by Sophie Hutchings

Why is Networking a key ingredient for small business success?

There is an assumption that networking is only useful for job searching, but it goes far beyond you just finding your next job opportunity.

Networking is an invaluable tool for businesses to meet, connect and build relationships with others. It’s a chance for you to make authentic, lasting connections and enables you to boost brand awareness. Like businesses, networking comes in all shapes and sizes, not all events may be relevant to your specific area of work, but it allows you to meet like-minded people, get different insights and opportunities. Having contacts in various industries can greatly benefit you own business.

What are the advantages of networking?

• Expands connections (potential clients)

The most obvious benefit of networking is that you expand your base of potential clients. Not only that, but by cultivating a reputation for excellence, professionals in your network may recommend you to clients seeking services just like yours.

• Contributes to social well-being

A study of older adults found that social networking use was positively associated with psychological well-being. Networking isn’t just about taking, it’s also about giving, which makes it fertile ground for friendship. Having more people in your life can help you meet your new best friend and increase your overall happiness.

• Knowledge sharing

You will meet a variety of people from different industries; by talking to an array of people you’ll learn new things, things you may be surprised are quite useful. This could be knowledge of potential office spaces in the area or retail space becoming available soon.

Sharing with others can help you consider different perspectives and approaches to problems, which can help you find new solutions.

• Builds confidence

Networking events are actually a great place to practice your confidence, even if you’re an introvert. Actively getting involved and conversing with others can help boost your confidence, as you get used to talking to new people and showcasing your business and what you do, the feedback you receive, having people generally interested will help you in future events.

• Access to resources

A well-established network can provide access to a wide range of resources. From job opportunities to industry-specific information, your network can be a valuable source of support and information. Whether seeking advice on specific projects, seeking mentorship, or accessing exclusive job openings, your network can be an invaluable resource throughout your career.

• Referrals and references

Networking is a great way to build a network of your own advocates. As you make and grow connections, the trust within the network grows, forming long-lasting professional friendships that will often lead to others referring you and your business to others, therefore expanding your clientele. This of course works both ways. You will find through networking you’ll come across people who may require your service and will refer you to people who they know.

• Staying informed

As you speak to different people, different conversations and topics will arise, this is a good way to stay informed, others may know of upcoming changes in areas such as changes in tax or changes of the law you may not be aware of, this keeps you in the know.

Dos and Don’ts​

Many people avoid networking because it’s outside of their comfort zone, especially if it’s your first time attending an event putting yourself out there. It can be daunting if you are by yourself and not sure how to perceive yourself.

Here are some pointers to keep in mind and prepare yourself:

• No fear! You don’t have to do all the talking: Luckily, networking is not all about you. Be sure to take the time to actively listen to the other person and be fully present in the conversation. Finding common ground can help keep the conversation flowing if you find yourself stuck for something to say.
• Remember to be respectful: You may not necessarily find what you’re looking for right away, that’s normal, it happens. If you find yourself in the ‘wrong’ conversation, be polite and move on when the chat comes to a natural end.
• Keep a record: Events can feel overwhelming when there’s so many people, you’re sure to speak to several different people from different sectors. Be sure to keep a record of who you’ve spoken to or take their business card so you can follow-up later.
• Share your details: If you’re looking to make a lasting impression, pair your pitch with a business card or share your socials, such as Facebook or LinkedIn. This way, besides boosting your brand, it enables potential clients to have a way to contact you, as well as being able to check out your portfolio.
• Research the event: You need to know what you’re going into. Prepare for the opportunity by searching online, chatting with attendees and even putting together a few questions to break the ice.

Conclusion

From establishing meaningful and long-lasting connections, to expanding your knowledge within different industries and accessing valuable resources, actively engaging in these events and activities can help you build a diverse network, provide you with new and exciting opportunities, potentially assist you to gain new clients and overall, help you propel your business forward.