Business networks

Business network can be defined as a group of people that have some kind of commercial relationship. For example the relationships between boss-employee, buyer-supplier, and colleague-colleague.

According to experts, business networking functions best when individuals offer to help others to find connections, rather than "cold-calling" on prospects themselves. Business networking can take place outside of traditional business environments. For example, public places such as airports, restaurants, and movie line-ups provide opportunities to make new business contacts if an individual has good social skills.Contents [hide]
1 Purpose
2 Use of Social Networking Services
3 References
4 See also

Purpose

Once a company has assessed its core capabilities it can either flush its assets away or, can find itself in a situation where it cannot compete on attributes, as it doesn't have the necessary resources. Because of this, networks are formed to utilize the advantageous attributes, and the importance here is dependent upon a mutually beneficial relationship that significantly adds to the value of a firm's market offering. With this, there comes a critical responsibility to thoroughly analyze the respective competitors, as there are both significant opportunities and risks associated with network partnerships.

Another purpose for a business network is to expand ones knowledge base without extending ones hours for learning and accomplishing new tasks. By utilizing the experiences and knowledge of others within your business network you are able to work more efficiently in the areas of your own expertise. For example, having people with computer related skills, phone skills, psychology background, health background, financial background, legal background, and business can help bring information from each area to the table that each person can share and use to the benefit of their own business.

Sharing information and being involved in a group can help your business reach levels you couldn't alone.

There are many online networking services that can benefit most businesses, one popular site is Connect Buzz. Yet, there have been an increase in such networking sites that was kicked off by the very popular Linkedin brand and now very clever business networking sites have come into play that not just take into consideration online business networking, which as noted by critics of business networking sites, does not work very well, and combined it with a complicated algorithm that places members of a business network into offline (in real life) networking meetings. One of the pioneers in such a hybrid business networking model is Business Networking Me.

Use of Social Networking Services

As business is increasingly carried on across the globe, there has become a strong need for business networking to take place on a more virtual level. There are a myriad of social networking tools which have been created to fulfill these needs. Together with software which provides access to on-line meetings and instant messaging, people are able to both access and increase their networks of business professionals without traveling.

Social networking is a good way to find people to add to your own business network. People that can benefit from your knowledge and provide you with theirs.

Leverage of social media in corporations is an undeniable evolution in our corporate world. No one can ignore the fact that better connected people and better networked companies are more successful. Organizations with deeper alliances and partnerships lead over the ones that work on their own. The goal is to help teams, partners and alliances to get better connected to relevant parties.