Business networks allow companies to collaborate and share resources to achieve common goals. They can be highly structured or loosely defined, and can consist of companies in the same industry or a specific ethnic group. Joining a network provides advantages such as shared customer bases and suppliers, as well as serving as a lobby group for common concerns. To join an existing network, contact the local chamber of commerce, or form a new group based on a common focus.
In today’s business environment, it’s important for people to share information and resources efficiently and cost-effectively. One of the most popular ways people achieve this is by using a commercial network. By definition, it can be any group of small and medium-sized companies with common interests and goals.
Companies in a business network collaborate with each other to pool their resources and capitalize on shared assets. Working together, group members can take on projects that they individually may not have been able to manage.
A network is formed because there is a tangible need – members are looking for solutions to specific problems and looking for new opportunities for growth. These groups can be highly structured, holding regular meetings and with a defined membership, or more loosely defined. There are virtual networks where members never meet in person but use a shared website and communicate via email and message boards.
There are as many types of business networking groups as there are companies. Groups can consist of companies in the same industry, such as a home builders organization or regional home builders association. There are networks that are made up of people in a specific ethnic group. Women in business have found great support and strength in collaborating with other women who share the same focus. A business network can even be a group of small stores or stores in a specific neighborhood.
There are many advantages to joining this type of network. Members can share a customer base and develop new business opportunities. Companies can share suppliers, leveraging strength in numbers to get better prices and greater supplier commitment. One also provides members with shared resources and information pools.
A business network can also serve as an alliance of like-minded individuals with a common problem. In recent years, they have served as strong lobby groups, voicing member concerns about pending legislation which, if passed, could have a negative effect on the member industry. For example, one network in upstate New York organized its members to help stop passage of a bill that would have a devastating impact on small businesses in New York.
People interested in this concept have two options: join an existing business network or form a new group. To find an existing organization, individuals can contact their local chamber of commerce. This organization is an excellent resource and should have a list of all business groups in the area. Individuals may also consider reaching out to other companies in a similar industry.
New groups are usually formed out of necessity or as a result of a common problem. Many people find it very helpful to talk to others in the local community to find out about the types of problems other businesses in an area or industry are having. All that is needed to form a business network is a common focus and a desire to work together for mutual success.
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