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Business Networking is the way to leverage your business and the connection process of establishing a mutually beneficial relationship with other business potentials. The primary purpose of business networking is to aware others about your business and engage them in your network.
Business Networking reflects an essential “Key” factor in marketing strategy. Strong enthusiastic mindsets reflect the involvement of those individuals who plays a crucial role in raising the company profile & develop internal bonding. Networking flows which lead businesses to be open, random, and supportive. Whereas those relying on traditional managed approaches are closed, selective and controlling.
The potential benefits of networking is to develop new connections & engender recommendation which you can then follow up on to hopefully add to your client base. Networking can also help you identify opportunities for partnerships, joint ventures or new areas of business expansion.
Maintaining relationship & developing communication are two primary ethics of raising your profile. So those 2 criteria keep your ideology in your network’s thoughts.
In an ever-changing business climate it is important to keep maintain the update with target market conditions. Also, with the overall trends in your industry. It’s also playing a vital role to frame a proper marketing plan. Also, attending seminars and networking with your peers and business associates on a regular basis will help you stay current.
The potential of increasing your business you can often find solutions to your own business problems by networking. For example, if your business needs the services of a bookkeeper, accountant or lawyer you may find the ideal candidate via networking, or if your business needs equity financing for start-up you may be able to find an angel investor or venture capitalist through networking channels.
Networking is ideal for expanding your knowledge by taking advantage of the viewpoints and prior experience of others.
Most business people have optimistic and positive beliefs. Regular association with such people can be a great morale boost, particularly in the early struggle phases of a new business.
The purpose of business networking is to increase business revenue – one way or another. Hence, the thickening of the bottom line can be immediately apparent, as in developing a relationship with a new client or develop over time, as in learning a new business skill.
Cities, Towns, and Regions everywhere there are local business groups that meet on a regular basis. So the benefit to join the local business groups : they regularly holds luncheons, workshops on business topics, and other networking events, providing members with many opportunities to connect with other organizations.
Created by Dr. Ivan Misner to find ways to increase clients for his personal consulting business in California in 1984, BNI has become a worldwide phenomenon. So the purpose of each BNI group is to provide referrals for its members. Only one person from each profession specialty is allowed to join a chapter of BNI, which eliminates the possibility of competition among members of the group.
This group was the brainchild of Napoleon Hill, who wrote Think and Grow Rich among other works, in the early 1900’s. “This groups offer a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills” (The Success Alliance).
Rotary International is one example of such a group. Paul Harris formed the Rotary Club of Chicago on 23 February 1905. So the professionals with diverse backgrounds could exchange ideas, form meaningful, lifelong friendships, give back to their communities. So Rotary as a group can be ideal business networking association. It caters those who enjoy mixing service to their community with networking.
Specific industries have specific challenges and opportunities. Some associations which relate with your industry will know them best membership in such groups can also boost your professional standing.
The best thing Internet created is an virtual opportunities for people to connect & socialize online through social media/online business networking groups and platforms. Also, the 21st century Social Media presence is equivalently important to showcase your business existence.
The best business networking groups operate by exchanging business information, ideas and support. Hence, the most important skill for effective business networking is “listening focusing on how you can help the person you are listening to’’ rather than on how he or she can help you is the first step for establishing a mutually beneficial relationship.