Business Networking
A Key to Growth in 2014
As we roll into 2014 (and quite literally in my case, having indulged in far too many chocolates over Christmas), many small business owners are beginning to reflect on their goals and strategies for the coming year. For us at The Last Hurdle™, this is one of the busiest times of the year. January brings a surge of enquiries from businesses eager to grow, review and develop. Perhaps it’s the post-holiday break that gives business owners the time to reflect on their strategies. Already, by the 2nd of January, we’ve heard from existing clients, former clients and new prospects, all seeking ways to expand their operations. One of the most valuable recommendations we can offer to anyone looking to develop their business is the importance of business networking.
Why Business Networking is Essential for Growth
Business networking is an invaluable asset for companies of any size or industry. While traditional methods such as effective advertising, high-quality customer service and offering a good product are essential for boosting sales, the potential relationships and exposure gained through networking can be equally powerful. For small businesses, which often have limited resources or staff, the benefits of networking are especially profound.
For first-time networkers or small business owners, the idea of business networking might seem daunting. However, forming relationships with other companies—regardless of their sector—can open up opportunities you might never have anticipated. You may not know how a business connection could help you right now, but attending networking events and building relationships can set the stage for new clients and opportunities in the future.
The Power of Networking: Building Mutually Beneficial Relationships
Business networking is all about forming mutually beneficial relationships. It’s not just about getting something from others but also about helping other businesses succeed. You may not see an immediate impact on your business from these connections, but over time, networking helps to build trust and foster collaboration.
Even if you’re not comfortable with public speaking or meeting large groups of people, networking events tend to foster a relaxed and supportive atmosphere. You’ll often find that after a few conversations, you’re more at ease and can focus on meeting potential clients.
Getting Started with Business Networking
One of the easiest ways to begin networking is to attend local business networking events. These events provide an opportunity for business owners to meet, chat and potentially collaborate. If you’re serious about building relationships, gaining referrals or enjoying additional exposure, attending a networking event is a great place to start.
Here’s what to expect:
- Informal Introductions:
Business networking events typically start with informal introductions over tea and coffee. This gives everyone a chance to meet other business owners and begin conversations. You’ll want to bring plenty of business cards—most events have 20+ companies present and exchanging cards can ensure you’re easily reachable in the future. - Presenting Your Business:
Many networking events allow participants to give a brief presentation about their business. This is a chance to explain what your company offers, what sets you apart, and how you can help others. - Training and Workshops:
For those who find public speaking daunting, many business networking groups also offer training and workshops on essential business skills, such as public speaking or sales techniques. These sessions not only help you become a more confident presenter but also enhance your professional conduct and increase your chances of securing new clients.
The Benefits of Business Networking for Small Business Owners
For small business owners, the rewards of business networking are immense. Improving your professional skills, forming mutually beneficial relationships and gaining referrals can significantly boost your business. Some of the largest business networking groups generate referrals worth over £300 million every year, with regular meetings held across the UK.
But why stop there? Networking is not just about referrals. It’s about creating long-lasting relationships that can open doors to new collaborations, partnerships and growth opportunities. What do you have to lose by attending a business networking event? The real question is: What can you gain?
