Community & Connections: The Importance of a Strong Network
Success is rarely achieved in isolation— both in personal endeavors and in the professional world. It’s no secret that the relationships you build as your business grows have a lasting impact on the long-term sustainability of your business. Creating a strong network of like-minded professionals or business partners plays a significant role, whether you are just starting out or already run an established business.
Your network can be anything from friends and community members who share a similar outlook on life to more formal partnerships, however, both are equally valuable when it comes to the success of your company.
When it comes to networking, we might be quick to assume it’s most valuable for smaller companies looking to get their feet off the ground, but the reality is that networking is equally beneficial for larger companies as well. By attending networking events and continuing to expand their circle, larger businesses can maintain influence in the industry and stand out to other industry leaders—a key factor when it comes to reinforcing brand reputation and staying relevant in an increasingly competitive market.
These connections not only help with visibility but can also lead to strategic alliances that accelerate growth and innovation. For instance, forming partnerships with academic institutions, research organizations, or even smaller start-ups can help you stay on top of emerging ideas and technologies, helping your company excel from a research and development perspective.
Beyond the benefits of formal partnerships or joint ventures, another networking plus is gaining a general community of support systems. A strong community of like-minded companies or individuals that you can turn to for advice or support during a crisis could be the make or break to keeping your business afloat.
While building up resilience and trust in your own business is important, working to find solutions in collaboration with others is crucial. As your business continues to grow and become more successful, your “network” might also include your customer base; an important and rewarding form of community building. These networks are often established through customer engagement tools such as newsletters, courses, or memberships—all of which bring clients together over a shared mission or vision.
When it comes to creating your own network, there are several ways to go about building those initial connections or expanding your current circle.
For smaller companies, attending local events or joining industry-specific association groups are great ways to increase both your network and knowledge.
For instance, if you run a company that specializes in eco-friendly products or takes an environment-forward approach, you might consider joining Green Economy Canada as a way to access educational resources, partner with those who have similar interests, and leverage ongoing support and growth opportunities.
Another great way to form valuable connections is to partner with other small businesses, anywhere from co-hosting an event to collaborating on a marketing campaign. This not only allows you to stand out in your local business community, but expand your audience reach as well.
Larger, more established companies can consider organizing an industry-related conference that brings together a diverse group of attendees including stakeholders, clients, and other industry partners. Hosting a virtual event or webinar is another great strategy to foster community and connection. Regardless of how you go about it, building these connections throughout your business journey provides you with valuable resources, opportunity for growth and innovation, and support when navigating the ups and downs of the business world.
At Guildstreet, we know the importance of a strong network.
We encourage everyone from entrepreneurs, start-ups, local companies, and larger businesses to come together so that we can all help each other shine!
By joining the Guild, you’ll not only receive the support needed to achieve your financial goals, but have the opportunity to connect and network with other entrepreneurs through our co-work space.
On top of that, you’ll gain access to exciting resources such as our upcoming monthly newsletter. If you’re looking to connect with others through shared passions and ideas and build a valuable community of support systems at any step of your business journey, we invite you to join the Guild today!
Written by Hannah Lemiski