How does networking help in the organization’s growth?

Ever wondered why some companies flourish so fast while the others take time to reach the milestones?

When one thinks about the growth of any organization, they mostly attribute it to revenue, clientele, team strength, and quality, etc. But how can a sustainable mechanism be created which ensures that all these factors are always improving? Because at the end the organization’s growth will depend on them.

One of the biggest contributors is Networking. Every organization reaches a point when they need to reach out to some people or companies which can help them expand their circumference of growth.

As per a Deloitte report, analyzing the organizational networks can maximize the organic informational exchange and make the business more sustainable.

Networking is one of the key metrics in defining growth - both individual and organizational. It allows the broadening of the perspectives through connecting and socializing with other people. There are two ways of networking - external and internal.

External Networking
External networking helps bring more sales and future prospects to the organization. It requires seeking opportunities outside the organization, finding the right people and/or firms. Strong networks can bring new leads, investors, partnerships, or any other assistance beneficial for the organization. A natural connection buds when it is a mutual relationship where one tries to give more than what one gets in general.

Internal Networking
While external networking is about looking for growth opportunities outside the organization, internal networking is dedicated to driving internal growth, meaning the employees’ productivity. An apt internal network lets the employees be more open, creative and productive. Stronger connected teams make the workflow smooth through better communication, data distribution, and working together.

How networking lifts up an organization’s growth?

1. Bringing in more opportunities
   If this would have been the only benefit, many organizations would still focus on it because who doesn’t want new business? Networking is a great way to build new connections and acquire leads. People love to share contacts and help other businesses. One should know how to leverage connections without badgering them and it should come as organically as possible. And that’s why networking cannot be just a one-off thing. It needs to be planned, strategized and continuously executed.
    
2. Boosting employees output
   Employees constantly need a boost from time to time. Regular networking provides an opportunity to meet people with similar profiles and exchange knowledge. Often it happens, people are stuck somewhere in their work, and they take a break and discuss their work with their friends over a coffee and get the best of the ideas. Learning about each other through connections is also a great way of self-motivation to increase yield in the field.
    
3. Getting a mentor
   Good mentors are very crucial, be it for the success of the business or in career. Everyone needs people who have been in their shoes or have faced similar challenges in the past but have successfully overcome them. As they say, there is no better teacher than experience. It will take a lifetime to build one’s own experience but in time why not get benefits from someone else’s.
    
4. Learning Best Practices
   As it is said that there is no age for learning. No matter how established a business is, people need to learn what works in the industry, how successfully companies are doing it and with the changing times, how various practices are being evolved. Networking events give a chance to engage with the audience from similar industries, facing similar challenges and if someone is able to deal with them and grow, they’d be the most ideal source of learning.
    
5. Hiring
   This is the most underrated advantage of networking. All the best businesses are built on the strong foundations of their people and such events are very useful in finding great talent from the same industry. A good idea is to use these events as a strategy for the hiring process.

Understanding the importance of Networking
Networking is that step in the ladder which helps in getting a step ahead in success. Organizations that do not realize the importance of networking for the firm’s and its people’s growth will always be lacking behind the other. Specific networking strategies do wonders for companies. That’s why the leaders around the globe organize and participate in networking conferences where they get a chance to meet with other insightful people. Keeping a larger purpose in mind always helps in understanding the HOWs and WHYs of networking. Networking is a skill in the corporate world and the one who masters it will go a long way.