Importance of Networking in Business

by Hen India

The Importance Of networking in Business
Anyone in Business would certainly know the phrase- “Know where you want to go and make sure the right people know about it.”
It’s true, for our success certainly starts with us, but it grows to higher levels as a result of our association and relationships with people. And this is the reason why Networking is so crucial for any business.
Networking is a dynamic tool and in today’s interconnected world, it has become more important than ever to maintain a strong network of business connections for you and your business. Often Networking is confused with selling, but it is actually all about building long-term relationships and good prestige over time. The importance of networking is not only constrained to the Business arena but is also extended to the personal realm. It involves meeting and getting to know people who you can assist and who can potentially help you in return. Your network includes everyone from friends and family to peers and mentors and members of groups to which you belong.
Let’s understand the importance of networking in detail and how this fuel can accelerate the growth of any business.

Creates new avenues for business –

Having a strong network not only opens new avenues for businesses but also keeps you updated with the recent trends in the industry. The more you network, the more likely you are to stay up-to-date on the business climate, news, and trends.
Networking allows you to expand your client base and remain relevant in this competitive era of constant change.

Leads to new ideas and perspectives –

Networking means engaging with all kinds of different people who come from all different backgrounds. Each and every one brings something unique to the table. Connecting with people gives you the right exposure to New Ideas, New insights, New opportunities, and some great learning experiences. Gaining advice from experienced peers is also one of the most crucial aspects of Networking, it can open the door to wise counsel and guidance.

Attract and retain customers –

Networking acts as a channel for businesses to tell their story. If you are not explaining your product and services and what you do, then your business might remain stagnant. Here networking serves as the perfect avenue to introduce new products and services, which leads to acquiring new customers and retaining the existing ones. Building relationships through networking is essential, for the customers and clients will feel more confident doing business with someone they know and trust.

Strong support network –

Networking is about forming trust and helping one another toward goals. The famous percept says-” You can get everything in life you want if you’ll just help enough other people get what they want”. Regularly engaging with people and assisting them in times of need leads to a strong relationship and this relationship which you build with people through networking could lead to great opportunities during your rough times, provide you with resources when you face a challenge, and so much more.
In a LinkedIn survey, more than one-third (35 %) say that a casual conversation on LinkedIn Messaging has led to a new opportunity. Networking can open doors to success even in tough luck.

Improves visibility of the business –

“It’s not what who you know, it’s about who knows you”. This old adage is absolutely true when it comes to building a successful business. One of the biggest perks of regular networking is creating an impact and enhancing your reputation within your industry. Networking allows you to stand out among the competitors as well. The more people know your business, learn about you and your business, and know what you bring to the table, the greater visibility and prestige your business can gain.
Networking is a virtuous cycle and there is no doubt that it is indispensable. It doesn’t have to take up a lot of time if you approach it with care, and consider what you are doing strategically. So, after knowing the importance of networking in business go ahead and leverage this powerful tool to build a solid foundation of relationships and continue to strengthen them.
Importance of networking

Loved reading the above article! We are sure you would love this one too

5 Conversation starters for effective Networking

Facebook
Twitter
LinkedIn

Hen India

Related Articles

Event Signup

Success Coach

Savitha Nanjappa

Savitha has not only launched and sky rocketed her own coaching platform, but has also worked with 3000+ individuals and mentored over 100+ businesses to quantum leap into the coveted 7-8 figure circle. She also holds an MBA and is armed with over 17 years of Corporate Work Experience, having worked with Brands like Airtel, Tata Docomo, Novo Nordisk, ICICI Prudential and Telenor in Marketing, Sales & Customer Service. Savitha has received prestigious awards such as the “Young Achievers Award '' and most recently the "Young leaders creating a better world for all award" at the Women Economic Forum 2020 event in Egypt. She has also hosted Corporate workshops, been featured as an expert on podcasts and is a keynote speaker.

women business leaders

MSME Loan Expert

Ramesh Dharmaji

Mr.Ramesh served as Director on Boards of MSMEs/ infrastructure companies, Microfinance Institutions, State Financial Corporations, Venture Capital Companies, Technical Consultancy organisations Micro finance self-regulating organisations. • Superannuated from SIDBI as Chief General Manager in February 2019, but was adviser at SIDBI till May 2020. Currently, he is

  • Strategy Adviser to Tamil Nadu Industrial Investment Corporation, a state level government owned finance institution.
  • Advisor to Indian Bank for start-up financing initiatives
  • Director on Karnataka State Financial Corporation, a state level development institution,
  • Adviser to Global Alliance for Mass Entrepreneurship (GAME)
  • Independent expert at Global Innovation and Technology Alliance (GITA) and Technology Development Board GOIBesides his active engagement with the industry, he indulges in writing books with international recognitions and he loves telling business stories.

Naveen Lakkur is the Founder and Chief Innovation Coach of Institute of Inspiring Innovation.

Ramesh Dharmaji HEN India

Serial Entrepreneur turned Innovation Coach

Naveen Lakkur

Naveen loves to inspire enterprises and entrepreneurs to innovate and guide them to grow in the right direction. In his professional career spanning 25+ years in the industry worldwide, he has co-founded several innovative companies. He has also been a catalyst for 250+ ideas to have become commercial realities.

He is passionate about sharing his practical knowledge of building companies and nurturing ideas. Besides his active engagement with the industry, he indulges in writing books with international recognitions and he loves telling business stories. Naveen Lakkur is the Founder and Chief Innovation Coach of Institute of Inspiring Innovation.

Influencer & Entrepreneur

Archana Doshi

Archana is passionate about returning back to the basics and "I strongly believe health resides on the dinner table". Her website - www.archanskitchen.com empowers people to cook easily using easy cooking techniques using local and fresh ingredients. In addition the website is enhanced with advanced features like everyday dinner recipe ideas, lunch box ideas, weekly meal plans, diabetic recipes, festival recipes, healthy snacks and much more. What started out in her kitchen over decades ago, Archana’s Kitchen today is India’s leading food and recipe website reaching over 10 million happy users imparting healthy cooking and eating habits. Archana’s Kitchen also launched a range of their own brand of food products. The cake mixes are the first line of products personally crafted by Archana from whole grains like ragi, jowar, barley & whole wheat flour that are packed with proteins, minerals and fibre and yet have all the richness and flavor of a traditional cake. You can shop them at shop.archanaskitchen.com and other online marketplaces like amazon, bigbasket and more to come.

Archana Doshi Business Leaders & HEN Mentor

Life Coach & Entrepreneur​

Spoorthi Vishwas

Spoorthi Vishwas is an assiduous entrepreneur, social media influencer, blogger, proud mother, and acclaimed South Indian actress, the resolute and determined Spoorthi Vishwas believes. Founder Director of KWAA- Karnataka Woman Achievers Award; IWAA - Indian Women Achievers Award - her coveted brain child that set a new bench mark in women accomplishments and recognition. Spoorthi is also the Founder SHE India Community.

Funding Expert

Aditi Balbir​

Founder of V Resorts – a VC funded management company for boutique stays in India. Scaled to 150+ properties and exited to a strategic player. Top 20 influential women entrepreneurs in India & Winner BW 40 under 40, CNBC Young Women Leader, MPW Fortune Asia, DWEN, Women Economic Forum, UNWTO Community Impact. Written for Economic Times, YourStory, Times of India, World Economic Forum. Travel Blogger & Instagram influencer. MBA, ISB Hyderabad & Duke University.

Business Leaders Aditi Balbir HEN India

Finance and Accounts Expert

Vijay Ladha

A first gen entrepreneur, chartered accountant, believer of business plan and that numbers help in taking business decisions, pro bono mentor with many entrepreneurship promotion organizations, visiting faculty with Symbiosis University, Bangalore and St. Johns, Medical College, Bangalore, promoter of entrepreneurship if planned with information.

business leaders