Networking is an important tool for lenders to take advantage of – it can help boost your business prospects and assist you with remaining compliant with regulations.

Networking can help you as a lender in a number of ways. For instance, the constant motion of technology and regulation these days means that the lending market is an extremely fluid thing. This doesn’t leave much time for developing solutions. Networking with your peers will help you more quickly determine solutions to the issues your business is facing by providing you with access to a deep well of knowledge and experience, James Whalen, a member of the board of directors for Quest International Users Group, wrote on Forbes. 

If you’re working alone too often you’ll burn out your ability to consistently churn out new and effective strategies, he explained. Networking will provide a constant channel of new ideas from which you can pick and choose those which will be most beneficial to your lending business. When working in an environment characterized by constant learning and sharing of new strategies and developments, you’re more likely to be effective as a lender. For advice on how to network properly and get the most out of connecting with your peers, read the advice below:

1. Start with where you’re most comfortable
When networking, its helpful to start with the people you already know and move from there, CareerCast explained. Using references when networking can be extremely helpful, so first speak with a few friends, and then reach out to acquaintances of theirs you believe can prove useful to your lending business. Referring to the mutual friend will help smooth the process, and make your initial forays into networking a bit easier. From their you can continue to expand your circle, taking advantage of your expanding contact book to increase your reach amongst peers. 

2. You have to give to get
Networking isn’t all about advancing your own lending business – you get further when you’re willing to help others, Inc. suggested. When networking, attempt to figure out what a contact needs help with, and determine whether or not you can provide the necessary assistance. If you’re able to identify and provide a solution for a peer’s trouble area, you will solidify a relationship that could prove useful for your own business down the line. 

3. Take advantage of long-lost contact
Some research suggests that the people you’ve lost touch with could be the ones who prove most useful in the long run, according to Inc. The weak ties you have out there may be more useful than those strong ones you still keep with much effort. Social networks such as Facebook and Linkedin provide you with access to individuals you haven’t spoken to in nearly a decade or more – people who may be interested in getting in touch with you as well. And equally useful sometimes, is when these people don’t respond – it is then that you can officially rule them out as people who won’t prove helpful. 

Networking with your peers will provide you with an infusion of knowledge and fresh ideas, and ultimately a boon to your own business. Networking opportunities are omnipresent in just about every industry, and so chances are you’ll be able to find access to other knowledgeable minds in the lending market. Everyone can use the extra boosts that networking can provide – be sure to take advantage of the tips above in your own efforts to reach out to peers.