Every business needs strong relationships to thrive and grow. Relationships are simply the connections that take place between the various entities that engage in commerce. Small businesses may not have the capital or human assets that their larger competitors may have. But they can still (and need to) build strong and valuable business relationships.
Why Building Business Relationships is Critical
Building good business relationships helps a business get new customers, retain current customers, find new revenue opportunities, maintain and grow a healthy employee team, and manage its reputation.
What Are the Types of Business Relationships
A vital business network should include business relationships with customers, suppliers, buyers, government representatives, service providers, members of the media, and competitors. In addition, good relationships should include those with employees, legal entities, financial entities, peers, and mentors.
Essential Elements of Good Business Relationships
Good business relationships are built on three essential elements: communication, trust, and credibility. Communication should be open and transparent. To merit a good relationship, parties must be able to trust one another. And to achieve trust, parties must have credibility.
How to Leverage Your Current Network to Develop Strong Business Relationships
Leverage, in this use, means how to build-onto, or how to apply, not how to coerce or manipulate a connection. Use these tips:
• Identify what you need from others in terms of knowledge, skills, and assistance. Identify what skills and experiences you can share with them. Quality relationships must be two-way to be beneficial.
• Focus on quality versus quantity. You want connections that are relevant to you and that you can maintain.
• Find people that will strengthen your network.
• Always connect with people authentically. And connect with them when you don’t even need anything.
• Learn how to ask for help.
• Look for ways to serve and nurture your network.
Seek Expert Financing Assistance
Contact Porter Capital Group, your commercial finance expert. Our team of finance professionals can help you secure capital for your needs and circumstances.