Business. Each time this word is mentioned, our minds immediately get filled with thoughts of money, fancy meetings and high buildings.
While business can be all of the above (even though it’s not the absolute case in the new generation), it is actually way more than revenues and spreadsheets. Business relationships are actually the key to its flourishing.
To tackle this down, Geexentral provides you this article as a full tutorial.
So, before diving any deeper in this topic, what is even a business relationship ?
What Is a Business Relationship ?
Business relationships are by definition the relationship between stakeholders in the process of businesses.
Before diving in tips, we should note that the term “Business Relationship” is too diverse.
So, are you wondering what is considered a Business Relationship ?
Types of Business Relationships
As stated before, business relationships are found between different figures in the business entourage. They can be:
Any leader/ boss won’t be able to reach their goals without a crew to get them there.
Having a healthy, positive and respectful relationship with your employees will only result in higher yield: A harmonious pace of work can take your company to a next level of thriving.
Nothing would beat the power of a loyal and dedicated team.
A business is never a business without customers.
Whether you have a service or a product, building a solid customer-ship will only result in a win-win situation for both parties.
Clients are not only consumers! They can also be the best support system to a company (Online reviews, recommendations etc.)
“Referrals in the form of word-of-mouth recommendations are very powerful, but so are online reviews, which are indirect referrals.” Adam Boalt, CEO of Travel Visa.
Leader and peers
No matter how long you have been in business, how experienced or how successful you are, there is always a mentor out there that can save you from crippling obstacles.
Many successful entrepreneurs have in common the fact of working with monitors. This trusting relationship can help build your company on a solid base.
Having a relationship with competitors in the market seems like the last thing to do.
Competitor-ship in business is actually one of the most important relations in the game.
Learning how your competitors think will enable you to improve your quality and strategies. It will set the bar higher for you each time in order to level-up your company.
Building a business relationship with a legal professional is not something required on a daily basis, but it is surely a very important part of your business.
Your attorney will make sure that your company is compliant with local laws, to prevent possible sticky legal situations anywhere in the future.
To correctly grow your business, and to avoid any bad financial decisions that can make your company go south, building financial relationships is a must.
Small businesses at first may find it hard to attract potential customers. The market is too competitive and clients may not try new brands to “minimize the risk” , as they say.
And this is why corporate partnerships shine in this department: Developing relationships with other business owners can bring instant revenues for your company.
For more tricks on how to overcome these challenges, click here.
7 Tips To Build Authentic & Strong Business Relationships
In the modern world, businesses are uncountable. In any domain, any country and at any level, you will find countless businesses competing on the daily to sustain their place in this world.
What makes an enterprise flourish isn’t only the money invested or the crew size, It’s the nature of relations that this enterprise has sustained with its different stakeholders.
After thorough research, Geexentral is ready to provide you with 7 techniques to follow, no matter your position in the business world.
1- Build Trust
Trust and Credibility are two key criteria not only for business, but for any life domain.
In business, these very important standards are simplified in the “ trust equation”.
Building trust shows your business circle that you understand the challenges they face, and how your products and services may help them overcome them.
Be the “go-to person” : you will be that person who clients and colleagues come to first whenever they find a problem/ question in their industry.
2- Build Real-life Networks
You may ask “How can I even find people to interact with?”
Well, the answer might be simpler than you think: Get out of your office!
Building legit and real connections can’t actually happen over an online meeting. Attending various business events and summits is the best way to talk and present your company to the world. Stay safe though !
3- Have A Valuable Product/ Service
Your product is your introduction. Presenting what your company is putting out in the market will make building new connections with other business owners and potential customers much easier than just introducing yourself. At the end of the day, that’s why business summits exist.
4- Focus On Building A Connection
Find common ground. Psychologically speaking, we find ourselves biased with the people we feel “relatable” to. This will strengthen your potential business relationships on a higher level that is difficult to achieve.
5- Maintain Contact
Don’t be afraid to stay in contact! Some business owners avoid initiating/ staying in contact whether it’s with clients or other companies.
Maintaining contact actually makes your potential corporates and clients more invested in you, and more trusting. Why? Because you care!
6- Keep Your Commitments
Your business values and commitments should be as solid as concrete. You will build relationships based on these principles. Altering them will only result in making you look as an inconstant and fickle person, which is not trusted in business.
To be able to hire, fire and even lose money to stand your ground will only make your supportive circle more hyped and close.
7- Give First, Ask Second
First of all , it feels awesome to be the helping hand for others.
Being that person will make whom you helped go about and beyond for you, since you have helped them out before.
Being the savior for the people in your business circle will absolutely make you feel secure and protected, even if the world goes against you.
The better understanding of business relationships and how to correctly build them in a fashion that will benefit you is a crucial step for anyone that wants to stand out from the crowd.
Money on its own won’t take us anywhere. But if it goes hand-in-hand with cooperation and respect, it will definitely be an undefeated weapon.
“Success In Business Depends More On Relationships Than Spreadsheets”