When is the right time to ask a favor? Building a relationship takes time, and cashing in your relationship capital before it has earned enough interest can be devastating.
The following video is classic rebroadcast of my “Ivanism” Garage to Global series, hosted by Entrepreneur.com, where I expand on catch phrases I have used frequently over the years. Originally published on March 30, 2016.
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. Social capital is a key factor when it comes to asking for favors from others.
Most of us have been in a situation where someone has asked for a favor before the social capital to make that kind of request. If you want to amass financial capital, you have to invest and grow your assets. Social capital works the same way. You have to invest before you can withdraw.
Throughout my career, I have had a huge number of folks come to me and ask me to promote something for them. The thing is the majority of those who contacted me had never even met me, had never had a conversation with me. If they did, they met me once and we had the briefest of conversations. They never invested in the relationship and yet they wanted a withdrawal from the relationship.
You may be shocked at the level of personal knowledge required for a deep referral relationship. You may want to argue that referrals should be all about business. I completely disagree. It takes a lot to develop this type of relationship. Those who do will certainly succeed at building a business from referrals.
So the answer to this question of when should you ask for a favor, before you ask for a withdrawal, make sure you make an investment and build a deep referral relationship.