4 benefits of networking with other business owners

There is a phrase you may have heard: It’s not what you know, but who you know.

In business we like to think that both are equally as important. The knowledge and skills you possess have given you the foundation to start your own business. Without these core fundamentals, you likely would not be where you are today.

On the other hand, being connected or knowing the right people can help your business grow.

This is where networking comes into play. Having the right connections or networking channel can make a vast difference in so many parts of your business.

Your network can be anyone from colleagues, business associates to your family and friends. Consider how to nurture these long-term relationships as they may prove valuable.

Here are some benefits of networking:

1. The social benefits of being social

We all have developed some form of network over the years. However, not all of us are good at keeping in touch. Social channels like LinkedIn, Facebook and Twitter have made it easier for us to connect and stay in touch. As business owners you now have the luxury of social tools that can help you reach out and meet other like-minded business owners. And, as a bonus, you don’t have to get all dressed up to do it.

Follow them (from your business account) to show interest in their products and services. Engage with their social posts, or consider mentioning their business in a tweet. This can set up a seamless introduction and create goodwill. It could eventually lead to partnership opportunities or business referrals.

2. Creative insights

As a business owner you may have one route mapped out for your success. But being open to alternative options can possibly lead to faster and improved growth. By engaging with your network, you can quickly discover the various creative strategies and goals these business owners have applied and implemented to achieve their objectives. By learning from their innovative ideas, you can establish some best practices to help set yourself on course for a brighter future. Gaining new, fresh perspectives could give you the upper hand.

3. Explore cross-promotional opportunities

Cross-promotions can expand the reach of your brand and help you discover new customers. A fitness studio, for instance, might connect with a golf course to offer stretching tips for the start of golf season. Or a cooking studio might want to work with a specialty food store to use their products in demos and classes. Complementary businesses could even team up to host webinars or podcasts.

Being open, sharing your know-how and connecting with others using both new and traditional means could help you expand the reach of your business.

Start by identifying local businesses that might be a good fit with yours. Then connect through traditional means or on social channels to explore options for working together.

4. Demonstrate your expertise

Attending networking events and being visible in your community can help raise the profile of your business. Another way to boost your profile is to demonstrate your expertise.

For instance, offer to write guest posts for community publications or industry journals. Or post regular content on LinkedIn or other social channels.

The key here is to always create value and timely content for your readers. For example, an accountant might discuss ways to save on taxes when working from home.

Being open, sharing your know-how and connecting with others using both new and traditional means could help you expand the reach of your business.

Want to talk about your business banking needs? Contact your TD Account Manager or find an Account Manager near you.

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