The Power of Networking in Business : Driving profitability for your business

As quoted in golden words by Diane Helbig, “Networking is an investment in your business. It takes time and when done correctly, can yield great results for years to come”. If you are a business owner today, or have an idea sparkling down your nerves, it is important for you to acknowledge the fact that Networking is almost as intrinsic to an idea for a business as a financial investment is. Effective networking in business refers to the strategic approach of identifying and intentionally building relationships with individuals who can provide us access to resources, knowledge, tools and even further, to potential clients and customers. As a business coach and a leadership coach, I regularly run into clients that underestimate the power of networking for business development and hesitate to allocate a specific budget towards this extremely important aspect of profitability. 

At Empower Consulting, we have decoded the strategic approach towards building a golden network for our clients. This starts with the understanding of what Networking in business actually is. ‘Your Network is your Net Worth’. Clients usually start with the impression that networking in business refers to building and maintaining relationships with other professionals inside and outside their network. To an extent, this understanding of networking is true, but when businesses start scaling up and enter into complex plots like expansions, mergers or acquisitions, we need to extract the less valued dimension of networking, generating revenue through your network. An effective networking plan starts with basics like running campaigns on online professional platforms as well as social media channels, or attending industry specific in-person events, conferences, social gatherings and associations. Down the lane, when the plan advances, certain actions are required to build a community that resonates with your brand, and reflects trust among your audience and targeted customers, portraying your brand as the ‘one in charge’. At Empower Consulting, we identify visibility and brand awareness as the  immediate goals for networking. But certainly, our business coaches aim at molding visibility into profitability in the shortest time and the least investment possible. Our business coaches highly recommend you to pin down these immediate goals for your networking campaigns. 

My personal experiences into starting and scaling businesses have empowered me to utilize my network for opportunities that usually are seen as hurdles down the journey by entrepreneurs, business owners and even by corporate employees. Apart from visibility and brand awareness as the direct results of networking, a skilled individual knows exactly how to utilize professional networks to cater to their professional situation at that moment. If you are an individual with an idea, collaborating and networking can help you build new ideas, products or services with individuals that have the same farsightedness as yours. If you happen to connect with individuals that have a common vision, you can team up and work together towards that vision. With this comes the possibility to address and cater your idea to their respective network as well and that unconsciously expands your probable customer base. This comes with an opportunity to explore new markets, eye down new revenue streams and possible partnerships and mergers in the long run. And if not that, it can certainly add to your personal knowledge base and experience.  

We have been in regular round tables with our clients that have addressed networking as a separate strategy for their business goals and we can lay down for you the best practices to utilize your network to drive profitability for your business. ‘It's not what you know, it's who you know’. As business owners and employees, you already can understand the gravity of these words. And so, how do you drive profits from your network? Being a part of a big strong professional network, gives you opportunities to share within your network your insights, skills and knowledge. If this creates value for your network, there are high chances for future referrals and partnerships. Your network won’t hesitate in referring you to a new client if you are a valuable asset to themselves. Referral groups are in and they are driving revenue for millions of business owners today. Another opportunity is to use your network to access industry specific events, business meetups, entrepreneur meetups and local and small business networking events, where, if executed accurately, your efforts can put you in the spotlight and generate valuable leads right away. Proactiveness is a valuable skill in such professional situations. In addition to your immediate network that you work in, the era of social media and digital marketing has empowered business owners and employees like you to actively expand your network through platforms like LinkedIn, Instagram and Meta, that not only allow you to connect and advertise, but also to sell your products directly to your network, and to the customers outside your network as well. 

As we see here, we can certainly drive profitability through networking in business. This requires a special dedicated skill set for individuals to spot opportunities throughout their network. At Empower Consulting, we have programs that guide you to build a strong network for your business and also help you acquire those special skills to extract profits out of your network. Our clients speak of how valuable our sessions have been for them to extract the most of their network and so we highly recommend you to book your first appointment with our business coaches and leadership experts today.  As someone rightly quoted; The most successful people in the world look for and build networks. To sum up, the most important takeaway from this discussion would be that networking in business is to create a network of individuals who you can rely on for support, advice, and opportunities, and who can rely on you in return. 

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