Studio Note #78: The Business of Knowing People.
The business of knowing people starts with knowing people.
Today was my progress check-in with Firestorm, a B2B networking group I've been a member of for the past year.
When I first joined, I didn't have any particular goals or expectations. I'd had a great experience with Firestorm's founder, Phil Pelto, and attended a speed networking event that showed me the potential of the organization. I liked the people, saw an opportunity to build relationships and decided to get involved.
That was pretty much the extent of my strategy.
Today, I was asked to present a reflection on what I've gotten out of the experience and what I've contributed along the way.
I've had individual meetings with every member of my chapter. I've gotten to know their businesses, learned about the challenges they face and explored where our respective interests might overlap.
Some of those conversations have produced tangible opportunities.
I'm currently working toward a referral partnership with XplorPay, a payment processing company that could create opportunities for both of our businesses. In addition to referring customers to one another, we'll have the opportunity to provide financing for equipment purchases, something that could be particularly valuable to their customers.
It's the kind of relationship I hoped might develop when I joined, even if I didn't know exactly what I was looking for.
We're also going to be sponsoring the Firestorm Construction Expo next month. That's another opportunity to put ourselves in front of people we might not otherwise meet, strengthen existing relationships and introduce Vendorfied to a much broader audience.
Of course, not every connection has been a success. One relationship that originated through the group became an unfortunate business experience. I've decided to leave it behind rather than spend more time and resources pursuing a resolution.
That's part of the equation, too. Meeting more people doesn't guarantee that every relationship will be worthwhile.
But the biggest takeaway from today's exercise wasn't about what I've gained. It was about what I can contribute.
I want to be a better referral partner.
And to do that, I need to know more people.
It sounds painfully obvious, but there's a difference between having a network of people who know what you do and having a network broad enough to help other people accomplish what they're trying to do.
If someone comes to me looking for a particular service, I want to know someone I can confidently introduce them to. Not because I'm expecting something in return, but because making that connection creates value for everyone involved.
I also have something a little different to offer. In certain parts of my business, referrals can come with actual financial compensation. Instead of simply thanking someone for sending business my way, I can pay them for helping create the opportunity.
That's a meaningful incentive, but it doesn't replace the relationship that makes the introduction possible in the first place.
Which brings me to a realization that probably should have occurred to me a long time ago.
I need to socialize more.
Not necessarily attend more structured networking meetings or spend every conversation looking for an opportunity. I mean getting out, meeting people and expanding my circle without an agenda.
Socializing for the sake of socializing.
It's funny. I joined Firestorm without a specific plan, simply because I recognized the potential in the people I met. Now, after taking stock of the experience, I'm realizing that some of the best opportunities may come from doing more of exactly that.
You can't introduce people you don't know.
And sometimes the best thing you can do for your business is spend a little more time getting to know people without talking about business.