If you are concerned about how to grow your business in these tough economic times, you are not alone. According to a survey conducted by the Global Strategy Group, 80 of the entrepreneurs up at night, more than any other issues.

Businesses have long understood the importance of networking and how it helps them grow their business through referrals. In recent years, there has been a shift from traditional local networking events arranged by chambers or associations to online networking, which is global in nature. There are various business networking websites such as GlobalLinker.com and LinkedIn.com which offer advanced tools and features to enhance online networking and complement offline networking.

The idea is to tap into the network of your contacts and find opportunities. As more members join your network and as your network grows, so does your potential to find new opportunities since you can now tap into your member's networks. In other words, you can leverage your relationships with your customers, suppliers and associates by targeting their contacts on these business networking websites. You are more likely to turn these contacts into customers since there is a level of trust.

Given the fact that there is a relationship and a level of trust, there is a higher likelihood of turning these contacts into paying customers. Furthermore, these networking websites help you to retain your customers by allowing you to communicate and interact with them on regular basis. These repeat sales can be critical in providing stability in today's unpredictable economy. Retaining your customers can generate additional revenue and these relationships can be leveraged to attract new customers.

Some websites offer a huge host of tools that allow you to do far more than just network with others. You can interact with potential customers, send them proposals, have live video conferences and even accept payments to your account. Unlike traditional networking events which are held once a month and require travel, online networking offer more options and convenience.

Networking online with other businesses can help you grow and retain your business. It can also provide much needed stability to your business in these unpredictable times.