Did you know that 20 per cent of small businesses fail in their first year and 50 per cent fail in their fifth year? Keeping your business alive means continual growth. This means not only increasing your customers but also your business connections.
Building a brand and spreading the word through business connections will only pay off if you are willing to invest time on a frequent basis to cultivating business-to-business relationships and allowing them to grow.
The downside to this is that it is very time consuming with little promise of a guaranteed return. On the other hand, over the years, you may find that your part-timer friends and competitors have turned their businesses into multi-million dollar enterprises, and you have the ear of the founder.
What are business connections?
In short, they are personal dealings with the managers, owners, and founders of other businesses. It is the generation of relationships with key people in other organizations. There is no need to restrict your scope when it comes to making connections.
It is possible to enjoy massive benefits from building relationships with companies that are not even based in your industry. You will be surprised how often an advertising opportunity or investment becomes available to you simply because you have the right business contacts. It is all about who you know.
Consider business networking groups
Stay clear of trade unions and things of that ilk because these days they offer nothing more than a way to waste money. Instead, try buying groups, or even the forums and online discussions that exist around the buying groups.
The UK used to have things called Chambers of Commerce that acted like business networking groups. Such things do not apply these days. These days, things are more focused and esoteric. For example, developers have everything from arranged networking sessions and seminars, to more open events like Comic-Con, Gaming Cons and so forth.
The people trying to sell to you are usually involved with different business network groups. For all the spam you get, it may be worth getting back in touch with them and asking about industry events they are attending. You may as well get some benefit out of the spammy marketing you are sure to receive.
Try the 48-Hour method
You make the connections, and then re-contact said person or group within 48 hours. The point is to solidify your relationship outside of the original setting. It takes your rapport and your reputation outside of the original setting and puts it into a more real-world setting.
If you are clever, you will plan for the 48-hour method when you are making a business connection. Give yourself a reason to contact the other person after 48 hours. A common trick is to find out something that the other person wants and then offer that “thing” or information after the initial meeting.
For example, the person you were talking to may state that they are having trouble finding titanium bearings at market cost. Even though you have a contact for titanium bearings in your phone right now, you get the other person’s details and then contact them in 48 hours with the information about a titanium bearings supplier.
Keeping the door open
Can your business connect with another key individual on a long-term basis? Try to come up with a reason why you should make contact in the future. For example, if you met at a conference, then the next time another is scheduled, you could make contact with the key individual and ask if they are going again.
Try to think of a way to keep the door open, otherwise, your original efforts may have been wasted.
Do your homework beforehand
Thanks to Facebook and LinkedIn, you can do epic amounts of research about different individuals in different businesses. Armed with your notes, you can attend business networking events and use pre-thought-out strategies to gain new business contacts.
What is awesome is that many arranged business conferences and events will ask people to wear name badges that include company names. This is brilliant because it means you can scan a room, look for people about whom you have researched, and then find a way to approach them.
Try to find a way to at least get the other person’s details. Remember that you do not have to establish a full relationship at the first encounter. Sometimes, you can swoop in, gather some details, and then move on.
There are apps that enable you to collect and transmit business information with the touch of a button. For example, there is this app where your business card may be shared with others through contact codes.
The old “Don’t I Know You?” approach
Saying that you know somebody is an amateur’s way of getting a date with another person, but it still works rather well in a business setting. If you have done your research, you may well be able to concoct a good “Don’t I know you?” story. Maybe that person spoke at an event that you can pretend you saw, or maybe that person wrote an article that you read.
Even if you cannot come up with a good “Don’t I know you” story, you could always do the whole, “I am a big fan” speech. After all, one assumes you have done your research, in which case, it should be easy to figure out what the other company does that you can admire.
You can even pretend as if your boss or staff fawn over the product. For example, you may say, “Oh yeah, my key animators love the Blender Mod your team issued last year.”
Final thought – Personality does count
Personality counts, even online. There are going to be 34 billion Internet connections in 2020. Cultivate personal charm both online and offline.
People who have a lot of personal charm or influence will always make business connections far more easily than others.
It may be worth working on your personality, your body language, and your appearance if you wish to build more business contacts. Being yourself is fine, but the downside to being yourself is that others will not gravitate towards you in a way that suits or benefits your business.
Luckily, being around people and learning how to be sociable can be done through raw experience. The only people who never learn are those who shy away from interpersonal contacts in a business setting.
Do you want to learn how to grow your business, market your business, and rescue your business from the brink? Check out a few of our other posts!