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Introduction
Business networking is essentially the process of building mutually beneficial relationships with people, clients, customers, or other business organizations. It is a powerful business strategy that not only is a massive learning source but also provides tremendous opportunities for outsourcing and collaboration.[1] However, business networking can be overwhelming at times and may even drain the energy out of you — rendering you unable to focus on other critical business operations. In part one of this two-part series, we discuss how to approach business networking in a way that allows people to start enjoying it! Let’s get started.
How powerful is business networking?
Why should you prioritize finding business and social networking opportunities? When used effectively, it can become a powerful business development tool. Here are some of the most interesting reasons we recommend you network.
● Helps generate business leads
Networking in any industry helps identify new and profitable sales opportunities, especially for B-2-B companies that rely on other companies for business growth. The more you network, the more connections you will build. This will eventually lead you towards more profits.[2]
● Increases brand awareness
The more you share information about your organization, the easier it will be for your customers and other professionals to understand what your business stands for. Business networking allows one to propagate a business’ mission and values, which opens doors to work with relevant professionals and clients. It is also an opportunity to attract talent that identifies with your company and its values.[2]
● Identifies key industry trends
Most industries evolve, which is why we suggest companies pay close attention to changing industry trends. Networking is a critical tactic that helps you maintain favorable business relationships while staying informed about the latest industry updates. Knowledge of industry trends also helps prepare better proposals.
● Helps understand varied viewpoints
Almost every business process entails decision-making. Since companies function with professionals with varied viewpoints on executing the processes, it allows them to discover unexpected strategies and solutions.[1] Business networking or conversing with other individuals in an industry helps collect different perspectives.[2]
● Allows learning industry standards[1]
Business networking is an effective strategy for understanding how an industry functions. The better you get at networking, the more equipped your company will be with the industry’s common strategies and best practices.
● Helps develop and boost confidence
Lastly, business networking creates opportunities to collaborate with other business professionals and organizations. This helps you trust your business instincts and boost confidence, which will eventually improve your ability to develop long-term business relationships.
Final remarks!
Business or social networking works when you effectively manage your motivation, energy, and attention. We highly recommend you introduce some of the business networking strategies mentioned above and fall in love with networking, again. Which of the above strategies did you like the most? Let us know in the comments below. Also, don’t forget to check out other informative article posts!
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Dr. Cristina Rosario DiPietropolo is the Founder and Chief Executive Officer at Leader Essentials Group, an executive consulting firm specialized in collaborating, developing, and executing strategies with their clients. Extensive experience across multiple industries and highly skilled in the areas of strategic planning, organizational behavior, human resource management, change management, leadership, and digital marketing. Over ten years of teaching experience as a Visiting Professor of Management, with a special focus on leadership in entrepreneurship, organizational behavior, and international management.
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[1] Gino, F., Kouchaki, M., & Casciaro, T. (2016, May). Learn to Love Networking. Harvard Business Review. Retrieved June 20, 2022, from https://hbr.org/2016/05/learn-to-love-networking
[2] Triffin, M. (2014). 8 secrets From Power Networking Pros. Forbes. Retrieved June 20, 2022, from https://www.forbes.com/sites/learnvest/2014/07/23/secrets-from-power-networking-pros/?sh=65fff40e4e5a