As the evenings start to get a little lighter and the bulbs push through, Spring is sneaking into view. With that on the horizon, our new season of Built On netwalks begins.
Acting as a conduit for businesses in Kent, Sussex and surrounding areas, the Built On netwalks bring together people from businesses across the spectrum of the built environment – surveyors, project managers, contractors, building control inspectors, property lenders, fit-out designers, A/V engineers, to name only a few.
Meeting once a month, at convenient places to the group, an hour-long walk ensures that everyone gets the chance to informally chat, uncover connections and grow their network in-person. It also gets you away from your desk for some part of the day as well. You can sign up here.
Why is a construction focused netwalk important?
Last year, the construction sector experienced a notable surge in company closures, surpassing all other industries in England and Wales. A staggering 4,371 building firms faced insolvency, marking a record high according to recent findings by the Insolvency Service.
Comprising nearly one-fifth of all known business failures, construction stood out as the most heavily affected sector in 2023. It notably exceeded the insolvency rates of retail, hospitality, administration, and scientific fields.
The data showed that the construction industry consistently faced significant challenges, as evidenced by the 12th consecutive quarter of elevated insolvency rates. With 4,371 collapses, the sector witnessed its highest annual closure figures since the onset of the global financial crisis in 2009.
In light of this, Built On netwalking events are likely to be even more popular this year, and we encourage anyone looking to focus on their professional or business growth to come along.
Why is a network important?
Establishing a robust network within the realm of business holds significant importance for various reasons, with the netwalks having the additional benefit of getting some fresh air at the same time.
Firstly, networking opens doors to a plethora of opportunities that may not be easily accessible otherwise. These opportunities span across job prospects, potential partnerships, collaborations, investment ventures, and acquiring new clients or customers.
Moreover, your network serves as a valuable repository of knowledge and information. By forging connections with individuals within your industry or related sectors, you gain access to insights on industry trends, market dynamics, and emerging developments. This reservoir of information is instrumental in making well-informed decisions and remaining competitive in your field.
Furthermore, building relationships with seasoned professionals offers a support system where you can seek guidance and advice during challenging times or when confronted with crucial decisions. This network provides invaluable perspectives, mentorship, and encouragement, facilitating smoother navigation through obstacles.
Interacting with a diverse array of individuals in your network fosters personal growth by broadening your horizons and refining your perspective. Engaging in exchanges of ideas, sharing experiences, and learning from others contributes significantly to both personal and professional development.
Your network also plays a pivotal role in brand building, as positive referrals and recommendations from trusted contacts enhance your reputation and credibility within your industry or target market.
Collaborating with your network enables resource sharing and pooling of expertise, particularly advantageous for startups or small businesses with limited resources. This collaboration may involve sharing facilities, equipment, knowledge, or even joint marketing efforts.
Ultimately, cultivating and nurturing relationships within your network is pivotal for long-term success. Building trust and rapport with key stakeholders over time leads to enduring partnerships, loyal clients or customers, and a robust support system capable of weathering various challenges and changes.
In essence, a strong network is more than merely accumulating contacts; it entails fostering meaningful relationships grounded in mutual trust, respect, and shared interests. Devoting time and effort to nurturing your network can yield manifold benefits for your business in the long haul.