Networking is meeting and forming contacts online with other people in your specific field of business or associate industry. It helps in building important business relationships wherein you can identify and create fresh business opportunities.
Making the most of your potential contacts and connections can be significantly beneficial for your business. Carefully broadening and efficiently maintaining your network is one of the most important steps business leaders can take to improve their prospects of entrepreneurial growth.
Powerful networking is the key to success for any small or upcoming business enterprise. It is especially significant for Startups. Networking websites like LinkedIn and digital events offer the best opportunity to explore business and investment opportunities. You can discover innovative ways and ideas that may contribute to the growth or diversification of your business. By intensifying your network, fresh opportunities arise, new business partners appear, and valuable connections with Investors’ networks are made.
Importance of business networking
- Networking in business is one of the best ways for business development.
- Helps to create new business connections.
- Effective networking can save your time, effort, and stress.
- Helps to build support and trust in business.
- Expands business horizons in domestic and international markets.
Digital connectivity promotes business networking
Knowing how to use platforms like LinkedIn or local industrial groups created online effectively can be a powerful tool for your business development. The new-age innovative digital networking also gives you a platform to connect with opinion leaders of your industry and seek mentoring or guidance through forums and discussions when you feel clueless about a market situation or before taking any vital decision.
Building a strong business network online is really helpful because it enables you to find people which may be interested in your products. Moreover, you can also see the work and profiles of other business enterprises whose pattern you want to follow. Thus you can get insight into the techniques and methods you need to adopt to promote business networking.
No matter what kind of business you are running, networking is always a worthy idea for young and seasoned entrepreneurs wishing to develop relationships. With networking, you can make new connections and augment your presence in competitive business markets. Cultivating and expanding your network year-round is crucial for overall business growth and development.
Government and Business Networking
In this current era of interconnected and integrated societies effective networking between government and business is also essential for the success of both. Right channels and interfaces should exist between government and business as government policies and objectives both affect and get affected by business outcomes.
Networking with government is essential for businesses for:
- Infrastructural Support: Common infrastructure, logistics etc.
- Access to finance
- Skilled manpower availability: Education and Training
- Ease of doing business: Govt. policies and procedures should promote industrial growth, and reduce compliance burden
- Incentives and subsidies to promote industry and overcome cost disadvantages
- Stable macro-economic environment and maintenance of positive consumer sentiment
Government requires an effective interface with businesses for:
- Economic growth
- Employment generation
- Revenue generation
- Technology development
- Access to better products and services for its citizens
In the state of Punjab, Invest Punjab has been set up by the Government of Punjab as the single point of contact for the facilitation of new as well as existing investors interested in doing business in Punjab. Through its long-term relationships and constant interactions and engagement with industry, Invest Punjab not only facilitates information, opportunities, value creation and project execution for businesses but also champions policy formulation for ease of doing business and industry friendly ecosystem in the state. The team at Invest Punjab uses various tools including its Business First Online Portal, website, social media, industry interactions and VCs, events organised by industry bodies etc. to maintain its engagement and network with the State’s industry.