The Monie Hub

Relationships form the strong bond of a successful enterprise. Hence, be sure to expend the same energy on building your business network as you grow your establishment. A good way to begin is by asking yourself: how can I network to grow my business? This must be answered by any organization that seeks to thrive in the 21st century. 

Wise businessmen and women have leveraged relationships to create a successful enterprise. An effective business network contributes to a profitable establishment. Based on a Harvard Business Review Article, “networks determine which ideas become breakthroughs, which new drugs are prescribed, which farmers cultivate pest-resistant crops, and which R&D engineers make the most high-impact discoveries.” 

An effective business network is an unquantifiable asset. It is easy to give a good evaluation of your enterprise. However, you need to ask: how innovative, profitable and renowned is my business compared to others in the industry? Being a part of a network helps you to practically discover and understand the true position of your enterprise. This, therefore, provides a clear overview of the needed improvement and adjustments required for the growth and development of your enterprise. 

Now more than ever, businesses must be exposed and stay abreast of recent happenings. Regular updates on innovations and developments spur your desire to improve and help you set a more outstanding global standard. A good business network can help in achieving this aim. With that being said, how is your network contributing to your net worth?

What Is A Business Network?

A business network is an alliance or a group of organizations or institutions created for the purpose of achieving specific aims and goals. This union fosters the creation of a strong bond or interconnection. Every individual can leverage the skills and strength of the network in growing their enterprise even at an exponential pace. We all know that a task can be easily accomplished when more hands are put in place. This is also the same for enterprises. There is more that can be gained from a business network in a few months which would require years to achieve as a singular organization. 

Why Networking Matters To Your Business 

Many enterprises understand the concept of a business network. There are however a few that have adopted the strategy in growing their corporations.  In business networking, you’re building relationships with the sole intent to grow your enterprise. 

You must remember that an organization can’t develop in isolation. Time and again, we have seen how individuals have leveraged networks to build a thriving business. It should be noted that a business network is suitable regardless of your industry or business activity. 

With development occurring at a rapid pace in every industry, an organization can easily become obsolete when not cognizant of these changes. ‘Knowledge is the real asset,’ this is our motto at The Monie Hub. You become more aware of the many shifts and alterations ensuing in your industry when you are surrounded by an effective business network. 

Every thriving organization is always at the forefront of development. Without a broad understanding of your industry space, you’re sure to lose out in the long run. The new development is also eliciting changes in customers’ preferences. Hence, there is a need to stay abreast and be one step ahead of the game.  One easy way to achieve this is by being a part of a business network. 

In a network, you gain access to recent and exclusive information and also become acquainted with the many skills needed to grow your enterprise. But most especially, you get to meet and discuss with like-minded individuals and professionals who have successfully established themselves and have secured a strong ground in the industry. Some of these prominent individuals are also leading the way in defining the changes in the industry. 

Learning from experts is a great way to avoid the many bumps that characterize a start-up business. Eventually, you begin to view your business from a new perspective as you gain more enlightenment from your business network. 

How Can I Network To Grow My Business?

We have earlier discussed how your networks can contribute to your net worth. The next step for you is to launch into the deep. A good way to begin is by asking; how can I network to grow my business? You can embark on your business networking by answering these simple but purposeful questions. 

1. Who are my current circle of friends in business?  

This will help in determining your current network as well as the many gaps within. In this stage, you get to discover if you truly do have a business network or not. You also discover the networks you have not successfully leveraged due to a lack of understanding of the many benefits it affords. 

After you have outlined your existing network, you can begin to reach out to the ones on your contact. Ask purposeful questions on how they are building their enterprises as well as their business networks. If you do not have any on your contact list, begin your search in discovering and choosing the right business network suitable for your business. Taking deliberate steps in seeking a profitable business network is one good decision that will benefit both you and your organization in the long run.   

2. How do I discover the right business network for my business? 

Thanks to technology, a web search can help you discover circles of networks that share the same vision and passion as you. As you begin your search journey, you will become acquainted with several networks to choose from. You can also participate in Industry meetings such as the chamber of commerce in your locality, or a business book club. Furthermore, several social media platforms have an online networking community. 

3. Should my network only consist of people within my industry? 

As you begin your networking journey, do not limit your communications to industry experts or business CEOs within your niche. As good as that seems, you are creating a thin line thereby confining your growth to only your market space. There are business networks outside your industry that influence and also affect your industry. Be open to those networks. A diverse perspective is a great way to build your enterprise. 

This however does not give you the liberty to become so broad in your networking relationship. Obviously, as an entrepreneur that develops products or services, you do not require business networks in the entertainment industry. Maintain your focus or you may get distracted in your search for profitable networks. In choosing a business network outside your industry, make sure they share the same vision for your business. 

4. What Social Media platforms can offer me great opportunities for networking in my niche? 

We are well aware of popular social media networks that are generally used for social interactions. However, there are distinct platforms that offer you more opportunities to network with people within your niche. Some of these platforms provide a great medium for you to learn about new developments in the industry. These platforms also expose you to prominent individuals and educate you on how to better develop your business. A few of them include meet me, LinkedIn, PartnerUp, PerfectBusiness, and Beyond among others.  

We have outlined the various ways to network to grow your business. An effective business network helps keep the vision of your brand growing, hence contributing to your net worth. Choosing to network also has to be a deliberate effort on your part.

The global world has become a small space with the help of technology. All you need to grow your business is within your reach. Although building a business network does not require so much effort, it is often overlooked by startup brands. Therefore, as you make plans to scale your business to new heights, also consider this a top priority in your goals. 

Taking advantage of the opportunities that come with networking can be the one basic thing that spurs you as well as your organization to global relevance. To sum this up, do a thorough evaluation of your business. Do you have a profitable business network? Have your business relationships contributed in one way or the other to the profit or prominence of your enterprise?  In simple terms, how is your network contributing to your net worth?