Exploring Business Networking
Introduction to Business Networking
With the dawn of globalization and international business opportunities, “Business Networking” is the latest buzz word among the business communities. The “Business Networking” relies on the principle of sharing expertise, knowledge, skills, services and profits by forming a group of interrelated and dependant commercial group.
This strategy involves joining affiliate programs or forming collaborations with other related businesses, potential customers and reliable customers. Different members of this group will have different core business domains but they share their opportunities and expand their business opportunities as a joint business venture. This strategy does not involve any fresh investment or recruiting additional skilled work force.
By sharing their services, domain expertise and customers, the business network group becomes a very powerful and stable business entity. With the advent of internet, the distances between the ends of the continent have been erased from the communication point of view.
The business to business communication, being an essential part of Business Networking takes the advantages of technological developments of the Internet and the World Wide Web. Traditionally, business networking meant filling up your wallet with a lot of business cards, visiting business parties, or joining an elite business club. These opportunities were more localized within a single community or a small area of operation.
With the advancement of Internet, the business networking concept has taken a giant leap opening up new avenues and opportunities in the global perspective. Online business groups and online communities are becoming a common starting place for major collaboration and business networking. This article will act as a guide and help to identify the important aspects of taking a step towards Business Networking.
Advantages of Business Networking
Trading Services: When a business with specialization and expertise in a specific core area joins a Business Network, the other members utilize their services. On the other hand, the business which has newly joined a network can expand their business services by giving business opportunity to the other members. This mutual collaboration of sharing services is the basis of Business Networking.
Advertisement and referrals: Moreover, the members of a business network also help each other in getting referrals though their personal contacts outside the network. This leads to a huge customer base which in turn aids in overall growth of the business. The need for investing in advertisements, new assets and marketing staff is not necessary for a business because the resultant effects of expansion and growth is provided by the mutual referrals and contacts provided by the members of a business network.
Sharing Business knowledge: The members of a business network also get to learn the experiences of business development and marketing strategies from the experienced members of the group. They can also share their expertise and business strategies pertaining to their own core area of the industry. Sharing of vital business knowledge when viewed from the long term perspective, aids the business networks to grow stronger together than running a business without collaborations.
Business stability: Continuous business demand and a large customer base is the key aspect of sustaining a business among tough competitions and business adversaries. By joining a business network, the opportunities and demand for services from a business expands drastically. This aspect aids in sustaining a profitable business and provides overall stability.
Prerequisites for a Business Networking Plan
Build an Identity: During the initial phase of planning Business Networking, earning the trust and recognition of other members is essential. This will in turn give the business an identity. There are two general methods to secure a respectable identity.
Industry standard Certifications from renowned organizations will greatly aid in creating an identity such that the members accept business credentials. The most sought after certifications in the industry are ISO standard specific to the business industry, American National Standards Institute and National Committee for Certifying Agencies among a big list of business standards certifications.
In case these certifications are not feasible according to your business plan and budget, then obtaining membership in renowned professional associations will aid in creating an identity. By taking membership in such organization brings out the seriousness and involvement of your business. These professional associations also help in gaining more knowledge about the business and creating opportunities for and networking ties.
Build Reputation: A successful business networking strategy to enter the world of establishing and creating an identity among business network community is to build a good reputation. For establishing a reputation, Business Consultation Service is the optimum service and it involves no financial investment.
The knowledge and expertise about a particular business domain is the only investment required to provide consultation services. To provide professional, reliable consultation, certain standards of practice need to be adopted. This aspect helps to expose your business expertise and skills to a big and never ending referral network.
Communication Infrastructure: The next important requirement for venturing into the field of Business Networking in to build up on the communication aspects and infrastructure. Attending business meets, taking part in Trade Shows are the traditional methods.
Along with this, setting up internet infrastructure and web presence though business websites helps in promoting business in the global market. The internet and the World Wide Web facilitate in effective sharing of information and services for business networking. Secure communication infrastructure are very essential part fro utilizing the internet for productive business development.