referrals Archives - Canadian Small Business Women

I was having a great chat the other day with the founder of Canadian Small Business Women. I hope she doesn’t mind me sharing this story. The chat meandered from topic to topic but was memorable because as I thanked her taking time from her busy schedule to meet with me we both commented on the value of investing in developing relationships, even those that appear to have no immediate benefit. Dwania and I met at an event I covered for the local paper but I instantly recognized in her a passion for what she does and knew I wanted to get to know her better. Lucky for me she agreed and we’ve been developing our connection ever since. In doing so, the mutual benefits are becoming more evident each time we meet. I also shared with her my experiences with forward thinking coach and mentor Tammy Elliott, who continually reminds her Forum participants to reach out and build relationships with others. Throw into the mix my personal mantra of reciprocity and the theory of the “Three R’s” began to take shape. Recently, I wrote about another set of “R’s” but this conversation prompted me to blog about “R’s” again only this time they are: “Relationships, Reciprocity and Referrals.” We’re all familiar with the business cycle but the “Three R’s” are a business circle, one that can only benefit and enhance your bottom line.

Why practice the “Three R’s” in your business? Well, in any relationship whether personal or professional, I would suggest building relationships is equally challenging and important. Choosing to invest your time, energy and (in business, often your hard earned cash) with a particular business and the people who run it can be a decision fraught with anxiety. You’re relying on this relationship to provide a service for you, whether its supplying you with a website, tiling your kitchen floor or providing all the accounting services for your rapidly growing new business. Whatever the case is, the relationship you develop with the provider is crucial. Are they open, friendly and responsive to your needs? Are they respectful, consistent and reliable? More importantly would you want to do business with them again? If you wish to be the recipient of this kind of service you have to govern your own actions accordingly and work hard to develop relationships where such expectations are mutual. If this is your guiding mantra, relationships will develop naturally and referrals and reciprocity will certainly follow. Even if you met at a networking group and your businesses seem disparate and unrelated I would urge you to take the time to build a relationship. It’s amazing when you work at a conversation how small the world becomes and how often (think 6 degrees of separation) you will discover mutual connections. Building one relationship often in turn has far reaching effects on existing ones. Before you know it you have a circle of connections from which everyone potentially benefits.

Building solid relationships in turn leads to the “Second R” – Reciprocity. Reciprocity simply means returning a favour. It could mean trading services, providing something either in value or in kind. All major world religions cover the concept of reciprocity in one form or another – it’s basically the “do unto others as you would have done to you” scenario. If, as previously stated, you’ve developed great relationships and nurtured them along the way, reciprocity too becomes second nature and a part of your overall best business practices.

Which brings us to referrals. Why is this the “Third R?” Again, it comes back to this: when you are building relationships and engaging in the spirit and practice of reciprocity, then the next natural outcome would be for you (and those you do business with) to act as a mutual referral source for one another. Getting to know another individual, understanding their business and how they conduct themselves increases the likelihood that even if you can’t utilize the service they provide, you are comfortable acting as a referral source for them and their business. You may not be their ideal customer but perhaps you know someone who is and because you have taken the time to foster a relationship you are confidant referring others and they in turn are comfortable referring you. Perhaps it seems counter-intuitive but in helping others to succeed so too will you. In practicing the “Three R’s” theory you are nurturing and developing a business circle based on trust, understanding and mutual support that will only enhance the bottom line of your business. (Did you notice that? This blog also has come full circle!)

As Owner and Principal partner of “Writing Right For You” Sheralyn is a Communications Strategist – working together with entrepreneurs to maximize profit through effective use of the written word. Looking for web content that works, blog articles that engage or communications strategies that help you get noticed? Contact Sheralyn today. Sheralyn is also the mother of two children now entering the “terrible and terrific teens” and spends her free time volunteering for several non-profit organizations.

Sheralyn Roman B.A., B.Ed.

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As small business owners and solopreneurs, most of us seek out some form of business network. Whether for the purpose of marketing our business or to practice our elevator pitch, it is important to be part of a group that is external to our business.

Such connection may be downright essential for some. Being the one in charge of our business and handling all aspects of it can, at times, be overwhelming and isolating. Where is that sounding-board when you need one? Who provides the voice of reason when you are stuck in some way?

I recently learned more about some of the differences between a network and a peer group and their distinct advantages.

The Merriam-Webster dictionary says:

A Network is a usually informally interconnected group or association of persons
A Peer is one that is of equal standing with another: especially one belonging to the same societal group
A Mentor (or business coach) is someone who teaches or gives help and advice to a less experienced [and often younger] person

Here in Toronto, business networking groups abound and can be found, often bleary eyed, over early morning breakfasts or occasionally later in the day in cafés and restaurants. Typically meeting weekly or biweekly, their main goal is to provide one another with referrals for potential or actual business. Casual conversation before or after the formal meeting part allows little time to get to know each other’s businesses in much depth.

A peer group, on the other hand, usually meets less often, maybe only monthly. Here, business referrals take place more incidentally with the main focus being discussing business challenges. The group will brainstorm ideas on how to solve someone’s particular business issue. Peer groups can hence provide that missing sounding-board for solo business owners, where challenges can be reviewed, dissected, and step-by-step solutions be offered without having to hire a personal business coach. Like the latter though, it provides a platform for accountability.

A specific structure for peer groups is described in a book and method by Elizabeth Verwey, called The Mentors Circle. In a recent Lunch & Learn seminar, she shared how her background as business coach and desire to enable others to coach and mentor one another lead to her formulating this method and book.

A Mentors Circle is a peer group who meets once a month for two to three hours. A facilitator or leader guides the group through the steps and exercises laid out in the book. The group may review one or more case studies from attending business owners, and brainstorm together.

The difference to a networking or other peer group is that the group’s existence is, or at least can be finite, meaning they commit to just six months’ of meetings. This provides a start, middle, and end so that after completion of this time period members can choose either to stop or restart a new circle of meetings.

Finding an accountability buddy is also important. As Elizabeth says, the probability of completing a goal you set yourself is only 50% if you only plan how you are going to do it, and 95% if you commit to reporting back and make an appointment (or set a deadline by when you will do it). Fittingly, the “M” in Mentors Circle stands for motivation, “T” for testing new ideas, and “S” for support and success.

Your peers then, as well as the book and accompanying workbook, provide the mentorship aspects. While I enjoy and benefit from networking groups – bleary-eyed early mornings or not – I really like the sound of a guided and structured peer group. Now who will be my accountability buddy?

Sources:

Merriam-Webster online dictionary, www.merriam-webster.com/dictionary

The Mentors Circle, www.officementors.com

Martina Rowley is the founder and operator of Beach Business Hub – THE co-working space east of the Don Valley. She combined her passion and experience in the environmental sector with her community engagement side to create a local work environment where space and resources are shared. She fosters and facilitates collaboration, networking, and learning for and with small business owners and new start-ups. Contact her at:http://www.beachbusinesshub.ca, on Facebook and on Twitter

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