Networking is an investment in your business. It takes time and when done correctly can yield great results for years to come.”

— Diane Helbig

Why Networking is Your Most Powerful Business Tool

Networking is another way of marketing your business. However, it stands apart from conventional marketing tools. This one is the most crucial as how you network your business will determine whether you have a chance for entrepreneurial success.

In business networking, you aim to create meaningful relationships to broaden your horizons.

The phrase “no man is an island” is most powerful when considering how networking works. Regardless of the scale of your business, or how far you’ve come from your strategic marketing efforts, all of it would be wasted with a failed networking.

Isn’t it frustrating when your marketing efforts always fail? Networking operates on a similar principle, just a more personal form of marketing.

Why Do I Need Business Networking?

Networking is your way towards personal and professional growth — the same for everyone within the network. Everyone seeks opportunities that will ultimately help them and their business grow.

There’s no better advice than that from people who have experienced the same situation firsthand.

Let’s say you’re in the marketing and sales industry, listening to their challenges and success can give you insights and new perspectives into how you should do your business.

Did their marketing fail? What about their ads?

Did they just gain a hundred per cent increase in their leads because of their new campaigns?

Pay close attention to their failures and successes. Every bit of that information can be valuable to your business. Learn what they are doing right. Modify and copy. Learn what they are doing wrong. Eliminate and execute.

The more networking events, the more people you can get inspiration from in the business community. The more effort you exert, the higher the chances for your brand to gain recognition in the long run. So long as you’re doing it right.

3 Types of Business Networking

1. Professional Networking

These are individuals in the same industry with your goals and aspirations. This is how it happened with a colleague of ours who was expanding her business and needed a skilled photographer experienced in jewellery photography. Thanks to our network, we connected her with the perfect photographer for the job, resulting in a lucrative partnership.

2. Social Networking

These are connections in a non-informal setting but with the same purpose: to give or accept opportunities. The simple act of talking to your neighbours or customers is already networking. Basically, networking is word-of-mouth marketing.

When your friends, family, and neighbours know you’re well-connected in the community, they will turn to you for recommendations. We’ve been approached for suggestions on everything from roofing companies to website builders. This shows us how strong community ties can be invaluable in providing helpful referrals.

3. Online Networking

While running a T-shirt printing business based in Buffalo, NY, and sharing updates on social media, a contact reached out and ordered hundreds of T-shirts for their SBSW conference. Given the rising popularity of the digital space, social networking has truly expanded our reach over the years. It’s amazing how your clients can now be worldwide!

Three Principles of Networking

There is value in being part of a business network. It will take your research or referrals to get into one, and when you finally do, don’t waste your chance by keeping these principles in mind.

1. Trust

Networking is your most powerful business tool. But it continues beyond simply attending events and talking to people. You ought to have the most powerful skill in business networking: trust.

In any industry or business, people only do business with those they trust. Except for that certain network, they most probably have their community you haven’t been part of yet. It will guarantee a ripple effect if they trust you, your brand, and your services.

When you completely gain their trust, you’re also gaining the trust of their networks. Once you do, take better care of it like you would for your business.

2. Give and Take

Being part of a professional business network built with genuine trust means more opportunities, knowledge, and resources to gain.

However, don’t think about gaining. Look where you can provide and genuinely offer that to your network.

Offering help and continuous value could also be a good opportunity for your business. You could offer them advice, services, or solutions to their clients' problems. With the success of your help also comes the success of your brand.

3. Having Emotional Intelligence

It could be easy to get into the circle of any people and get along with them if you have social skills. But it wouldn’t take long to notice you don’t belong if that is all you have.

You ought to offer genuine relationships, which all comes down to, again, trust. It will keep you connected to your network. Broken trust is always the hardest to mend.

So to truly connect with them, you should have a high emotional intelligence or emotional quotient (EQ).

Remember, you are mostly dealing with professionals and you’re there as another professional representing your brand. Show that you understand them in terms of emotions by showing empathy and clear communication.

Bottomline

Before being part of a business networking, be sure to look for the right people. It’s always better to build a strong network with those with the same goals as you. It doesn’t have to be a direct connection with people within your industry. Even those with different businesses can be your network.

You may find going out and joining events exhausting, but success is guaranteed if you love what you do and are confident with what you can offer. This is why starting a business with something you truly love is also important.

When you’re just starting, start by looking at what best you do now. Even if it’s just a simple hobby, who knows? It might be your pathway to something greater.

Discover how to turn your hobby into a business and start working your way up.

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