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What is Networking and Why is it Important?

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Networking is one of the best skills you can acquire. When you are able to use your networking skills to your advantage, you can gain opportunities that you may not have access to otherwise, which can help you advance your career. In this article, we will discuss in detail “what is networking” and “how to implement it in your career” to use it to your advantage. We will also discuss why business networking is important to learn and how to practice the skill.

What is Networking?

A simple definition of business networking is meeting new people in your profession or industry with the intent of exchanging ideas or information. Networking can be done informally when you meet someone at an event and you exchange contact information, or it can be done formally when you meet at a networking event or through a business networking site.

Either way, networking is important as it increases the number of work-specific contacts you can use when looking for new staff or an exchange of ideas. Networking is particularly important for managers as it will often lead to good referrals for new employees that have already been vetted by the contact.

Why is Networking Important?

One of the biggest reasons why networking is important is referrals. When you have a lot of different contacts in your network, you can go to them when looking for a candidate for an open position in your organization. This can cut down on the costs of using hiring companies, and you can rest assured that the person recommended for the job will be reliable.

 
 

Referrals can also happen in terms of new clients. For example, if someone in your business network has a friend looking for your specific services, they are more likely to recommend you if you already have a familiar bond. People like helping their friends, so being able to help a friend and a work acquaintance can be a desirable activity.

Beyond referrals, there are a lot of other reasons why networking is important for you and others in your organization, such as:

Increasing Your Social Well-Being

Social well-being refers to the sense of wellness from positive social interactions.

What networking gives you are people who could become long-term friends, who not only positively influence your work life but also positively affect your home life.

Creating such balance can help you (and your employees) be less stressed and more productive. By engaging in networking and encouraging your employees to engage in it, you can increase work satisfaction, which in turn can increase productivity.

Exchange of Ideas

Business networking is also important as it allows for an exchange of ideas between people and organizations. Think about it—What is networking doing? It brings people together from different companies within the same profession, allowing them to hear how others solve problems and use these techniques in their own organization.

For example, if your organization is facing a particular problem, you could hold a brainstorming session with other people in the industry to help solve your problem. They might have experience in this area that can help you fix issues such as tardiness. By talking with others, you might also get inspired by a different approach you had not thought of before.

This is another reason why networking is important- it can give you a unique perspective on issues or projects you are working on. Sometimes you need to take a step back in order to get where you need to go, and by discussing things with your business network, you might be able to find solutions that you didn’t see.

Meeting Professionals at Various Levels

You get to meet professionals from various levels of an organization while networking. It is always good to interact with people from various levels of an organization, as you may be able to find someone who can help you with career advice. Having a mentor can be very helpful when managing a business, as you can learn a lot from their experience.

This type of relationship can also be beneficial if you are looking into changing jobs but want to stay within a similar role. By connecting with others, you might be able to learn about job opportunities in other industries that may interest you. Networking is important as you never know what type of opportunity is out there without gaining knowledge from others.

Increasing Confidence

Business networking can also make you more confident. When you are making connections with others, you are practicing social skills that can be advantageous to your career. Being able to talk to anyone, no matter their position can help your communication skills, which recruitment managers always look for when hiring new candidates or promoting from within.

What networking teaches you is to effectively communicate with others, which is an advantage in any organization. For example, talking about your job and projects to complete strangers can help your presentation skills. You will become more confident when giving presentations and might even be able to learn how to explain complex ideas in a simple manner.

Networking can also help you feel confident in your professional abilities. When exchanging ideas with others, you will see your accomplishments in a different light, which can be important to your overall job satisfaction. As your job satisfaction increases, so does your productivity, which is a plus for any business.

All of that said, networking is not always easy. The following tips will help you network with confidence.

Three Easy Tips for Business Networking

Here are three easy tips for starting your business network:

  1. Start Small. When you first start to network, try starting small by interacting with others in your organization with whom you do not normally interact. For example, perhaps there is another manager with whom you have not worked directly and could start having regular work-related conversations. Both of you would benefit from the exchange, which would be good for the entire organization. Once you’ve done this, attending a small networking event (possibly with your new work friend) will seem easier, and you will be well on your way to building your own large network in no time.
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  3. Know What You Have to Offer. Be confident in what you have to offer when meeting new business connections. If you are going to a networking event, make a mental list of your established business network so that you are able to offer others your contacts. Networking is a two-way street, so always make sure you know what contacts might be helpful in different situations. Also, try to remember your own unique skills and perspective. When chatting with people, do not be shy to mention projects you had success with, as you never know when your skills might come in handy for other people in the industry.
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  5. Find Common Interests. As we stated earlier, networking can happen in formal and informal settings. Learning to network at every opportunity will help you expand your contact list, which could prove useful at any time. Besides, not only can networking lead to friends, but friends could also lead to networking. Be open to people who are already in your life or who you meet at a social event as potential business contacts. You never know where your next great connection might come from, so pay close attention to those already in your life.
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    To sum up, business networking can become the most important skill you’ll cultivate since an extensive network of business acquaintances can propel your career while inspiring those around you to do the same.

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