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The Importance of Business Networking

Jun 26, 2008
Business networking is one of the most important practices you can use to build up new business. From the point of view of lead generation, networking with local business men and women, across industry and target markets, can prove to be time and money well spent, and can generate word of mouth referrals and recommendations business that you would otherwise be unable to achieve. Despite it's obvious merits, so many small business owners neglect networking and getting to know other business owners in their area, and as a result miss out on the opportunities presented by having a wider network of business associates. But just how much difference can networking make to the success, or otherwise, of your business?

Networking in business is initially important as regards getting your business known and 'out there' within the local community. Business owners talk to other business owners everyday, on a personal and commercial level, sharing information that can mutually benefit their businesses and closing deals to the success of one another, and further, those business owners each have their own independent network of friends, who have their own individual network of friends, and so the web continues. They are also a great way of promoting a new startup, and a great source of help and advice should you require it. Many first time networking business owners are surprised to find how active their local business community is, and there are loads of business owners across all different industries ready and willing to offer a helping hand when you need it most.

Likewise, networking in business is important from the point of view of driving sales and boosting revenues. By becoming involved with your local business community you can sell products and services to them directly, but also to their friends in other areas through recommendations. For example, as a website designer, your business could grow substantially through networking with business owners from a diversity of industries who may require a website designed themselves, or may know someone else who requires such services. In fact, you'd be surprised how tenuous some business links arising from networking can get - friends of friends of friends might also come knocking for your services, simply because you've taken the time and effort to communicate and network with local business owners in your area.

There's no doubt networking and business go hand in hand, and as a simple proposition those that invest in building relationships will be subsequently dealt a great deal of work from wider networks and will gain more respect and a higher profile within their specific business community. For a little effort in forming personal relationships, the rewards of networking in business are there for all to see, and it's no wonder major companies spend millions every year on corporate hospitality and getting to know their clients and suppliers. You too can engage in networking with others, to promote your business to a wider audience and to generate greater awareness of the products or services you have to offer, to generate new sales leads and long-term client relationships.
About the Author
A new CityLocal Franchise enables you to Work from Home & Be Your Own Boss. CityLocal, which aims to be a "hub", provides access to a comprehensive list of information about towns and cities in UK & Ireland. Visit www.citylocal.co.uk and www.citylocal.ie.
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