Networking is a crucial part of business growth and development. Establishing strategic relationships with peers, business leaders, and experts in various fields related to business operations will help run the business smoothly and seek assistance when necessary. In addition, business networks provide mutual benefits where you may contribute your expertise and services while profiting from them.
Though business networking is crucial, accessing new people and making connections is not easy. Hence, you should look for events and places these established professionals will attend to build connections for your business networks strategically. Here are 5 ways to network with new people and make connections for business progress.
- Elevator Pitch
Elevator pitch is a term used to describe a 30-60 second in-person meeting with a potential investor to brief them about a business idea or product. In that short duration, the presenter should be able to make a short and concise presentation to convince them that your business is viable for investment.
It is often hard to schedule an in-person meeting with investors. Therefore, when given an opportunity to meet a venture capitalist, it is best to take advantage of the chance. A good, impressive, thorough, and formal preparation with a confident and professional approach is required to ensure it draws capital. A successful elevator pitch can tap the investor’s curiosity in a few seconds and will be promoted for follow-up meetings and discussions to start business operations.
- Organizational Membership
Solving problems always become more straightforward when you are a part of a community or organization. By becoming a member of business groups, one can create a network in business. This will provide a platform to establish numerous solid relationships that will broaden your network and help you better understand the business environment and deal with issues.
Chamber of Commerce and Small Business Administration are some common organizations that will provide opportunities to grow your business. They provide training, seminars, and workshops introducing you to the most recent trends and techniques for successfully managing businesses and overcoming problems specific to your industry. They also serve as a platform for industry-related challenges and ways to improve them.
- Community Service
Community service is the simplest and easiest way to create connections and networks. It creates links in the community’s local and base levels, which are guaranteed to stay longer as these relationships are based on values and being a part of the community. When businesses rise above profits and transform themselves into organizations that are a part of society and ready to contribute to its betterment, the benefits are mutual.
Small businesses can sponsor students struggling to pay for education, provide resources for needy communities, perform charity and donations, or help neighbors in times of need. All these services for the betterment of society will help brand awareness and create a reputation for the brand. In addition, it will gain the trust of the clients and customers as a socially responsible business, which will contribute to people wanting to associate and collaborate with the small business.
- Provide Mentorship
Networking can be done by establishing yourself as a mentor. For example, entrepreneurs with extensive operational expertise might impart their skills to upcoming business entrepreneurs. This gives the impression of being a recognized authority in the field. Companies will be drawn to working with such specialists since they are subject experts who can bring creative ideas and tactics.
People will be interested in short-term courses and workshops on valuable topics in business that can help companies grow. These sessions also give you a chance to interact with new people who work in the same field as you or in business in general.
- Social media Networking
Social media platforms have greatly simplified the process of networking. With platforms developed to connect people based on the goal and type of networking, business operations engaging with investors, employers, and clients have become straightforward. LinkedIn is the best example of how social media has made networking easy.
This also requires having a steady presence in the digital world through regular posting of content and maintaining connections through constant interaction. Furthermore, to build credibility and trust in the digital world, one should ensure the quality of the content shared and be responsible for everything done on the social media platform to build credibility and trust in the digital world. Especially since the COVID pandemic, social media platforms have helped make networking accessible and feasible.
Although challenging, business networking is vital. Building connections and trust that can develop into strategic relationships and viable business prospects require time and effort. Small businesses need to develop strategies that will enable them to present their ideas in the best possible way and guarantee capital appreciation. Small businesses can engage with individuals in various ways to strengthen their connections and network, contributing to business growth.
Business networking is a way to expand business operations. To read more on similar topics, subscribe to Indigenous SME Business Magazine. For the latest updates, visit our Twitter page at @IndigenousSme.