5 Reasons Why Networking Matters In Business

By Kibet Tobias
By now you could be probably owning a business or two to supplement your income or on a full-time basis.
Regardless of how much capital you used to start it, your business has the potential to grow into something big.
And one of the greatest ways to expand your business is through networking.
Most successful entrepreneurs recommend business networking because they expand your knowledge, you get to learn from the success of others, acquire new clients and build a sustainable business.
Here are the top reasons why as a business owner, you should get involved in networking:
1. Increases business referrals
This is the most obvious benefit you could have probably heard at one point or another
As a business owner, you want to join the networking groups so as to participate in networking activities and meet new people who can be your potential clients and referrals.
Research shows that referred customers are more loyal and have a 16% higher lifetime value to a business. They also spend more long-term basis.
So if you want to get more of these high-quality customers, start attending events and encourage referrals from other customers. Referrals provide a steady stream of customers very likely to buy.
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2. Opportunities
There are a lot of opportunities that come from meeting other motivated business owners.
For instances, you may be able to get opportunities like joint ventures, partnerships, and many more.
You only need to make sure you are going for the right opportunities that align well with your business goals and vision.
Don’t go jumping into every opportunity that comes your way.
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3. Connections
Business networking can benefit your business through the connections you get. Remember it is normally said that “It’s not what you know, but who you know”.
This is very true to any business.
So if you need to get the relevant connections you can call on when you need them, consider networking because it opens the door to meet the highly influential people that you wouldn’t otherwise be able to easily talk to or find.
Remember the connections you meet already have a network you can tap into as well. You just have to find out if the person you are networking with knows who you want to know.
So start surrounding yourself with the positive people who can help and uplift you to grow and thrive as a business owner.
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4. Advice
When you have the like-minded business owners to talk to, you get the opportunity to get important advice from them on all sorts of things related to your business or even your personal life and obtaining that important work-life balance you want.
Networking is a great way to tap into advice and expertise that you wouldn’t otherwise be able to get hold of.
Just ensure you are meeting the right person who can offer you a solid advice.
5. Increased confidence
Being an active networker boost your confidence. This is because you get out of your comfort zone to meet and talks to people you don’t know.
The more you do this the more your confidence increases. You learn to grow and how to make conversations and lasting connections with people the strangers.
This is very important because as a business owner your business growth depends on talking to people and making connections.
In the end, these are just but a few benefits why networking is very important to every business owner. Networking is a great way that allows you to grow your business easily.