The Power of Business Networking: What to Know

Business Networking

Networking: Among the different tools that business people and industry giants have used to forge their empires, none have brought about more opportunities for profit and success than this aspect. 

As an Australian business owner, you’re most likely familiar with just how much of a difference effective business marketing can make on your operation’s long-term success. While it has also taken the business landscape quite a while to catch onto the value that connections yield in the business landscape, there’s no better time to start capitalising on building bridges than today!

The driving forces behind lucrative connections

Considering that networking depends on the ever-growing set of values that lie within interactions throughout the business ecosystem, bridging out can lead to an uncovering of even more opportunities ahead.

For the most part, growing business connections has become an item on the agenda of most firms seeking growth because of how tried and tested the method is when it comes to attracting opportunities. Larger firms, such as Procter & Gamble or Amazon were built on a foundation of effective networking practices that acted as a catalyst for their growth. This ultimately made them into the giants that they are today.

How staying within your business circle is hurting your returns

One of the most prevalent issues that the majority of Australian businesses face today is that they exert too much effort on being secretive by avoiding networking like it’s a disease. 

Although it may not seem like much at first, staying within the four walls of your business can lead to many problems that will impact your finances and trajectory in the long haul. Here are a few words from Quentin Fisher—a lead partner in big data and analytics at CCS—on the impact of closing walls off and how it can hurt any business or professional’s career: 

“Ants aren’t smart, but ant colonies are. By itself, an ant cannot survive. However, a whole community of ants can exchange findings and ideas with each other, connect the information, and then form a solution that helps ensure survival.”

While Fisher may have been alluding to ants, it’s critical to understand that the same mindset also applies to companies, firms, and professionals, especially in times where customers are growing increasingly complex. 

How you can start unlocking the full potential of your business 

Whether or not you realise it, all businesses have networks by the time they jump into operations. However, the main difference between a profitable network and one that isn’t is the presence of cultivation with the right practices to match. Thankfully, you won’t need to worry about any additional problems with an underdeveloped network because a few tips will easily go a long way: 

  • Treat your supply chain as a type of business network where opportunities to get in touch with decision-makers are plenty
  • Attend networking events or mixers (such as NRG Networking’s exclusive events and gatherings) to amass more connections so that you can extend your network across more industries
  • Use your existing business network to generate pools of intelligence that will help uncover valuable data to uncover for more opportunities to bridge connections

Conclusion

While there may be many factors that can be attributed to your business’s overall success, the process of constantly refining your business network is one that’s guaranteed to make the biggest impact. With this guide’s help, you can further understand what you’ll need to do in the long run as you grow and scale your business, all while maximising the present opportunities! 

Are you looking to showcase your networking skills and start bridging connections but don’t know where to start? We are one of the fastest-growing networking working groups ready to help take your business to the next level. Get in touch with us today to know more about our business networking events in Perth, Australia.

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