Networking – A major element of success for your business
It is a well-documented fact that relationships are important for business success. But many people do not have the time to build relationships because they are too busy running in the rat race. People who do not build relationships have limited business success.
However, it is never too late to build relationships for business success.
Learn to value business relationships
It has been said, “It’s not what you know, it’s who you know.” Fact is, people are more likely to help friends and known people than strangers. There is a level of trust with those we know that we may not have with strangers.
Simply knowing someone is not enough to justify doing business with them. There are other factors involved like quality of product or service, immediate or long-term need, and desire.
However, the fact is that even the most objective person will always prefer a vendor or business associated who he or she knows and trusts. This is also true when it comes to getting promoted within an organization. The wider and more well-established the network, the more opportunity is available to someone.
If someone has a wide network they are viewed as someone who is highly valuable. Not only for what they know, but who they know that are in their circle of influence. They become indispensable to an organization and/or customers and clients because the connections they have.
Relationship building skills
Many people think they are good in building relationships because they are friendly, spend time with people, and discuss common interests. However, it is more than just being a nice person. It is about strategic thinking.
Building relationships is vital for any business to succeed. It opens doors, increases your reach and viability of needed resources and there is a greater chance your business will show greater profit margins through increased sales. It also increases the chances for higher profit margins.
Ultimately it is this concept we put to work when it comes to our customer base because we know that our customers have the ability to promote our business through referrals. They do our marketing for us which in turn can lower our cost of generating new business.
Building useful and strategic business relationships is an important part of succeeding and it is something that should be consciously cultivated.