Knowing how to build your business network can significantly improve your success. A supportive network of personal and professional relationships can ensure you reach your business goals, discover new opportunities and lead to new clients or customers.
However, networking takes time and requires effort. You can’t build a strong business network overnight; you must carefully construct, nurture, and develop relationships based on mutual trust and respect.
Whether you’re a new business owner who has never attended a networking event or a seasoned business owner looking to enhance your networking skills, we’ve got you covered. Read on to learn more about how to build your business network.
What is a business network?
A business network is made up of individuals, organisations, resources and relationships that can help you achieve your goals.
The primary purpose of developing a business network isn’t just to gather contacts but to create and nurture meaningful relationships where value can be exchanged on both sides. The value you exchange should be mutually beneficial, such as business referrals and developing partnerships.
Why should you build your business network?
There are several advantages when it comes to building your business network, including:
1. Developing relationships
Building your business network means connecting with other businesses and business owners and developing relationships with key people across various industries.
2. Open the door to other business opportunities
A strong business network can also open the door to other opportunities. Once people in your network know what you do and you know what they do, you can look out for opportunities for one another.
3. Build your reputation, brand and raise your business profile
Building your business network allows you to build your reputation, brand and raise your business profile. When your business network knows about you and your business, they’re more likely to trust you, which helps to increase your reputation.
4. Increase your profitability by gaining new clients
A well-nurtured business network often brings new clients, customers or suppliers, either amongst the network members or based on recommendations from others in the group, which can boost your profitability.
If your business network isn’t increasing your profitability, you need to identify why. Dr. Ivan Misner the founder of BNI developed the three-phase VCP model, which helps business owners understand how to generate more profitable relationships.
How to build your business network
There’s no right or wrong way to build your business network. The best way to build your business network depends on your personal preferences, business, industry and other factors. Here are our top tips for building your network.
1. Focus on the right networking opportunities and people
You can’t attend every networking event, and not every event will be relevant to you. Similarly, not every person you meet at the networking events will suit your business network; you need to find events and business owners whose values and goals align with yours.
To find the right networking opportunities and people, you need to do your research. Start by defining your ideal contact (are you looking for sales leads or operational partners?) and identify where these people network.
2. Attend networking events
There’s plenty to choose from, including industry-specific conferences, webinars, trade shows and casual meetups. The networking events you attend are up to you; however, when selecting a group or event, you should consider the return on your investment (see later for more info!).
With such a thriving business scene, there are various networking groups and events in Leeds, including these year-round groups:
- BNI – High Flyers (Leeds)
BNI members, on average, increase their business by 20% in the first year. BNI is available at different locations, so you can choose the best one for you.Bill is part of the High Flyers chapter, the BNI group in Leeds. There are 33 members of the High Flyers BNI group, and the significant benefit is that this chapter offers hybrid networking, so you can join online or face-to-face each week.
BNI is like marmite of the networking world; some people love BNI, whereas others hate it. The structure is strict, and they hold you accountable, but the methods are effective. Visitors are always welcome, but you need to be invited by an existing member.
If you want to visit High Flyers with Bill and see what the networking group is about, email Joanna at joannaferguson@actioncoach.com.
- West & North Yorkshire Chamber of Commerce
Within the West & North Yorkshire Chamber of Commerce are three local chambers: Bradford, Leeds and York & North Yorkshire. At the Chamber of Commerce, you can find various networking events, including Pure Networking, Business Lunch, Women’s Lunch, and specialist groups and training opportunities.
Similar to BNI, you need to purchase a membership if you want to attend these networking events
- The Business Network
The Business Network has monthly lunch networking events in Leeds, Wakefield and York. You can visit a networking event at The Business Network once before needing to join as a member.You get an arrival drink, a two-course lunch, and the opportunity to network and listen to a workshop. You can expect to network with other local business owners, directors and senior-level staff at the networking events.
There are also other networking groups, including The Yorkshire Mafia, Brand Yorkshire and The Northern Affinity.
3. Create win-win situations
To successfully build your business network, you must foster relationships where you both benefit, I.e., win-win situations.
To create these win-win situations, you need to understand your networking partners’ needs, interests and goals and then consider how your skills, resources or network could support them in reaching their goals.
Remember to discuss your business’s goals and challenges as well, as this allows your networking partners to reciprocate support and resources.
4. Ask open-ended questions
Open-ended questions are crucial in building meaningful relationships within your network, as they drive in-depth conversations and ensure you better understand your networking partners and their businesses.
Not only do you need to ask open-ended questions, such as “What do you enjoy most about your role?” but you also need to actively listen and show genuine interest in their answers.
Your business network will similarly show an interest in you and your business, so practising your own answers to potential open-ended questions can be helpful.
5. Use business cards and follow up afterwards
An often overlooked factor of a business network is the importance of following up after the initial meet and greet. Attending events and meeting other business owners isn’t enough; you must hand out your business card and follow up after the event.
Following up afterwards shows that you’re interested in continuing the conversation and want to build the relationship. We recommend you call, email, or connect with your potential network partners on social media and express your interest in continuing your discussions.
6. Measure the effectiveness
Like everything in business, you need to measure your networking effectiveness and business network relationships. You must review the return on investment that networking groups, events or people give you.
To evaluate whether it’s an effective strategy, consider:
- The value of each networking event in terms of direct revenue or revenue generating referrals
- The actual cost of the event including travel expenses
- The time invested in making it an effective session i.e., prep, time out of your business to travel to and attend the event, the essential follow up.
We recommend reviewing the effectiveness of networking every six to 12 months, as this will allow you time to test and measure what is and isn’t working for you.
Start building your business network
Do you have an effective business network supporting and encouraging your business growth? If not, try implementing our tips and start building your business network today.
If you would like to review your networking approach or attend BNI High Flyers with Bill, do get in touch with us.
