As an entrepreneur, it's you against the world. Or, at least that's how it often feels to be a small business owner, especially an entrepreneur. Here's the reality: Success is rarely achieved in isolation. The most successful business people understand that the power of connecting with others is the key to unlocking new opportunities and growth.

Surrounding yourself with professionals, business owners and industry leaders can provide a wealth of opportunities to access resources, gain knowledge and build strategic partnerships. Let's look at some best practices for building an effective network to support your business growth.

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1. Drive with value first

The most successful networks work because both parties have the opportunity to benefit from each other. Establishing a strong and mutual relationship from the beginning is essential. Instead of focusing only on what you can earn, prioritize what you can offer others.

Providing value can take many forms, such as making presentations within your network, sharing industry knowledge or offering help with specific challenges where you have expertise. Continuously providing valueyou can build trust and goodwill, which makes others more likely to support and help you.

2. Connect with complementary partners

When building networks, it's important to carefully consider what types of relationships would bring the most value to your business. In many cases, the right people are those who provide different but complementary services. For example, a tax accountant may want to establish a relationship with a real estate attorney.

There are several benefits to this approach. First, both individuals benefit from being able to have enhanced knowledge about their business. This relationship can also be an excellent source of referrals from the other's customer base. This is important for business growth as B2B referrals statistically have a 71% higher conversion rate.

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3. Be selective about who you bring into your circle

Fostering relationships takes a lot of time and effort, so it's essential to be selective about who you include in your network. Studies have shown that half of all people struggle to maintain long-term contact with their professional networks. By limiting the number of people in your circle, you can devote more time to building strong, meaningful relationships with each individual.

Additionally, it is important to avoid associating yourself or your business with individuals who have a negative reputation, as their actions can damage your reputation, regardless of any access or benefits they may provide. This approach is not about being pretentious, but rather about valuing your time and ensuring that your network is built on trust and mutual respect.

4. Look within your industry

While finding complementary members to add to your network is beneficial, many entrepreneurs tend to lack focus. It is natural to want to avoid others in your industry, as there may be a conflict of interest. However, it is important to build relationships with individuals who fully understand your business, and these will be people who have similar businesses. Look at those in the same industry but with a slightly different business focus, a different target customer or a different geography.

5. Participate in a business advisory board

Participation in a business (or colleague) Advisory Board it's a valuable way to learn new skills and share the burden that comes with running a small business. These boards provide a platform for entrepreneurs and business leaders to share their concerns and frustrations and also receive feedback or advice based on the past experiences of others. This collaborative environment fosters learning and problem solving, helping you navigate the challenges more effectively in a safe environment.

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Networking is more than a passive activity. It is a strategic investment in the future of your business. At the end of the day, the amount of effort you decide to put into building and nurturing strategic relationships can bring significant benefits to your business.

Building the right network isn't always easy, especially as entrepreneurs and small business owners struggle to keep their heads above water every day. Having one professional business coach can be an invaluable asset in your networking journey. Coaches can help provide guidance as you navigate the complexities of networking and also provide introductions to influential contacts within their networks.