and share their invaluable knowledge and experience.
When you have a network of business professionals, don’t be afraid to reach out to them and ask for advice, and recommendations.
5. Recommend others, so they too achieve Success
In the past, I have been let down terribly by partnerships, and now truly appreciate the value of good, trustworthy partners. I really can’t emphasise the importance, as many of my previous ventures would have failed miserably without them. In general, I never get rid of a good partner. Even if my business has out grown their capacity.
If you support and help people around you, they will do the same in return. Help others to achieve, recommend them to potential clients, and offer your knowledge and experience. Don’t be afraid to do this as a friend, and expect nothing in return. Everything in business does not have to have a monetary value. This is a true leadership trait that will set you apart.
“It is literally true that you can succeed best and quickest by helping others to succeed” – Napoleon Hill
