The primary goal for most business networkers is to make more money/get more clients. However, networking can also deliver a number of surprising and valuable benefits that go way beyond introductions and referrals.
Here are TEN intangible returns can have a really big impact on your overall success…
Recommended Suppliers
In networking we talk a lot about referrals for our business, but it’s just as important to get recommendations for quality suppliers.
Whether that’s for simple print and design jobs, or for business growth activities like introducing AI and automation or bolstering your business with cyber or IT tools. Knowing we are working with trusted suppliers that our network has recommended, not only gives us peace of mind, but it can save us a lot of money too when we get the right supplier first time!
And, these suppliers may also add value to your client relationships when you’re able to recommend to them too.
Reputation & Visibility
You might be the brightest brain in your industry, but if nobody knows how good you are, then you’ll never achieve your full potential. Being seen and credible in your business community can lead to better quality business conversations and projects as well as invitations to share your knowledge in workshops, webinars and speaking opportunities.
Increased confidence & Communication
This is a biggy! Networking really bolsters confidence.
It not only helps people to become better networkers, but enables them to be better in their business too. Regularly introducing and presenting their business in public does wonders for communication and confidence and makes a world of difference in business development activities too.
Leadership & Organisational Skills
As you become more involved with a networking group you might get the opportunity to lead it and/or help with the organisation. These are extremely valuable transferrable skills whether you use them in business or in your personal life!
Knowledge
Most of us did not go to ‘How to run a business school’ so we have to learn on the job!
It’s amazing how much knowledge you can soak up when you are around other professional people. All of it translates into better and more informed decision making for your business and can enhance the experience you offer your clients. It can help you (and them) save money, stay legal, be more efficient or more competitive and protect you from costly pitfalls. This all adds makes a big difference to the bottom line!
Strategic Partnerships
When you’re a small business, teaming up with people who you can work together with can be very lucrative. It can open doors to bigger contracts and they can introduce you to bodies of people you might never have got to before.
Identifying and building trusted relationships/partnerships with people who work with your target audience adds up to a very sustainable way to grow for both parties.
Friendship & Support
Friends are not just for your personal life. In fact, business friends can be an absolute godsend at times and definitely make running a business a lot more joyful!
Families and friends don’t always understand the ups and downs of business and often encourage you away from it. Your business friends not only get it, they motivate you to keep going in the toughest moments, as well as being on hand to do a happy dance when you’ve signed that elusive client you’ve been chasing for ages.
Friends naturally and genuinely want to help each other.
Mentorship
Finding a mentor can be difficult. Especially if you don’t have a lot of money to throw at a relationship like that. Through networking you’re more likely to meet a mentor and in many cases it might not even cost you any money – especially if you can reciprocate on some level.
Innovation
Sitting alone in an office can really affect your creative juices. But when you have a team of people on tap that you can bat ideas around with and tap into new ideas for innovation then it’s only going to help take your business to the next level.
Positive Feeling & Mindset
It’s hard not to feel good when you’ve helped someone else be successful. Seeing the connections, support and knowledge you share with others bear fruit, is definitely an excellent tonic for giving you a positive outlook on life!
The intangible returns can really add up!
The most obvious way to measure the returns you are getting from your business networking is to count how many referrals you’ve had. But these tangible results are only part of the equation.
It’s surprising how much personal and commercial growth you can gain from being around other professional people who want to help you be successful.
Like the tangible results, the intangible benefits don’t often appear overnight. They compound over time. Keep an eye on them, though, because often their return can be more valuable in the longer term than the short term client wins.
Further Resources
Keen to explore the right networking options for you? Why not have a read of some of our other blogs in our library.
Identify the right networking format for you
How to get the most out of your 121s
Ways you can build trust with your connections
Learn more about Growth Community member only meetings
Why member only meetings add value to membership
Try some Growth Community relaxed but very purposeful networking?
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Small Business Podcast
or if you are looking to expand on your small business knowledge then check out the Everyday’s A Business School Day Podcast.
