Networking-key Ingredient To your Career and Business Development By Mark Darko

It is often said that your network is your networth!

Networking is not only about trading information, but also serves as an avenue to create long-term relationships with mutual benefits. Continue reading to find out why networking should be at the core of your career.

The importance of the saying “no man is an Island” has been proved to be the reason why many of us need to make a collective effort in the bid to achieve professional success. For many individuals that have succeeded in their career, the causes have largely been contributed to the strong networking channels they have created over time.

But the question of who you network with and their relevance to your career matters more. This way, you don’t have to network with everyone. Rather, first study how you can contribute to their success, in addition to how you stand to benefit from their knowledge.

Here are some reasons why networking should be an essential aspect if you truly want to build your career.

An avenue to exchange ideas

You never can tell how much you know without listening to other people. Success in a career is largely attributed to the pool of information or ideas you have garnered over the past. When networks have been created, it fosters a trade of ideas to sustain long-term relationships and mutual trust. When you are receiving ideas, it helps both in your place of work and out, in addition to instilling best practices that soothe your career.

It makes you noticeable

Individuals that seek publicity either for business, politics or even fame leverage more on networking. People quickly notice others that have stronger capabilities to make them relevant. When you stand out in both your expertise and the services you offer, it creates room for partnership which in turn builds a career. Many professionals have been able to understand how to nurture their networking strength and create more visibility for different associates and clients in their career path.

Avenue for newer opportunities

When people start noticing you, it opens the door for newer opportunities. Business and career-minded individuals who have networked over time have been able to expand with minimal effort because of the avenue of newer opportunities opened to them through networking. Opportunities like meeting the right clients or even meeting people that are superior to your career path could be a stepping stone that could change your life for the better.

Reassessing your qualification

Networking is one thing. But to be able to utilise it is another. You might think that your current level in your discipline might be the greatest height you could ever achieve. But have you ever taken an in-depth look at the different levels of your chosen career and how other people with similar positions have attained their present height? But let’s be very factual here; admiring certifications is allowed, but the roadmap to that height can be reached if only you have a strong network and a good relationship with others.

Improves your creative intellect

Aspirations and great innovations are most times form the external factors around where we find ourselves. The intellectual ability in different careers is significantly improved upon from contacts we have built with other persons over a period. Even a simple interaction with one person can transform a year-long research work and result in a breakthrough. Likeminded people that have been able to share ideas have strongly developed their intellect to foster growth in their career path and unleash the creative talent in them.

An extra resource library

Some websites are built specifically to address different questions under different niches. These avenues can be used by an individual as an extra source of information. The same thing applies to networking. A platform that is designed specifically aligned to your career can be an extra resource library for you. This provides you with updated information on the latest career trends relevant to you. This network resource also grants you access to tap into them whenever the need arises.

Support from high profiles individuals

Everybody has one way or the other passed through some hurdles in their career development. This can be as a result of the lack of materials available, or even the lack of financial aid. However, good networking with high profile individuals from the same career path can serve as support whenever there is any eventuality at any time. These high profile individuals can help you manage your challenges effectively by either giving you advice or linking you to the right financial support.

Growth in status

Developing your career status is a long-term process depending on how you focus on your networking path. Top career individuals that are where they are today is a result of the status they have grown in networking. The contacts you keep are largely attributed to your growth. They largely influence growth in your status and pave the way for better opportunities in your career. Your connections are powerful!

Growth in self-confidence

Networking is the key tool to growth in a resourceful career. Training and certification garnered from networking builds self-confidence and promotes self-esteem. The self-confidence that has been built over time can help put you on a positive spot whenever you interact with like minds in your career. This also gives you an opportunity to excel well during interview sessions for a job opportunity. So the more effectively you network, the more self-confidence you build over time.

Develop long-lasting relationships

If networking is a mutual relationship, then having a right networking channel can help build your career. Though networking might not be an easy and fast approach to building a long-lasting relationship. But making it a two-way process of giving and taking and can open the door for a firmer relationship. People that have made networking their sole priority have been able to build careers relevant to their set down goals.

Promotes Business Growth

If you are self-employed, perhaps the most important reason why networking is important for you is that networking facilitates your business’ growth.

Here are the 5 main ways in which networking helps you grow your business:

Increases awareness.

Whether you freelance or own a business, networking is an effective way to let others know about your products and services. If you’re looking to introduce your product to a larger audience, consider participating in a trade show.

Expands your customer base.

The formula for growing your customer base is simple – the more people know about your product, the more they’re likely to buy it. In addition to that, if your customers are happy with your products or services, it’s very likely that they will recommend them to others.

Enables you to stay on top of trends.

The business world is rapidly changing, so you may find it hard to keep up with it. Fortunately, networking helps you to easily stay up-to-date with the latest industry trends and innovations. If you want to learn what’s new in the industry, attending conferences and other networking events is especially useful.

Helps you improve your product.

By connecting you with other professionals and business owners, networking allows you to learn what worked and what didn’t for them, get advice, and receive feedback. Not to mention, networking also gives you a chance to connect with industry leaders who may offer you guidance if you’re fortunate.

Allows you to know your competitor.

Networking helps you meet your competition, which is crucial to staying ahead of your competitors. For example, if your competitor introduces a new product during a networking event, it gives you an opportunity to see any potential gaps in their product that you could fill in with your product.

Market Highlights

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💵Bloomberg USDGHS Cross Rate – *14.4981* (YTD -🔺️134.44%)

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🔼GSE DAILY GAINERS ➖ PRICE ➖ %CHANGE
No gainers for today

🔻GSE DAILY LOSERS ➖ PRICE ➖ %CHANGE
No losers for today

〽Inflation rate in Ghana ➡ 40.40% (🔺️+8.60%)

🏦Ghana Reference Rate ➡ 30.56% (🔺️+11.37%)

✳Policy Rate in Ghana ➡ 24.50% (🔺️+11.36%)

¶ TREASURY RATES💸
91 – Day Discount Rate 32.3501% Interest Rate 35.1966%
182 – Day Discount Rate 30.5002% Interest Rate 35.9885%
364 – Day Discount Rate 25.9681% Interest Rate 35.0768%

📈STANDARD CHARTERED BANK – FIXED INCOME RUNS 🕓
Government of Ghana Bonds – YTM
1 Year Note – Bid 35.50% Ask 36.00%
2 Year Bond – Bid 38.75% Ask 36.25%
3 Year Bond – Bid 40.00% Ask 37.50%
5 Year Bond – Bid 41.00% Ask 37.50%
7 Year Bond – Bid 41.50% Ask 38.00%
10 Year Bond – Bid 42.00% Ask 38.50%
17 Year Bond – Bid 42.00% Ask 38.50%

ESLA Bonds – YTM
2 Year Bond – Bid 40.00% Ask 35.00%
5 Year Bond – Bid 40.00% Ask 35.00%
7 Year Bond – Bid 40.00% Ask 35.00%
9 Year Bond – Bid 40.00% Ask 35.00%
11 Year Bond – Bid 40.50% Ask 35.50%

Ghana Cocoa Bills – YTM
7 DTM – Bid 35.50% Ask 30.50%
63 DTM – Bid 37.00% Ask 32.00%
82 DTM – Bid 37.50% Ask 32.50%
119 DTM – Bid 38.00% Ask 33.00%

*DTM – Days to Maturity
*YTM – Yield to Maturity

🛢Petroleum Products – Average Price
🏗Petrol – Gh¢16.88/ltr (YTD-🔺️+150.07%)
🛢Diesel – Gh¢20.05/ltr (YTD-🔺️+197.04%)

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*BBG EMEA World Index 139.69 +1.33 +0.96%
*GSE Composite Index 2,462.80 0.00 0.00%
*GSE Financial Index 2,074.41 0.00 0.00%

GSE INDEXES ⏸ 2022 YTD RETURNS%
*GSE Composite Index 2,462.80 🔻-11.71%
*GSE Financial Index 2,074.41 🔻-3.60%

🔼GSE 2022 GAINERS ➖ PRICE ➖ YTD%
SIC ➡Gh¢0.32 🔼+300.00%
TBL ➡Gh¢0.68 🔼+100.00%
ACCESS ➡Gh¢4.01 🔼+27.30%
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GGBL ➡Gh¢2.05 🔼+13.89%

🔻GSE 2022 LOSERS ➖ PRICE ➖ YTD%
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FML ➡Gh¢3.00 🔻-25.00%
GCB ➡Gh¢3.95 🔻-24.62%
MTNGH ➡Gh¢0.88 🔻-20.72%
TOTAL ➡Gh¢4.00 🔻-20.32%
IIL ➡Gh¢0.04 🔻-20.00%

💧MUTUAL FUNDS IN GHANA♣️
📈EQUITY FUNDS ➰YTD%
Databank EPAcK 🔼+21.41%
Republic Equity Trust 🔼+3.94%
Heritage Fund 🔻-4.93%
SAS Fortune Fund 🔼+6.40%

⚖BALANCED FUNDS ⏸ YTD%
EDC Balanced 🔼+0.59%
Databank Bfund 🔼+10.26%
Fidelity Balanced Trust 🔼+9.81%
Enhanced Equity Beta Fund 🔼+76.29%
CCMF 🔼+40.52%
CM Fund 🔼+8.55%
Dalex Vision Fund 🔼+7.87%
Plus Balanced Fund 🔼+37.70%
Elite Mutual Fund 🔼+12.16%
Republic Future Plan Trust 🔼+6.24%
Databank EdiFund Tier 2 🔼+11.82%
UMB Balanced Fund 🔼+12.23%

⚙FIXED INCOME FUNDS 🛡YTD%
EDC Fixed Income 🔻-7.11%
Databank Mfund 🔼+13.62%
Fidelity Fixed Income Trust 🔻-12.58%
Financial Independence Fund 🔼+14.78%
Fixed Income Alpha Plus 🔼+53.01%
Nimed Fixed Income Fund Tier 1 🔼+17.39%
Nimed Fixed Income Fund Tier 2 🔼+13.94%
OctaneDC Bond Fund 🔼+14.58%
Plus Income Fund 🔼+14.01%
Stanlib Income Fund Trust 🔻-8.30%
Databank EdiFund T1 🔼+15.51%

MONEY MARKET FUNDS ⏱YTD%
SAS Midas Fund 🔼+13.04%
First Fund 🔼+14.69%
Stanlib Cash Trust 🔼+4.20%
EDC Money Market Fund 🔼+2.49%
OctaneDC Money Market Fund 🔼+14.03%
Republic Unit Trust 🔼+11.21%
Sirius Opportunity Fund 🔼+12.25%

COMMODITIES MARKET
*Brent Crude $/barrel⛽ $87.62 -2.16 -2.41%
*Natural Gas 🏭 $/million BTUS $6.30 -0.07 -1.04%
*Gold 👑 $/troy ounce $1,769.00 -8.80 -0.50%
*Silver 💍 $/troy ounce $21.20 +0.03 +0.15%
*Corn 🌽 $/bushel $670.00 +1.00 +0.15%
*Cocoa 🍫 $/metric ton $2,456.00 +9.00 +0.37%
*Coffee ☕ $/pound $155.10 -1.25 -0.80%
*Sugar🎂 $/pound $20.05 +0.32 +1.62%
*Lumber $/1000 board feet $426.50 -13.90 -3.16%
Rubber USd/100kg $129.90 -0.60 -0.46%

Sources: Bank of Ghana, Bloomberg, GSE, Reuters, Doobia, BBC, Forbes, B&FT

Mark G. Darko, Accra