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Business Networking: An Introduction
What are some of the benefits of networking?
Networking can bring many benefits, and the below is certainly not an exhaustive list. Benefits of networking include:
- Benchmarking: You can establish benchmarking partnerships to compare the efficiency of your processes with competitors or comparable businesses. Read more about benchmarking here.
- Discussion: You can discuss developments, changes and traditions within your sector with peers and work out solutions collaboratively.
- Learning: By talking with others about their experiences, you can grow your own skillset and learn to avoid common mistakes without going about it the hard way.
- Training: You could join up with other companies in your sector to organise a joint training programme for your staff, which could save all of you money.
- Exchanging people: If you join a trade association or business network, they may be able to provide non-executive directors to provide an objective insight into how your business is doing, or experts to help with specific projects. Similarly, you could send a trainee to a supplier you network with to learn more about the process.
- Exposure: If you throw yourself into as many networking groups as possible, your own business will become well-known, raising your profile.
- Contacts: More generally, networking can create a wide base of contacts, which could be of potential use in all sorts of situations.
- International presence: If you take a global approach to networking, you can gain an inside view of markets around the world, potentially forming business partnerships or laying the ground for international expansion.