How Is Networking Important In The Growth Of Any Business And How Can We Practice It?

Often, we have heard this phrase in the corporate world, “Your network is your net worth”. It is obvious that networking has become much more than a buzzword. In fact, it is a powerful tool that can make or break a business. In today’s interconnected world, it has become more important than ever to maintain a strong network of contacts for you and your company. Continually expanding your network can have great value when it comes to recruitment, business partnerships, outside endeavours, and so much more. Let’s kick this blog off by going step wise through the entire topic, by the end of which, I’m sure that it will definitely help you get some insight on the vastness of the word ‘Networking’.

What is Networking along with its relevance in business?

Networking is the exchange of facts and concepts among people with a common line of work or special interest, usually in an informal social setting. To collaborate business with networking, the devised term is ‘Business Networking’. Thus, Business Networking is the process of developing and galvanizing your associations to upsurge your business, enhance your knowledge and enlarge your domain of influence.

Types of Networking in Business?

Online/Social Media Networks

According to Ivan Misner, founder and Chief Visionary Officer of BNI, “With social media, the key to success is outlining a strategy that considers the amount of time you can realistically dedicate to your online marketing efforts and being consistent. Figure out what’s realistic and what makes sense for your company, and go from there.”

Strong Contact Networks

Strong contact networks are smaller groups of professionals from various professions.

Casual Contact Networks

A congregation of people from several diverse vocations, usually in a mixer environment.

Why is Networking Important?

Networking is a long-term investment

Networking will help you meet like-minded people or people who are compatible with you in terms of future ideas, life goals, aspirations, and other plans, which all ultimately serves the purpose of increasing the growth exponentially of an organisation.

Strengthen business connections

Networking is about sharing, not taking. It is about establishing faith and serving one another in the direction of goals. Regularly engaging with your contacts and finding occasions to assist them helps to strengthen the relationship.

World of Opportunities

It is predictable that networking will result in openings. One will however not know when or how they will happen. There are always plenty of occasions that come from networking and in fact this is where the advantages of business networking are huge. The occasions that one gets involved in should align with the vision you have for your business.

Wisdom through Advice

Networking is a great way to tap into guidance and information that you would not otherwise be able to get hold of. Having like-minded business owners to talk to also gives you the occasion to get guidance from them on all sorts of things related to your business or even your personal life and obtaining that important work-life balance.

Recognition and growth

Being noticeable and getting noticed is a massive benefit of networking. By frequently attending business and social events, society will begin to recognise you. This will support you to build your reputation as a knowledgeable, reliable and supportive person by contributing useful material or tips to people who need it.

Exchange of knowledge through being interconnected

Networking is a great chance to exchange best practice information, learn about the corporate procedures of your peers and stay abreast of the latest industry growths.

Gain a different perspective

It’s easy to get caught up in the day-to-day of your professional realm and end up in a rut. By speaking to others in your field or people with know-how in a particular area, you can gain understandings that only come from viewing a situation with fresh eyes.

It makes you a potential resource

This goes hand-in-hand with visibility. If people are aware of your expertise and you’ve made an impact on them, guess who they will contact when they need help with something? You.

It can give you access to industry influencers

Another invaluable benefit of networking is access to influential people who you would have a hard time getting in touch with otherwise.

It builds your social skills and confidence

This is an advantage of networking that people often overlook. As you network, your assurance and self-value can grow enormously. Sometimes it can feel out of your comfort zone to be enclosed by other professionals. AND NOW COMES THE BIG QUESTION

How to maintain your network?

Involve in meaningful ways, and do it steadily

Networking is more than presenting oneself for events or rarely saying hello to another professional. It takes determination and commitment, so be sure that you are networking in meaningful ways.

Don’t neglect the power of social media

Be sure you are taking advantage of your social channels to learn about your connections, communicate with them, and foster positive relationships.

Be self-aware

In the business world, you yourself are a brand—so make sure you are maintaining a great one. Be aware of your actions as well as what you say or share. Wrapping Up! Networking is remaining genuine in your determination. Not all connection will flourish into a corporate association, but every connection has the chance to impart you something. If you approach networking with this outlook, it will be a pleasurable and rewarding development that yields individual growth for years to come. This blog is written by Ms. Anushka Singh, Partner Relation Executive at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any question regarding setting up a business in Dubai or anywhere across the UAE then please contact us at +971 4 4542366 or email us at info[at]flyingcolour[dot]com.