Maximizing Your Connections: Why Building Relationships is Critical for Business Success

“The richest people in the world look for and build networks, everyone else looks for work. Networking is an essential part of building a successful career or business.” —Robert Kiyosaki

Networking is a necessary facet of business. Your business needs connections to thrive. Yet many business owners and entrepreneurs don’t have a clear idea of how to build a network, how to forge those connections.

It’s understandable that someone new to the idea of networking might be overwhelmed by the options. There is virtual networking, in its numerous and widely varied forms; there are in-person networking events, based on both professional and personal interests; there are speed networking and open networking opportunities; and there is structured networking, such as your local chamber of commerce, or Business Network International (BNI).

Each of these options has both advantages and disadvantages. It’s important to decide what type of approach best suits your needs and strengths.

“The most successful virtual networking opportunities give people the chance to learn or experience something for the first time together.” —Caitlin Tucker, Sr. Director, Experience Marketing, Quantum Metric

Virtual networking is becoming increasingly popular due to the convenience it offers. It involves connecting with people through social media platforms, online forums, and webinars. Forming relationships tends to move a great deal more slowly than it would with in-person networking, but the potential reach is exponentially greater.

When working on virtual networking, make sure you know the strengths and weaknesses of each platform. So, while social media can be an excellent tool for networking overall, be aware that LinkedIn, for instance, will not have the same focus or advantages/disadvantages that one sees with Instagram, and Facebook will not have the same audience or impact as Twitter.

Online forums, on the other hand, tend to be more cohesive communities, with common interests or ties to specific industries. As far as virtual networking, there will be fewer people interacting than on social media, but there is more focus, and can be a greater connection established.

“Just because someone connects with you on LinkedIn doesn't mean they're your friend. Social media creates a false sense of intimacy, particularly when people choose to expose a lot about themselves.” —Heidi Roizen

Virtual networking is worthwhile in many ways, providing links to others and putting you and your message out there to more people. In-person networking events, on the other hand, provide an opportunity to meet people face-to-face and build fewer, but stronger, relationships.

Speed networking, derived from speed dating, is a fast-paced event that allows participants to meet many people in a short amount of time. There is typically a specific structure that is explained by the host at the start of the function, and a moderator times interactions and rotation. The most common structures employed are:

• Round Robins, in which participants meet one-on-one randomly

• Station-based, which involves meetings that are based on pre-assignment

• Group-based, for meeting with preselected groups

Open networking is more casual and allows participants to meet people in a relaxed setting, with minimal structure. It allows a more organic approach to conversation and connection.

Abambyh Business's upcoming offering, CONNECT — A Retreat for Networking Women, offers both some speed-networking opportunities and open networking, as well as fun in a relaxed atmosphere with other professionals. This is the best type of event, providing a variety of approaches to allow for everyone's strengths to shine.

Structured networking, such as BNI or local chambers of commerce, offers a more formal environment for building business relationships. BNI, for instance, has established a global business network with thousands of chapters and provided more than 13 million referrals in 2022. A chamber of commerce is an organization comprising business owners and entrepreneurs who have joined together to promote the local business community, providing not only opportunities for networking but also discounts and business resources.

The benefits of networking are numerous. One of the main benefits is expanding your circle. By meeting new people, you can develop new relationships that have the potential to lead to new opportunities. Networking also increases your brand awareness and makes you more valuable in the eyes of your clients. By having more people to refer to, you can provide a better service and increase your chances of success.

The benefits of networking are numerous. One of the main benefits is expanding your circle. By meeting new people, you can develop new relationships that have the potential to lead to new opportunities. Networking also increases your brand awareness and makes you more valuable in the eyes of your clients. By having more people to refer to, you can provide a better service and increase your chances of success.

“The single greatest ‘people skill’ is a highly developed & authentic interest in the other person.” —Bob Burg

To successfully network, it is important to show up with the intention of forming genuine connections. Networking should not be about selling, but about making new friends and referral partners, about taking an interest in others. It is also absolutely crucial to follow up after the event and nurture those relationships. By maintaining regular communication, you can build strong relationships that are beneficial for both parties. One of the advantages of Abambyh Business retreats has been that participants have established real bonds and stayed in touch with each other long after they return home.

Networking is an essential, critical part of building a successful career or business. By understanding the various types of networking options available, the benefits of networking, and how to network effectively, you can build strong relationships that can lead to new opportunities and success. Be willing to do the work to connect to others, and to nurture those connections into enduring relationships.

Click here for more information on CONNECT — A Retreat for Networking Women, an incredible opportunity to network in a variety of ways and to practice and hone the skills needed to establish referral partnerships and strategic alliances, or click here to secure your spot!

“Networking is a lot like nutrition and fitness: we know what to do, the hard part is making it a top priority.” — Herminia Ibarra

Written by Tina Harmuth