How to build strong business networks and partnerships

AS A BUSINESS owner, your network is more than a list of contacts - it’s a growth engine.

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This is especially true for startups, with one study revealing a direct correlation between the number of networking activities an entrepreneur engages in and their likelihood of achieving profitability, revenue growth, innovation, access to funding, and strong talent.

The value of collaborations or partnerships is equally compelling. A McKinsey study found that organisations combining multiple collaboration mechanisms including partnerships - are more likely to outperform peers, launching nearly twice as many successful business initiatives and growing market share at significantly higher rates. Whether it’s a distribution alliance, a referral agreement, or a strategic collaboration, building the right business relationships can open doors to new markets, shared resources and greater resilience.

Here are five ways to build strong business networks and partnerships:

Shift your mindset: it’s about relationships, not transactions