Nepotism is Alive and Well and Why That’s a Good Thing for Your Small Business

Years ago, nepotism was how things got done in the business world. You knew someone who knew someone.

Then things went bad and nepotism was frowned upon. It conjured up ideas of price gouging and poor quality. No one wanted to do business with people who “called in favors.”

Guess what? It’s 2016 and nepotism is alive and well and as a small business owner, that’s a good thing. Here’s why:

Here’s how 2016 nepotism is different and beneficial. Today’s nepotism is also about doing business with people you “know” but may have never met. They’re people you also like and trust. You grew to like and trust them not because of a favor or an obligation, but because they create a great product, or valuable content, or provide an amazing service.

 

How Smart Business People Use Nepotism Today

Nepotism in today’s social world isn’t about dirty, under-the-table dealings that benefit a few. Instead it was born out of the sharing community. Smart, connected small business owners form groups of helpful people with which to do business with. They don’t just Google someone to work with without looking at social proof and reading reviews. They connect with people who share their business ideas and they find ways to help one another.

Sometimes these connections form around traditional networking groups, like chambers and mastermind organizations, but many times they form organically as people get to know one another through social media.

“Knowing” people you do business with helps you get a great product, the best one for your business, because someone you know in today’s sharing economy is less likely to take advantage because they have something at stake too — their business and online reputation.

For your small business to receive favoritism, you need to create and share the very best of you. Provide resources that are helpful and free. Show people you are an industry expert who wants your “friends” to succeed. Give of yourself, your time, and throw in well-chosen promotional products that can help you stay top-of-mind.

Success in business has always been about who you know but how we get to know people is changing.