The Art of Building Strategic Business Alliances in Today’s Challenging Economy
Perhaps the most challenging step, includes your potential clients, and the one that some people dread, is rather than your peers. the face-to-face meeting with a potential contact. At times, it can be challeng- Honesty is the best policy. Being ing to initiate, let alone maintain a relahonest and truthful at all times will tionship, but below we have outlined show your credibility and prove that some successful tactics that have been you are the real deal and that you beneficial for our business networking are always looking out for their best efforts: interest.
DECEMBER 2009
PENNSYLVANIA MORTGAGE PROFESSIONAL MAGAZINE
www.NationalMortgageProfessional.com
By Greg Perrine and Tim Markel
40
Relationships can be defined as the way in relationships. It starts with doing your which two or more concepts, objects or homework in advance, so that you have people are connected. The art of building pertinent knowledge about the individlong-lasting relationships is essential to ual, their employer and their business growing your business and flourishing in in general. Being able to identify comyour respective industry. Successful people mon interests, work-related and nonhave the ability to develop relationships work-related, also provides a solid founthat are effective, beneficial and endure dation for establishing an effective relationship based on personover time. Given the current al camaraderie. And finaleconomic climate, estably, you must put yourself lishing and maintaining in the right situations to relationships has never meet your top tier conbeen more imperative. tacts and capitalize on Even with the best the encounter through products and business diligent follow-up. practices, you still need Doing a little research strong relationships to sucbefore you approach a ceed in the real estate potential client or busiindustry. Building strategic ness contact sounds obvialliances and partnerships ous, but a surprising numis an important aspect of keeping your business rel- “The art of developing ber of people don’t take evant and enabling you to and maintaining rela- the time to do it right. The grow as an individual and tionships comes more company Web site, if there an organization. The art of easily to some people is one, is the place to start. developing and maintain- than others. However, Here you’ll find information on what the company ing relationships comes with a strategic plan, does, who its clients are more easily to some peoa little practice and and, if you’re lucky, a bio ple than others. However, determined follow-up, of the person you plan to with a strategic plan, a little practice and deter- anyone can become an meet. Of course, there’s effective networker.” always a Google search mined follow-up, anyone —Greg Perrine, and other online tools can become an effective Project Manager, The that can lead you to news networker. Moote Group articles, organizations and The first step is to idenother tidbits about your tify your target: Who are the individuals and businesses that can contact. Check Web-based networking enhance your bottom line or play a and social sites such as LinkedIn, Plaxo or vital role in the growth of your busi- Facebook for more details with an eye ness? In addition to prospective clients, for other ways to engage with and estabthink about contacts who might be lish a concrete connection. And don’t forgood referral sources or can connect get to tap the knowledge of other peoyou with those hard-to-reach people ple, including your own team. Our firm has a bi-monthly meeting that may have work for you. Establish a priority list and map out a plan as to to talk about new contacts, relevant how you can connect with each of those events and changes in the industry. It’s also a great way to get feedback on your resources. Your goal should be to establish a networking strategy or find out if any of mutually beneficial relationship. The your co-workers can help you with a concept of reciprocity in business has connection. We keep details notes on been around for ages, but too often we our networking in spreadsheet format forget that sometimes it’s better to give and note contact information for each than to receive—especially in the person or business. Our combined conbeginning. The next time you meet tact list—accessible to the entire team someone who can help your business, and constantly updated—forms the database through which we send e-mail ask first what you can do for them. There are many different ways to announcements on our services and effectively build mutually beneficial recent accomplishments.
Always be prepared! It is amazing how Provide a service that is unmatched many times you will meet someone of by others in your industry. At the end related interest when you least expect of the day, providing a great service it. Being open to all options is crucial is what will make your clients continbecause sometimes you meet people ue to do work with you. in the most ordinary of places. How many times have you been at a restauThe above-mentioned tools have rant, on a plane or at your kid’s soccer given us an advantage in building our game and started talking with the per- network. There are times when we do son next to you—only not want to attend events to find out that at one or meetings, but at the point you both worked end of the day, if you are for the same company diligent with your efforts or on the same project. the rewards you reap will Being able to leverage be immense. past experiences or Relationships are great encounters on the fly and essential to your busiwill prove to be ness, but it is the ones that extremely beneficial for can be sustained over time establishing or rekinthat will prove to be profdling a relationship. itable. You can go through the trouble of preparing Face time is very yourself and putting your“Remember, respect important to main- and trust are the glue self in the best position, taining a relationship. but all will be for naught if that holds together With all the text mesyou can’t sustain those functioning teams, saging and e-mails partnerships and man- relationships over time. these days, the imporBeing proactive and anticiaging relationships.” tance of putting a face pating your clients’ needs —Tim Markel, CFD to a name has taken a will give you a leg up over back seat. Stopping by Administration/Reim- your competition. You bursement Division a client’s office to say need to show your potenManager, The Moote tial client you have the hello or asking them Group to lunch will imply skills and knowledge to that your client is anticipate their every need always on your mind. Remember, in and that you will put them in the best order to maintain a relationship over position to benefit. Relationships are time, they must be nurtured and something that constantly needs to be taken care of with the required com- nurtured and taken care of. ponents noted above. It is not easy to establish a firm relationship let alone sustain one for the One way to engage quickly with peo- forthcoming years. Relationships can ple is to establish a common interest be compared to a redwood tree. A redor friendship prior to discussing wood has a solid foundation based on business. Being able to relate on a enriched roots and can grow to be the personal level first will make future tallest tree in the forest, but without interactions about business much the necessary ingredients, it will not more effortless. Don’t try too hard to achieve its greatest potential. force the issue. Allow the conversa- Consistency and timeliness in a relation to dictate the topics of interest. tionship provide an individual and/or client a mechanism to depend on you. Get involved with industry commit- It is going to take time to establish a tees and community activities. worthwhile relationship and being conMaking time for groups play a vital sistent and unrelenting with your role in how well-rounded an individ- efforts, will significantly increase the ual you are. Look beyond the obvi- effectiveness of your hard work. It has ous professional organizations that been said that you have only ten touchrelate to your own industry. You may es (phone calls, personal interactions or want to be a member of a group that e-mails) with a prospective client