Strong relationships are one of the most important assets of a business. Relationships with suppliers, customers, team members, and other people in the business community.
Having positive relationships with these people can affect all levels of your business, from your business strategy through to your bottom line.
But how do you build these relationships when you’re new to business?
Learning how to build these relationships effectively is important for growing your business and career.
Here are 6 ways to build effective relationships in your networking group.
Build individual relationships
Most networking groups have a structure that encourages one-to-many relationships. There are a lot of people in each group, so it will probably seem easier and more time-efficient to only connect as a group.
Dedicate some time to connecting with people in a one-on-one environment. Talk before or after your networking meeting, organise a coffee meeting, maybe even catch up outside of work.
And while business networking is ultimately about business, it’s important to get to know people on an individual basis. Partially because it makes your networking a far more interesting experience, but mostly because it makes for deeper relationships. When you take the time to really get to know someone, it shows them that you care about them as an individual, not just about what they can do for you.
Making the effort to do this shows that you value your fellow group members as individuals and that you value their business. They might become clients of yours or even be someone you can build a synergy with.
But the feeling of being valued by you creates a positive feeling towards you and your business, which is really great for referral business.
Have meaningful conversations
There are only so many conversations you can have about the weather, the economic market, and how the other person is (Spoiler alert: they’re good!).
Having meaningful conversations during your networking is a strategy that can help you to stand out in the minds of the other members. And by meaningful conversations we mean talking at a deeper level than your regular day to day comments. Tell people what is really going on in your business life.
Share your knowledge, brainstorm ideas, talk about the successes and challenges of business, and help other people with their challenges too.
By sharing your ideas and knowledge, you’re showing that you’re an expert in your field and they’re more likely to use your services or refer you to others. By talking strategy and helping when people are facing challenges, their opinion of you goes up too!
And this can go both ways, because people like to help others. You can ask for help with your challenges and draw upon the expertise of others too.
Prioritise the follow-through
When you’ve said you’ll do something, even if it’s as simple as sending through an email, is surprising way to increase your influence in your networking relationships.
When the people in your network know that you’re reliable, they’re more likely to think favourably of you, which increases the likelihood of a referral.
For us at The Networkers NZ, we think that the follow-through is so important that we’ve made it one of our business values – We Do What We Say.
We believe that following through on your commitments shows that you’re serious about your work and working together. Whether that be completing a job on time, sharing the information you said you would, or just showing up for a meeting.
Communication is Key
Communicating clearly is also important for building effective networking relationships. Both sides of communication are equally important – speaking and listening.
Being able to communicate clearly isn’t just being able to say your elevator pitch perfectly. It’s about being able to talk about your business in a way that is easy to understand for your potential clients. This is important for members of your networking group to be able to refer you. If they don’t know what you do or who you’re targeting, how are they supposed to give you good referrals?
Another part of communication that is key when working on your networking relationships is striking a good balance between listening and talking. Part of good communication is your ability to listen. Taking the time to hear and digest what is being said, instead of just waiting for a pause in conversation so you can talk more. You never know what kind of insight they might bring to the table.
When people feel seen and heard, they also feel more trusting towards the people that made them feel that way. And trust is the basis of good business referrals.
Add in the knowledge of what you do and the people you work with, and you’ve got a recipe for success.
Be prepared for collaboration
When you start building your networking relationships, you’ll find different opportunities to collaborate with different people. This can look different for each relationship, but it could be:
Collaborating on client work. This is a very common way for collaboration to happen within a networking group. Often, you’ll find yourself working with someone who needs additional services that are outside of your scope. But if you know someone in your network who does those things, you can refer them on!
You can also collaborate on shared projects. When you get a large project and can’t do all of the work, you can loop in your network to help you complete it.
The trades are a great example of this. If a builder gets hired for a new build, they can refer the other trades in the group to work on the same project.
We’ve also seen people work on shared events or resources together. For example, we’ve seen real estate agents, mortgage advisors, and lawyers organise first-home buyer seminars, which have been a success.
Building business synergies is fantastic for business growth. By working together, companies can leverage each other’s strengths, access new markets, and create innovative solutions.
We have a whole blog about how synergies can benefit your businesses bottom line, which you can read here.
Ask for and give feedback
People like to feel that their opinions and suggestions are valuable, especially if they’re trying to help you out. Asking for and giving feedback is a great way to make people feel valued.
If you are brainstorming an idea or need help with a challenge that you’re facing, you should ask your group for their guidance. It may be asking for feedback on something small, like your elevator pitch, or getting help with a challenging client, or even asking for ideas for your marketing. On one hand, it can help your business, and on the other hand, if/when you do implement a suggestion, it can reinforce your business relationship.
On the flip side, it’s also important to give feedback (constructively, of course).
This feedback could be something that you’ve noticed they’re missing in their messaging, or sharing something you’ve found helpful when they ask for help. It could simply be helping to brainstorm with them.
Part of that feedback can also be showing your appreciation by giving them a shoutout in the group and giving them credit for the work that they’ve done for you.
Asking for and giving feedback is not just a way to show respect for the members in your networking group. It also shows that you care about them, which helps to build effective relationships.
Building your network through nurturing your relationships can seem like a tedious endeavour. But strong relationships are one of the most important assets of a business.
Learning how to build these relationships effectively is important for growing your business and career.
Want to build more relationships? Try a networking group; it’s a great place to start.
