Build Your Network By Making “Deposits”

TweetOne of my earliest memories as a child is riding the bus to Kindergarten. I remember standing at the bus stop. I remember some of the kids that rode that bus with me. I remember some of the kids that were in my elementary school classes.

I remember some of these kids because (30 years later) I still talk and see many of them. Some of them are still very close friends of mine, the kinds of people that I spend my Super Bowl Sunday with.

Others are more casual acquaintances, if I see them at the grocery store or at a St. Louis Cardinals game we will stop and catch up.

This is true of every “era” of my lifetime: elementary school, middle school, high school, college, past jobs that I have had, etc.

This is my network. You have one too.

How Do We Create These Networks?

Stephen Covey in his acclaimed 7 Habits of Highly Effective People introduced a term that has had wide application in my life — the term is DEPOSITS.

The concept of making DEPOSITS is simple — relationships are built upon a series of deposits made by both sides. When one side or the other does something that provides value to the other — that person has made a deposit into the relationship.

Years ago a friend of mine lost his father. When I learned of this I stopped by his home and spent the afternoon with him. We never spoke of this fathers death. We played basketball and walked through the creek in his backyard. I was 12. Twenty something years later, I still have a relationship with this person. I have since realized that by riding my bike over to his house so many years ago, I made a big DEPOSIT into our relationship.

But most relationships are not built upon big deposits. They are built upon a series of small deposits:

Spending time together
Helping each other out
Engaging in similar interests
Attending each others events
Communicating with one another

How Does This Apply To Your Tiny Business?

Building business relationships is about making DEPOSITS as well. You can’t expect someone with which you have no relationship to do business with you — especially when you run a tiny business. You are an unknown –you are a risk.

You can overcome this by building strong relationships in your community and in your industry.

Make deposits.

Find a way to help someone
Find a way to spend time with people both online and off-line
Find a way to show you care about someone (assuming you do)
Find a way to promote someone’s products and services

Business is not about numbers, slogans or fancy graphics on a website. Business is about people.

Because you have the ability to become an active voice in your industry through the publishing tools made available on the Internet — you have the ability to HELP, SHOW YOU CARE, SPEND TIME, and PROMOTE other people’s businesses.

Build strong relationships by making DEPOSITS into the interests of others in your industry and it will come back tenfold.