People in my network of personal and business contacts are constantly reaching out to me for advice. Why is this happening? Because of my experience and track record. Over the years, I have had the opportunity to work in nearly every sphere you can imagine, but owning a business, as you know, always entails costs. Fortunately, I have someone I can turn to fix just about every kind of problem I might encounter. I have a dozen attorneys, for example, I work with on a regular basis. They specialize in such areas as intellectual property, real estate sales and leasing, contract law, trust and estates, and litigation, among others. Due to my own early, one-time brush with business failure as well as my experience in advising customers who have had to resort to bankruptcy, I have also worked on occasion with attorneys who specialize in this area of law. In addition, I have worked with roofers, plumbers, mechanics, HVAC companies, UPS, handymen, contractors, mortgage brokers, locksmiths, bankers, box suppliers, video production companies, graphic designers, and vendors for printers and copiers. On occasion, even though I own print shops, I have outsourced work to print partners who specialize in things we don’t.
You do not want to go it alone when attempting to build your business. Start-ups are a challenge. When you’re not well-funded (I sure wasn’t in the beginning of my career!), you want to save money—by not spending it. Even after your business has become a success, you want to have a team of individuals you can trust, people to whom you were referred by those you do trust. Such a network is critical to being able to overcome obstacles that confront you, sometimes on a daily basis. Oftentimes, you want to have multiple options for solving problems that arise unexpectedly. This past week, for example, the door to one of my stores fell off the hinge. My first call was to my local locksmith, a man with whom I have a pretty good relationship. I’ve used him 10–15 times in the last 15 years for different projects, and I turn to him regularly to cut keys and stamp them for me. He answered my call immediately. He arrived at the store within 15 minutes and inspected the door. Unfortunately, he wasn’t able to address the problem, but he recommended a company that could. I also know another locksmith, someone who services some of my other stores in the area. I was pretty sure he could fix the problem. Fortunately, the store manager successfully shut the door and blocked the entrance temporarily until both the locksmith and recommended company could arrive on the scene to assess the problem and give us quotes. If something like this had happened when I was first starting out in business and had not yet established a network of reliable vendors to whom I could turn when crises arose, I might have panicked. “How are we possibly going to get this fixed?” I might have fretted. “Who is going to fix the door? How much is it going to set me back?” Now, I have accepted these challenges as some of the small costs of doing business. I know that my team will resolve such problems quickly—and inexpensively—because we have established a long-term relationship. This knowledge gives me peace of mind.
There is no single way to build a team of vendors. You can take a long time like me, for example, to create such a network by turning to a different vendor each time a problem arises until you find someone you like and trust, who then becomes one of your go-to specialists. There is another way. In my own case, I eventually joined some business networking groups, including Business Network International (BNI), which opened the door to other professionals. Such resources are invaluable. They can connect you to a large group of people who have already established a network of credible professionals you can turn to when problems arise. Both options work; one saves a lot of time. I highly recommend connecting with local organizations such as the Rotary, the Chamber of Commerce, BNI, Le Tip, or some other small business networking groups. Typically, people join them to grow their sales, and such groups are certainly a good way to accomplish that goal. However, they also offer the opportunity to establish an expanding web of relationships that allow you to grow your own network over time, including a network of vendors.
In the short-term, I can help you build your own network of vendors who will help you solve problems as they arise in the course of doing business. Remember: Vendors play an important role in your success. In some ways, they are as important as your actual customers.