Networking to make business connections and referrals

You’re in a room of business owners, you don’t know them well and, so far, you’ve chatted about – holidays, car troubles, and how often to post on LinkedIn. They seem like a friendly bunch; when David asks how you’re getting on selling your newest service – you think for a minute and decide to be honest. You’re struggling.

You haven’t made any sales, it feels like your current clients aren’t looking for this service, and you’re not sure where to find the people who would benefit. Jo asks you to explain who you’re looking for and how you’ll help them; she knows someone whose company is talking to the same people you can help – she’s going to put you in touch. David tells you he worked with a marketing strategist who helped him in a similar situation; perhaps they could help, too.

Jo and David have listened to your offering and want to introduce you to people who could help you grow this new part of your business. This is the beauty of networking.

I say this often, but I’ll say it again: finding your ideal client through networking isn’t just about those in the room but their network. But how comfortable do you feel about making similar recommendations? Connecting people in your business network can sometimes feel awkward – particularly if your referral is someone you haven’t worked with yourself.

This post will look at how we make recommendations and introductions, recognising the people who will make good business connections and putting them together.

Business networking – making stronger business connections

Those of us who network are doing it to build a stronger business; we’re looking to connect with people who will help us grow.

While the end goal is often to increase sales, how we reach that point will depend on many factors. Yes, you might be hoping to find people in your networking room who will sign up for your services, but you’re also looking for trusted connections who can support your business – and in return, you will support theirs.

Who are people looking for?

Referrals

If someone has asked for an introduction to a specific business and you know the MD, you will need to decide if you should make that introduction. In most circumstances, however, you’re more likely to be asked for something less specific – photographers, start-ups, or retail businesses with an audience on Facebook.

When a person in your network provides a specific service and you know someone who might benefit from their help, this is a referral. Putting these two people in touch will help them both out. In our earlier example, David referred someone he felt could provide you with a valuable service.

Strategic Partners

Another kind of relationship we often discuss is strategic partnerships – you might be interested in our previous post, Strategic Partnerships and Why You Need Them. These relationships don’t involve one person paying for the other’s services but developing collaborations and supporting each other.

These partnerships involve you working with businesses that complement your offerings, creating a win-win situation for both parties. Strategic partnerships for small businesses can provide market expansion through shared audiences, product innovation as you develop combined solutions, and more. Jo’s suggestion that you talk to her contact with a shared audience is an example of a strategic partnership.

Making introductions that count

So, how do you go about finding valuable business referrals?

1. Get to Know Your Network: Listen in your networking meetings, have one-to-ones, and ask questions so that you understand your contacts’ skills, needs, and goals.
2. Get to Know the Potential Referral: Research the person or business you’re planning to introduce to ensure they are a good fit.
3. Consider Their Values and Goals: Connect individuals who share similar values; they will be more likely to have a positive working relationship and benefit from collaboration.

Who to recommend

Before making the introduction, consider how these connections will benefit each person.

Ideal Clients: When you consider your contacts’ needs, do they align with your connection’s services or products?

Strategic Partners: Look for businesses with complementary offerings, shared values, and a strong reputation.

Before you make the recommendation

When you introduce people, your reputation can be affected by your connection’s experience with the recommended party. It’s important, then, to make sure the contact you pass on is reliable and has a positive track record. Have you worked with them personally? Have you heard positive feedback in person or online through social media? If you’re not confident, perhaps a conversation with them will help you decide if they’re a good introduction.

Making the connection

When you are confident this is a valuable introduction, go ahead and connect your contacts.

1. Give People Options: If David had known three marketing strategists, he may have suggested you investigate all three and offered to introduce you. In this situation, he would explain the potential benefits of each connection, including his own experience with them.
2. Provide Information: Provide your contacts with helpful information about both parties, such as their areas of expertise, goals, and why you feel they’d be a good fit.
3. Make the Introduction: To introduce people electronically, send an email with a friendly welcome and some helpful information, or perhaps send a warm connection on social media.

Building a strong network takes time and effort, but the rewards are substantial. By fostering meaningful connections and making well-considered introductions, you will be a valuable connector – not only growing your own business but also contributing to the growth of others.

If you and your business would benefit from building your network with people who feel the same way, we at Your Business Matters can help. You’ll find valuable business connections at our networking events, and – included in your membership – you’ll benefit from one-to-one clarity calls to help you:

• Identify the ideal clients and strategic partners who will support your business growth
• Develop your networking skills and confidence

We’d love to see you.