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The Buz Lead, Hong Kong Business Networking Group.

What Is Business Networking?

Business networking is a term that refers to meeting other business owners, potential suppliers, or other professionals who have business experiences—to help you grow your business. Networking gives you a pool of experts that range from competitors to clients, and allows you to offer something to them; hopefully in exchange for their services, advice, knowledge, or contacts.

Developing relationships as a business owner and offering assistance to others does more than give you potential clients or generate referrals. Networking assists you in identifying opportunities for partnerships, joint ventures, or new areas of expansion for your business.

Taking advantage of the experiences of others before you invest time and money in a particular venture can be invaluable.

How Does Business Networking Work?

Networking events present you with opportunities to find others who are in similar circumstances as you work to grow your business. These events are generally put together for the purpose of introducing new concepts and methods being used while providing a platform for local business people to meet and exchange ideas.

When you meet someone, be sure to exchange business cards, and follow up later discussing points or topics brought up in conversations you may have had with them. After a few conversations, you may be able to bring up the issues you are facing. If they open up discussions first, you might be able to begin exchanging information, seeking knowledge, or exchanging business contacts.

Most business people are optimistic and positive. Regular association with such people can be a great morale boost, particularly in the difficult early phases of a new business. You'll find that many, if not all, business owners have experienced similar trials of ownership.

Much of local business is still done on a handshake basis, and the best way to network with other local business owners and entrepreneurs is through face-to-face meetings and local business groups.

You should not only attend the meetings of your networking group regularly but go prepared to offer something of value to the group. Choose the networking medium that's best for you.

What Are the Benefits of Business Networking?
Business networking might allow you to create awareness of or keep abreast of the latest trends or technology in your industry. A network can also provide you with professional mentors or contacts who might be able to assist you with problems you might need help with.

For example, if your business needs the services of a bookkeeper, accountant, or lawyer you may find the ideal candidate through your network. If your business needs equity financing you may be able to find an angel investor or venture capitalist through networking channels.

Networking is ideal for expanding your knowledge by taking advantage of the viewpoints and prior experience of others. For instance, if you are thinking of exporting your products or services, you may be able to get some valuable advice from someone else who has done similar business internationally.

Networking builds confidence, in that that your business and the methods you have employed to run and manage it are competitive and comparable to similar businesses.

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