How Effective Networking Can Increase Your Bottom Line

Effective Strategy for Business Growth

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Learn How You Can Boost Your Bottom Line With Effective Networking

Anyone who is working in the business world and is also smart knows that investing in money is important, but that investing in relationships also matters. Think about how many hours you spend on your financial investments, between thinking about what you want to achieve, planning for them, and then taking steps towards those goals. You likely work hard to invest regularly into assets and re-balance your portfolios routinely while thinking about stock market growth fueling your retirement or kid’s education. However, just how much time do you spend investing in the most precious asset you can have? That’s other people, by the way.

Porter Gale was a who wrote a 2013 article for The Huffington Post, where she posited that social capital was more important than financial capital. She defined social capital as your capability in growing a network of relationships, be they personal or professional, but always authentic. In the books, she claims that a person’s value isn’t just how much money they make or earn, but how well or often they can work alongside others that share their ideals and interests. Having a well-developed interpersonal safety net is one that guarantees a person more productivity and satisfaction with life.

Improve Business Opportunities

Powerful networks can mean equally powerful opportunities in business. An increasing number of current business leaders like to handle the big decisions with folks that they find reliable and trustworthy. Relationships are what can establish and then reinforce that trust. This is why influencers, deal makers, serial entrepreneurs, and project leaders are those who constantly look out for any opportunity to do some business networking.

A New Status Level

If you want to build your business and advance your career, then you need to first be visible and then get seen. On top of this, doing both with the right connections can mean you find a new status level within your sector and known peers. You might have heard the saying that it’s not so much about what you know, but more about who you know. That’s not just a cliche, but the truth.

Networking is the art of finding good connections, some of whom are going to be the movers and shakers in your industry. When you can improve your own credibility and standing by just having relationships with certain others, your line of business will enjoy many benefits. Also, that person of influence? They have their own network you can start tapping into as well.

Networking is a means of building up your reputation as someone who is supportive, reliable, and knowledgeable. You’ll be seen as someone who can either get things done or knows who can. You’ll start popping into people’s minds when they need something, and you’ll see far more referrals and leads if you do.

A Broader Base Of Knowledge

Networking is something that can build up your power of knowledge, and that’s not just getting inside scoops on things about to happen. When you regularly converse with entrepreneurs and owners who have the same mindset you do, you have the chance to get wisdom and insight into nearly any topic of conversation that would pertain to your business. This all helps you nail down that elusive balance between work and life, because family and business often get intertwined in this circle, so keeping up both professional and family relationships are usually in the front of someone’s mind.

Networking is a tremendously powerful way to reach into a body of knowledge that you couldn’t otherwise do.

When you get great advice from just the right source, it can sometimes make or break your success on many levels. Such knowledge might show up through deep conversations, casual chats, or even a dinner meeting.

Quite often, networking will offer changes for mentoring relationships, conferences, and advanced training that you couldn’t otherwise get. Getting a recommendation from a respected industry leader or getting access to a new learning pathway can open doors for you.

A Circle Of Positive Influences

Those that you choose to associate with and spend time around will eventually influence what you are. As such, you need to only surround yourself with people who are positive and uplifting, so that they help you grow and thrive as a person, and as a professional. Positive people will typically exhibit their best qualities naturally, and these are the people that you want to connect and spend time with.

Networking does wonders here because most of the people involved in networking are already either successful or trying hard to be, so you’ll naturally find a lot of uplifting and positive people in your networking as it is. You can’t help but get charged up just from being around them. The knowledge you can get is of course very essential, however, the mindset you might adopt from them is even more important.

Let Your Confidence Grow

You can grow your confidence by participating in the right network consistently, so that you prod yourself into engaging with those who you don’t know. This is really critical to any entrepreneur or business owner, because the growth of your business or profession eventually rests on you meeting the right folks and forming lasting relationships. If you’re not already very confident, then networking is a tremendous pathway to getting the confidence you will need to be successful.

When you motivate yourself to connect with those you don’t know and then get accepted into their network, it’s a wonderful booster to your confidence.

As you ingratiate yourself with the group, you’ll further boost your confidence by opening up more conversations and making lasting bonds.

Individual Satisfaction

On top of any business-associated advantages to networking, there is a level of individual satisfaction you can get from making personal contributions to the opportunities and growth that others enjoy. When you network, there should be not only business rewards but also altruistic opportunities too. These might come courtesy of mentoring others, be it casual or structured, or through people you find working or serving nonprofits.

Mentoring is vital to the larger world of networking. Nearly everyone has gotten something of value from a previous relationship where mentoring was involved, be it formal or informal. Bill Gates routinely credits Warren Buffett as a mentor of his, and the founder of Apple, Steve Jobs, is credited by Mark Zuckerberg, who founded Facebook, as a crucial mentor.

If you’ve learn anything about business, or just life for that matter, then you personally have something you can pass on to others. A healthy person has inlets when others invest in them, but also balance that with outlets where they invest in others. The Dead Sea has inlets, but no outlets, and that’s why it has its name.

If you want to succeed as an individual, then you need to be both receiving and pouring quality from and into everyone around you, or at least the ones you trust. This is the real treasure involved in networking.