Project Report: Analyzing Networking's Significance for UK Companies

This project plan and report investigates the critical role of networking between businesses and companies in the UK, focusing on its impact on success and growth. The report begins with a project plan outlining the background of the study, research aims and objectives, and a literature review. The report then delves into the concept and theories of networking, including social network theory and inter-organization theory. It analyzes the benefits of networking, such as economic and psychological advantages, as well as the ability to share knowledge and resources. The research methodology and findings are presented, followed by a conclusion summarizing the key insights. The project report also includes a detailed literature review exploring the theories, benefits, and real-world implications of business networking, supported by references to academic sources. The project aims to analyze the relationship between networking and company performance, contributing to a better understanding of how businesses can leverage networking for improved outcomes.

Project Plan and Project Report

CONTENTS
TASK – 1 (PROJECT PLAN)...................................................................................................1
Background of the study.........................................................................................................1
Research aim..........................................................................................................................1
Research objectives................................................................................................................1
Literature review....................................................................................................................1
Timeline of activities..............................................................................................................2
TASK – 2 (PROJECT REPORT)..............................................................................................3
Title.........................................................................................................................................3
Introduction............................................................................................................................3
Literature review....................................................................................................................4
Research methodology...........................................................................................................8
Conclusion..............................................................................................................................9
REFERENCES.........................................................................................................................11

TASK – 1 (PROJECT PLAN)
Background of the study
Networking is a concept that has conquered the lexicon of business over the past few
years however in spite of its 21st century identifications, the networking between business and
companies is not a new concept. The main idea of development of personal contact networks
and introducing to the probable customers as well as suppliers through actively networking is
set business practice (Jiang and et.al., 2018). In the present time, networking for business is
very much in fashion and has also hailed through marketing along with academic
practitioners identical as the novel manner of improving the performance of the business.
according to (), community is being grounded on different network of association and thus,
business through actively networking and gain different benefits over their rivalries.
Research aim
The main aim of the current research report is to analyse the importance of
networking between business and companies in UK in achieving success and growth
Research objectives
For the fulfilment of the above defined aim, there will be requirement of certain small
objectives and these are as follows:
 To understand the concept and theories of networking
 To evaluate the benefits of networking for business and companies
 To analyse the relationship between networking and performance of the companies
Literature review
According to Giovagnoli and Carter-Miller (2019), networking has different
meanings. It is a structure where different nodes are associated with each other through a
particular thread. A business market is being regarded as a sub-section of network where the
nodes are business units like service companies, manufacturers, clients and suppliers. The
threads are the association amid the firms. on the other hand, as per Hedvall, Jagstedt and
Dubois (2019), a business networking can be referred as a set of two or more related
relationship between the business in which each of the exchange is being conceptualised as
an association amid the collective actors of firms.
According to Noora and et.al. (2022), business networking is an important process
that necessitates management with innovative applications of varied situations. Major benefit
of this encompasses an extensive as well as balanced association network foundation,
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repeated business and activities, outcomes far more than the capabilities of the single
business and company, large creation of jobs and entry to data as well as different prospects.
As per Sun and et.al. (2022), the growth and development of networking in the past
few years throughout the business sector has been extraordinary. Companies in each and
every sector are believed to have some involvement of networking at individual or firm level.
Similarly, companies in most of the industries have stepped into co-operative inter-company
association for conducting business and this comprise partnership, coalitions, partnerships,
franchise, joint ventures and many other forms of network organizations which can be both
formal as well as informal.
Timeline of activities
Activities to be carried out Jul Aug Sep Oct Nov Dec
Taking decision about the research
topic, aim and objectives
Writing down the research
proposal
Scripting of the literature section
Deciding the research
methodologies
Writing down conclusion and
recommendation
Final submission
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TASK – 2 (PROJECT REPORT)
Title
The main title of the present research work is importance of networking between
business and companies
Introduction
Background
Networking is a concept that has conquered the lexicon of business over the past few
years however in spite of its 21st century identifications, the networking between business and
companies is not a new concept. The main idea of development of personal contact networks
and introducing to the probable customers as well as suppliers through actively networking is
set business practice. In the present time, networking for business is very much in fashion and
has also hailed through marketing along with academic practitioners identical as the novel
manner of improving the performance of the business. According to Jiang and et.al. (2018),
community is being grounded on different network of association and thus, business through
actively networking and gain different benefits over their rivalries. Thus, it is quite essential
to evaluate the manners in which networking between the business and companies can leads
to high performing business and success. Considering this, the present research report is
being aimed to evaluate the significance of networking amid business and firms of UK for
attaining growth and higher performance.
Research Aim
The main aim of the current research report is to analyse the importance of
networking between business and companies in UK in achieving success and growth.
Research Objectives
For the fulfilment of the above defined aim, there will be requirement of certain small
objectives and these are as follows:
 To understand the concept and theories of networking
 To evaluate the benefits of networking for business and companies
 To analyse the relationship between networking and performance of the companies
Research questions
Some of the research questions that will be answered in the current research work are:
 What is the concept and theories of networking?
 What are the benefits of networking for business and companies?
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 Is there any relationship between networking and performance of the companies?
Literature review
Concept and theories of networking
As per (), business networks and networking are vert complex in nature and also
dynamic. They are being featured through both direct as well as in-direct associations. The
favouritism of human forms a sub-section of a business and thus, human associations
required to be upheld and regularly chased and followed. Further, Noora and et.al. (2022)
have defined that business networking is an important process that necessitates management
with innovative applications of varied situations. Major benefit of this encompasses an
extensive as well as balanced association network foundation, repeated business and
activities, outcomes far more than the capabilities of the single business and company, large
creation of jobs and entry to data as well as different prospects.
According to Giovagnoli and Carter-Miller (2019), networking has different
meanings. It is a structure where different nodes are associated with each other through a
particular thread. A business market is being regarded as a sub-section of network where the
nodes are business units like service companies, manufacturers, clients and suppliers. The
threads are the association amid the firms. on the other hand, as per Hedvall, Jagstedt and
Dubois (2019), a business networking can be referred as a set of two or more related
relationship between the business in which each of the exchange is being conceptualised as
an association amid the collective actors of firms.
According to Sun and et.al. (2022), business networks thus personify the association
amid varied businesses and the use of these associations for creating as well as supporting a
competitive edge in the market. Companies and businesses empowered by their relationship
networks in the communities can be moulded and the economies of the nations can even be
impacted by these association connections by enhancement of economic growth as well as
living standards. Thus, it can be said that networks can put the business into the position of
gaining accessibility to larger international markets, to benefits from economies of scale and
to make them competitive in front of large companies throughout the globe.
On the other hand, Hughes and et.al. (2017). have defined that networking between
the businesses and companies is also about interaction with the people and engaging them for
the shared and common advantages. In addition to this, it also supports the companies in
establishing new business and can also help in growing the existing business. in the present
time, most of the companies are making use of networking as a business tool for searching
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for investors, clients, workers, business partners and suppliers with minimum amount of
costs. Furthermore, studies have also found out that networking can be done via face to face
at some social events, conferences and meetings and by industry relationships. Companies
can also make use online medium for developing networks like, Facebook and LinkedIn. The
more manners in which the business can network, the more benefit the business will get.
There are different theories of networking such as social network theory and inter-
organization theory. Talking in relation with the social network theory, Rand, Arbesman and
Christakis (2021), have defined social network theory is the study of the manners in which
the people have and companies communicate with other inside their network. Further, it is a
theoretical model that focuses on the significance of the social relationships. It is a complex
as well as interdisciplinary field that is being induced from sociology as well as psychology.
The social network theory also recommends that social actors are being impacted by the
personal ties of other people in their personal networks and these networks are being
categorised onto two kinds that sparse and dense (Hughes and et.al., 2017). A spares network
includes people who have little or no relationship, however a dense network involves few
friends and associates from the personal sphere who can share different shared interests as
well as objectives.
The second theory is inter-organization theory, which was developed by the group of
researchers in the year 1970 focuses on the manners in which the organizations work together
and discourses the change throughout the firms. in addition to this, according to Spigel
(2017), the inter-organization theory is grounded on the premise that collaboration between
the community as well as organizations can result into more comprehensive as well as
coordinated approach to a complex issue which can be attained by one organization.
Furthermore, this theory mainly emphasize on the ways organization can decrease uncertainty
in the environment with collaboration and networking with other firms.
Benefits of networking for business and companies
As per Yen, Tseng and Wang (2015), network has emerged as the novel reaction to
the competition, a manner by which the companies develop joint solutions to the share issues.
The main problem for the small firms in particular is to make sure that the board members
have the pertinent knowledge as well as access to critical resources. The significance of
networks in business is augmenting as the nature of competition is altering. Furthermore,
novel competition situations are calling of new approaches. The development of network as
enabled the companies to combine the resources for gaining knowledge, attaining economies
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of scale, acquiring technologies as well as resources and enter markets that will otherwise be
not in their range. Thus, it can be said that networks are considered as a source of competitive
advantage particularly for the companies and businesses which supports them in overcoming
the difficulties of their dimensions.
As per Sun and et.al. (2022), the growth and development of networking in the past
few years throughout the business sector has been extraordinary. Companies in each and
every sector are believed to have some involvement of networking at individual or firm level.
Similarly, companies in most of the industries have stepped into co-operative inter-company
association for conducting business and this comprise partnership, coalitions, partnerships,
franchise, joint ventures and many other forms of network organizations which can be both
formal as well as informal.
According to Noora and et.al. (2022), there are different advantages of networking
between the companies and business and the very first is the economic benefits. Seeking help
from networking the companies can augment the level of sales and lower down the cost of
production through working conjointly in a collaborative network. Further, there are different
psychological advantages of networking to business. as companies eliminate their isolation,
particularly the small and medium enterprise, they acquire that their issues are shared by the
others and can be fixed in the network. Thirdly, it also helps in having shared knowledge.
With networking within business and companies, knowledge can be exchanged effectively or
else it will be too expensive to obtain through working together on joint projects where
shared expertise is available. Last but not the least, there are different developmental
advantages as well of networking. Through promotion of communication with other
companies, networking helps in augmenting the learning along with capability to familiarize
with the altering economic environment.
On contrary to this, according to Nadia and et.al. (2022), there are different benefits of
networking to varied businesses and companies and the very important among them is
strengthening of the business connections. Networking between the business and the
companies is nothing but sharing and not taking. Further, it is also about formation of faith
and supporting each other in regards with the accomplishment of the shared pre-determined
objectives. Frequently, engaging with the contacts and searching opportunities to assisting
them supports in strengthening the association. Through this, the companies can sow the
seeds for give-and-take support when company will require any form of support for achieving
the goals. In addition to this, the second benefit being defined by Andersson and Florén
(2018) of networking between business and companies is getting fresh and innovative ideas.
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The network of the companies along with the business is being regarded as an outstanding
foundation of novel viewpoint and ideas for helping the firm in their role. Exchanging data on
challenges, objectives and experiences is the main advantage of networking as it enables the
business corporation to obtain novel awareness that might not be possible otherwise.
Underpinning the discussion further, according to Hadjikhani and Thilenius (2015),
networks and networking are quite advantages to small and medium sized companies where
networks encompass organised systems of association amid small commercial firms
connecting consultants, clients and suppliers are specifically appreciated to the small business
sector. The issues connected with the small size can be counterbalance through the helpful
environment offered through resilient networks. Through engagement in coalitions and other
co-operative network preparations, small companies can gain discrete strength and portion of
both individual as well as collective independence. Furthermore, the main reasons behind
which the small and medium enterprise cooperate can be because of the following points.
Firstly, because of the benefit of attaining economies of scale (Holmen, Pedersen and
Torvatn, 2015). Secondly, due to sharing of data in regards with the trending techniques as
well as technologies as this might be an interesting framework for keeping these businesses
up to date and competitive with rationalized as well as well-organized delivery of activities
advancing from frugalities of scale
Relationship between networking and performance of the companies
There are different factors which are being regarded as important and plays a very
crucial role in the development of sustainable growth and performance of the companies and
businesses. Different studies have documented networking as one of the most critical areas
which needs thoughtful consideration as well as emphasis particularly at start-ups as well as
growth phase of the companies. Further, the networking power of the companies and the
business might help in identifying the survival as well as success of the companies either it is
new or existing (Giovagnoli and Carter-Miller, 2019). Different scholars have assumed that
business networking offer privileges like helpfulness, trustworthiness, trust ability and current
data as well as awareness and offers a platform for exchange for building associations. In
addition to this, networking also permits the companies and businesses to obtain right to entry
to varied opportunities as well as resources which are indispensable and makes an important
contribution in the growth and higher performance of the company.
With the passage of time, different scholars have described networking between
business and companies as an important as well as prominent help even though establishing
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novel or operating an existing business. Networking offers backing to the business owners at
all the stage, for example gaining of information, development of business and sustainable
growth of the companies. Generally, business owners and partners cerates business
networking along with contacts for the generation of network, for example taking active part
in social events, business conferences, meetings and other occasional events (Li and Lin,
2016). Consequently, companies and businesses have recognized networking as a
combination of friendships in business and development of novel as well as existing
commercial prospects and families’ bonds.
On the basis of the evidence of the literature and the underlying assumptions related
with the business networking, the literature shows that business networking along with the
contacts of business helps in stimulating the prospects of entrepreneurship. According to (),
business networking helps in development of important business bonds particularly for the
small and medium companies and these networks are regarded as the considerable sources of
unreachable as well as non-imitable for such kind of companies. In addition to this, networks
being formed by the way of interaction with the suppliers, competitors, companies and clients
offer advantages. According to the studies being conducted by (Lynch, Helena and Mark
(2019), there has been an important and crucial association amid the networks of business
and sustainable growth and company’s performance. Moreover, the network also helps in
offering different benefits right from reduction in the cost of the business transactions and
from obtaining strategic assets. It also helps in facilitating dynamic abilities of the businesses
and companies and learning by innovative approaches. Through the help of the above
evidences, it can be assumed that networking provides different advantages to the companies
and their owners which in turn brings added value to the organizations to help as well as
reinforce the keenness in the competitive environment of business (Ardito and Dangelico,
2018).
Research methodology
 Research approach – There are mainly two types of research approaches that is
inductive and deductive. In the present research work, the researcher has used
inductive approach as the current study is qualitative in nature and it is being regarded
as the best method of subjective analysis (Bajpai, 2016).
 Research philosophy – Research philosophies are mainly of two types that is
interpretivism and positivism. However, for the current purposes, the researcher has
adopted interpretivism research philosophy as with this method better comprehension
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of the manners by which people experience the social world can be gained and the
topic can be explained and interpreted in a subjective manner.
 Data collection method – There are mainly types of methods for collecting data that is
primary and secondary data collection methods. However, in the present research
work, the researcher has utilized only secondary data collection methods wherein
different journals, books, articles and scholarly article ion concerned with the topic
were being explored (Creswell, 2015).
 Ethical consideration – In each and every research there are some ethics and moral
responsibilities that needs to be taken int account and so in this work. The researcher
has made sure that the information is being sourced from authentic and reliable
sources. Further, informed consent has been taken from the institute for conducting
this research work.
Conclusion
The main aim of the current research work is to analyse the importance of networking
between business and companies in UK in achieving success and growth. For
accomplishment of this aim, different small objectives were being developed. This research
report and work thus makes an important contribution towards the knowledge of business and
particularly networking between the businesses and companies. From the analysis of the
secondary sources, it can be concluded that networking within the companies and business
plays a very crucial in the success and growth of the business organizations. The studies
being carried out in the context of concepts and theories of networking have evidenced that
networking has different meanings. It is a structure where different nodes are associated with
each other through a particular thread (Hashim, Raza and Minai, 2018). A business market is
being regarded as a sub-section of network where the nodes are business units like service
companies, manufacturers, clients and suppliers. The threads are the association amid the
firms. on the other hand, as per Messeni Petruzzelli, Ardito and Savino (2018), a business
networking can be referred as a set of two or more related relationship between the business
in which each of the exchange is being conceptualised as an association amid the collective
actors of firms.
It has been further found out from the study that with the help of networking, the
business owners and the companies can share knowledge, gain innovative ideas, solve issues
and challenges and helps in strengthening the business connections. It has been further found
out from the study that business networks personify the association amid varied businesses
9

and the use of these associations for creating as well as supporting a competitive edge in the
market. Companies and businesses empowered by their relationship networks in the
communities can be moulded and the economies of the nations can even be impacted by these
association connections by enhancement of economic growth as well as living standards.
From the theoretical viewpoint, the central notion that can be inferred from the study
is that companies make progress in the competitive markets on constructing blocks of their
capabilities as well as resources. It can be said that networks between the businesses and
companies are being regarded as the intangible resources and organizations takes the benefits
of these resources in augmenting sustainable performance in competitive environment of
business. in addition to this, the theoretical review of different literatures and scholarly works
of authors have described the association amid the networking with in the businesses and
companies and sustainable performance and growth of the business organizations (Bratkoviˇc
Kregar and Antonˇciˇc, 2016). Also, review of the existing body of literature, different
previous research works affirmed the important association between networking, companies
and their performance. Earlier, according to the studies being conducted by the authors, there
has been an important and crucial association amid the networks of business and sustainable
growth and company’s performance.
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