Business Relationships

Strong Business Relationships

Posted on August 12, 2016 · Posted in Blog

As a small business owner you are your business. In business we see products and/or services exchanged for cash or other goods. However, business is also about relationships. Strong business relationships are vital.

The strength of business relationships can determine how hard employees will support each other daily but also more importantly in challenging times. Employees should develop trust and respect amongst each other. Meeting deadlines, completing tasks, and contributing are ways that employees can increase mutual trust and respect.

Client relationships are essential as well. As business valuation analysts we have to understand our clients’, their history, business strategy, and their goals. Truly understanding a client is the first step before extending any service. This ensures them how committed we are to them and follow up by going the extra mile.

Stronger business relationships with business partners and clients help to leverage personnel in gaining more business. Often when coworkers and clients attain satisfaction they are more likely to provide references. Referrals are highly effective because they are positive endorsements.

Being referred by someone automatically allows you to bypass any doubts or sense of screening by a potential client. As a small business owner you need to constantly fight to gain credibility. Referrals and fostering strong business relationships can help your business grow.

Referrals are really important for various reasons and have advantages. When a client refers you it comes at no cost. Also the rate of success increases. “Cold calling results in a 1% rate on average. Inbound leads range from 15 to 30%. Strong referrals can have as high as an 80% success rate (Marc Wayshak).” Referrals can lead to more referrals. As a small business owner it is your job to ask for referrals, manage, and foster these relationships into opportunities.

 

References:

  1. Marc Wayshak – http://www.huffingtonpost.com/marc-wayshak/why-every-business-needs-_b_3767485.html
  2. FreeDigitalPhotos.net (Image)