The Importance of Networking and Collaboration in Business

Success in business is rarely achieved in isolation. The stories of thriving entrepreneurs often highlight a common theme: the critical role of networking and collaboration. Businesses that cultivate strong professional connections and utilize collective expertise can unlock new opportunities, drive innovation, and navigate challenges more effectively. This article delves into the invaluable insights shared by seasoned entrepreneurs on how networking and collaboration have propelled their ventures forward, so let’s get on with it.

Building Personal Connections in Business Networks

One of the biggest reasons I put so much time and energy into my professional network is personal rather than professional. It’s incredibly lonely being a business leader. Nobody else at work or in my family knows the kinds of things I struggle with on a daily basis — but my professional colleagues at other companies definitely do. The chance to vent to someone who understands, get perspective when I’m too close to a situation, and get some support and reassurance when I need it are all too good to pass up, and I love the chance to return the favor when I can.

Ann Martin, director of operations of CreditDonkey

Unexpected Opportunities

One of the things I always keep in mind about networking is that I’m not just looking for other dietitians or entrepreneurs to add to my network. Everyone is a potentially useful contact. I got my first serious financial backer for my company by chatting with someone at the supermarket. I was picking up different probiotics to compare their ingredients, cost, and nutritional value, and I got to talking with another woman who was shopping for yogurt. As it turns out, she ran a startup incubator and was looking for new ideas in the health space. Let’s just say I’ve been a lot chattier in public since that day. While I haven’t stumbled on any more investors, I have made some good friends and a couple of nice hires for my team.

Catherine Rall, registered dietitian, Happy V

The Enduring Wisdom

I worked at different law firms for years before starting my own business. I was always amazed by how successful lawyers were when they had a strong network and collaborative relationships. It was not just about the number of connections but the quality of those connections that truly made a difference in their careers.

This experience has taught me that “For someone who wants to go fast, go alone. For someone who wants to go far, go together.” I always emphasize the power of networking and collaboration to my team, especially for those just starting their careers in law.

I believe that building strong relationships and partnerships through networking and collaboration is essential for any business to thrive. In my experience, it has opened doors to new opportunities, provided valuable resources, and helped me navigate challenges. It is an ongoing process that requires genuine effort and intentionality.

Andrew Pickett, trial attorney at Andrew Pickett Law, PLLC

Access to Mentorship

One of the best instances where collaboration and networking have helped the success of my business would probably be through my having access to a mentor during the first stages of my start-up. Networking can be one of the best ways to find a mentor who can help guide your decision-making and problem-solving during those difficult first strides into business ownership.

Andre Kazimierski, CEO of Improovy

Unlocking Innovation through Shared Experiences

When you have an extensive business network, you have access to many different sounding boards, if you will. You can bounce ideas off other business owners in similar situations as you are, find out if they’ve tried an idea you might have and how that turned out, etc. Many people mistakenly believe that the business world is competitive and cutthroat. While that might be true in some cases, most business owners want each other to succeed and are more than willing to collaborate with other businesses.

Daivat Dholakia, VP of Operations at Essenvia

Ascending to the C-Suite

Getting to the C-suite level is not easy — it almost always requires marketing, even as an entrepreneur with your own business. C-suite positions rarely equate to working your way up from the bottom. Sometimes, that’s true, and hard work is obviously a part of it. But I think those of us who hold those positions must acknowledge we had help getting there, largely due to networking. Whether it be finding new opportunities or positions or simply getting entrepreneurial advice, networking is central.

Jeremy Yamaguchi, CEO of Lawn Love

Cross-Industry Partnerships

My venture into entrepreneurship began at a young age, and it has been a thrilling ride ever since. I was intentional about seeking connections with business professionals in diverse sectors. This is because of my understanding of the benefits of joining forces with businesses that have existed for a long time, and have a well of experience which I can draw from. This has expanded my reach and brought in fresh perspectives and innovative ideas. I can tell you collaborating with PR experts has elevated my digital public relations campaigns, significantly boosting my business visibility.

Also, networking in the renewable energy sector has provided valuable insights, fueling the growth of my solar panel installation business. These cross-industry collaborations have not only enhanced my ventures but positioned me as a versatile and forward-thinking entrepreneur. 

Mark McShane, founder of Boiler Cover UK

Networking as a Basis for Growth

In my experience as the CXO and founder of ECD Automotive Design, I’ve found networking to be an invaluable tool in propelling our business growth. When we first started in 2013, in a small garage, networking was how we connected with invaluable talent and specialists to join our team, resulting in the now 70-person strong workforce. Moreover, it also enabled us to find luxury clientele for our custom-restored and improved Land Rover Defenders. However, perhaps the most profound impact of networking came in the form of knowledge sharing. Collaborating and building relationships with other industry leaders opened our eyes to the potential of electrifying classic vehicles, a unique blend of yesteryear’s nostalgia with today’s tech. This vision led us to become pioneers in this niche market, which propelled our annual revenue from $240,000 to an astonishing $330 million.

Tom Humble, CXO & Founder of ECD Auto Design

Value and Visibility

Building a business, growing your startup, or creating generational wealth — transformational activities often require hustling. Strategic networking often opens doors to opportunities that one may never have even dreamt of. What I’ve found beneficial is to focus on 2Vs — value and visibility. Create value for others when networking, without expecting anything in return, and be visible in the spaces of your expertise, so the next time they need help in that domain, they know who to turn to.

When I was a technical consultant, I would often connect product managers to enterprises who were looking to solve problems that their products focused on. This led to building strong relations with the product managers in the enterprise domain. When I wanted to pivot into product management, these product managers then opened the doors for me into product opportunities and rotation programs. Today, I successfully pivoted into AI product management, thanks to networking strategically.

Aqsa Fulara, product manager at Google

Opportunities & Sharing Knowledge

When it comes to talking about the perks of a business network, the number one thing I have to mention is opportunities. The more folks you know in your line of work, the more chances just seem to come your way. It doesn’t matter how these opportunities pop up — it could be by teaming up with other business-minded folks or getting referrals.

Next up is the power of shared knowledge. Sharing what we know is a big deal. You can dodge some pretty big blunders if you learn from where others have gone wrong. Chatting about products and ideas with like-minded folks is a fantastic way to learn and grow. The more you share, the better you get at seeing things from a whole new angle.

CJ Looi, co-founder & CEO of Pixcap.com

Sports-Inspired Networking

Having connections from the sports world proved to be a game changer in my journey as an entrepreneur. I managed to transfer the teamwork and discipline from sports into my approach to business networking. I immediately realized the importance of working as a team, sharing goals, and supporting. This has strengthened existing business relationships and attracted like-minded individuals with the same values. The trust developed through this sport-inspired networking played a crucial role in scaling my business to new heights.

Patrick Richardson, marketing manager at Average Guy Insights

Leveraging Industry Partnerships for Eco-Conscious Brand Image

We’ve seen firsthand how powerful good networking can be for business growth. Our strategic collaborations have been key for our products and our brand image.

This collaboration, specifically for our Eco-Wear collection, means a lot to us. Working with GreenWeave, they offered us premium materials aligning with our standards and green market trends. It made us realize the social responsibility of protecting our environment in various aspects. In just the first six months after launching the new products, we sold over 600 units, which was way more than we expected.

It wasn’t just about selling more clothes. This partnership with GreenWeave also really boosted our brand’s image. It showed that we’re serious about doing the right thing for the planet and that we’re willing to work with others who share our values.

Kiki Qi, owner of Hongyu

From Conferences to Forbes 30 Under 30

Early on in my career, I noticed that it’s not what you know but rather who you know. As a result, I began networking at the age of 17 by going to conferences all over the world, studying, and working abroad. This has given me access to various networks across industries, cultures, and continents. A beautiful result of this has been that 85% of our new business comes from referrals.

In 2016, after leaving Google and in the first months of running my ad agency, I set the goal to be on the Forbes 30 Under 30 list. It was pretty clear to me that I had to do something else besides just applying and hoping that someone would see my application among thousands of entries. So, I applied for, got accepted, and paid for the ticket to attend the Forbes 30 Under 30 EMEA summit in Israel in 2016. I thought that building a network would largely increase my chances of people knowing me personally. Hence, my future application would be more noticeable.

Fast forward to the end of 2016. The deadline was closed when I checked for the date for submitting my application. So, in 2017, I went to that same summit again, and this time, things went a little bit differently. Long story short, an editor of the magazine and list noticed me, approached me on Meta, and we went to have a coffee. While we were sitting sipping our lattes and cappuccinos, she told me that they wanted to feature me on the list — one person out of 30 in 100 million people across three countries without having to apply (back then, there was only one list for Austria, Germany, and Switzerland together). Needless to say, being featured on the list and being part of this beautiful network propelled me to new heights of success.

Pamela Wagner, CEO of Hustle Less & Live More

Networking & Collaboration Are Educational

Have you ever heard of the saying, “You become the average of the five people you spend most of your time with?”

So, if you choose to connect and spend your time with innovators, hustlers, risk-takers, and people who are beaming with confidence, then what are you going to become?

You’re going to be a business leader who is collaborative, inspired, motivated, and surrounded by people who you can exchange ideas with and who might even be able to give you solutions on how to deal with your business problems.

Being connected to the right people will also give you the confidence boost you need to push through no matter how tough times are because it is also what you see in them.

Connect with people who you can learn from and who would give you varying perspectives — not those who would just agree with everything you say.

Remember — if you’re the smartest person in the room, you are in the wrong room.

Joanna Caballero, founder & owner of The Millennial VA (Facebook, X, Instagram, Pinterest)

Collaboration Over Competition

Networking can be an off-putting term, especially for those not welcomed or supported in traditional networking events. However, if we look at networking from the perspective of authentic connection and relationship building with like-minded individuals who are welcoming and supportive, the tone may be very different.

As someone who works in sectors that are more marginalized and face censorship, the relationship-building component of a business is still critical, but it’s conducted in a bit of a different way. More targeted communication is done, rather than going to specific networking events. You meet one person who connects you with another and connects you with another, as you do for the people you meet along the way.

Networking is also not quid-pro-quo, where I only have a conversation with you if I want your product/service or if you want what I’m offering. It is about learning and growing together to uplift the planet as a whole — collaboration over competition.

Tiffany Zehara, founder & owner of Humanitarian Entrepreneur®

Reaching Out to LinkedIn Connections

I started a global branding and digital marketing firm 22 years ago, and most of my business comes from networking. For the foreseeable future, we will continue to build our networks, starting with LinkedIn, to add credibility and transparency. The people you are meeting or working with know people in common.

LinkedIn has become more than an online resume or rolodex. It is the foundation for building trusted relationships in the digital economy. The bar to attend in-person events is higher post-pandemic, so we have to be more prepared to get as much value as possible by being together. You don’t have to wait for a physical networking event to make meaningful business connections. You get one chance to make a great first impression, so make sure every section of your LinkedIn profile is complete, with no blank spaces or gaps. Keywords are a great way to help professionals in your industry find your profile, and strategic keywords in your profile give you an advantage in networking.

To present yourself as an expert in your industry, post interesting and educational content by sharing a great article you’ve read recently, or if you truly want to make valuable connections and represent yourself as a talented thought leader in your industry, you should be crafting your own articles on LinkedIn.

Here are a few tips leveraging technology that have worked successfully for me:

• If you have a contact in common who mentioned the person to you, start with “XYZ suggested we connect” so that even if they do not recognize your name, XYZ should ring a bell. If you saw them speak at a conference or read an article they wrote, you can tailor the subject line to that, such as “Loved your piece on ____ in HuffPo!” or “Great talk at the conference this week!
• Then, let them know, “I see we also have # connections in common,” to make you seem more familiar to them.

Paige Arnof-Fenn, founder & CEO of Mavens & Moguls

Staying Up to Date With Market Trends

Networking helps me stay updated on anything regarding the industry. With the help of networking, I meet professionals from various industrial spheres. Some are from my industry, and some are from others. Either way, I know many things about the market and economy. Gathering all the facts, I can get prepared for anything. I use the marketing trends to revamp my ongoing marketing campaigns and brainstorm new ones. Sometimes, many industrial leaders also share what tech tools their company has been using. They share the skills they are incorporating in their reskill or upskill programs. I adopt some of their business practices depending on our company’s needs.

Dan Fried, CEO of Specialty Metals (Facebook, Twitter)

Putting Yourself on the Map

I own a real estate firm, and I have to say that networking and collaboration are a big part of my success as an entrepreneur. One thing to remember once you start a business is that you are a nobody, which is why you need to connect with other people so that they realize that you are somebody. What worked for me was taking courses and training and getting my licenses in different states. It took a while, but it was worth the experience. I was able to get in touch with professionals and learn from them, which helped further my credentials both as a business person and as a realtor.

Kris Lippi, real estate broker & CEO of ISoldMyHouse

Reciprocity in Networking

Many people approach networking as one-sided — I want to network to sell my product, meet connections, or get a job. Networking is most successful when it is viewed as an opportunity to build a new relationship and the mutual benefit is considered. The mutual benefit could be one feeling good for helping and being able to recommend or connect a strong lead to others, but in order for that feeling to come, the receiver needs to share their gratitude.

I previously met someone new-in-career while out having drinks with friends and offered to connect with them, going so far as to connect on LinkedIn and send them a note. There was no response until well over a year later when they wrote asking me to “Help them find a job.” This was not reciprocal and left me feeling as though they felt entitled to my time, network, and expertise, despite doing no work to create a relationship.

Jennifer P. Brown, communications marketing consultant at JP Squared

Transforming a Solo Venture into a Collaborative Network

Networking and collaboration are both art and science, and they have propelled my originally solo entrepreneur business to a team of over 45 educators. I focused on collaborating with small businesses to build brand awareness, grow my network, and increase my revenue. My unique idea was to partner with local businesses that shared a similar clientele — parents. Pickleball, barre3, and My Gym don’t necessarily have much in common with an academic and enrichment tutoring practice, but we definitely share a common audience. Pickleball is popular and fun, and parents like to play. Barre3 is a space where parents can drop off their child for an hour and leave feeling empowered and stronger. My Gym is an indoor playground for exploration (and parents get a short break). Our mission is to lessen homework battles and help alleviate student (and parent) stress. These creative partnerships have tripled my revenue and expanded my ability to serve more families.

Rachel Cederbaum, writing & academic coach at Gold Signature Writers LLC (Instagram, Facebook)

Finding an Ideal Client

I believe the biggest factor when it comes to networking is getting in front of your ideal client. I categorize my events into learning and prospecting. My learning events consist of attending marketing and small business classes. For prospecting, I attend events where my ideal client will be and where there are fewer competitors, which increases my chances of getting a client.

Michelle Ngome, outreach director at Goldman Sachs 10,000 Small Businesses & president of African American Marketing Association

Taking a Leadership Role in Your Network

My unique take, and what I tell those I mentor, centers around the idea that individuals must take on the role of leader within their network to achieve high levels of success in networking and collaboration. Business owners have busy lives and often lack the skills to effectively cultivate relationships that consistently result in fruitful collaborations. Instead, they tend to build a few surface relationships and gain very little from their networks in terms of profitability.

To be a leader in a network is to take a proactive approach. One must determine what would make a relationship profitable and seek out others who might fit that model. Then, initiate and guide effective conversations to assess if the relationship could yield profitable collaborations, such as referrals, co-creation, and cross-marketing. This may take several meetings, and unless one persists in keeping the conversation going, the relationship will wither. One must be willing to let go of relationships that will not be profitable (or consign them to social times). For those that can be profitable, it means continued leadership to invest the time and energy and drive forward collaborations.

Cory Nott, business partnership coach at Take Wing Coaching (X, YouTube, Facebook)