Networking and Building Small Business Partnerships
Starting a new business can be a challenge but networking and developing partnerships is an important part to ensure your small business’s success.
Starting a new business can be a challenging, but whether you’re new to your industry or branching out on your own, networking and developing partnerships is important to ensure your business’s success.
As a small business, First National Bank and Trust understands how you can overcome the challenges that are unique to business ownership. We’re here to give you a few tips on how to network and create meaningful partnerships as you think about how to grow your small business.
Importance of Networking
No matter how long you’ve been in business, you need to build business partnerships that can help throughout your career. Partners, vendors, and even customers can all turn into beneficial relationships you can draw on in the coming years as you build your company.
Networking is one of the best ways to learn new things about your industry and gain valuable business advice that could take years to learn another way!
Prepare to Start Networking
The first step is to start thinking about why you want to do small business networking. Are you looking for a local business to partner with or a vendor? A referral relationship or even a potential business partner? Or are you simply looking to build community and find like-minded business owners in your area?
When you’ve decided your purpose for networking, start building your elevator pitch. This is a couple lines of “pitch” on who you are and what you do. Depending on who you’re networking with, you may need to shift this to fit the situation and audience.
Looking for Networking Opportunities
Local Networking Opportunities
In your area, you likely have a local Chamber of Commerce that other businesses are connected with. Many offer organized networking events and learning opportunities every month that you can attend, with some just for members but others open to the public.
If you live in Southern Wisconsin, you can find a Chamber of Commerce in:
For Northern Illinois residents, you can look in:
Online Networking
If you prefer not to attend in-person events, online networking might be a good option. Online networking is also a great way to expand your geographical reach, opening you up to networking possibilities nationwide and even around the world.
LinkedIn is the place for professional connections, so join groups based on your profession or industry. You can also follow thought leaders and notable business owners in your profession and learn from other business owners as you connect.
Facebook, Instagram, and TikTok are great places to connect with customers and potential businesses you could partner with. Don’t forget about these social networking sites, even if they aren’t as strictly business-focused as LinkedIn.
You may also find specialized industry sites that are known in your profession. For instance, if you’re in the agriculture field, consider targeted networking sites like
Global Farmer Network.
Trade Shows
No matter what industry you’re in, there’s always a trade show or conference dedicated to your industry. Do some research and find out when and where the next event related to your industry is.
You can attend as a visitor, particularly if you’ve never been to a trade show or conference before, to get an idea of the types of businesses exhibiting. This is a great place to meet partners and vendors and get ideas for your own marketing. If you think your business would fit in well, you may even want to consider having a vendor stand at the same conference or exhibition in future years.
Participate in Community Events
Getting involved in your local community is one of the best ways to give back to your area and get your business in front of local faces.
If you’re in the retail business,
Small Business Saturday towards the end of the year can be one of the biggest sales weekends of the year, especially since it’s during the holiday season. Make sure you’re participating and benefit from the online and foot traffic this national event garners.
You could also look at sponsorship opportunities in your area, like a local kid sports team, animal shelter, or other nonprofits that need ongoing support throughout the year. If you don’t have the financial means to support them right now, think about volunteering or mentoring opportunities you can offer to those who use their services.
Building Partnerships for Your Small Business
As you network with small businesses, you will likely build partnerships with other businesses that you can use as a vendor or referral source. This way, you’re both working for mutual gain, but there are important things to consider before you do this.
Get to Know Your Partners
Understand the business of the people you're working with, why your partnership is important to them, and what exactly they do. This isn’t a one-way street. Think about how you can help them, not just how they can help you.
It’s also vital to get to know these business owners as people, not just as businesses. This is how great partnerships and working relationships start, so invest time and energy here.
Choose the Right Partners
Before you partner with anyone, make sure you trust them. This is especially the case if you’re working with someone who will have access to important and sensitive business data. You’ll want to make sure you and your potential new partners have the best
cybersecurity practices in place before agreeing to any partnership.
When you’re selecting a partner for your banking needs, it’s important to select a bank that offers a variety of services that meet your needs. Instead of just a loan servicing company, choose a one-stop-shop like FNBT.
We offer
business checking, and
savings,
commercial loans loans, and
merchant and cash management services that help make your business banking more efficient. From running
digital payments to managing your day-to-day
cash flow, we’ll help you stay on top of your company’s finances.
Treat Them Like a Strategic Partner
When you work with anyone, whether it’s a vendor, a customer, or a partner, you should always treat them like they’re essential to your business. Provide your vendors with equal support for their businesses—treat them as you would want to be treated in a business partnership.
Set Clear Expectations and Keep Communications Open
When you enter a business partnership, be clear about your expectations for the professional relationship. Don’t have false expectations and be honest with your business partner about anything important. Always keep communication clear and open.
Meet your business partners regularly and pay attention to any issues that might be impacting their business. This will give you a good indicator of potential issues your business could face later on and give you the opportunity to support them.
Joint Marketing Initiatives
Depending on the type of business your partner is in, you may be able to benefit from a joint marketing initiative that mutually supports both your business and theirs. But even if their business is vastly different from yours, even a simple callout on social media or liking their social posts is a great way to give them a public boost.
Partner with FNBT to Grow Your Business
FNBT has been a local family business for over 140 years. We’ve supported small businesses in Southern Wisconsin and Northern Illinois as they grow into thriving companies.
We’re always here, whether you’re starting or growing an agricultural, retail, manufacturing, or any other kind of business.
Contact us today or visit a
convenient location in Roscoe, Rockton, Beloit, Clinton, Janesville, Winnebago, Darien, Walworth, Delavan, Williams Bay, Elkhorn, Monroe, and Argyle.