Growing your business network is an essential part to grow your business as a whole. A business network is a group of businesses, organisations, or individuals who are connected through various relationships and connections, such as partnerships, collaborations, or shared interests.
According to a Forbes study, 80% of professionals find networking essential for their career success. This shows the importance of creating a business network to help grow your chances of professional success.
Networking is brilliant for vacancy-filling, where 85% of jobs are filled through professional and personal networking, and business executives believe that they’d lose 28% of their business if they stopped networking. This shows the importance of networking in the business world.
Business networks can be local, regional, national, or international in scope, and can be formed for a variety of purposes, such as sharing information, collaborating on projects, or accessing new markets.
Business networks can be informal, such as a group of companies that are located in the same area, or they can be more formal, such as a trade association or industry group.
Let’s start off with unpacking the benefits associated to growing your business network…
The Benefits of Growing your Business Network
Growing a business network can provide many benefits to an organisation, such as:
- Access to a wider range of resources and expertise: A larger business network can provide access to a wider range of resources, such as new technologies, knowledge, and expertise, which can help a business to grow and become more competitive.
- Improved collaboration and partnerships: Growing a business network can help to foster stronger collaborations and partnerships with other organisations, which can lead to increased efficiency and productivity, as well as new opportunities for growth.
- Access to new markets and customers: A larger business network can provide access to new markets and customers, which can help a business to expand and diversify its revenue streams.
- Increased visibility and reputation: A larger business network can help to increase the visibility and reputation of a business, which can lead to new opportunities and partnerships.
- Increased competitiveness: A larger and more diverse business network can help a business to stay competitive in a rapidly changing market by providing access to new ideas, technologies, and opportunities.
Strategies to Consider when Growing your Business Network
When growing your business network, it is important to have a plan and strategy in place. Some key strategies to consider include:
- Identify your goals and objectives: What do you want to achieve by growing your business network? Are you looking to access new markets or customers, to collaborate with other businesses, or to gain access to new resources and expertise? Identifying your goals and objectives will help you to focus your efforts and resources on the right activities and opportunities.
- Research potential connections: Before reaching out to others in your network, it is important to do your homework and research potential connections. This can help you to identify the right people and organisations to connect with, and can provide valuable information and insights that can help you to make a strong impression and establish a relationship.
- Be strategic in your approach: When growing your business network, it is important to be strategic in your approach. This means being selective about who you connect with and why, and focusing on building relationships that are mutually beneficial. Even something as simple as giving a business card can be effective, but be careful as 72% of recipients evaluate a business card’s quality to judge a company.
- Be proactive and persistent: Building a business network takes time and effort, and it is important to be proactive and persistent in your efforts. This means reaching out to potential connections regularly and consistently, and following up on leads and opportunities.
- Provide value to others in your network: Building strong relationships in your network involves more than just taking. Make sure to offer value to others in your network by sharing your expertise and knowledge, and by providing support and assistance whenever possible. This can help to build trust and foster strong, lasting relationships.
How to Grow your Business Network
There are many different ways to grow your business network, including the following:
- Attend industry events and conferences: Attending industry events and conferences can provide an opportunity to meet and connect with other professionals and organisations in your field. 64% of trade show attendees are not current customers of the exhibited business – so it’s a fantastic way to approach new potential clients. Although, you should try and keep these events in person, as 95% of exhibitors prefer in-person over virtual trade shows.
- Join a trade association or industry group: Joining a trade association or industry group can provide access to a community of like-minded businesses and individuals, and can offer opportunities for networking and collaboration.
- Participate in networking groups and organisations: Participating in networking groups and organisations, such as local chambers of commerce or networking events, can help you to meet and connect with other businesses and professionals in your area.
- Use online networking platforms: Online networking platforms, such as LinkedIn and other social media networks, can provide an easy and convenient way to connect with others and share information about your business. Linkedin saw a 55% increase in conversations in 2021, showing how the world is transferring to an online world. However, remember that you’re 24% more likely to gain new customers through in-person networking as opposed to online. So, online networking isn’t always the best method!
- Collaborate with other businesses: Collaborating with other businesses on projects or initiatives can help to build strong relationships and expand your network.
- Provide value to others in your network: Building strong relationships in your network involves more than just taking. Make sure to offer value to others in your network by sharing your expertise and knowledge, and by providing support and assistance whenever possible.
The Challenges of Growing your Business Network
Growing a business network can be a challenging process, and there are many potential challenges that organisations may face. Some of the key challenges include:
- Finding the right connections: One of the biggest challenges of growing a business network is finding the right people and organisations to connect with. This can be time-consuming and require a significant amount of research and effort.
- Establishing and maintaining relationships: Building and maintaining strong relationships in your business network can be difficult, as it requires regular communication and effort. It can also be challenging to ensure that relationships remain mutually beneficial over time.
- Managing time and resources: Growing a business network can be time-consuming and require a significant investment of resources, such as time and money. This can be a challenge for small businesses or organisations with limited resources.
- Dealing with competition: As your business network grows, you may face increased competition from other businesses and organisations in your network. This can make it more difficult to access opportunities and resources, and can require a more strategic approach to networking.
- Maintaining confidentiality and security: As your business network grows, it is important to maintain confidentiality and security in order to protect your business and its information. This can be challenging, especially as you connect with more people and organisations.
Let us know how you get on with Growing your Business Network!
It’s important to recognise the endless benefits that come with growing your business network. Although, it’s not always an easy thing to do! Take the time to understand the people you’re wanting to network with, and plan the best way to interact with these people.
Do you know of any more ways to grow your business network? Give us an email at [email protected], or let us know on our LinkedIn or Facebook Pages!
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