8 Benefits Of Networking In Business

Today I want to share with you some of the benefits of networking in business?

Perhaps, it will be cool if I can start this post with a quote from one of my favorite authors.

The richest people in the world look for and build networks! Everyone else looks for work. – Robert Kiyosaki.

You alone cannot make yourself successful; only others can do that for you. This is why you need a solid network. Networking is not about knowing people but being known to people. I always tell my people, your network determines your net worth.

Networking is about making the right connections and building enduring, mutually beneficial relationships. In creating a good professional relationship, you need to select the best allies for your purpose.

Networking is critical to success. All senior executives, politicians, community leaders, spiritual leaders had many allies. Many of these people can attribute their success to proper networking.

You may not be comfortable with this, but the fact is the crucial allies are few and should stay few. 80% of all the value of your partners comes from fewer than 20% of their numbers. You don’t need many allies. You need the right ones.

The best relationships are the ones built on these five attributes.

Mutual enjoyment

Spend time only with people you like. Otherwise, it will not be enjoyable; it will be boring or tiring.

Respect

If someone is to help you professionally, they must be impressed by you and vice versa.

Shared experience

We must have a limited number of slots for a talented professional relationship. Shared experience, especially if it involves struggle or suffering, is very bonding.

Reciprocity

In the end, the love you take is equal to the love you make; the professional help you receive is comparable to that you provide.

Trust

What cements relationships is trust. Trust requires total honesty at all times. Suspicion is the opposite. If you do not trust someone totally, don’t try to build up an alliance. It won’t work in the long run.

If you are in the early stages of your career, fill your ally slots carefully. I suggest you get

  • One or two mentors, people that are your superior
  • Two or three relationships with peers
  • One or two relationships where you are the mentor

Fewer, the better!

8 Benefits Of Networking In Business

A business relationship is more than having a list of people on your phone list or contacts file. Entrepreneurs need close genuine contact with people. There are many benefits to building professional relationships early in your entrepreneurial journey.

1. Sharing Advice

One of the benefits of networking business is the opportunity to share advice. If you’re feeling lost or confused, turn to your network. Someone with experience or expertise in an area can give you a few pointers.

2. Sharing Leads

Another excellent benefit of networking in business is lead sharing.

If you’re looking for a job, new clients, an interview source, or any other recommendations, it always pays to have someone who can give you some ideas of where to go. Just one close contact doubles your chances of knowing someone who has the news, information, or resources you need.

3. Investing And Lending Opportunities

You may find that it’s almost impossible to get a loan for new business these days. However, if you have built great rapport with others, they may help you raise the money you need to get your business off the ground.

4. Word Of Mouth Marketing

You know how vital referrer is to your business. This is one of the many benefits of networking in the industry. Many companies will tell you that they get almost all of their business through referrals.

These referrals can come from friends, family, and satisfied customers. It’s a free, unbiased, and advantageous way to promote your work and generate more business.

5. Finding Jobs

The same philosophy applies to people looking for a job. When I was in the job search process, I discovered an interesting statistic; almost 90% of people look for jobs only by looking at vacancy ads, but that’s where only 10% of available jobs exist.

At least 30% of every employment comes from referrals. The more you focus on your network and relationships, the better connected to opportunities you’ll be.

6. Potential Partners, Co-Workers, And Employees

If you’re not looking for a job, maybe you’re looking for new talent. One of the best reasons to keep up with your relationships is because you never know who you may one day be working with – or for.

People change companies all the time. Someone who is a colleague from a previous organization may end up sharing the cubicle next to you at your work, or he might be able to help you find the new hire you’re looking for. Simply put, more positive relationships mean fewer enemies, less stress, and no more closed doors.

7. Your Relationships Create New Relationships

If you work closely with someone who you’ve impressed, you may get introduced to someone else who will play an essential and influential role in your life.

8. Business Relationship Can Turn Into Good Friendships

Whether at work or outside work, days are better when you’re interacting with positive people who you enjoy spending time with. Sometimes you will need a buddy to share a drink with after a hard day or blow off some steam when your boss is a jerk.

Why not approach every person, including your colleagues, as potential long-term friends?

Wrap it up!

If you want to go far, you go in a group. That is a piece of golden advice; I encourage you to start working on your network today. Start building a business relationship for a greater tomorrow.

So, what is the other advice, tips, strategies, techniques, or methods that have worked for you? Please share it with us in the comment below. I sincerely value your opinion more than mine. 

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