Assessment Task 1
Networking is the process of intentionally meeting people, making contacts, and forming relationships in hopes of gaining access to such business-related benefits as career advice, job leads, business referrals, useful information and ideas, and support. For example, a manager’s network might include clients, vendors, fellow members of trade or professional associations, bankers, accountants, professors at a local business school, friends who are employed in similar industries, and other managers.
Each person that a manager adds to his or her network is at the centre of their own network, so in actuality the network is expanded considerably with every new member. Ideally, networks serve both social and business functions and are mutually beneficial for their members. The relationships formed in networking help people create a larger world for themselves, with a variety of new relationships, opportunities, and resources.
We can think of networking as investing in the future. The intention is to develop knowledge about each other and enough of a trust so that neither side feels taken advantage of. This is what networking is all about - we have something to give each other.
Benefits of Networking
There are four main benefits for those who practice effective networking:
Referrals; Relationships; Leads; and Knowledge.
Referrals, which are particularly important in growing a business, take many forms. For example, a satisfied client might suggest others who may need the company’s products or services. Similarly, a network member who is familiar with the company’s offerings might provide an endorsement or allow the network partner to mention his or her name in marketing efforts. It is good networking practice and a matter of professional courtesy to thank the person who provided the referral and to keep them informed of the results of the new contact. In addition, it is...