BENEFITS OF
NETWORKING
For a
start-up or small business, networking can provide a
lifeline of support and business generation.
Networking can help you improve
your business performance, products and staff skills. It
can also help you develop knowledge and skills, by
providing opportunities to:
• Participate in benchmarking, which can help you
identify areas where you can improve your business
performance.
• Establish staff exchanges and secondments. For example,
an outside expert may join your business to oversee a
specific project or you may second a graduate joiner to a
supplier to learn about the supply process.
• Benefit from economies of scale by involving employees in
joint skills development programmes for staff in your
business sector.
You can use networking to boost your reputation and gather
new leads. You can:
• raise your business profile by becoming an established
and regular networking member, getting your face and the
business known
• meet new people and build mutually beneficial business
relationships
• expand your markets by generating new business contacts
with potential customers, suppliers and partners
• establish overseas partnerships, eg through international
exhibitions and conferences
Networks can also be a key source of information and
support. You can:
• compare and discuss issues of common interest, eg legal
and regulatory developments, staff retention, supplier
networks, customer service and computerisation
• develop and share ideas, innovation and knowledge of best
practice
The extent to which you benefit will depend on the events
and services the network partnership offers and how
actively you become involved. Some businesses are reluctant
to seek advice or get help for fear of being embarrassed or
giving a competitor an opportunity to take advantage.
However, for most businesses, the benefits of taking an
active role in a network usually outweigh any potential
concerns or reasons not to network