What is Networking & Why Should You Do It?

If you're a businesswoman you will definitely of heard people discussing 'Networking'. However, you may not have a firm grasp on what the term actually means and just how it works. That's why we've put together this hand guide to explain; what is business networking and why you should do it.

Business networking has been around for as long as people have been communicating with one another. Business networking is simply a way of building relationships with people in a way that can benefit all parties.

"It's not what you know that counts; it's whom you know"

In the world of business it's definitely not what you know that counts, it's whom you know. When business people meet for corporate socials, join associations or ask business friends for introductions they're networking.

Benefits Of Business Networking

Business networking at its very core is the process of establishing a mutually beneficial relationship with another business person. There are many benefits to establishing these kinds of relationships.

The key ones being:
● Reputation building
● Financial
● Support
● Advice
● Growth

We will look at each one of these benefits individually and help you to make the most out of your business relationships to achieve them.

Reputation Building

A lot of business is still carried out in a very informal way. A deal may be struck over lunch or an introduction made whilst chatting with a mutual connection. The best way to do this is to network with other local business owners and entrepreneurs. This is most commonly done through face-to-face meetings and local business groups. Although there is now a vast amount of networking opportunities available online.

Being present at both in-person and online networking events allows you to increase your visibility and build your reputation. Attending the meetings of your networking group regularly will allow you to build solid long-lasting relationships. It's also the perfect opportunity to show off your knowledge and expertise. When you attend networking meetings you should be prepared to offer something of value to the group.

The more time you spend demonstrating your ability to help others, your credibility and your friendly attitude, the more often opportunities will come your way.

Be the woman who answered the question or gave a helpful idea, and build genuine relationships. You are much more likely to gain referrals this way than if you spend your time just talking about your business and what you do. Show off your knowledge by answering questions and offering some words of wisdom when you can.

Financial

To reap the rewards of a network, it is important to gain referrals from your fellow members. You can create opportunities by displaying your credibility. Before someone will be willing to recommend you to someone they need to know that you are CREDIBLE and RELIABLE. Therefore, you need to show this when you network. You can do this by displaying your professionalism, knowledge and reputation. Maintain a consistent and professional persona and whatever your personality and style of networking, keep it consistent and consider your audience.

Aside from gaining referrals, there are other financial benefits to networking. For example, if your business needs the services of a bookkeeper, accountant, or lawyer you will probably find the ideal candidate through your network. Make the most of the knowledge in your network and use it to boost sales and increase efficiency.

Support

One of the many benefits of business networking is connecting with like-minded individuals. There are huge gains to be made by communicating with other professionals in or relating to your industry. The wealth of knowledge that you can access via networking is amazing.

Additionally, most business people are an extremely optimistic and positive bunch. Regular meetings with these types of people is a great morale boost, especially in the early stages of a new business.
Networking is also a fantastic tool in building confidence, which is valuable from a personal and business point of view. The best business networking groups work to allow people to exchange business information, ideas, and support.

Advice

Networking gives you access to a pool of experts that range from collaborators to clients and allows you to offer something to them in exchange for their advice, knowledge, or contacts.
Taking advantage of the experiences of fellow business people before you invest time and money is invaluable. You will often speak to business owners who have experienced similar issues in their business journey, and they are often very willing to share their tips and advice.
In addition to informal advice, networking will also give you access to professional coaches and mentors. There are many advantages to networking; the sharing of knowledge is arguably the most beneficial.

Growth

Developing relationships via networking and offering assistance to others does more than providing you with potential clients or referrals. Networking is a fantastic way to identify opportunities for partnerships, collaborations, or new ideas for the expansion of your business. Good quality business networking allows business people to build strong relationships that often lead to collaborations. Working with other experts allows people to grow their businesses or improve their career progression.

"The best ideas start as conversations"

Business growth is all about new ideas and making changes. One conversation with a fellow business person about a potential new idea can be the turning point for real growth in your business. Creating strong relationships within your network opens up a world of conversations and opportunities.

Why Wait

We hope we've given you all of the information you need to really understand the many benefits of business networking. Here at WIBN we have a range of local face to face networking events, as well as online UK wide groups. You are more than welcome to visit us with no obligation to join up. Why not come along to one of our introductory sessions and see if networking with WIBN is for you?  Find a group.

Author: Helen Clarke