Has it ever come to your mind that networking can increase the net worth of your business? An investment in relationship goes a long way to increase a company’s net worth. Entrepreneurs spend a long time in thinking about their business, working for it and spending endless hours involved in it. But it is important that entrepreneurs also invest a good amount of time in their most valuable assets – the people.
A company’s net worth is not determined by an entrepreneur’s ability to manage a business but largely on how well one can share one’s passion and values with the people he/she works with. The right people and the right relations goes a long way in building a business empire. If you have a look at the practical world outside, you will find that almost all the big guys in business share some kind of a close relationship with another person of the same position. For Example: Bill Gates and Warren Buffett.
A business relationship goes beyond just a company’s brick and mortar existence. It is that family that stands by and empowers the other simply by its existence. Here is a look at how networking helps a business to increase its net worth.
1. Business Opportunities:
When it comes to business opportunities, having a powerful network means that an entrepreneur has access to that powerful position and business opportunities. Entrepreneur’s today understand the importance of this network and are choosing to network more with their business people. Transactions in business become trustworthy and smoother when dealing with people one trusts.
The story of Eloqua, a marketing automation and intelligence platform is known to all. Eloqua was sold to Oracle for $871 million in 2012. The whole process went on very smoothly for Paul Teshima who was the owner of Eloqua, mostly because he had a strong relationship with people in Oracle. The fact that Eloqua was bought at more than 200 percent of its estimated worth shows how having a good relation and a strong network in the business world increases a company’s net worth.
2. Increased Status:
Exposure to other businesses and people is important for a business. To add to this being seen with the right people can also increase an entrepreneur’s status in the industry. The business world is a place where ‘Who you know’ can work wonders for your business. Moreover having the correct source of relevant connections to bank on when you need them in a business hour is important. This makes an entrepreneur a powerful business person. The fact that he does not need anyone to bank on because of his connections make associating with him/her more desirable.
An entrepreneur who has a strong network can build their reputation as a knowledgeable, reliable and supportive person who has the important connection and information that makes them invincible. People in business would be more interested to associate with such a person and discuss opportunities rather than that company who seems to be doing well, but no one knows of.
3. Enhanced Knowledge:
Networking helps you to increase the knowledge base of your company. Networking is made up of interactions and conversations. A business networking is made up of business insights on the latest deal, advice from the people who made it big in the business scenarios and everything that makes up the business world.
These conversations and insights can help an entrepreneur gain a lot of knowledge regarding management and opportunities. This knowledge is not available to those entrepreneurs who do not believe in networking. The knowledge gained when networking when applied to a business powers it with a very strong skills. Networking opens up a plethora of information that one would otherwise have no access to.
4. Positive Influencers:
It is possible that you might meet those people who make you do better as a business man. Networking opens up to a lot of influencers that can help your entrepreneurial journey seem possible. Entrepreneurs need to know that their struggle does not mean that success is far and these networking are what can always motivate them to keep their calm and believe in their business dream.
No one would want to associate with an unsure entrepreneur. Networking helps an entrepreneur build up confidence and makes one people would love to associate with. It is natural that if an entrepreneur knows he/she has connection, people to support his/her business and a great network, he/she will be quite confident about everything in business. An entrepreneur’s confidence is sure to reflect on the company, the employees and the overall performance.
Networking is not a one sided affair. You give some and you get some. The fact that you can be a part of the support system that other entrepreneurs are looking for can make you feel fulfilled about work. The support that you would get in returned is an added thing to look forward to. An entrepreneurial story feels much easier when it is shared with other people and networking gives entrepreneurs that platform where they can tell their story and listen to the others.
Mentoring has always helped people both ways. Networking gives entrepreneurs the opportunity to mentor. Bill Gates has always said that he looked up to Warren Buffett as a mentor. This has helped both build each other in entrepreneurial ways that carve them as better businessmen.
Networking is an important part of business. Entrepreneurs must understand the value. Investing on the right relationships can go a long way in making a business successful. The possibility of exchanging knowledge, learning and improving one goes a long way in making a business successful. Entrepreneurs also have the added advantage of having a strong network of entrepreneurial support that they can get strength from. People in business tend to go the independent way thinking that their work would speak for them. But it is always better when there are important people telling others their business story. It makes success seem easy to taste.