Don’t Schmooze and You’ll Lose: Why Networking is so Important

Active networking is critical for building strong relationships in business. It allows you to achieve your professional goals, grow your career and bring in more business to your firm. It’s a win-win situation.

That’s why it’s important that you don’t overlook networking as part of business development. It will require some time to master, but it’s worth it. As you engage, you’ll find your network grow side by side with your business.

So, if you haven’t devoted enough time to networking yet, it’s time to reconsider. And to help you get a better grip on why it’s so important, here’s how networking benefits you and your firm.

  1. It helps you discover new opportunities

Opportunity drives business development forward. If you build a robust network, you can increase performance, convert prospects into clients, keep existing clients, establish partnerships, and so much more.

That’s because good networks attract good opportunities. People in networks share a lot of information behind the scenes so, when you fail to build your own network, you miss out on these opportunities.

Investing in building your network pays off. And if you take anything from this article, this should be it.

  1. Tap into a collective pool of knowledge

Good advice is a valuable commodity. Working in a firm, you know how much contribution your advisors generate through fees – as your clients pay you for advice. Now imagine how great it would be if you gained a whole lot of advice for free – from your network.

When you can establish a back-and-forth exchange of useful information with a group of experts, you tap into a wealth of knowledge that would cost a fortune in consulting fees.

Plus, you have the benefit of doing it informally, through a coffee catch up or event, or formally through agreements like masterminds and consulting swaps for anything from digital marketing to personal development. It’s a fair trade where everyone ends up a winner.

  1. A solid network has your back

Have you ever faced a challenge in business you couldn’t overcome? Most of us have and we know that any issue would be resolved a lot faster if we had someone to talk it through with. In these situations, a reliable network helps. And in more ways than one.

You can depend on mutual assistance on issues that arise. From connecting with a community and fixing problems in real-time, to cross-promotion, introductions  and generating external links to your website, you can reach out to reliable members of your network. Having a robust network at your side can pay off dividends when a question pops up.

  1. It leads you to a positive outlook

Influence is a significant outcome of having a network. Still, it’s worth remembering that it works both ways. If it’s negative, it can lead you to bad decisions, a bad reputation and an even worse outlook on business. But, it can also be positive.

If you set up a network of people you like, want to associate with and can learn from, you can quickly pick up their good habits, efficient ways of doing things, attitudes, insight and outlook.

  1. It’s more than just good business

People conduct business, and business is about people. When you set off to build a network, you are building relationships based on interaction, trust, and understanding. That’s why some people in your business network will become your friends. And if there’s anything we all learned growing up, it’s that you can’t ignore the value of friendship.

So, it’s time to take action and network. Making it your focus right now will help you reap all of these benefits in the future. The Thought Leadership Initiative can help you gravitate towards a mindset that integrates networking as a core business tool, so you can overcome any challenges and successfully achieve all your goals. Don’t schmooze and you may lose.

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