How Networking Helps New Business Startups

Networking is one of the best ways to build a sustainable and long-lasting successful business.

Building your network is a key component to the ongoing success of your new business. Growing a community of support through your peers and the surrounding business community pays dividends in many ways.

When Starting a New Business, Start Networking

Balanced Beans commenced business in 2021 and from the outset we have actively networked. When we started our Hunter Valley bookkeeping business, we realised that to promote our offering, we would also have to promote ourselves. We’d have to put ourselves out there. The thought was downright scary!

Our directors Brodie and Karen were not experienced networkers. However we approached networking as a business setup task and built it into our business plan and growth strategy. And we quickly realised it’s value. So what types of business networking worked for us?

Referral Groups

Referral groups are a no-brainer. They offer an excellent way to build relationships and obtain new business. Karen joined her local BNI (a formal business networking organisation) chapter. In BNI, business is given via referrals and Balanced Beans has certainly benefited from these which have helped accelerate our growth.

Additionally, as each BNI group has only one representative per profession, Karen is considered the bookkeeping expert in her group and now has a group of experts from a wide range of industries to call on for both our business and our clients.

Business Chambers

We joined the local business chambers covering the districts in which we live and work and where our clients operate – Maitland Business Chamber, Cessnock Business Chamber and Dungog District Chamber of Commerce. We attend chamber meetings and networking events to access and meet other business professionals. Not only has our contact list expanded (both within and outside our sector), but we have benefited from membership in many other ways:

Being a member of chamber entails a perception of quality and professionalism so we note these memberships on our website.
Upon joining we were listed as new members in newsletters and socials that introduced us to chamber members.
Our listing on each chamber website linked back to our own site increases our visibility to a wider online audience and our online brand benefits from the mutual backlinks.

Business Event Sponsorships

Being active within any group will always help to promote your business. Balanced Beans has acted as gold sponsor at Maitland Business Chamber flagship events. Sponsorships are an excellent way to drive up awareness of a brand. We had the opportunity to present to the assembled guests (in front of our banners and branded merch – think branded pens and jelly beans!).

What’s more, we aligned ourselves with a topic that resonates – Women in Business – which speaks so loudly to us as a female-led company. Yes, it was nerve wracking presenting to a large group, but we are so glad we did. The feedback we receive is incredibly positive and encouraging and we are now aligned with one of the most popular events on the Maitland Business Chamber calendar. Win:win!

Professional Associations

These types of groups are for individuals from a specific profession. For instance, we are members of the Institute of Certified Bookkeepers, and the Australian Bookkeepers Association.

We have found these industry associations helpful for building our connections within the bookkeeping sector as well as accessing a wealth of resources, and opportunities for industry specific education.

Community Clubs and Causes

We believe it is important to get involved with networks focussed on community. We sponsor two local sporting teams (Netball and Basketball) and commit to causes and initiatives such as One Foot Forward (by the Black Dog Institute), Counting on You and Mental Health First Aid to raise funds and awareness and upskill our team.

Why not offer your services to a local community group or charity and see where that conversation takes you. The main agendas of these groups are simply to give. However, you may end up doing businesses with members of these communities which is a good thing.

Create a Community of Support

Building and maintaining meaningful business relationships will help you realise, develop and take action on available opportunities. The referrals given to you by the connections you make when networking are typically high quality, which makes it easier to follow up and turn these leads into customers and clients.

The network you build should also focus on sharing information. If ever you reach an obstacle, other professionals may be able to provide you with advice and ideas on how to address these challenges.

Surrounding yourself with positive and supportive people is important to your ongoing success. If you can create a community of support you’ll find that it much easier to grow your business.

Our experienced team of Newcastle bookkeepers, accountants and tax agents assist new business start-ups.

For more information or for any other bookkeeping, BAS or tax enquiries reach out to us online. Alternatively, contact us on (02) 4046 1000.

Servicing Newcastle, Lake Macquarie, Maitland & The Hunter Valley

(02) 4046 1000