Why Every Business Needs Strong Centers of Influence

Author: Rachael Emanuel, Commercial Banking Relationship Manager

Achieving success in business often requires more than a superior product or service. Having the right resources and know-how to navigate rising challenges can come down to who you know. This is where centers of influence (COIs) come into play, offering a game-changing strategy to growing awareness and achieving long-term success.

What Are Centers of Influence?

A center of influence refers to an individual or organization that can impact your business success through influence, expertise or connections. Most successful businesses build a network of these relationships, often called centers of influence.

To understand how COIs work to benefit a business, let’s dig into an example.

Consider a small jam and preserves company. The owners are trying to break into the high-end grocery scene but are finding it difficult to stand out in a crowded market. At a networking event, they meet an industry expert who becomes a mentor. She connects the company with a well-known local chef who is passionate about farm-to-table ingredients.

After sampling the company’s jams, the chef provides critical feedback on flavor profiles, packaging and even branding. He also explains what buyers at upscale food stores look for, including many aspects the owners hadn’t considered. The chef even hosts a tasting night, introducing the products to potential buyers, and talks about the jams across his social media channels.

With the added exposure and some rebranding initiatives, the company lands shelf space at two gourmet food markets, escalating sales dramatically.

While this example relies on centers of influence built on specialized industry expertise, COIs can be built on relationships with professionals in many fields. Accountants can advise on financial practices to boost cash flow, attorneys will keep your business on the right side of legal requirements, and your commercial banker can help you make new connections, while also advising on savvy financial strategies. Connections with industry influencers and marketing mentors can also help you generate greater product awareness and reach more business prospects, eventually achieving higher sales.

How to Create Centers of Influence

Building strong centers of influence starts with a strategic approach grounded in your business goals and challenges. One of the best first steps is developing a clear business plan. This provides your leadership team with insight into where the business is headed and what obstacles may stand in the way. At a minimum, you should define your growth goals, identify current risks and pinpoint any gaps in internal expertise.

Once you have a solid understanding of your business’ needs and direction, it’s time to seek the professionals who will make up your centers of influence. Remember, a good COI member must have more than a big network. They must be trusted and should align with your company values.

However, when it comes to building a COI, you don’t always have to create new relationships. Often, the right resources are those that already know your company and understand your values and operating structure. It’s okay to start close to home by evaluating your current network for connections who may offer further insight, such as attorneys, bankers or accountants. Complementary service providers, industry specific contacts such as wholesalers or trade association board members, local government liaisons and referrals can act as additional resources.

When seeking potential COI partners, don’t forget about the value of reciprocal relationships. Coming to the table armed with benefits you can provide may also encourage others to act on your behalf.

Your Bank as Part of Your Centers of Influence

When building your network of centers of influence, don’t overlook your commercial banker. Large banks, such as FNBO, offer many services and networks to help you grow your enterprise. Depending upon your business offerings and needs, your bank may be able to help in multiple areas, including:

• Referring clients or other professionals, such as insurers, accountants, marketing agencies and tech providers. Remember, your banks’ business clients cover multiple industries, so your banker is a likely source for referrals.
• Matching you to complementary businesses, such as manufacturers and logistics providers.

In addition, many banking professionals have seats on industry boards, in trade organizations and with similar groups. With such an extensive network, your banker can often introduce you to industry peers and mentors who can offer valuable guidance to grow your business.

When it comes to realizing value from a COI, it’s most important to find the right expertise. The relationships you build today can open doors to new opportunities and more sustainable business growth in the future.

About the Author

Rachael grew up watching her father operate a commercial enterprise and learned the value of having a strong team of partners to support growth and profitability. She is proud to fulfill that role for her clients, acting as a key financial advocate by orchestrating a full range of lending, deposit and treasury services.