All the Right Connections: 5 Ways Networking Can Help Grow your Business
Networking is an excellent way to grow your business, yet many business owners fail to take full advantage of the opportunity. Most people turn to their network to obtain referrals, but the network is a great resource when a company needs to connect with other professionals. These connections are excellent when a person is in need of knowledge and information. However, successful networking doesn’t just happen. You need to know how to make the most of each interaction so everyone benefits. The following are some of the ways you can use the network to grow your business today.
- Support Community Events
Get the business name out by taking part in community events. This may be offering space following a natural disaster, an area where people can gather and reconnect with loved ones. Tide offered free laundry services following the fires in California in 2018, and many people took notice of this and supported the company by purchasing its products. Every business can benefit from taking part in events that help those around them. This can involve sponsoring an event that helps a local family during a crisis or printing menus for a dinner for a community organization. See the many products offered now at filmsourceinc.net to learn about the ways you can get your name before the public by supporting a community event. For instance, the laminating pouches would be of great help in protecting the menus so they can be used by multiple individuals during the event.
- Support Employees and Their Families
In addition to taking part in community events, be sure to support those who keep your business up and running. For instance, an employee’s son might play on a local baseball team. Offer to be the sponsor for that team. Doing so will not only help to get the business name before the public, but it will also provide you with new connections in your network. The bigger the network, the more opportunities a business has to grow and thrive. Parents of these children remember who backed their child in an activity they love and will be more likely to patronize the business as a result. In addition, they will tell their friends and family about the company that sponsored the team, so the business benefits even more. Another way to support employees is to set up an internship or scholarship program for their children. Call on the network to create similar programs so more people will receive much-needed help while the businesses get publicity.
- Recognize the Importance of Social Capital
Certain people take and never give anything in return. Don’t make this mistake when it comes to your network. Accumulate social capital before requesting favors. Compare this to the business bank account. A person can’t walk into the bank and withdraw money when they haven’t put any in. The same is true of your network. The more you put into the connections you are making, the more you will get from the interactions. Be upfront with what is needed. People can detect when someone in their network has hidden motives. This offends them and makes them unwilling to offer assistance. Furthermore, they will look at the person with the hidden motives differently and wonder if they have anything to add to the relationship. Social capital can be of great help in a number of ways, such as helping to establish partnerships to expand the customer base and increase branding.
- Be Willing to Pay
Although it never hurts to ask for advice from someone within your network, don’t take advantage of the connection. For example, when a legal issue arises with the business, don’t hesitate to ask an attorney in this group for advice. However, if it appears they can be of help, make an appointment and pay them for their time and knowledge. They worked hard to attain their status within their field and should be rewarded for such, even by those who are acquaintances or friends. Taking advantage of the relationship will have those in the network avoiding you in the future. This will hurt your business in numerous ways. When you work with the connections to benefit both parties, they remember this and will be more willing to recommend your organization in the future.
- Partner with a Local Nonprofit
One way to get your name out to the public and grow business is to partner with a local nonprofit organization. Offer to sponsor an event they are hosting, carry their marketing materials in your business, and provide print materials for them to share with supporters. There are other ways to help the organization. Provide report covers for a meeting they are holding for donors or potential sponsors to learn more about what they do and why their cause is important.
People love to support those who believe in the same causes they do. The donors will patronize the business to ensure the support for the nonprofit continues. This is an easy way to benefit your organization while helping a nonprofit in need. As a result, everyone wins. Furthermore, these individuals are more likely to share your business with others when they are in need of a product or service you offer. Keep this in mind and choose a nonprofit that is important to you because you’ll find you want to do more to help the organization and reap benefits at the same time.
Establish a solid network made up of many individuals. When you do so, you learn from these individuals and they learn from you. The relationship becomes mutually beneficial. This is a powerful tool for any business owner and one that will help the business grow in ways previously believed to be impossible.
Don’t overlook other opportunities related to the network either. Get out and engage with others, and never look impromptu opportunities to let others know about the venture. Share your knowledge, and speak highly of those in the network. Business owners who make use of these strategies find they benefit in a variety of ways and see their hard work pay off in the form of more traffic to their venture.
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