Planning ahead with business networking

Business networking connects people with similar interests, with the objective of building mutually beneficial relationships. The main benefit of networking is the connections you make. It’s an opportunity to meet influential people in different areas of business, increase your knowledge and leverage those relationships to help increase your client base and grow your company. Although many businesses have been forced to suspend activities, now might be a good opportunity to build your network as you prepare for the days ahead.

If you are a budding entrepreneur with plans to start your own business, networking can be of particular benefit. It helps you prepare the ground, so to speak, so that your product or service has a solid foundation. Then, when your name gets mentioned in business circles, you can begin to build trust and pique interest in your offering, even before your launch. For everyone, effective networking creates visibility for you and your business, raising your profile and creating a reputation for yourself as trustworthy and reliable. This can lead to return business and better referrals, which give you an advantage by identifying how you qualify in advance.

In the past, networking was done face to face, but the internet has opened up new and exciting ways to connect. Nowadays, business people have a wide choice of networking tools, and can select whichever are most effective for their business. The use of social networks like Facebook or LinkedIn is a great way to communicate with both existing clients and potential customers. Most modern companies use such channels to increase brand recognition, get positive feedback, or identify where they need to make adjustments. This can strengthen brand loyalty and make referrals easier, translating into faster and more direct sales. Boosting posts helps to create higher visibility and enhance the legitimacy of companies, thus helping to level the playing field for smaller businesses. It may appear to be a daunting task at first to simply approach others, but on the other hand, they may actually have more time to examine what you offer. And who can argue that in the current social distancing environment, virtual networking is especially relevant.

More traditional forms of networking, like participation in trade shows, expositions and missions will undoubtedly continue to be beneficial when the world emerges from the covid19 shutdown. The benefit of such events is that by showcasing your product or service you reach a captive audience that is already interested in what you have to offer. Many international trade shows are increasingly utilising technology to enhance the networking and marketing experience, and you typically have lots of time to prepare and maximise the interest of the large, loyal followings they attract.

Business networking is one of the ways that chambers of commerce and similar representative organisations provide value to their members. This is done for example, through events such as trade missions, which offer exploratory opportunities that allow you to network with similar businesses in the host country. Business matchmaking is another valuable component such memberships. Business-to-business (B2B) meetings can be arranged in person or virtually, as part of a mission, within sectors - in just about any way that facilitates direct linkages.

In the months and even years ahead, there will be many challenges to face. Countries have been largely unprepared for a pandemic, and have been forced to dip into reserves or borrow on the international market. The International Monetary Fund as well as other reputable organisations have warned that we must brace for a global slowdown. In this scenario, the connections you make today may more than ever prove to be the critical link that helps boost your business in the post-covid19 world.