In this video, Entrepreneur Network partner Ivan Misner discusses the importance of building your contacts and cultivating relationships.

There's a big difference between a contact and an actual relationship. New contacts are the source of potential new business only if you start to cultivate a relationship with them, Misner explains. "It's not what you know or who you know, but how well you know someone, that counts."

Misner provides four key steps to deepen your relationships with people so that they'll be willing to help you in the future. Giving someone a personal phone call, following up with people whom you've helped in the past and putting together a list of 50 people you'd like to keep in touch with throughout the year are only a few of strategies that Misner suggests.

"Relationships are currency," Misner says. To learn how you can invest in your relationships, click play.

Watch more videos from Ivan Misner on his YouTube channel here.

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