Ten Reasons Why Your Business Network is Your Business’ Net Worth, and, How To Make the Most of it?

eagle

The simplest definition of business is to sell or buy the goods or services. Though, It may define the trading style of the past centuries but now business is not that much simple. One need to compete strongly to stay in the market, to be the best in every sense and above all being a part of business network is almost inevitable. Joining a network is not at all about catching the bandwagon instead it’s a shield which saves you in more than a dozen ways. In other words you can say that your business network is your business’ net worth. Hows and whys are discussed here:

1. Like Nokia like Network… connecting people

Business network works almost in similar way to the Nokia slogan “ connecting people”. People live in society to avoid isolation and same thing a businessman do by joining an already existing network or creating his/her own network. It serves as a platform to share the ideas and knowledge, to meet new ones, to guide them and get the guidance from the experienced ones. Find out more about how a business network enables connection among the business men here: http://www.forbes.com/sites/geristengel/2013/04/24/6-ways-women-can-power-up-their-businesses-with-networking/

2. Source of practical information

You can learn 100s of the tricks from a book to sell your service or product but only the information which you gained through market research can reveal that what actually the customers want. Loyal and trustworthy friends in a network offer this unique and 100% relevant information. Its better to find few trust worthy people instead of expanding the network to the endless limits.

3. A realm of similar people with similar interests.

In “5-Star Business Networks” Vivek Sood, famous business writer, recalls that how he found a group of trustworthy and loyal people ready to share their ideas at Linkedin.com. You may find it interesting to read the whole story and his view point about how joining networks positively effects the business here. http://www.amazon.com/The-5-STAR-Business-Network-Corporations/dp/061579419X Same thing happens when you become part of a network. Joining a business network enables you to find people with common interests and goals similar to yours. Their knowledge and first hand information improves your understanding towards the business.

4. Makes yourself more visible

You may find it difficult to meet new people but in order to expand your business or to brighten your career it is highly recommended to make yourself as much visible as possible. The easiest way to do so is to join a network where simply interacting with others can do wonders for you and your business as well. Wisely chosen or created business network offers you the right place with the right people, to do the business.

5. Recruiting Platform:

No matter whether you need to recruit or to be recruited, in either sense business network can be helpful. By making yourself visible in your network, you can easily be remained in the mind of those who are the part of this network. Business network works like referral programme where the most visible ones are highly refered as well. Once you get referred or having a referral, respond positively. It will create more chances for you in future.

6. Refines communication skills.

When we discuss business networking, it also means communication between the two individuals. This interaction helps in learning that how a team leader deals with the staff or how a businessman responds in a crucial matters and takes decision. Business networks enable to learn the suitable human behaviour in various situations. Keep interacting with others because only the practice will bring perfection to your communication skills.

7. Refines Target market

Every businessman goes for some market research to find its target market where the offered service or product is highly needed. The loyal and trustworthy members of the business networks help in cutting down the research expenditures and directly targeting the refined market. You may also share your knowledge to strengthen this bond because business network is all about mutual interests.

8. Your network is your personal asset too!

Remember that you are social being at first and to keep socializing is the basic need of any human being. Business network built on pure relationship is one of the most precious assets you have. So don’t hesitate in making strong relationships much more worthy than your business. For more information on the topic , please follow the link: http://www.cbsnews.com/8301-505125_162-28245723/10-reasons-why-your-network-is-your-biggest-asset/

9. Networking ,the top CBM for today’s business

The concept of business rivalry is fading because the concept of business network has made it possible for the key rivals to sit on a same table or to connect via internet and discuss the common interest of each other and threats being faced .Thus, business networking is working like confidence building measure for the two rivals. Not only the rivals, the two strangers connected through a network also start believing in each other because of the connection built through this network.

10. Business Network-a multiplying factor

Business network is all about mutual trust, which leads to cooperation and finally makes it possible to have a multiplying factor in each sense. This mutual cooperation can lead to the joint ventures or increase in investments and much more. You only need to focus on strengthening your relationships with other members of the network. Be loyal and trust them to get the same in return. For more tips you may follow the link: http://business.financialpost.com/2013/05/27/6-tips-on-how-to-get-the-most-out-of-business-networking/ Using the web for your business is an art and those those who are running their business from home, surely needs mastery because here the situation is quite different from the ordinary business. The guardian pays more light on the issue in the following link: http://www.theguardian.com/small-business-network/2013/feb/25/niche-business-networking-groups

Care? 'Share'

FREE - Get An Extract From Any Of Our Books!

All you have to do is - comment below. Your opinions are vital for building a vibrant global community of professionals. In time, you will be proud of your contributions:

  • Share Your Opinion

  • Participate in The Conversation

  • Contribute to The Community

FEATURED COMMENTS WILL EARN A FULL COPY OF ANY OF OUR BOOKS.

What are you waiting for?  Share Now, and Win.

 

Vivek Sood

I write about "The Supply Chain CEOs", "The 5-STAR Business Networks", and, how to "Unchain Your Corporation". In my work, I help create extraordinary corporate results using several 'unique' supply chain methodologies. Contact me for interesting, high impact projects, or, to get access to my IP for creating transformations using these methodologies.

  • Thomas Robort says:

    Hey! Impressive content about Business network. Thank to share great info regarding it. As you are an expert in Business network, I would like to know about Multi-level marketing which is trending now same as business network marketing?

    • Henry says:

      I think Multi level Marketing is the part of business network. So you should prefer first business network than you may use it to make sales of your products or services.

    • Delkard Antlose says:

      Multi-level marketing is a strategy some direct-sales companies use to encourage their existing distributors to recruit new distributors by paying the existing distributors a percentage of their recruits’ sales. The recruits are the distributor’s “downline.”
      Let me know anything else you would like to know about multilevel marketing.

  • Stephen says:

    According to my business network and net-worth what I have calculated is
    Valuing my businesses at around $1 million total, and including the equity in my house and another building I own, my net worth is about $3 million. I’m between 45 and 55 years old.

    Some of this is old money that has gradually grown over the years, always invested mostly in stocks. But most of it has been accumulated in the last 5-10 years as my businesses and investments have started to generate more than $500,000 per year.

    • Thomas Robort says:

      Stephen Great! You showed your success path. So do you getting consultant by any expert? Why you write here your success path?

      • Stephen says:

        I glad to share my business success path here. I proudly saying here because I’m getting consultant by Global supply chain experts Mr. Vivek.

  • Jameson says:

    I’d even go as far as to say that senior-level executives can’t be really successful without a robust network. Sure, they may pull in a decent paycheck, but they won’t rise to the top. If this is news to you and you aspire to be a successful manager or executive, then it’s time to take your head out of the sand and start networking.

  • Clarke says:

    Business networking is one of the most significant skills that you could learn in order to make your business a success story. The majority of business owners believe that they can just start a business, and the clients will come. Any successful business owner will immediately tell you this is not the case. Building a successful business takes a lot of time and dedication, so it is sensible to have a network of business partners and associates to draw energy from and keep you motivated. By surrounding yourself with people who share a similar passion and determination, you are more likely to move forward and achieve results. Business networking is a really valuable way to expand your knowledge, learn from the success of others, get new clients and tell others about your business.

  • Wendy says:

    Interesting article on stimulating topic. In today’s world, human and business interactions increasingly take place online. Online networking can be an important element in your business networking strategy. LinkedIn is one of the largest social networking sites in the world, and the most popular social media aimed at business networking. On LinkedIn, you can share your portfolio of skills, strengths, and qualifications. You can join and contribute to business networking groups which are focused on your organization, profession, sector or region. It is important that you do not focus solely on expanding your network. You are encouraged to actively participate in a way which will help you to build relationships. Other popular social media includes Twitter, which can be used for linking with other professionals and micro-blogging about your work. Facebook is a more general social networking platform which can still be useful for increasing your profile and sharing events.

  • Peterson says:

    Good article. Business networking is no doubt a very crucial element for business growth and expansion. No matter what industry you’re in, networking is always a good idea for business professionals wishing to build relationships and grow their influence. By growing your network, opportunities arise, business partners appear, existing business relationships are strengthened, connections are made and trust is garnered in the local community. Here are just a few of the reasons networking is so crucial to success. Keep in mind all that networking has to offer the next time you restock your business cards and share them with new connections.

  • Stagliano says:

    Undeniable is the importance of business networking. Professional networking can help you create opportunities within your current organization and beyond. It can be easy to neglect relationships when you’re overworked. Make time to keep in touch with people in your office. You may book a short meeting with your manager and arrange to have coffee or lunch with a colleague. Just for the sake of ensuring and increasing your presence, you can register to attend different events and conferences that are relevant to your profession. Use this opportunity to meet new people and get to know them. Introduce yourself to someone you don’t know and swop contact details. If you’re not sure where to start, pick someone interesting from the list of attendees.

  • Tom Murphy says:

    Business Networking is a really valuable way to expand your knowledge, learn from the success of others, attain new clients and tell others about your business. As a professional, I would highly recommend business networking as a way to gain new clients and to build a sustainable business. The top ten reasons for business networking that you have added in this article would benefit business owners from getting more involved in business networking. Small business owners may use networking as a means to form relationships with others, in like or related fields, that could help to expand their business’ ability to find new customers, partner and grow. A key element to effective networking is to make you known in the business world.

  • Thomas says:

    Agree, your business network is actually your net worth. The most obvious benefit of networking is to meet potential clients and generate referrals which you can then follow up on to hopefully add to your client base. Networking can also help you identify opportunities for partnerships, joint ventures, or new areas of expansion for your business. Business networking is also important for increasing the chances of visibility. You need to meet and communicate with potential clients and business partners on a regular basis to maintain your business relationships. Attending business luncheons and other networking events raise your personal profile and can help keep you front and center in the minds of the right people.

  • Sara Smith says:

    This is without a doubt the most obvious benefit and the reason most business owners decide to participate in networking activities and join networking groups is the opportunity of new businesses. Through networking, you will build up a professional relationship with other business owners. Since they will be networking with others as well, you will in time be connected to hundreds and sometimes even thousands of individuals. Through recommendations and word of mouth, many of these people have the potential to become future customers. The great news is that the referrals that you get through networking are normally high quality and most of the time is even pre-qualified for you. Being visible and getting noticed is a massive advantage of networking. By regularly attending business and social events, society will begin to recognize you. This will assist you to build your reputation as a knowledgeable, reliable and supportive person by offering useful information or tips to people who need it. You are also more likely to get more leads and referrals as you will be the one that pops into their head when they need what you offer.

  • Magda says:

    In an ever-changing business climate, it is important to keep up with the target market conditions as well as overall trends in your industry. Knowing the market is the key to developing a successful marketing plan. Attending seminars and networking with your peers and business associates on a regular basis will help you stay current. In addition to the potential of increasing your business, you can often find solutions to your own business problems or needs by networking. Suppose, if your business needs the services of a bookkeeper, accountant, or lawyer you may find the ideal candidate via networking, or if your business needs equity financing for a startup you may be able to find an angel investor or venture capitalist through networking channels.

  • David says:

    Don’t spread yourself too thin. Business networking is about cultivating relationships, you’re not going to be able to do that if you’re trying to be an active participant with five or six different groups. And you need to be an active participant in whatever networking group you join. It’s contributing that will bring you the benefits of networking you’re looking for, such as more business. You need to not only attend the meetings of your networking group regularly but go prepared to offer something of value to the group. Choose a business network that seems best for you and your business growth.

  • Rebecca says:

    Have you just initiated your startup and need some links? Well, business networking is something that can help you reach more clients, knowledge, and eventually attain business growth and increase profits. It is even normal and an important part of business growth where people share their success and mistakes with other businessmen. And for getting new clients, growing your business and even understanding where not to go wrong or what to do to grow your business faster, you would need to start networking before you initiate your business plan. With this, you would be able to build a sustainable business.

  • Howell_88 says:

    You invest in your money, but do you invest in your relationships? I’ve spent many nights thinking about money, worth, and finances. I’ve plugged my assets and liabilities into online retirement calculators and dreamt about unexercised stock options in an attempt to forecast my future worth. These types of exercises can be useful, but somewhere along the way, I realized that if I wanted to assess my present or predict my future, I was spending too much time focusing on the value of the wrong set of assets. And then connecting with people that shared my values and interests has changed my life. I feel so strongly about this concept of building strong business relationships.

  • Helen says:

    I believe your social capital, or your ability to build a network of authentic personal and professional relationships, not your financial capital, is the most important asset in your portfolio. I believe that seeking out and working in collaboration with others who share your interests and values will provide a stronger foundation, enabling you to reach a higher level of success than you would on your own. Therefore, I believe that your net worth will be based not on the size of your portfolio or the size of your network but on your ability to define and stay true to your passions and values and that working with other people who share them will allow you to build a strong and enduring interpersonal safety net that will carry you through any financial calamity to greater output and personal fulfillment.

  • Coleman says:

    Your network is also your net worth because we’ve entered a new era where shifting cultural values and improved technology enable us to network in vastly improved, more focused, and more enjoyable ways that are more in tune with our personalities and passions. Technology has accelerated networking, reduced the degree of separation between contacts, amplified our global playing field, and redefined the job prospecting process. It’s easier to find niche communities’ online, new relationships may be just a tweet away and existing relationships may hold more value than you realize. Connecting with others with similar values and passions can also increase your feelings of happiness in most cases.

  • Stephen says:

    Networking is a wonderful way to tap into advice and knowledge that you would not otherwise be able to get hold of. Having like-minded business owners to talk to also gives you the opportunity to get advice from them on all sorts of things related to your business or even your personal life and obtaining that important work-life balance. Just make sure you are getting advice from the right person, someone that actually knows about what you need to know and is not just giving you their opinion on something that they have no or very little experience in. It is also expected that networking will result in opportunities. You will however not know when or how they will happen. There are always plenty of opportunities that come from networking and in fact, this is where the advantages of business networking are huge. The opportunities that you get involved in should align with the vision you have for your business. If this is not the case, you might find that you are chasing opportunity after opportunity and getting nowhere.

  • >