Importance of growing your Business through ‘Networking’

For SMEs, networking is one of the most essential tools to grow a business. No matter what stage your business is at, such as looking for investors, hiring new talent, or finding your dream assignment, connecting with the right people is the most essential. Furthermore, social media allows enterprising business owners to grow their networks without leaving the comfort of their offices or homes.

Gone are the days when contacts restricted to the ambit of a single city or industry used to yield opportunities. Today, possibilities are endless. Look around and you’ll come across businesses that have benefited solely through their capability of reaching out to newer networks, given the impediments caused by a nationwide lockdown.

Networking, as a tool to expand a business can help you reach more clients, gather more industry insights, lock better resources, thereby charting growth and increasing profits.

The biggest roadblock for SMEs, when it comes to networking, is the time constraint; it’s difficult to attend day-long networking events when you’re practically running from pillar to post trying to build a business, ground up. However, with advanced technology, networking is accessible at the click of a finger.

In a survey that involved over 12,000 professionals, it was concluded that those who said networking had an essential impact on their success, spent an average of 6.3 hours a week partaking in networking activities.

Networking events tell you about the vitals of a business’s growth and presents you with an opportunity to learn from shared experiences, shortcomings and successes, all in a conducive atmosphere. Business owners primarily invest in money, but it is also crucial to invest in relationship-building.

Friends and family to work colleagues, business connections, social networks to members of public and private groups on social media, this is an ecosystem that invites everyone. Networking for your business benefits not only the business itself but also your personal growth.

Benefits of Networking

• Generate new business leads

The most obvious benefit of networking is that when people start noticing you, it opens doors to a lot of new opportunities. At ICICI Bank’s BizCircle GlobalLinker, you can make 300,000+ businesses notice you by updating your profile and starting a discussion.

• Get new ideas and find perspective

Networking can be an excellent breeding ground for new ideas and fresh perspectives. Networking facilitates association with various people from different backgrounds and even a simple conversation can lead to new ideas, new insights and new prospects. However challenging it might be to have dedicated conversations with each and every individual, BizCircle GlobalLinker eases it out for you with its group feature created to suit industries and interests.

• Create a strong support system

When times are hard and help is appreciated, a strong network is what pays off. The connections you make during the course of your interaction with like-minded people in the market are likely to extend to you resources, when you’re facing a challenge.

• Do what keeps you in the know

Networking helps keep your business and you in the know. The more you network, the more likely it is to stay up to date on business trends, climate, new breakthroughs, and works. As a BizCircle GlobalLinker member, you can use your free eBiz Card as your e-mail signature, which in turn will help your e-mails stand out from those of others.

• Build your social skill and self-confidence

Being visible and getting noticed is a massive advantage of networking. As you network, your self-confidence and sense of value grows enormously.

At the end of the day, businesses are built on networking. Your network is the greatest asset you’ll ever have.

So, have you done what you can, to build the best possible network? After all, it is rightly said that your ‘network’ is your ‘net worth’ and the right time to start networking is always, ‘now’!

Are you aware that GlobalLinker has over 300,000+ SMEs for you to network with? Begin your networking journey, today.