General update by IBBZ Accounting on latest tax news, business growth and technology tips.
Business networking is a process of creating and nurturing relationships with other businesses, clients or potential customers. It is mutually beneficial for both the parties to enhance their knowledge, build new business opportunities and learn from success of others.
Networking for business must be strategic, focussed with an intention of growing business. It requires proactive approach like having networking goals, making a plan, deciding budget, acting on the plan with focus and with consistency. According to Forbes 2016, networking is important to entrepreneurial success for 78% of startups.
It is important to build relevant connections if you want your business to succeed. Networking provides a platform where you can connect with highly influential people from industry and build personal connections. This also allows you to indirectly network with the person’s connections.
You can join networking groups, network with the potential clients and get highly quality leads for your business. This is a more cost-effective way of generating business instead of expensive advertising. As a result, you can increase your business.
As a business owner or business manager, it is vital to talk to other businesses that you don’t know. You can make new friends with like -minded people, discuss about any challenges or problems. Make long lasting connections with them. This brings confidence, positivity and morale.
Attending networking events can help in elevating your personal profile in the market because this allows you to be in top of others mind. Like, you are Chartered Accountants and if someone needs financial planning or tax help, they will certainly remember you and contact you whenever they need.
You can share your experiences and knowledge with others and vice versa. For instance, you are planning to introduce a new product or services and you get valuable advice related to legislation associated with it. So, you can learn from others experience and consider every factor including legislation involved.
It is important to be updated with current trends and knowing target market. Hence, regular networking helps in staying current and planning.