What is Business Networking?

Business networking is based on developing professional relationships that result in the expansion of your professional contacts, career, and social sphere.  It also provides the opportunity to invest in the skillsets and potential of other business professionals. And who wouldn’t want this?  Side effects of successful business networking can result in the following:

1. Increased sales,
2. Elevated social status,
3. More friendships,
4. An increase of professional opportunities,
5. A boost in self-esteem & confidence,
6. Increased professional sphere.

In short, business networking allows you to foster relationships with others that are mutually beneficial to your career as well as the careers of others.  Keep in mind that networking can happen literally anywhere at any time:  church, the gym, grocery shopping, dinner parties, executive functions, fundraising opportunities, and, of course, professional business networking groups, clubs, and associations.

Successful networking allows you to make your career, skills, and abilities known while simultaneously learning about the skills of others.  The benefits of which are both short-term and long-term.

Example:  Porter Gale, author of “Your Network is Your Net Worth,” was furloughed from a job several years ago.  Through her expansive professional network, she was able to land a career, via referral, as the VP of marketing at Virgin America.  Currently, she advises start-ups as a consultant and is a professional speaker on the public circuit.

There is no end to the benefits a person receives when they learn how to network, and who to network with.

Business Networking 101

Experience has proven time and time again that professional networking can:

1. be a rich source of job leads,
2. be a source for warm lead generation,
3. help a professional have a higher close rate on potential clients,
4. help a professional expand their sphere of influence.

Some other benefits of professional networking include the following:

1. Strengthen business connections,
2. Receive fresh ideas,
3. Collaboration opportunities with other professionals,
4. Career advancement & support,
5. Build confidence,
6. Gain different perspectives,
7. Develop long-lasting personal relationships.

Example:  Via warm referrals through the We&Co organization, a member happened to close an additional $18,000 in a year.  He admitted that he probably had incurred more profit, but that other member may have not logged those referrals through the We&Co automated system, instead of passing them to him directly.

*Shameless Plug* We&Co was founded in 2020.  It is a co-oping organization that supports professionals in cornering their market segment by placing them in small groups (5-10 professionals) that share the same target audience while each member offers different products and services.  While We&Co provides many networking opportunities, it is in fact, a member-based co-oping community, not to be confused with a traditional “networking group.”

Business Networking Statistics

There is much proof that business networking has a place in the professional world.  In the words of Porter Gale, “Your network is your net worth,” and the data seems to support this.

• According to HubSpot, referral-based sales have a 50%-70% close rate, as opposed to 2.5% from cold-calling. Also, 85% of jobs in the United States are filled through word-of-mouth marketing.

• According to LinkedIn, 70% of professionals hired in 2016 had a pre-existing connection at their company, and 80% of professionals consider networking vital to their career success.

• 75% of customers either require or prefer in-person meetings, meaning that you can lose clients simply by not meeting them in person. The refusal to network with customers can also affect business profits. Executives reveal that they’d lose 28% of their business if they stopped networking. – Oxford Economics

A study by Forbes listed the top benefits of in-person meetings as opposed to networking via technology (including social media and zoom). The top benefits were:

• Building stronger, more meaningful business relationships (85%)
• Better ability to read body language and facial expressions (77%)
• Ability to bond with co-workers/clients and more social interaction (75%)
• Allows for more complex strategic thinking (49%)
• Better environment for tough, timely decision-making (44%)
• Less opportunity for unnecessary distractions(40%)
• This leads to higher-quality decision-making (39%)
• Easier to focus (38%)
• Fewer disruptions and delays (23%)

“Business is all about personal contact. No matter how heavy your workload is,

everyone can and should be a networker.” – Richard Branson

The data above points to the fact that being in front of people physically and having a good rapport with them not only affects your bottom line, but it grows it as well.  If there is one thing I’ve learned, it’s that the old adage, “It’s not what you know, it’s who you know,” rings true.  Susan Roane took it a step further when she said, “It’s not what you know or who you know, but who knows you.”

The key here is to know people, and to be known as well!

Professional Networking Avenues

There are many ways to network professionally, but according to the above-mentioned statistics from Hubspot, referral-based sales have a 50%-70% close rate.  And again, the more face-to-face meetings you have ends up increasing your overall persuasiveness (according to HBR.org).  However, this doesn’t mean that you should meet up with everybody all the time – this could lead to burnout and frustration.

Here are some avenues you could pursue to kickstart your business networking activities:

Online/Social Media

Trade Shows

Networking Groups/Events

Clubs, Groups, and Associations

Educational Events

School functions/PTA

Nonprofit Events/Sitting on Nonprofit Committees and Boards

Local Chamber of Commerce

Small Business Majority

Minorities in Business

1Million Cups

One thing several professionals do is to find out what events are happening locally.  Are there any festivals happening, or school events?  What hobbies do you enjoy?  For example, some people decide to take dance lessons or boxing classes to meet new people.  There are also running clubs available, toastmaster meetings, marathons, cross fit gyms, spin classes, yoga studios, cooking classes and a plethora of other happenings in and around your town!

Example:  The first time I had ever been to a Farmer’s market in Springfield, MO I had taken my daughter with me.  There was an area whereby water shot through holes out of the ground providing relief from the scorching temperatures.  Many children ran through them while their parents shopped for groceries.  It wasn’t long before my daughter had found a friend – a little girl about her age.  After several minutes of watching the girls play, I noticed a lady watching them out of the corner of my eye.  I assumed she was the mother of the girl my daughter was playing with and I was right.

The lady walked towards me, introduced herself saying, “Hi, I’m Abby.  Our kids are friends so we should be friends.” Fast forward five years later and our kids are still best friends and so are we!  She has introduced me to local business owners, has brought me to private invite-only events, and, as it turns out, is quite respected in the business world.  Not only has she opened doors for me, but she is one of my closest confidants.  This all goes to show that you never know who you are going to meet and

1. how they can help you, or
2. how you can help them.

About We&Co

We&Co is a professional co-oping business that was founded in Springfield, Missouri.  While there are many networking groups in and around the United States, We&Co focuses on creating small industry-specific groups with five to ten professionals who all have the same target audience but offers different products and services.

In short, we support local professionals save time and money by pairing them with their ideal referral partners. They meet up twice a month for an hour and talk strategy on how to become that one-stop shop for their clients.  If you are a professional who is interested in joining or launching your own We&Co co-op (or “Huddle” as we like to call them), feel free to email admin@weandco.org