Why networking matters – and how to get it right

In today’s interconnected world, networking has become a critical skill for personal and professional growth. According to CMI’s professional standards, networking is about more than establishing contacts – it is about building mutually beneficial relationships that drive collaboration, innovation and success. 

Networks in business are often formed with acquaintances, industry contacts or professionals from diverse sectors, meaning they are invaluable for accessing novel and diverse knowledge. By bridging different social groups, business networks facilitate the flow of non-redundant information, offering unique insights and perspectives. They are instrumental in fostering creativity, stimulating critical thinking and facilitating problem-solving by exposing businesses to varied perspectives. The non-redundant knowledge transfer from networks is crucial for developing innovative solutions and achieving competitive advantages.

The four stages of developing networks

1. Building professional networks

The first step in networking is creating professional connections in both physical and virtual spaces. These networks should span internal and external boundaries, enabling access to diverse perspectives and resources. A successful network at this stage is built on mutual benefits, trust and respect. By engaging in purposeful communication and meaningful exchanges, individuals lay the foundation for relationships that go beyond mere transactional interactions.

2. Maintaining and expanding networks

After building a network, the next critical stage is maintaining and expanding it. This involves consistent efforts to stay connected with your contacts, to actively share best practices and to seek opportunities to collaborate. Expanding networks is about not only adding numbers, but also strengthening the quality of interactions. Actively engaging in knowledge-sharing and professional development ensures that networks remain vibrant and beneficial. This process also enhances personal development, as exposure to new ideas and experiences fosters continuous learning and growth.

3. Managing multiple networks

As professional connections multiply, managing several networks effectively becomes a priority. This stage focuses on leveraging these networks to facilitate collaboration, gain fresh perspectives and benchmark organisational practices. Managing networks strategically enables individuals to access cutting-edge thinking and innovative ideas that improve outcomes for themselves and their organisations. This level of networking requires coordination, adaptability and a clear vision of how various networks can complement each other to create maximum impact.