Favors Archives - Dr. Ivan Misner®
Ask for a Favor

When Is It Appropriate to Ask for a Favor?

Most of us have been in situations where someone asked for a favor long before they built the social capital to make that kind of request, if they built any capital at all. Building deep referral relationships is almost completely dependent upon the social capital you have built with someone. Social capital is similar to financial capital in a very important respect. To amass financial capital, you have to invest and grow your assets. You have to have money in the bank before you can make a withdrawal. Relationships are very much the same – referral relationships in particular.

How Alex asked for a favor

Alex was what I would call a casual business associate, but from early on after our introduction, every time I spoke to him, he invested in the relationship. He gave me ideas, gave me his time, he even did some work on a website for me mostly as a favor. He invested…and invested…and invested.

I kept asking how I could help him, to return the favor and reciprocate for all the kindnesses and great help he’d been to me. His answer every time was, “I don’t need anything. I’m happy to do this.”

This went on for almost a year. Every couple of months, Alex would show up on my radar and do something for me.

Then, one time, he phoned me and said, “I have a favor to ask…” and I stopped him right there.

“Yes!” I said.

“But you didn’t even hear what the favor is!” laughed Alex.

I replied that I didn’t have to hear what the favor was. I told him I knew him well enough to know he was not going to ask me something impossible, and that he had invested so much into the relationship that I would do anything in my power to help.

You may ask for a favor

Before you ask for a withdrawal, make sure to make an investment, and build a deep referral relationship. If you can answer “yes” to most or all of the following points about a person and his or her business, you would have a pretty deep referral relationship:

• You trust them to do a great job and take great care of your referred prospects.
• You have known each other for at least one year.
• You understand at least three major products or services within their business and feel comfortable explaining them to others.
• You know the names of their family members and have met them personally.
• You have both asked each other how you can help grow your respective businesses.
• You know several of their goals for the year, including personal and/or business goals.
• You could call them at 9 o’clock at night if you really needed something.
• You would not feel awkward asking them for help with either a personal or business challenge.
• You enjoy the time you spend together.
• You have regular appointments scheduled, both business and/or personal.
• You enjoy seeing them achieve success.
• They are “top of mind” regularly.
• You have open, honest talks about how you can help each other further.

X
Throughout my career, I have had huge number of folks come to me and ask me to promote something for them. The thing is, the majority of those who contact me have never met me, never had a conversation at all. They’ve never invested in the relationship, yet they want a withdrawal from it and ask me for a favor!

When Is It Appropriate to Ask for a Favor?

In this video, I discuss how to identify and prepare for the appropriate time to ask for a favor within the context of a business relationship.

I explain how the concept of social capital is a key factor when it comes to asking favors and I tell a personal story where a business associate of mine named Alex went about building social capital with me in the absolute perfect way.

Watch the video now to learn the ONE thing you need to have with someone before you ask a favor of them and, also, how to spot when it would be a big mistake for you say yes to favors when you’re asked to do them by other people.

Do you have a story about how you built social capital with someone in a great way, how someone else built social capital with you in a memorable way, or how someone asked you for a favor when it wasn’t the right time?  I’d love to hear these stories as well as any other stories you might have that are related to this topic. Please share them in the comment forum below–thanks!

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