Speaker 1: 0:01

Welcome to BK Talks Business, the podcast where we dive into the world of entrepreneurship with practical insights and actionable tips. I'm BK, your host, a project and operations management professional, and I am thrilled to have you join me. Over the next 30 days, we'll be delving into 30 systems in 30 days. Each episode of this series is designed to be short, sweet and power-packed with valuable information geared at helping you get your business to run like a well-oiled machine, and at the end of 30 days you will have a pretty good list of the systems in your business that, if optimized, can take you to the next level by being more efficient. Let's get started. Hey there, friend. Welcome back to another episode of BK Talks Business.

Speaker 1: 0:55

We are on day 21 in our system series and today we are talking networking and partnership building and how we can build a system to manage those relationships effectively and efficiently. You know, one thing that seems to be neglected and I know that I'm guilty of this is that when we are so focused on the day-to-day activities of business, is that we can forget that meeting new people or nourishing existing business relationships is just as important as other income generating activities that we might do. I know I've thought I was too busy to attend a networking event or thought I'd just reschedule that coffee chat that I had arranged with a new contact because I had to put out a fire somewhere. And I'm sure you've heard this saying that your net worth is in your network. So going out and building relationships with other business owners is something that we can build a system around so that it's easier for us to do, because we know that it is important and we don't have to rely on our energy and you know pockets time. We can make time and create that energy beforehand. What we want to do is to be proactive, and this is what I mean by creating that energy being proactive in building and nurturing these relationships with either potential partners or collaborators or just to meet new people around the business in the business space.

Speaker 1: 2:51

Networking isn't just about collecting business cards or pitching your work or services to people you know in the hopes that they would hire you. It's really more about cultivating genuine connections and adding value to others. It's more giving than it is receiving and yes, in time you will receive, but that's not because you've hounded people into doing so, but because you've built trust and you've built relationships. I know networking is one of those things that we know the benefits but somehow things hold us back. So we and a lot of the times we need to get out of our heads in terms of going or putting ourselves out there. But the major, major benefits and I think this should be like in the front of our minds all the time is that it opens doors to new opportunities, it expands our network of connections than in any time in history.

Speaker 1: 4:12

We are also very it's also a time where we are the least social in any time in history because we rely on, you know, artificial forms of connections and there isn't that genuine building of relationships. You know the old school go out, meet people, um, and get to know people for who they really are. I know like in the business sense. You know you really are looking like okay, who can I partner with to get my business ahead or to make more money? But it really is more to get people to know you, to like you and to trust you, and we'll talk a little bit more about this too. But in terms of getting people to know you, it'll grow your credibility, it grows your reputation within your industry and then that in turn positions you as a trusted and reliable not only partner, but person. So looking into effective networking can really be a key driver of business growth, of innovation and of success. So it really should not be left to the back burner when you think about some kind of best practices and how, maybe, strategically, you could go about it, because I do think you also need to be strategic. Otherwise it isn't really networking, it's socializing, which doesn't cross all our boxes. So, in terms of taking a strategic approach to networking, you want to identify your target audience and you want to know who the industry influences are and then actively seek out those opportunities to engage with them. Their events you could attend conferences or even online communities.

Speaker 1: 6:25

One of my biggest lessons, as I've been more intentional about networking in the past year and a half, is focusing on building those mutually beneficial relationships. Instead of just thinking about what I can gain from this partnership. I've thought more about okay, how can I contribute to the success of my partners? How can I be a resource for them? As somebody they've just met too, you know? How can I add value to this person? How can I offer support, resources or even my expertise? I want to establish trust. I want to foster long-term collaboration. So I'm open to not dictating what that collaboration looks like now or in the future, because even if nothing becomes of this, business-wise I would have still met somebody amazing, I would have still met an industry leader and, who knows, I could connect them to somebody else, and that's a win, and that really is what networking is, is what networking is. So instead of just looking at okay, what can I get, I look more at okay, how can I give to this person or how can I be of value in this relationship, and then my receiving will come.

Speaker 1: 8:15

So, if you're looking to network and up your networking game, in addition to looking at it and thinking about it strategically, there are also some kind of logistical things that you can think about too in terms of organizing the contacts that you meet to. In terms of organizing the contacts that you meet, it's pretty unrealistic to think that you will get a business card and you'll commit this person's name to memory and then later you'll remember who they were, what they did, what they said. So it's good to also leverage the technology that's at our disposal, you know, to streamline the networking efforts that we are putting so much into. If you are meeting a lot of people, then you might want to think about using something like your customer relationship management system to organize and keep track of your contacts, your interactions, your follow-ups. Even something as simple as a Google sheet to say, at the end of a networking meeting, for example, to list the people that you've met, make conscious notes during the event and then to make a few notes about what you talked about with each person. You could even do this live at the event. Have a little notebook that, when you're in between discussions with people, jot down what you talked about with the person that you just met, what intrigued you, what questions did they have, what questions did you have, so that when you are scheduling maybe a follow-up meeting or a coffee chat later, there's an anchor that you can go back on and you're not kind of like scratching your head trying to remember what it is that you even talked about and things like that. So Even a Google Sheet can help you keep track of the contacts and the information that you've gleaned from your meetings.

Speaker 1: 10:30

Being intentional on apps like LinkedIn and other networking groups, whether on Facebook or on LinkedIn, is really important too. I found that you know, whatever does not get scheduled doesn't get done, and so sometimes it's just a matter of putting in your calendar schedule an hour, maybe even 30 minutes, just to engage on LinkedIn and to check up and kind of nurture those partnerships, those collaborations or just those initial relationships that you've made, just to keep the conversation going and to get to know people a little bit more. What is helpful too as you engage and as people get to know you, you get to know what the industry trends are from right down in the field, so to speak, so you can actually leverage. You can really glean a lot of information from just being intentional within these networking groups. So, before we try to implement an effective networking and partnership management system, we want to really be clear on our goals and objectives. Why are we doing this? What do we want to see? What would success look like? Right, and so define what you hope to achieve through your partnerships, whether it is expanding your reach, accessing a new market or just enhancing your products or services.

Speaker 1: 12:05

Next, we want to develop the plan really for identifying and approaching potential partners. What criteria is important to you? Research relevant individuals or businesses that really really align with your goals and your values, and then figure out what is the best way to reach them. One thing that takes a bit of time but is very, very helpful is to send personalized messages. You want to demonstrate that you are genuine in your interest for collaboration and building this relationship. So, once you've established a partnership or a relationship, now you want to prioritize ongoing communication and to find a way to maintain this relationship. This might mean scheduling regular check-ins, providing updates on mutual projects if you've already kind of established that or just looking for opportunities to collaborate on new initiatives. You know I've heard somebody recently say that they are currently, that we are currently going through a trust recession. Trust is at an all-time low, so it will take time and effort to nurture these relationships.

Speaker 1: 13:24

Strong partnerships are based and built on trust, transparency and open communication. And lastly, remember how we made a strategic plan at the beginning and then we really articulated what success looks like. So now we go back to those. We want to keep measuring and evaluating success or the success of our networking efforts. Right. We want to track key metrics. We want to know that, okay, have we met our target of number of partnerships formed in a week, in a month, in a quarter? Can we track the impact that these partnerships are having on business growth? Can we track the level of satisfaction among partners? So we want to use our data to refine our strategies and then to optimize our networking activities, because we don't want to keep doing something that is not working, and the only way for you to know if something is working or not working is if you measure.

Speaker 1: 14:32

All right, okay, so that is it for today. Networking and partnership management these are essential for any entrepreneur who is looking to grow their business, and this just means being proactive, focusing on mutual value. Leverage the technology that you're already on and you know, build strong relationships that can boost your business, even boost your visibility as a business owner. Thank you so much for tuning in to this week, to today's episode of BK Talks Business. I'll chat again with you tomorrow. Bye, thank you.