How to Grow Your Business

One question business owners ask is "How do I grow my business?"

 

This question is often asked in cycles:

1. When clients move,
2. When a market shift occurs, and
3. When technology changes the business ecosystem.

 

While these changes may be disruptive to business (and quite frustrating to business owners), they are nevertheless manageable. There are guiding principles known to stand the test of time. Fortunately, the principals are captured by the God-Father of Business Networking, Dr. Ivan Misner.

 

Dr. Ivan Misner is the founder of BNI, the largest business networking group in the world. He is an expert at growing businesses from ground zero. Whether your business is an established start up with growing profits, or your business is seeking funding to greatly expand operations, Dr. Misner is an excellent point of reference for all entrepreneurs. 

 

As an entrepreneur, growing your business begins with expanding your reach. This means you must learn how to grow your network and make connections because connections are the currency of success.

 

Here is a humble recap of the ten commandments to grow your business by networking.

 

The 10 Commandments of Business Networking - Part 1

(Homage to Dr. Misner)

 

1. Don't Sell to Me. Imagine you are at a networking mixer. The room is filled with the sweet aroma of vanilla and coffee bean. A suited gentleman taps you on the shoulder and offers you his business card. You introduce yourself and ask him, "What do you do?". But to your dismay, he starts selling to you. This is a "no-no" in business networking. When you network, focus on selling through your referral partners, not selling directly to your referral partners. Instead, the gentleman should speak about his target market, products, and services in a way that is easily shareable by word of mouth. Keep this in mind when you are networking with referral partners. Speak about your target market, your products, and your services in such a way that people love to talk about it.

 

2. Understand the Law of Reciprocity. The Law of Reciprocity is a part of social capital theory. It means if I help you, then you will help me. It's like good karma. To grow your business, look for opportunities to bring business to your referral partners.

 

3. Do Not Abuse Relationships with your Referral Partner. This commandment goes without saying, but we are going to say it anyways: Do not use people. Do not send clients to your referral partner if the client will not seriously consider doing business with your referral partner. This is a sure way to lose the respect of your referral partner. This commandment rings true with the adage "Do unto others as you would have them do unto you". You wouldn't want a substandard referral, so why would you send a substandard referral and run the risk of damaging the referral partnership?

4. Always Be on Time. Time is money. Your management of time demonstrates how much (or how little) you respect and value it. Therefore, when you schedule a meeting with a referral partner to strategize how to refer business to one another, please be on time. That way, your referral partner knows that you respect them and their time.

 

5. Be Specific. As you expand business operations, you might be tempted to share the multitude of talents and trades you possess. While this may seem exciting, it is also overwhelming for your referral partners. When businesses try to be ALL things to ALL people without being specific, their message rounds up being diluted or ignored. Always remember, "Specific Is Terrific! ".

 Stay tuned for Part 2 where we discuss Commandments 6 to 10.

Works Cited: Dr. Misner

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