Business Fundamental: The Importance of Networking and How to Do It Right

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No man is an island, and neither are businesses. Besides clients and customers, companies need to connect and communicate with fellow companies. From business-to-business (B2B) transactions to business deals and collaborations, entrepreneurs need to cooperate with other entrepreneurs to expand their resources, abilities, and reach. However, it can be quite challenging to establish connections and coordinate with other businesses, especially if you don’t know any other entrepreneurs.

This is where networking can help you. Being able to find entrepreneurs to work with can only be achieved when you know how to network. It’s not just a matter of talking to other businesses or e-mailing entrepreneurs (even though that’s a large part of it), but it’s also a matter of being able to negotiate and discuss terms. If you want to improve your network skills and find better opportunities for your business, here are a couple of tips to help you out.

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1. Get Leads 

If you’re looking to employ a particular business service, you need to have business leads. You can find potential business partners through the contacts and network you’ve made when you go out and interact with other businesses. For example, you’re planning to rent a dumpster for your restaurant business or buy a set of second-hand computers for your startup office. While these things might take time to find or even longer when you’re looking for good deals, having a well-connected network will allow you to get access to them quickly.

2. Find Strategies That Work Best

One of the best ways to objectively analyze your current practices is to compare them to your industry peers. Observing and learning from what others succeed or fail at is a great strategy to adopt the correct business practices. And this can be achieved when you have the right network to tap into. Discussing with fellow entrepreneurs and business owners is an excellent method to get meaningful insight into what works best. Be it operational philosophies or even efficient software and technology, knowing the best techniques and practices will go a long way in making your business successful.

3. Discover the Latest Industry Trends and Innovations 

Through networking, you can find out industry innovations and trends that will benefit you. By creating connections and friendships, you can glean “insider” information that will ultimately give you and your business an advantage, especially compared to business competitors who choose to do things conservatively.

4. Better Connections and Collaborations 

At the end of the day, no matter how unique your business and services are, you won’t be able to go anywhere if nobody knows you. Business is all about connection and collaborating with people, both to gain profit and to also increase your reputation. And it’s also about the network of those you connected with. They most likely have a vast network they can tap into already, and you can expand your networks even more by connecting with them.

5. Always Help Other Businesses

Especially if you’ve been in the industry considerably longer than other establishments, helping them out will create a friendly relationship. Eventually, when the businesses you helped with grow bigger, they can help your business out, too.

6. Be Out There

Businesses function on reputation and fame, and the only way you can do this is by deliberately putting yourself out there and advertising yourself. This can be through social media, consistent contact with fellow entrepreneurs, and presence in business conferences.

7. Make a Conscious Effort to Network 

Be where entrepreneurs are- be it in real life or online. Connect with fellows like you and establish rapport. Talk to them, share your insight, and generate conversations. By being intentionally sociable, you are more likely to create good connections or expand your professional network.

8. Be a Good Listener

Perhaps the most important skill that a good conversationalist has is not talking per se but listening. It’s what makes people realize you’re not just waiting for your turn to speak, but you’re listening to them and their ideas. People appreciate it when we try to understand them, and it makes them trust us more.

9. Learn to Handle Rejection

Whatever aspect in life we try to work towards, we will be rejected. As early as now, it’s best to understand that rejection isn’t a reflection of your ability. Learning to handle rejection is critical to finding success.

When other people (and businesses!) support you, you’re more likely to grow your business and find success. No business is built by one person; it’s always through a team and the people who work and support that team as well.

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