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Recognizing National Friendship Day as a Business Owner
August 04, 2017
Recognizing-National-Friendship-Day-as-a-business-owner

Recognizing National Friendship Day as a Business Owner

August 04, 2017
National Friendship Day is upon us, which means you should take extra time to show appreciation for friends. As a business owner, this day can also be used to network with fellow business owners. By forging relationships with other business owners, both of your businesses can prosper.

It may sound odd to associate National Friendship Day with anything related to businesses. However, the business community can also serve as a network of friends. In this post, we’ll explain how you can make connections and improve your operations.

Collaborate instead of compete

One of the key advantages of networking with fellow business owners is the chance to form business partnerships. Instead of seeing another shop owner as a competitor, see them as potential partners.

Let’s say you own a bakery, and you also sell a variety of gift items. Down the street from you is a card shop owner, and she specializes in offering gift items, too.

Instead, of trying to outdo that owner, reach out to them. You may find that you share the same vendors. The two of you may be able to work with those vendors to lower the costs of items they supply for your businesses.

You won’t want to give away your business strategies, of course, but forming relationships with other business owners gives you a chance to have someone to bounce ideas off. This is how business and friendship can benefit you both.

Rely on word-of-mouth

Another advantage of forming business partnerships relates to that all-important referral. People may be more likely to go to a business based on a word-of-mouth recommendation than they may from seeing or hearing an ad. Who better to give you a recommendation than the owner of the business around the corner? If your businesses are in the same industry, but offer different services, you can serve as referrals for each other.

Referral SaasQuatch found that the lifetime value for new referral customers is 16 percent higher than non-referrals, so clearly there’s an advantage to forming business partnerships.

Start networking

One of the best ways to meet business owners is to join networking groups. These organizations can be valuable because you can socialize with business owners who share your interests and challenges.

To begin your search for networking groups, inquire at your local Chamber of Commerce. There are likely several groups already in existence that you could benefit from. Don’t waste your time trying to go to them all, though. Instead, try attending a few different events and see which one you like the most. Shopify notes that over time you’ll notice a trend of which groups are most valuable to you.

Make attending networking groups a part of your regular routine. This way, the other members will become more familiar with you and your products or services. If you attend these meetings, and don’t seem to hit it off with anyone, don’t give up. Networking takes time and effort, but is well-worth it in the long run.

Celebrating National Friendship Day

Since National Friendship Day is August 6th, creating friendships with other business owners should be a priority. As you take the time to hang out with your circle of friends, take a walk over to a local business you’ve never shopped before. Introduce yourself and your business. You might be surprised at how creating friendships with fellow business owners could elevate your experience as an entrepreneur. Together, you can combine business and friendship to help you both grow your bottom lines.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Yahoo Gemini