Networking in business is defined as the act of meeting with other people in your organisation, profession, or industry and creating relationships with them to positively impact your business and/or performance. Within this pool of people, containing both clients and competitors, you’ll be able to share knowledge, advice, services, contacts and more.
Benefits of networking in business for leaders
As a leader, there are many benefits of networking in business, and creating these meaningful connections can be impactful in many areas of your career. Some of the benefits include:
More resources
When you network, you build relationships that you can call upon later. By expanding your circle, you also expand your resources. As Forbes points out, perhaps the people you’ve connected with are inside your company and have access to tools you haven’t seen before. Maybe they’re outside your company, but know of some excellent tools that apply to your industry. Apart from the technology tools they can offer, they’re also a resource to tap into mentally. When you need a listening ear, a different perspective, or someone to bounce ideas off, reach out. Perhaps they’ve experienced something similar and can offer some words of wisdom.
Share ideas and get creative
Interaction with like-minded individuals gives you the ability to swap ideas and think more innovatively. By networking with people who have similar roles or who understand your position, you can share ideas that others wouldn’t be able to understand or share input on. In doing so, you unleash your creativity and grow your intellect in your specific industry, as well as in your leadership skillset.
Build your reputation inside your company
By networking, you’ll have a greater understanding of both your company and the broader environment – plus all the events going on beyond your sphere of influence. When you’re able to speak on these topics and give advice to other leaders and peers, this knowledge will shine through. You’ll soon gain a reputation for being knowledgeable about much more than just the position you hold.
Build your reputation outside your company
Of course, that same knowledge will shine through in conversations as you network in your profession and industry. As people see you setting yourself apart as an engaged leader, you’ll gain visibility and people will seek you out more often. This also means more opportunity, in terms of clients and possible career paths.
How to network in business
For people working in leadership, it’s easy to get caught up in tasks and deadlines. It’s much easier to focus on checking off items on a list than to partake in something like networking, where you don’t necessarily see immediate results. Networking doesn’t have to be complicated. Here’s how to do it and do it well.
Network both inside and outside of your organisation
When you network within your organisation, you should be looking for other areas where people will value and benefit from your work. You should also look to see who can assist you in promoting or delivering your work, as they’ll help further your reach. By doing this, you become a team player and showcase that you care about the entire company, not just your role or division. If you’re not sure where to start, try sitting by someone new at a company meeting or swinging by the office of someone you admire – just start the conversation, the rest will follow.
Networking within your industry, but outside of your organisation is just as important. Seek out valuable connections who can teach you things, get access to places, or assist in influencing outcomes. This should be a two-way street: you both must come to the table with something to offer.
Network like a senior leader
Those in power at your company got to where they are, in part, because of networking. They looked for places where their services could help others, then asked for help in return. They used their various connections from networking in business to assist in achieving results and raising their profile. It doesn’t look this strategic in real life: it’s an organic process of first building a foundational network and nurturing it over time. The key is being able to offer and ask for help, once you’ve begun building.
Attend events and join clubs
Wondering exactly where to meet these industry professionals? Attend events within your industry or events created specifically for networking. If you aren’t hearing of any such events, check out clubs and groups in your area. Social media is a great place to start. Once you join, you’ll notice that these groups tend to put together lots of networking events, like happy hours and conventions.
How to build a connection
If you’re of the camp that feels like networking is unnatural or insincere, you’re not alone. As the Harvard Business Review points out, people who feel like networking is self-serving tend to have lower confidence about what they can offer. They also point out that when we only let ourselves create connections “naturally,” we tend to only create relationships with people like ourselves. There’s no growth there.
So, if you feel uncomfortable in networking situations, there are a few things to do. The ultimate goal is to build rapport. Do that by asking about the other person: their background, career path and future goals are great places to start. Then, share any knowledge that you find applicable. Once you’ve swapped information, be sure to reach out on a consistent basis – don’t just do it when you need something.
Be genuine
That leads us to the most important aspect of networking in business – be genuine. People can tell when you’re being inauthentic or strategic. Being Machiavellian isn’t the way to achieve successful, long-term relationships. While the connections you build should be useful, they should also benefit both sides and come from a place of good intention.
Final Thoughts
Networking in business is a powerful tool. The benefits of networking are plentiful and include making you better within your own role, as well as building your reputation as a knowledgeable, connected individual. It will help you stay in the know about industry news and trends and achieve higher quality results, faster. Most importantly, when done well, it will result in long-lasting, useful relationships with people in your industry.
Need help figuring out where to start? Book a free consultation with us, and we can discuss your needs. we can’t wait to hear from you.
Author Bio
As a coach, Deborah aims to create an inclusive and respectful space where individuals and organisations can do the work necessary for growth and change. She is also passionate about helping women be valued for themselves while also contributing and being successful.
Apart from her company which she is deeply passionate about, Deborah also loves bushwalking, reading, travelling, and learning new things.
For any coaching or organisational support enquiries Deborah can be contacted via email: info@xseedlead.com.au or via her company website which is www.xseedlead.com.au.
