The importance of network cannot be undermined in a business as one moves up or down the value chain in the course of running a business. For example procuring raw materials or providing the finished goods to distributors. Whether it is about negotiating on getting the raw materials on credit or on finalizing the margin on finished products, a network is always helpful. When looking for a business partner, networking is one of the important points to be considered. The existing network of the new partner can be utilized in the business, hence the networking skills of candidates must be evaluated.
Networking gets one referral that may translate into business. Additionally, the network also opens doors to connect with highly influential people which otherwise would be the difficult approach. The network also multiplies itself which means, one can scan the existing network to know if they know somebody whom one is looking forward to getting connected with. Talking to like-minded business owners in one’s network and getting their suggestions on the hurdles of the business may work wonders.
Networking also introduces one to meet-ups, events, conferences etc. which have a number of benefits like getting the latest information on the industry, boosting one’s confidence, meeting key people and building on one’s network etc.
As mentioned above, the benefits of networking amongst business partners are numerous; one just needs to know how, when and where to connect.
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