Long days, longer nights, and no-one to talk to when the going gets tough – it can feel isolating and demoralizing.

But there is a solution: speak and share with other business owners.

Many small business owners actively fear working with other businesses, worried that they may take advantage of them rather than offering guidance and advice.

However, the rewards can be terrific. By tapping into your local network of fellow entrepreneurs, you have the opportunity to become more knowledgeable, understanding, and efficient.

Why Should I Reach Out?

There’s no two ways about it; being a small business owner is stressful.

All the responsibility, all the decisions, the planning, strategy, and execution; it all falls squarely at your feet. And it can be quite overwhelming.

That’s why having a mentor – or joining a local group of small business owners – can help alleviate some of that stress. They give you a sounding board with whom you can discuss your problems and share your successes.

And this isn’t a new concept by any stretch of the imagination.

Take a beat and think about the franchises you see just about every single day. Starbucks, Wendy’s, Dunkin’ Donuts; they all share financial data and marketing information with the other stores within their franchise in order to better understand the overall market.

Won’t This Threaten My Business?

You might look upon this arrangement as a threat to your business. Sharing confidential information with a perceived competitor will understandably make you uncomfortable, and it will impact your business.

But, if done right, that impact will be positive, not negative.

By working with your peers, you will improve your understanding of the local marketplace, boost your efficiency and delivery, and oversee a better standard of customer service. This will only serve to drive more business and increase profits.

Where to Start?

If you run an independent small business (i.e. not a franchise) then it can be tough to know where to start when reaching out to fellow entrepreneurs.

Becoming active on social media (Twitter and LinkedIn in particular) is certainly a good idea. This gives you access to a whole host of like-minded individuals, many of whom won’t be swimming in the same waters, and are therefore less likely to appear threatening to your business activities.

But the fact is, nothing beats face-to-face networking.

Search online for local organizations, groups of similar business owners, or an association to join in order to meet and develop valuable business relationships with your peers.

Here are a few in our neck of the woods worth checking out:

Roseville, CA

• Roseville Granite Bay Business Network
• Women In Networking (WIN) Roseville
• Miscellaneous Small Business Meetups – Roseville (Meetup.com)

Sacramento, CA

• Sacramento Business Social Network Group
• Sunrise Business Builders
• Sacramento Area Business Connection

U-Link Network also has a number of local groups meetings listed on their website.

If you can’t find one nearby or relevant to your industry, consider setting up your own. It can be as informal as meeting for a coffee every few months, but just as valuable as an established organization.

And be sure to complement these meetings by fostering professional relationships with business advisers and mentors.

Put Yourself Out There

As your business grows and develops, and you begin to better understand your own key financial data and moneymaking statistics, you will find that you actively want to compare yourself to your peers.

It’s only natural to seek to benchmark yourself against others. In fact, it can become a crucial part of the overall success of your business.

By simply being active in your local business community, you will open up the doors to new and prosperous relationships, promising leads, and a wealth of advice and experience.

And by improving your knowledge of the local market, it will push you to be a better business leader.

Put yourself out there and make it happen.

If you’d like a helping hand in getting started, contact us today to speak with one of our friendly advisers.

The post Don’t Be Afraid to Work Together appeared first on Checkbox Accounting.

Take a look at these following tips; they will help ensure you that you and your professional relationships will not only last, but THRIVE!

Make an Appealing First Impression

First impressions mean everything! A first impression sets the foundation for your business relationship.  Are you projecting yourself in a manner that will make somebody want to shake your hand or invite you out to a business lunch? How you act, and even how you dress, will make a difference in your future relationships.  Dressing professionally can be highly regarded in the corporate world, for example, but what if you are dealing with a business owner in fitness, construction, or gardening? Dressing too professionally can create a negative first impression because they may not immediately relate with you. Dressing professionally without going over the top will allow you to create a more comfortable business relationship.

Compatibility is a Two-Way Street

Your next step should be determining if the potential relation is a good fit for you, your personality, and your company. First, determine whether they have similar goals and values. Are they loyal and do they have integrity? What are their future goals? How do they treat other people? Even if they might be a good fit for your company based on the facts, take the time to determine if YOU are a good fit for THEIR company as well. In those first few moments of conversation, you can often determine whether it will benefit you more to pursue this relationship or refer them out to another company.

Disagreement is Positive

At some point, disagreements are inevitable in any business relationship, but don’t view them as negative.  Instead, look at disagreements as opportunities to discover new ways to communicate and reinforce the relationship. Sit down and talk it out. What went wrong? Can we fix this disagreement and continue the relationship? If you take the time to address the problem and mediate the situation well, then it will actually strengthen your professional relationship. At this stage, it is also important to go back and reevaluate your compatibility. If it has changed drastically, don’t be afraid to walk away if it is no longer a good fit.

Compromise Changes

In the natural progression of relationships, people and circumstances change.  Sometimes this can affect compatibility (and agreeability – see the notes above on disagreement).  Maybe it’s time to go back to the drawing board and look at your original agreement or reason for forming a professional relationship. What drew you to this company in the first place? Reassess your relationship periodically. Continue to evaluate where you are both going and make note of things that need to be worked on. After a year of this, you will see significant progress in your relationship.

Be Proactively Aware

For each of your professional relations, their needs will be different. Think about your professional relationship while driving to the meeting, or before they get to your office. Figure out what each of their needs are and when they need it, and you can discuss at your meeting how to proactively get things implemented.

Communicate to be Remembered

There are many ways to communicate including emailing, phone calls, texts, social media and face-to-face interaction. With so many ways to communicate and so many things to communicate about, it is easy to forget that people like to feel special. The key to successful communication is thinking about your business relationship and doing something out of the ordinary to show them what it means to you. Don’t be afraid to call them and ask to grab coffee. Remember their order and surprise them at your next meeting.  Clients love it when you think of them. Constant communication will keep your professional relationships alive and fresh. Even if they are long distance, be sure to continually contact them and do things that will show you are thinking of them.

The most important thing to remember is if you remain genuine in your relationship, it will make a difference in the long run. Listen intently and show interest in growing their business. Strive for perfection; even though mistakes might occur, use the suggestions above as ways to improve. As your relationships grow, so will your business!

The post The Truth About Intelligent Business Relationships appeared first on Checkbox Accounting.