The Importance of Building Strategic Relationships in Business

What do you think your most valuable asset as a business owner is?

A good idea backed up by a business plan is good, but not the ultimate key to success. Having a stellar staff and an unbeatable product or service can be helpful, but it isn’t everything.

A true business owner knows that their success lies in having strategic relationships with the right people.

Want to know why you should be trying to meet more professionals? After you read this article, you’ll know that the phrase “it’s who you know” has some truth to it.

The Benefits Of Having Strategic Relationships

There are a variety of situations where knowing the right person can make all the difference. If you want your business to be successful, you should be building as many relationships as possible.

Are you not convinced that networking events are useful? After you read this post, you’ll be eager to go out and meet people on your own.

Gather Potential Referrals

We’ve all been in situations where you found a potential client to work with, but for whatever reason things don’t line up.

Maybe they want a service or product that’s related to what you do, but they don’t quite hit the mark. It’s possible that you may be at capacity and can’t accept any work from someone else.

That may not be an ideal situation for you, but it could help out a professional connection.

Business referrals can be beneficial for both parties involved.

The referring business can benefit from referring a client over to a trustworthy source that delivered on their end. And the referred business gets a new client, with the potential for future deals.

Aid Professional Development

It can be hard to come by useful advice when you’re a new entrepreneur. You may not be able to lean on your new hires for advice, and you may not even know who to ask for the best advice.

This is where having strategic relationships can come in handy.

The next time you’re at a networking event, make sure to connect with someone “more advanced” than you. Their mentorship can come in handy.

Someone more advanced may have more years of experience in the industry than you. They could also be someone that has achieved a goal you’re hoping to meet, like securing a certain amount of funding or bringing on a certain business.

Their insight can be invaluable you’re making decisions. They can offer alternative paths to reach your goal, or just help you stay positive when things are tough.

Be Known

It can be easy to feel invisible in an area you lived in for years once you start a business.

Starting a business puts you in a whole new social territory. You need to establish yourself before you can bring in new clients or customers.

Lucky for you, the next business event you throw or attend could help you meet the right someone for your professional needs.

You’re going to need somebody that knows about the local chamber of commerce. You’re going to want to have the number of someone that knows a great business lawyer.

And above all else, you’re going to want to know somebody that can establish your place in the community.

The strategic relationships you build could be the key to getting that next bit of funding or the client that could cover employee salaries for a year.

Share Knowledge

You may think that you’re very connected to the latest news in your industry, but the right strategic relationships with people can show you how much you’re missing.

You can’t attend every local convention or see the latest presentation by professionals, but your business friends can.

Someone you meet at a networking event could send you an email about the next trend in your industry. And invite to the next exclusive chamber of commerce event could be from someone you meet at a networking event.

Improve Your Communication Skills

Do you feel nervous when you have to give a presentation to a new client? Have you been thinking about ways to appear more confident during meetings?

Attending a networking event or two could help!

Every time you make strategic relations for your business, you end up selling yourself a little.

You tell them about your company, what you do for them, and why you like working there. Essentially, every time you meet someone at a business event you’re doing your own personalized elevator pitch.

The easiest way to get comfortable promoting your business to others is to go out there and learn from practice.

Once you become comfortable around strangers when you’re out networking, talking to potential clients or customers will be easy.

Build Your Brand

There’s no denying that branding is important in the modern world. Businesses like Yoobly focus on social branding, but that doesn’t mean that you can’t do branding on your own.

Forming strategic relationships is branding in its own right. When you go out and meet people for professional reasons, you’re essentially doing your part to brand the business.

The connections you make when you’re out networking could help the client that helps establish you as a business.

Your Turn

Have strategic relationships helped improve your business? Do you have tips for people that want to learn how to network to build their businesses? Tell us about it in the comments!

Don’t have a story to share? There’s still plenty you can do here.

If you’re interested in finding ways to promote your business outside of our relationships, think about digital marketing. Check out our post on how to pick a digital marketing company that can meet your needs.

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