It is rightly said- “growth of a business lies in the growth of the fellows”. The corporate world is extremely complex, with businesses interdependent on each other, either “competing” for expansion or following a strategy of “cooperation”.
Definitely, the activities of one firm largely affect the other similar firms. Moving on blindly, without a network, ignoring other firms is like crossing a busy road blindfolded. And hence, the importance of business networking comes into the picture.
Business networking is a socioeconomic concept where the business, focusing on relations, develops a network of firms and clients. They get together to keep them aware of the business opportunities, sharing information with the partners and analyze the markets to search for potential buyers in the markets. And definitely, it is better to work together instead of working alone to get the maximum opportunities and output.
There is several business networking sites on the internet that are helping the firms to create these mutually beneficial relations by providing a platform for the firms to interact.
How does a business grow?
A business grows by growing its networks with other firms and expanding its consumer base. With wide business networks, the firm gets access to a large segment of potential buyers in the markets, which are captured by other firms. Also, the firm gets to contact potential firms to start a joint venture or a partnership. The firm gets to know about the areas of improvement and expansion. Hence, business networks generate referrals and new contacts.
Having a good business network is advantageous as you start becoming “visible” in the business world. If you have a good network of firms, you organize or attend several corporate meetings, corporate get-togethers, parties, etc.
Attending these business gatherings will help the firm to increase its personal profile and will make the entrepreneur a “recognized face” in the business world, which will be very beneficial for the firm. The entrepreneurs get to meet many tycoons in these gatherings, which will automatically open a new portal of opportunities.
The business world is extremely dynamic. You can’t believe the time. Situations may flip within seconds, which may be positive or negative for the firm. Hence, the hit & trial method for taking decisions won’t help. You need to have a concrete base for making a decision and for this, you need to be aware of what’s going on in the corporate world and create certain premises for the future. Otherwise, your vague decision may end you up in an ugly position. This vagueness is removed by a strong business network. Business networks make you aware of the current situations of the business world and give you ideas about the upcoming situations and trends. They keep the firm updated with changes in the markets and informs about the tastes and preferences of the consumers in the market. Since knowing and adapting to the market is one of the key elements of a business, having good networks creates a portal to success.
Business networking groups also help in finding the best services and outsourcing companies. Since the firm has created contacts and referrals by creating a business network, it, automatically, gets access to a number of companies providing the required services and can choose the best option. Suppose the firm needs to outsource its website management service. The firm needs to find the best website management company having a professional team proficient in management and protection of the website. With so many links and contacts, the firm can find the best company providing this kind of service and hence, focus on its key operations.
Everyone doesn’t know everything. You may have knowledge and experience of your field but may lack knowledge of other similar fields. This lack of knowledge in the field may hinder the firm’s performance. With growth, there come many more opportunities to grab. If the firm is unable to grab those opportunities due to a lack of knowledge and experience, it is an area to improve upon. Having a good business networking group helps the firm in entering new areas with the help of the other fellow firms. The firms, who have experience the field advise and guide you with their knowledge of the field, which is highly beneficial for the firm. Suppose you wish to take your business online and sell your products through a website. Those firms who’ve been selling the products online can guide you with how to start, obtaining a license and other terms.
There is a saying- “Your vibe decides your tribe”. The kind of person you are will attract the people of the same mentality and the kind of people you stay with. You tend to develop a mentality like them. A good business network is an association of business-minded people with optimism. All of these entrepreneurs have a clear aim of growth. Associating with optimistic and business-minded people with volumes of knowledge of their field will make you think the same way and develop a like mentality. This is a motivation in itself and will definitely give new ideas for growing your business.
There are various business networking website on the internet. These sites make you able to cultivate relationships with other entrepreneurs. You can Google “networking groups near me” (just like you search for a restaurant or any other service) and you’ll be shown many such websites. You should definitely join a business network due to the baggage of advantages it provides. But thinking of joining 4-5 groups at the same time isn’t efficient. You should join one network and make the best out of it.
Business networking is a need in the current corporate world because of its complexity and dynamicity. Situations are changing within a blink, businesses shut down because of a hasty vague decision. Since business networks keep you well informed about the corporate world, definitely, business networking turns out to be a great alternative.
The bottom line is, if you have to grow then you will have to hold hands and grow together!