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Networking: A Cost Effective Investment For Your Business

Let’s be honest. When most people think of making an investment in their business, their minds become clouded with thoughts of dollars and cents. They think about the cost of equipment, websites, lawyers, accountants, advertising, payroll, etc.

You are often competing against numerous other companies that are already established and have the funds to create a competitive advantage. This creates a situation where you must try and create some sort of advantage for your company that your competitors cannot.

One relatively inexpensive, often forgotten investment strategy that can prove to be very effective in the quest to expand your business and professional/personal brand is networking. Networking, when done correctly, exposes your company, product/service, and brand to other business professionals, advertisers, sponsors, and potential clients. Research has shown that effective networking can be directly related to increase in a company’s profitability.

In the simplest of terms, networking can be defined as the process or practice of building up or maintaining informal relationships, especially with people whose friendship could bring advantages such as job or business opportunities.

The costs associated with networking are often very minimal, and some networking events are even free. Those that are not may have an admission fee that ranges any where from $10 to $50 per person, a modest fee that will pay significant dividends.

In addition to networking, most business owners should also look to spend some funds on clothing, accessories, business cards, etc. This step is often cast aside as superficial; however, it should not be overlooked as first impressions are about 70% of the networking experience and, thus, should be taken very seriously. It is important to view every individual you meet (both inside and outside of a formal networking event) as a potential ally with whom you can build a mutually beneficial relationship. This is why your appearance and personal brand should be carefully considered.

VI. Ответьте на вопросы по содержанию текста.

1. What investments in business do you know?

2. What does networking mean?

3. Why is networking called a cost effective strategy?

VII. Перепишите и письменно переведите текст.


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