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As an entrepreneur, it’s you against the world. Or at least that is how a small business owner, especially a sole proprietor, often feels. Here’s the reality: success is rarely achieved in isolation. The most successful business people understand that the power of connecting with others is the key to unlocking recent opportunities and growth.
Surrounding yourself with professionals, business owners and industry leaders can provide countless opportunities to access resources, gain knowledge and build strategic partnerships. Let’s take a look at best practices for building an effective network to support your organization’s growth.
1. Lead with value first
The most successful networks work because each parties have the opportunity to learn from each other. Establishing a strong, mutual relationship from the very starting is extremely vital. Instead of focusing solely on what you possibly can gain, prioritize what you possibly can offer others.
Providing value can take many forms, corresponding to introducing yourself inside your network, sharing industry insights, or offering help with specific challenges for which you have expertise. By consistently offering value, you possibly can build trust and goodwill, which in turn makes others more willing to support and assist you to.
2. Connect with complementary partners
When building networks, it is vital to rigorously consider what kinds of relationships will bring the most value to your business. In many cases, the right people are those that offer different but complementary services. For example, a tax preparer should want to work with a real estate attorney.
This approach has several benefits. First, each individuals profit from access to expanded knowledge related to their business. This relationship can be an excellent source of referrals from the other party’s customer base. This is vital for business development because B2B referrals statistically have approx 71% higher conversion rate.
3. Be selective about who you let into your circle
Strengthening relationships takes a lot of time and effort, so it is vital to be selective about the people you include in your network. Research has shown this half of all people have difficulty maintaining long-term contact with their skilled networks. By limiting the number of individuals in your circle, you possibly can spend more time building strong, meaningful relationships with each person.
Additionally, it is vital to avoid associating yourself or your business with people with a negative popularity, as their actions could damage your popularity, despite the access or advantages they might offer. This approach is not about being pretentious, but somewhat about valuing your time and ensuring that your network is built on trust and mutual respect.
4. Look around your industry
While it’s helpful to seek out complementary members so as to add to your network, many entrepreneurs are likely to lack focus. It’s natural to wish to avoid other people in your industry because there could also be a conflict of interest. However, it is vital to build relationships with individuals who completely understand your business, and these shall be individuals who run similar businesses. Pay attention to people in the same industry but with a barely different business focus, a different goal customer or a different geographic location.
5. Participate in a board of business advisors
Participating on a business (or partnership) advisory board is a beneficial technique to learn recent skills and share the burdens of running a small business. These boards provide a platform for entrepreneurs and business leaders to share their concerns and frustrations, and receive feedback and advice based on others’ past experiences. This collaborative environment fosters learning and problem solving, helping you deal with challenges more effectively in a protected environment.
Networking is greater than just a passive activity. It is a strategic investment in the way forward for your business. Ultimately, the effort you select to place into building and cultivating strategic relationships can bring significant returns to your organization.
Building the right network is not at all times easy, especially since entrepreneurs and small business owners struggle every day to remain afloat. Having a skilled business coach will be an invaluable asset to your networking journey. Coaches may help provide guidance as you navigate the intricacies of networking, in addition to introduce you to influential contacts in their networks.