5 Signs You're Not Forming Enough Strategic Business Relationships

March 2, 2023 Mario Stewart

As a New York event planner, your success depends on valuable business relationships and partnerships you form with others. From event vendors to colleagues and referrals, you’re in the relationship-building business. But if you’re not dedicated to a strategy for seeking out and developing those strategic relationships, you’ll notice a few signs within your business. If any of these scenarios sound familiar, it’s time to get better at building strategic partnerships.

1. You Rely on the Same Small Group of Vendors

When you find great and reliable vendors for your various events, it’s always good to stick with them. However, if you’re not branching out to discover new vendors and form strategic relationships with other event services, you could be missing out on valuable event boosters and emerging trends. You can always be innovating how you curate events when you routinely seek out new partners. 

2. It’s Been a While Since You’ve Networked

Event planners might just be the busiest people on the planet. You’re always running, doing, calling, and planning. But don’t let that keep you from networking. If it’s been a while since you last ventured out to a networking event, a business after-hours, or a community ribbon cutting, you’re missing out on an opportunity to meet new people. Be sure you’re carving out enough time to avidly network and find great resources in the form of strategic partnerships.

3. You’re Not Getting Referrals

You’re a fantastic event planner, and your clients rave about your services. But when was the last time you received a referral? Strategic partnerships are incredible resources for sharing referral business. If your referral pool has begun to dry up, it’s a sign you need to get out there and start networking more for referral business. Remember, referral strategies are reciprocal. So, be a giver as much as you are a taker in these relationships. But if you’re not meeting new people and getting out there, you won’t have anyone to exchange referrals with at all.

4. You’re Not Working with Other Event Planners

Yes, you have competitors out there. And you’re always looking for that competitive advantage to stay ahead. But there’s a misconception for some that working with other event planners is a bad idea. It’s NOT. In fact, when you form strategic relationships with other event professionals, the collective advantage far outweighs the competitive advantage. Together, you can create bigger and better events. You can develop new ideas and combat common challenges, improving the industry as a whole for both of you to thrive. So, get out there and start having lunch with some of your fellow party planners!

5. You’re Struggling to Learn Anything New

The secret to business and professional growth is continued learning. As a New York event planning pro, you always have to adapt and learn to stay relevant and at the top of your game. So, if it feels like you’re recycling old ideas and stuck in an event planning rut, it could be a sign you’re not prioritizing your education. Strategic partnerships with colleagues, mentors, and other business professionals allow you to continuously be in a position to learn from them. And sharing insights and challenges with those who have more experience can be game-changing for your business. 

Are you forming enough strategic relationships for your event planning business? Use these insights to help discover if you need a better networking and partnership development strategy. And to really take your business to the next level, form all the BEST strategic relationships as an exhibitor and attendee at The Event Planner Expo 2023 this October!

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