What is Networking and why is it important?

For any business to expand, active networking should be considered essential, and there's many good reasons for this. 

Creating networks is crucial to forming long-lasting connections and gaining a solid professional reputation over time. 

Meeting and getting to know people who you can help and who might be able to help you in return is inevitable in this process.

No matter what business you work in or how much expertise you have, networking is a crucial skill to learn. If you're still not sure why you should learn this skill, read our article What's the Point of Networking?

As for the benefits, networking can provide you with the chance to establish mutually beneficial relationships with other experts in your field if you take the appropriate approach. 

When you have a strong professional network, people in your network will think of you first when they are looking to hire someone with your qualifications and you will be the first to learn about job openings in your industry.

Networking comes in different formats including informal chats and formal networking events. 

Common Types of Networking Events

Common examples of professional networking can include:

• Industry associations or clubs
• Career expos
• Conferences
• Networking events
• Speed networking
• Community events
• Industry meet-ups
• LinkedIN connections
• Virtual groups
• Communities just like the Victorian Small Business Network.

While they are great tools to use to connect and keep up with others, it is important not just to rely on professional social networks like LinkedIn for all of your networking. 

When compared to a professional relationship that was built face to face, it’s rare a professional online connection will be as strong. 

It’s a good place to initiate contact but try to move it to a face to face connection as soon as you can. 

Benefits of Business Networking:

There are several benefits of business networking, and it’s not all about referrals.

Gaining Knowledge 

Business Networking is an excellent approach to discovering fresh, insightful information and skills. 

Networking is about expanding boundaries and extending knowledge which cannot be done without marketing with people from different cultures and backgrounds

Benchmarking

Networking is the ideal way to work out how outsiders view a company and how competitors are performing. 

It also can help establish comparisons as to how your company is performing in relation to others across a range of areas such as profit, sales, staff turnover, employee satisfaction, etc. 

Building Rapport

Frequenting Networking events gives you the chance to meet new individuals from a variety of backgrounds and industries that you might not have otherwise. 

When networking you not only open yourself up to new knowledge but also new partnerships. This is possibly one of the most significant advantages of networking. 

Building Brand Reputation

When you attend Networking events you are making a link between you and your company that others begin to recognise. 

When people make this link you are more likely to be able to successfully generate leads, referrals and sales as they link you to what they require. 

Opportunity

When Networking, every new person you meet is a potential new consumer. Networking is a great stage for marketing your company. 

Looking to Benefit from Networking?

Professional networking can lead to a wide range of opportunities for your business, so there's no need to go it alone.

To find out about more small business networking opportunities, head over to our events page to see what’s coming up!

If you haven't already, join now to reap all the rewards of a small business network created by and for Victorian small businesses.