Growth
Growth is essential for any business wishing to succeed; it is central to the longevity of the brand or product. It stands to reason that the bigger the business is, the more profitable it is. Networking is vital in creating growth within your business, making new contacts, potential sales leads and generally marketing your brand and product to a wider audience.
Networking will also add value to your business as a medium through which you can establish yourself ahead of your competitors. Being able to project your brand within your sector, whether that be legal, financial or otherwise, helps you create a reputation. Businesses can thrive or fail based upon the reputation that precedes them; business networking allows you to create a positive reputation of your company any yourself.
Support and Advice
Business networking is not simply to make people more aware of your company; it can also serve as a medium to gain support and advice from like-minded peers. Speaking to people in your own field can give you an insight into best practice and can help answer any questions you may have regarding an aspect of the business. Do not be selfish however, ensure that you are able to help and support others in the network the way that they have supported you or this may make your company look inexperienced or unwilling to share information.
You do not need to be confined to your own business sector when networking; it is good practice to cross into other field also. This means that if you need a bit of outside advice on a matter which you have little experience, you will have somebody to go to. For example if you work in the field of tax law but needed a bit of advice about intellectual property.
Brand Awareness
Speaking to people in your business sector about your company and brand gets the name out in the open. Making people aware of your brand is the first step in its growth and thus improved sales. When you are networking, either face to face or via the Internet, you are the face of the company. As an ambassador, it is important that you present yourself in a way that reflects the professionalism of your company and promotes the brand effectively.
Direct Sales
Networking with business in your sector and others gives a chance to make direct sales of your services. It is a chance to approach potential buyers and create a lasting relationship which is in the interest of your firm and theirs. For example, a legal firm could help a financial accountant and vice versa.
Building up relationships with companies also means that you will begin to gain information on whom the decision makers are. These are the best people to approach when proposing a business deal as they are able to give you an answer without consulting others, meaning that the transaction will be swift.
Individual Success
Creating links with other businesses and making lasting relationships, boosting brand awareness and making sales all makes you as an individual look like an effective member of the team. This may be recognised by your managers in terms of commission on sales, a pay rise, promotion or by non-monetary means such as being presented with a weekend away.
Networking then is very important in the world of business. As mentioned previously, there is often not a lot of time to carry out face to face networking, resulting in the rise of networking on the Internet. Social networking sites have exploded on the Internet in recent years due to their capacity to allow people who are far away to communicate with each other.
As a result of this, many social networking sites have been created and devoted to business networking for different sectors. International Referral is a networking site for executives in the legal and financial sectors from all over the world. The online community allows members to contact each other in the fields of tax law, aviation law, intellectual property, mergers and acquisitions, commercial law and much more. International Referral also organise networking events for their members in different countries so that they can speak face to face, and make even more contacts using this style of networking.
Article Source: http://EzineArticles.com/?expert=Gemma_L_Benton
Re-Posted By: Brooks Brower Consultants - http://brooksbrower.blogspot.com/
