Networking for small businesses can produce some of the greatest returns in business. We have all heard the saying, “It is not what you know, but who you know”. This saying is extremely applicable within the small business world. As one is trying to grow in success and size with their business, they cannot often do it alone. That is when the importance of networking comes into play. Networking allows businesses to meet customers, strategic new partners, mentors, etc. However, networking benefits do not stop at connections.
Networking increases confidence, the more you talk with others the more confident you become about yourself and your business. Networking pushes people out of the comfort zone to establish relationships with various individuals and build relationships. The gained confidence is also seen in pitching your business. Regular networking of your business allows you to learn how to most effectively pitch your business services and products.
Also, networking provides a great way to gain business leads, information, and trends. When engaging in networking with fellow small business owners, you can learn about practices and opportunities to small business and how they can improve your day to day operations. The relationships built through networking can result in information in niche environments that can give your small business a leg up against competitors.
Duncan Williams Asset Management has greatly benefited from networking with local Memphis business, both small and large, leading to strategic relationships. These relationships have allowed us to deliver a better client experience and continue growing a successful business.