Why you need to network for business growth
Growing your business can seem like a gargantuan task. You’ve started out small and simple. Now how do you expand that into something bigger? If you want to get your company out there, you could concentrate on your advertising and marketing. But never underestimate the value of networking. It’s a great way to build strong and valuable connections that can massively benefit your business.
The problem is that networking is a bit of an abstract concept. What is networking? How do you do it? And why do you do it? We’re here to break down all the important aspects of networking essential for your business growth.
Networking doesn’t need to be complex to be effective; 90% of business owners reported that handing out business cards led to new business for them. Business cards might seem outdated in the modern age, but it’s clear they still hold power and influence, and getting some made could give you a leg up against competitors.
A crucial part of networking is that first follow up. It’s great to make an initial connection, but those can be forgettable as one among many. By following up with connections, you cement yourself in their mind and strengthen the relationship.
With the growth of online networking tools like LinkedIn and an increasing number of people working from home, you might think you can rely solely on digital networking. However, studies have shown that even in an increasingly online world, business connections still value that face-to-face meeting. In-person meetings remain the most effective way to forge strong and lasting business relationships.
Networking is a great way to spread your business through word of mouth and recommendations from those you’ve already established bonds with. These connections are valuable as they’re far more personal than a search result or advert, and so are more trusted. Once people hear about your business from a reputable source, they’ll know it’s there to work with.
Connections work both ways too and can be helpful when expanding your business and looking for new services. Listening to your connections and engaging with them shows that you’re kind and interested in them for more than just personal gain. Building a mutually beneficial relationship will give both parties a reason to maintain the connection.
Networking is also invaluable for business growth when you come to expand your team. Around 85% of positions are filled through networking, and the perfect person to fill a new role may be someone you already have a connection with. Whenever you connect with someone through networking, you also gain the benefits of their existing networking circle and so a single relationship can link you to dozens of other connections.
Knowing the tricks to networking doesn’t stop it being hard to do for many of us, and it’s even harder to maintain it after initial connections. But the value of networking cannot be understated – it really is about who you know. When growing your business, you want to ensure you’ve done your best to explore every avenue.
We know there’s a lot to think about when growing a business – let us help with that. At Big Hand, we’re expert accountants who can provide advice and services for your accounts, allowing you to focus on other areas of your business. Find out more by calling us today on 0161 327 2911.