Network in business can mean two things.
One of them is a quantitative technical aspect to install the efficient system of local area networks (LAN) in your office or extensive area network (WAN) among various branch offices. Systematic and healthy network technology has a very large role to be played in creating efficient processes, better data management and user-friendly accessibility for employees in your business.
But in this article, we will talk about the top 5 advantages of the same qualitative aspects in business – which includes networks with other business owners, customers, dealers and colleagues.
Especially for small and developing businesses, which do not have a marketing department or a lot of money to spend on advertising, networks can be the key to expanding business. For small business CEOs, investing in networks often serves as the biggest gateway to get leads, references, businesses and new contacts. Let’s look at 5 Top Advantages of Network in Business:
1. You feel a local business environment
Especially in the context of your own small business, it is very important to understand how the behavior of the local market, what is the main arangkat and the price of the most effective price remembers the demographic and psycho-graphical profile of the area. Network with other colleagues in your local business area and the association of local business owners and customers help you get a clearer picture of the demand and graph of your local business area supply.
2. Still updated with current events in the local business environment
There is no business that can grow in isolation. The network with owners and other business associations helps you continue to be updated on the latest local business news, new regulations, incentives, or tax reliefs offered by local governments for small businesses and changing customer demands.
In addition, it is important to have updated knowledge about current business trends to be able to find business opportunities that arise. You can perfect your business plans and marketing strategies to take advantage of the best developments.
3. Get quality leads and referrals
It is said that, on average, 70% of all new businesses are obtained by mouth from the mouth and positive recommendations. Regardless of how much money you invest in advertising or marketing, the best way to increase your business is to get solid references or sales leads from known contacts.
After you build a good and reliable contact network, you will find your contact that passes a direct business to you, which will be able to close faster than the ads. People like to refer to the people they know, like and trust.
4. Get useful business tips and advice
Good contact networks such as investment in executive training. You will find that the best business suggestions and tips come to you from your contacts. People with whom you have built a positive relationship with pleasure will give you effective and honest advice.
Especially your colleagues or business owners who are in a business that does not compete is a useful source of tips. One way proved to build a great contact network is to join the CEO of Club or CEO Association where you can interact with experienced colleagues and business owners on the problems you face or the strategy you want to apply.
Networks with colleagues in the CEO group or CEO club that will give you healthy and honest advice is one of the best ways to accept useful business insights. Your contact and peers may have had a similar problem with yourself and can direct you in the right direction.
Also, make regular sports to attend relevant business seminars and conferences where you can make a number of new potential contacts.