Part of the job of owning a business is networking. Networking can be a great asset to practically any field of work imaginable. That being said, the question naturally becomes: How? How is it that networking is so important to the life of a business? What is the true value of it in the business world? While much could be said on this, below are 3 ideas on what the value of networking in business really is.
This idea comes from Kim Baird’s article on the benefits of business networking. This value is perhaps the most important one of all. The idea here is that knowing the right people can greatly increase someone’s chances at succeeding in business. Knowing the movers and shakers within the right industries and fields will almost always help someone succeed with their business. Baird also points out that the key people a business owner connects with will also know other key people who can help the business owner, even if they cannot help directly. The idea is to always be expanding the circle of people who can help.
This is another point that Baird makes in her article. The idea here is that by collaborating with a group of other business owners, more opportunities will arise. This is only natural; the more people someone knows, the more likelihood that there will be a business opportunity that will open up that can help both businesses. This might mean a joint venture, or some type of collaborative work that, in the end, can help both companies.
Increase in Customers and Profit
If the two previous points happen, then optimally there should be a rise in both the amount of customers and profit for a business. Ideally, networking should lead to win-win opportunities for both businesses involved. This may mean more exposure for a business, which leads to more sales for both companies. However it is done, one of the best possible outcomes is a win-win relationship between both companies that leads to more customers and increased profit.
Overall, there are so many benefits that come with networking in business. In the end, however, the true value of it is the relationships that can be built between companies and people that can benefit all parties involved.