Successful Connections

The Success of a Business Network Online: Connect Worldwide

July 28, 2021

When it comes to starting a small business or maintaining a startup, having a flexible and diverse support network can be incredibly beneficial. A variety of organizations and networks offer help and connections to entrepreneurs worldwide. Being a part of a business network can lead to new business, sales, and investment opportunities.

In this article, read more about business networks and the best way to enlarge yours.

What is the Global Business Network?

A business network is a large group of organizations that collaborate to achieve a common goal.  These strategic and operational objectives are adopted by business networks based on their market position. Business associations and company aggregations are two types of business networks that help small and medium-sized firms (SMEs) become more competitive and innovative.

This is a cloud platform that links and manages all data, both inside and beyond the firewall, for an organization. Connecting data to people, systems, and things securely allows for more efficient corporate processes as well as new insights and value.

The basis for translating data into useful insights is laid by business networks. They offer data integration, data management, and safe data sharing across an increasingly complicated network of on-premises and cloud apps, linked devices, and business partners or customers, and they’re delivered as a cloud service.

Visual of technology Innovative and business network concept

Origin of business network

Surprisingly, the first definition, which refers to a network in a broader sense, such as a network of railways or a canal system, reminds us that a network is made up of connecting lines that go in opposite directions. Importantly, if there are no connecting lines, a network – especially a business network – ceases to be a network. It’s just as crucial to cultivate contacts as it is to establish and maintain solid lines of communication in all directions. Instead, we may say that creating contacts is pointless unless good channels of communication are created and maintained.

A networker is defined by the Oxford English Dictionary as “…a person who works from home or from a remote location using a computer network… A person who advances their career through a network of professional or social relationships.”

The original networker term here refers to the usage of a computer network, but currently, the concept of working from home or somewhere remotely has melded significantly with the more modern meaning of networking, in the sense of connections and communications.

The idea is that, while a computer is likely to be important in most types of home or remote working, what matters most these days is networking (communications and connections), not a specific reliance on a computer network.

According to the 1922 Oxford English Dictionary, network entered the English language around 1560 from the terms ‘net labor,’ which referred to the act or process of manufacturing a net out of threads or wires.

Today, these two separated root words, ‘network,’ are quite appropriate. ‘Network’ reminds us of the essential elements of modern successful networking, which should include:

We work to build, grow, use, aid, and enable our own net (network) of contacts (use thought, commitment, and effort).

Hard work is required to build a good network and to ensure that networking succeeds.

Nothing worthwhile comes from a network that does not produce work.

Closer look into networking

The study of business networks first appeared in the sphere of industrial marketplaces in the late twentieth century. Beyond the visible flows of products, queries, sales visits, and negotiations, and beyond the visible development and prosperity of certain companies and the collapse of others, researchers looked into the transactions and conversations. 

Snehota and Hakansson (1995) explain: “We have studied business networks for almost twenty years in order to find solutions to the various problems regarding industrial markets.” Industrial markets, unlike consumer markets, are not well-known among the general public or among management specialists. The intricacy of industrial markets, as well as the seeming smoothness with which they operate, has shocked us. We’ve gradually gained an appreciation for their importance and intricacy, as well as an understanding of how they work.

Ecorys conducted another study on business networks between 2013 and 2014. The European Commission funded this study, which focused on EU-level commercial networks. The study’s major goal was to research and highlight new forms of inter-firm collaboration, as well as to recommend potential steps to support and coordinate them in Europe, if necessary. The objectives and categorization of business networks were considered in this study.

Businesses and networks

Networking is an important part of many companies’ marketing strategies. It contributes to the development of a strong sense of trust among those engaged and plays an important role in enhancing a company’s profile. Suppliers and businesses can be seen as networked enterprises, with suppliers and customers sourced through current ties and those of the organizations with which they collaborate. Businesses that rely on hierarchical, traditional managed approaches are closed, selective, and controlling, whereas those that rely on networked approaches are open, random, and supporting. In 2009, Thomas Power, a businessman and the head of Ecademy, an online business network, coined these expressions.

Employment searchers can use networking to get a competitive advantage over their competitors in the job market. The skilled networker cultivates personal ties with prospective employers and selection panellists in the hopes of influencing future hiring decisions through these personal affections. This type of networking has sparked an ethical debate. The argument is that it is an attempt to tamper with formal selection processes. The networker is accused of seeking a non-meritocratic advantage over other candidates, an advantage based on personal preference rather than any objective assessment of who is most qualified for the job.

What Are the Benefits of Business Networking?

Visual of benefits of business network

Business networking could help you become more aware of or keep up with the newest trends and technology in your field. A network can also connect you with professional mentors or connections who may be able to help you with specific challenges.

If your company requires the services of a bookkeeper, accountant, or lawyer, for example, your network may be able to help you identify the right person. You might be able to find an angel investor or venture capitalist through networking methods if your company requires equity finance.

Networking is an excellent way to broaden your knowledge by gaining access to other people’s perspectives and prior experience. If you’re thinking about exporting your products or services, for example, you might be able to acquire some helpful advice from someone who has done a similar overseas company.

Having a Business network is an important part of many companies’ marketing strategies. It contributes to the development of a strong sense of trust among those engaged and plays an important role in enhancing a company’s profile. Suppliers and businesses can be seen as networked enterprises, with suppliers and customers sourced through current ties and those of the organizations with which they collaborate. Businesses that rely on hierarchical, traditional managed approaches are closed, selective, and controlling, whereas those that rely on networked approaches are open, random, and supporting. In 2009, Thomas Power, a businessman and the head of Ecademy, an online business network, coined these expressions.

Types of Business Networking

As you attend events, keep an eye out for signs that someone could be able to help your company, especially if you have something to offer. This might simply be discussions regarding the current state of your industry’s market, as well as any patterns that each of you has noticed. You can collaborate to have a better grasp of the market in which you both operate.

Business Seminars

Look for and attend business seminars—develop new working relationships with your new colleagues and business associates, then interact on a regular basis to keep everyone up to date.

Networking Groups

The most effective business networking organizations function as a conduit for exchanging business information, ideas, and support. There are numerous networking organizations and communities available online—LinkedIn is an example of a huge networking group or site that may connect professionals together.

Professional Associations

There are organizations made up of like-minded people that operate in comparable businesses and disciplines. These groups may charge membership fees or have additional criteria for membership, but they can be extremely beneficial to small company owners trying to extend their network. Two examples of industry-specific associations are the American Management Association and the American Marketing Association.

Having a Business network is an important part of many companies’ marketing strategies. It contributes to the development of a strong sense of trust among those engaged and plays an important role in enhancing a company’s profile. Suppliers and businesses can be seen as networked enterprises, with suppliers and customers sourced through current ties and those of the organizations with which they collaborate. Businesses that rely on hierarchical, traditional managed approaches are closed, selective, and controlling, whereas those that rely on networked approaches are open, random, and supporting. In 2009, Thomas Power, a businessman and the head of Ecademy, an online business network, coined these expressions.

Tips for Business networking 

Visual of tips for business networking

Business networking is a low-cost marketing approach for establishing sales possibilities and relationships based on referrals and introductions – either face-to-face at meetings and events, or through other communication channels including phone, email, and, increasingly, social and business networking websites.

The phrase ‘networking’ is sometimes mistaken with the term ‘computer networking/networks,’ which refers to the connection and accessibility of many computer systems.

A company network of contacts serves as both a route to market and a marketing tool for you. Business networking provides a mechanism to reach decision-makers who would be difficult to reach through traditional advertising tactics.

Furthermore, business networking provides the benefits of recommendation and personal introduction, both of which are extremely beneficial in the development of company chances.

Business networking allows you to put the adage “It’s not what you know, it’s who you know…” to good use.

Business networking principles and strategies are basically plain sense. Many of the behavioural principles apply to marketing, managing, coaching, facilitating, and other aspects of business and relationships in general.

Consider that professionals outside the business world, such as scientists, lecturers, educators, and councillors, can be extremely useful business network contacts. Consider folks you wouldn’t often see at other business networking events while making your networking plans. Because some of the most crucial relationships aren’t business people, you’ll need to be inventive in reaching out to them.

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Thanks to its Disruptor filtration technology in personal bottles and jugs for the home and office, Vol Colombia, a company focused on health care and the environment, has achieved success. We may now drink pure water while reducing the usage of single-use plastic.

The Ministry of Health in Bulgaria

Performs sophisticated, planned, thematic, exceptional, and subsequent inspections of structures, activities, and procedures in the Ministry and subsidiary budgetary authorities to the Minister.

Assess the danger of corruption and make recommendations for reducing it.

Collects and analyses data, as well as conducting inspections for violations, acts of corruption, and ineffective administration work.

Signals of illegal or improper actions or inactions by officials from the Ministry and secondary budgetary authorities to the Minister are investigated.

Monitors the Ministry’s and the secondary budgetary authorities’ compliance with laws, regulations, and internal procedures for the organisation of their work.

Connection through business matchmaking platform

Thanks to the business matchmaking platform CONNECTS these two businesses were able to connect through our business network. The ability to develop new relationships, cooperate and share expertise, and build a support network is maybe even more crucial now than it was previously. That is why we will continue to work as “connectors” for our members, discovering new ways to increase their visibility.

Utilize the business matchmaking platform by connecting to Chambers of Commerce and their members, EU and UK businesses and businesses worldwide! Create your own community, or join one that discusses the topic. 

To actively use the platform and join these communities, you need to become a member of the CONNECTS platform.

Are you an entrepreneur wanting to discover and develop new opportunities, both locally and internationally? Join our Business Matchmaking Platform and start your free trial.

Already a member of a participating chamber? Join our Business Matchmaking Platform for free.

Want to learn more about CONNECTS? Find us on Google Maps! For more information, don’t hesitate to contact us or request a demo

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