The Power of Business Relationships

November 21, 2023

Matt Coyne

With two decades of experience in the events industry, Matt Coyne, owner of Waves Connects, crafts content for a multitude of needs. From captivating interviews and podcasts to informative content resources as part of a marketing strategy, he is dedicated to helping clients make waves with their content.

In the ever-evolving landscape of business events, where people-to-people interactions continue to rise, the significance of networking events cannot be overstated. 

These gatherings, whether in-person or online, offer a unique platform for professionals to exchange ideas, collaborate and form connections that have the potential to shape the trajectory of their careers and businesses. 

However, amidst the buzz of exchanging business cards and collecting leads, it's crucial to recognize that business relationships forged in these settings are the true golden nuggets of networking.

Beyond the Direct Lead: The Hidden Gems of Networking

Networking events, whether attended in person or virtually, serve as fertile grounds for uncovering new leads and prospects. 

However, not every encounter leads directly to a signed contract or an immediate business deal. 

The beauty of networking lies in the multifaceted nature of these interactions. A seemingly casual conversation can sprout the seeds of a long-lasting business relationship that eventually transforms into a valuable lead.

The Long Game: Cultivating Business Relationships

In a world that often seeks instant gratification and measurable returns on investment (ROI), the real magic of networking lies in its ability to transcend such immediate assessments. 

Business relationships formed through networking events might not offer an immediate, quantifiable ROI, but they possess an immeasurable potential to yield significant dividends in the future. 

It's like planting a tree — you nurture it, care for it and over time, it grows to provide abundant shade and fruit.

The Unpredictable ROI of Networking: a Different Kind of Investment

While measuring the ROI of attending networking events might prove elusive, the value of these events extends far beyond mere numbers. 

The connections made during these interactions could very well pave the way for unforeseen opportunities and collaborations in the years to come. 

A business relationship established today might lead to joint ventures, partnerships or referrals that wouldn't have materialized otherwise. It's an investment in the unknown, a testament to the power of fostering genuine relationships.

Nurturing the Roots: Building Lasting Connections

In an age where digital connections often lack the depth of in-person interactions, networking presents a rare chance to build rapport and establish a genuine rapport with fellow professionals. 

These relationships, rooted in shared experiences and personal interactions, hold a distinctive edge over virtual interactions. The depth of understanding and trust that can be cultivated during face-to-face conversations sets the stage for collaboration and mutual growth.

The Legacy of Business Relationships: Planting Seeds for the Future

Ultimately, networking events are not just about acquiring a stack of business cards or making fleeting connections. 

They are about sowing the seeds of collaboration, innovation and growth. 

Every business relationship formed in such an environment holds the potential to evolve into something far greater than the sum of its initial interactions. Like a fine wine, these relationships mature over time, gaining depth and value.

In a world that's becoming increasingly interconnected yet, paradoxically, more distant, the significance of business relationships fostered in networking events cannot be overstated. 

So, the next time you attend a networking event, whether in person or online, remember that while leads may come and go, the connections you make, the relationships you build and the collaborations you nurture could very well be the keys to unlocking a future of success. 

After all, business relationships aren't just about the present moment – they're investments in the business landscape of tomorrow.


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MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.    Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.    Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.   The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.    MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.     MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.