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As an entrepreneur, it's you against the world. At least, that's how it often feels as a small business owner, especially a solo entrepreneur. The reality is: success is rarely achieved alone. The most successful business people know that the power of networking with others is the key to unlocking new opportunities and growth.
When you surround yourself with professionals, business owners, and industry leaders, you can access countless opportunities to access resources, gain knowledge, and build strategic partnerships. Let's look at some best practices for building an effective network that will help your business grow.
Related: 4 Reasons Why Networking Is a Must for All Successful Entrepreneurs
1. First execute with value
The most successful networks work because both parties have the opportunity to benefit from each other. It's crucial to build a strong, reciprocal relationship from the start. Instead of just focusing on what you can gain, prioritize what you can offer others.
Offering value can take many forms, such as introducing others in your network, sharing industry knowledge, or offering help with specific challenges that you have expertise in. By consistently offering value, you can build trust and goodwill, which in turn makes others more likely to support and help you.
2. Connect with complementary partners
When building networks, it's important to think carefully about what kind of relationships will bring the most benefit to your business. In many cases, the right people are those who offer different but complementary services. For example, a tax advisor may want to build a relationship with an estate planning attorney.
There are several benefits to this approach. First, both individuals have the advantage of accessing expanded knowledge related to their business. This relationship can also be a great source of referrals from each other's customer base. This is important for business growth as B2B referrals statistically have a 71% higher conversion rate.
Related: Effective networking requires mastering these 5 skills
3. Be selective about who you include in your circle
Maintaining relationships takes a lot of time and effort, so it's important to be selective about the people you include in your network. Studies have shown that half of all people struggle to maintain long-term contact with their professional networks. By limiting the number of people in your circle, you can spend more time building strong, meaningful relationships with each individual.
Additionally, it's important that you don't associate yourself or your business with people who have a bad reputation, as their actions could damage your own reputation, regardless of any access or benefits they may offer you. This approach isn't about being arrogant, but rather about valuing your time and ensuring your network is built on trust and mutual respect.
4. Look around within your industry
While it's helpful to find complementary members for your network, many entrepreneurs often lack focus. It's natural to want to avoid others in your industry because there may be conflicts of interest. However, it's important to build relationships with people who fully understand your business, and those are people who run similar businesses. Look for people in the same industry, but with a slightly different business focus, target audience, or geography.
5. Join a company advisory board
Joining a business advisory board (or peer advisory board) is a valuable way to learn new skills and share the stresses that come with running a small business. These boards provide a platform for entrepreneurs and business leaders to share their worries and frustrations and also get feedback or advice based on the experiences of others. This collaborative environment encourages learning and problem-solving, helping you to overcome challenges more effectively in a safe environment.
Related: Want to succeed as an entrepreneur? Discover the key to building long-lasting connections
Networking is more than just a passive activity. It is a strategic investment in the future of your business. Ultimately, the effort you put into building and maintaining strategic relationships can bring significant benefits to your business.
Building the right network isn't always easy, especially when entrepreneurs and small business owners struggle to stay on top of things on a daily basis. A professional business coach can be invaluable in your networking journey. Coaches can offer advice and support as you navigate the complexities of networking and introduce you to influential contacts within their networks.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
