Importance of networking highlighted

Networking has almost become a cliché in terms of small business advice. But entrepreneurs and business owners still attest to its importance.

Proof of its success can be seen in the data from Business Network International (BNI), which has reported that business secured through peer-to-peer referrals has risen by 45 per cent since before the financial crisis.

Figure from the BNI, reported by the Telegraph, confirmed that the amount of valuable customer introductions passing between members rose from £185 million to £269 million.

With this in mind, entrepreneurs looking for a business opportunity could well find that networking can boost their potential, especially with a recently acquired business that needs to redevelop its reputation.

Charlie Lawson, national director of BNI, told the paper: “What we know from our members is they are embracing a much wider range of networking tools beyond face to face, such as LinkedIn and Twitter, helping to maintain relationships long after meetings, networking events or making new contacts in the pub.”

Last year the BNI Leeds central chapter was named the most successful networking group in West Europe after its members managed to pass each other business referrals worth in the region of £5.05 million thanks to their understanding of each others' work and requirements.