Local Business Network (LBN)

 

LBN is a group of local business professionals & tradesman who share the highest of business ethics & believe excellent customers service is key to...

Success

Have you ever sought advice from the people in a business network you belong to?
GrowingYourBussnessIf not, you are missing out on one of the secondary benefits of being involved in a networking group.

Sure, the primary reason you’re networking is to get referrals, but you also gain access to professionals in almost every type of business. Every good network can actually become a type of “mastermind” group that you can tap to gain more information and knowledge.

Here’s a story about how a simple request for advice led to much more. An owner of a small creative-services firm wanted to relocate across the country to a state with a more favorable business climate. But she became frustrated by her difficulty in communicating with government entities two time zones away. Her plans came to a standstill.

The business owner decided to approach a certified public accountant, who had recently joined her networking group, and seek advice. She provided a brief overview of her situation to the CPA, who turned out to be very knowledgeable and quickly identified what she needed to do to move forward in her new state.

That sounds like a happy ending, but it doesn’t end there. The owner of the creative services firm hired the CPA to help resolve her problems, then transferred all of her financial and record keeping functions to the CPA’s firm and referred at least three other business owners to her. In return, the CPA connected her with a major new customer. Surprisingly, all of this happened from a single request for expert advice from one member of a networking group to another.


But seeking help from other network members requires some finesse. Here are some important tips to keep in mind when preparing to ask your network members for advice:

1. Before you ask for something, give something. It’s important to build some social capital with the people in your network before you start asking for favors. Seeking help from people before you’ve given anything is a little like trying to get a withdrawal from your banking account without having put anything in first.

2. Restrict your requests for advice to a person’s area of expertise. Otherwise, you risk putting a fellow network member on the spot and making him or her uncomfortable.

3. Don’t have hidden motives. If network members believe you are seeking advice as a subterfuge for promoting your services, they will not only be offended and unwilling to help you, but they will also feel less confident about your ability to help them.

4. Avoid potentially controversial and sensitive issues. This may sound like common sense, but if you delve too far into the personal, you could cause discomfort and damage the relationship.

5. Don’t ask for advice people would normally charge you for. A quick question or two is fine, but don’t go too far. In the case of the business owner above, she was quick to recognize when to switch from soliciting free advice to enlisting–and paying for–the CPA’s services.

A powerful personal network not only can help you expand your business, but it also can help you improve your business. There’s nothing more powerful than having a room full of people who are ready and willing to help you succeed.

 

 

Other Help Full Tips

TIP 1. Don’t get bogged down in your own industry groups. Although they can be helpful, I don’t spend much time with people in my field because they don’t buy our services; they are usually our competitors. Instead, I seek groups that bring together an array of industries and perspectives. Many times they are our clients and prospective client events. The big message is to get out from behind your desk. You should be your own brand ambassador because no one is more passionate about your business than you are. Your travel budget may skyrocket, but so should your bottom line. I attended an event where one of our prospective clients was speaking. I sat on the front row and after his speech, I was the first person to meet him after he spoke and which gave me a chance to hold a meaningful conversation based on the speech he just gave. Within a week we got a call from him and today his company is a major client. When preparing your statements among potential customers, be genuine and relevant to each individual.

TIP 2. Building relationships takes time. Follow up is imperative, but easier said than done. When you meet a person who you think will strengthen your business, you should be in touch at least once a quarter.  Send something relevant and of value to them. This takes planning, discipline and creativity. Eventually you will be on their radar. If I asked your top five prospects, “Who wants your business,” and they cannot name you or your company, then you will never get their business.

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