Business networking refers to building mutually beneficial relationships with other business people, clients and customers. The benefits of communicating with other professionals in a given field are intangible but sometimes there are tangible benefits as well – particularly in gaining knowledge about the latest developments in a given industry.
This type of networking provides an individual with a pool of experience and expertise that they can turn to when dealing with a problem or issue in their business. Developing these relationships and offering assistance to others (such as services, knowledge, advice or contact) can help to generate referrals and to find new customers. It can also help to identify opportunities for partnerships and joint ventures that can help to expand a business. While networking occurs naturally as a part of doing business, new contacts can be made art conferences and industry events to expand a network even further.