Did You Know That Networking Improves The Business Bottom Line For Business Owners?

Business networking is a term that refers to meeting other business owners, potential suppliers, or other professionals who have business experiences (within your field or industry of operation) —to help you grow your business.

Effective business networking is to make yourself known. The premise being that the more people you meet, the more people there will be to get to know and remember, for both you and your business socially and professionally. According to Bobby Darnell,” Success comes from consistently making new contacts, timely follow up and keeping in touch”. As a business owner working together and networking with other companies helps to increase the exposure that you both receive. 

For example, if you are in the construction business,  and  a client asks you about the Car hire services you use then you could refer them to a company that you’ve worked with in the past. Similarly, if the car hire company approached about building works, they will act as a conduit to channel those customers in your direction. If that customer then goes on to request your building services, the Car hire company will also benefit because you’ll likely request their services again. In short, the database of valued providers grows wider and players within the network can all benefit from the same. 

1. Connections.

“WHO you know has a lot more impact over WHAT you know” a very popular statement that you must have come across several times. 
This very true especially when it comes to building a successful business founded on a strong source of relevant connections both socially and professionally, and using them when you need them for referral business.
Networking also offers an opportunity to business owners to engage highly influential people that otherwise would have been hard to meet or talk to.

2. Business Leads.

Networking is the best possible way to acquire and sustain new business leads. Effective and professional communications are key to sourcing and onboarding new customers for business. 
It’s also important to be sensitive to timing and use common courtesy when following up with contacts without necessarily badgering them.

3. Increased Confidence.
Did you know, that it has been proven that by regularly networking, and pushing yourself to talk to people you don’t know, you will result in increased confidence and improved self-esteem – By consistently and continuously doing this as a business owner, you will eventually gain more business referrals and deals.
Increased confidence in business owners translates to bolder, well thought business decisions that impact positively to business growth hence increasing the profitability of the business as well as creating consumer confidence in the products and services on offer.

4. Identify Best Practices.

Networking offers an opportunity to identify best practices or industry benchmarks hence making your business remain competitive. Learning from what others do is a valuable strategy for all businesses as it stimulates growth.
For example, if you are in the banking industry, and you belong to banking association you can find out what the current market trends are that will give you a competitive edge, as well as other professional areas to boost your business performance.

5.  Brand visibility

Networking offers an opportunity to identify best practices or industry benchmarks hence making your business remain competitive. Learning from what others do is a valuable strategy for all businesses as it stimulates growth.
For example, if you are in the banking industry, and you belong to banking association you can find out what the current market trends are that will give you a competitive edge, as well as other professional areas to boost your business performance.

Springboard Capital Ltd offers opportunities for brand and business owners to network through our BizSmart Forums. Our first Webinar of 2021 happens this Friday the 29th January, 2020. Join, Jane Mbatia, Managing Partner at Kamotho Maiyo & Mbatia Advocates, as she takes us through tips on growing compliant and well-structured brands. Reserve your spot here.

Article written by Josphat Karuri  (Branch Manager- CPA Centre) – Springboard Capital Ltd

 

 

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