The benefits of business networking and how to do it successfully

Businesspeople have been meeting up to share ideas, make connections and do deals for a long time. Some researchers trace networking back to the industrial revolution in the 18th century.

In the 21st century world of business, the opportunities for networking are greater than ever before thanks to online technologies.

But what are the benefits of networking for small businesses, and how can you make sure the conversations you have at events are beneficial to your company?

The benefits of business networking

Business networking involves attending events to meet and interact with other people who have similar interests, could be beneficial to your business or can help you develop your skills.

Reasons to attend events include:

• Raising the profile of your business
• Meeting new contacts for potential partnerships and collaboration
• Identifying new customers, suppliers, contractors or employees
• Gaining new skills
• Grow your personal brand
• Finding solutions to business problems and challenges
• Attracting referrals for your products or services
• Being inspired by the stories of other business owners
• Seeking recommendations for service providers such as accountants
• Meeting influential people

Before attending networking events, it’s useful to have a strategy so you maximise the advantages for your business.

Think about why you’re doing it and what you’d like to achieve. This will help you to find the most relevant events and make the most of your time.

Research relevant business networking events

There are so many business networking events, you could spend every minute of every working day attending one! However, it’s important to be strategic and focus on those you think will be most relevant and beneficial to you and your business. If not, you could be wasting your time.

Here are some ways to track down events relevant to your business and networking strategy:

• Use events platforms like Meetup and Eventbrite to find useful events by focusing your search on terms like topic and location.
• Speak to other business owners for recommendations on networking events that have been useful for them. Post on social media and ask your followers for suggestions. They may also have tips for successful business networking conversations.
• Look on social media platforms to find online networking groups. There are many groups on Facebook and LinkedIn in which business networking takes place.
• Check events offered by trade associations that represent your industry or join those offered by business membership organisations that you are part of. Being part of the same industry or a member of the same group can help you to make meaningful connections at networking events.
• Networking isn’t just about events focused purely on business. There are also lots of social events you can attend which provide a way to make connections that could benefit you and your business. These include charity dinners, trips and award ceremonies.
• When joining an event for the first time, speak to regular attendees to work out if it’s worth your time going again. Ask them what they get out of the events and if they have benefited them or their business.
• Starting a networking event of your own could be a way to make the connections you need. You might want to launch an in-person event which allows you to meet other local business owners, or an online event with a wider reach.

Modern tools like Zoom and Teams mean there are more opportunities than ever to network. Online business networking events have many benefits, including saving you travel time and costs, but in-person events may be more beneficial for building relationships.

How to present yourself well at business networking events

It’s important that you present yourself well and know what to wear at a business networking event, so that you give a good first impression. This doesn’t necessarily mean wearing a formal business suit but be sure to dress appropriately for the event.

When speaking with people, be polite, make eye contact and communicate positive body language. 

If you have employees, you might want them to attend events and represent your business. Make sure they also present themselves well.

How to listen and avoid overselling yourself at networking events

The saying “we have two ears and one mouth so that we can listen twice as much as we speak” is crucial when it comes to networking.

Key to making a success of attending business events is not thinking that it’s all about you.

Rather than going in with the hard sell about what you do, listen to others and show an interest in what their business provides.

Ask open ended questions so that the conversation flows and think about ways that you could help them.

How to prepare your elevator pitch for networking events

The tips for listening don’t mean you shouldn’t talk about your business’ offering but during conversations at events you should do it in a way that isn’t too forceful and puts people off.

There are more appropriate times for direct pitching though. At many networking events there are dedicated slots when attendees can stand up and describe their products or services.  

Be ready for this by creating and practising a short elevator pitch which concisely communicates your business. You might want to use props or marketing materials to help get your point across.

Follow up after business networking events

Once you’ve made new contacts at networking events, following up is important.

If they have given you their email address, send a message to say it was great to meet them and briefly summarise anything you discussed.

Connect with them on social media platforms like LinkedIn so you can stay in touch.

Suggest a follow up meeting if appropriate. 

How TaxAssist Accountants can help your business

TaxAssist Accountants can help you with the right advice to support your business. While our expertise covers tax, accounting, bookkeeping and payroll, we can also connect you with other providers we work with.

Contact us to find out more about our services and to book a free initial consultation.

Date published 17 Aug 2023 | Last updated 17 Aug 2023

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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