Many people become entrepreneurs and set up their own businesses as they like the idea of going it alone. The appeal of being an entrepreneur lies in working on their own and being fully responsible for their company. Many hugely successful businesses start as a one-person operation, driven forward by an ambitious, highly motivated individual, which propels it to success. However, it takes more than one person to drive a business to become a leader in their chosen industry. In business, connections are vital, whether you run a start-up or a multinational, the simple fact is that you need people, and you need to build relationships to succeed.
Nurturing relationships is interwoven into running a business, but it is often something that business owners can forget when they are single-mindedly pursuing their ambitions. As the saying goes, ‘it’s often not what you know, but who you know.’ Here are some of the essential relationships that every business needs to maintain:
Customers
It almost goes without saying that the relationships you form with your clients are one of the single most important connections for your business. After all, no customers mean no business. Many companies work so hard to attract new customers with incentives and advertising, that they forget to maintain their relationship with their current customers. Retaining existing customers and building your relationship with them should always be a priority. Attracting new business is, of course, important, but can be a lot more time consuming and expensive than simply taking care of the customers you already have.
Suppliers
Some businesses deliberately drive a hard bargain with their suppliers to get the most that they can from them. While this may seem like a useful way of exerting power in the relationship, often it can backfire. In business, your reputation is all-important, and treating suppliers badly can damage it.
Paying your invoices on time, and being courteous can benefit you in the end. Who knows if one day you may need your supplier’s help at short notice.
Professionals
Even as a sole trader, it is likely that you need to get yourself some professional advice and help from time to time. Making contact with a great accountant and a trusted business litigation lawyer means that when you need them, they are on hand to help. You never know when you will require help and advice from a professional, so finding experts you can trust is essential.
Network
Running your own business can be a pretty lonely experience at times, and the life of an entrepreneur often doesn’t lend itself to enjoying an active social life. However, taking the time to get to know other business owners in your area is a great way to meet people and chat with like-minded professionals. Networking is not only perfect for making connections but can also help you to spread the word and build up recognition for your business. Sometimes, relationships that are forged through networking result in winning business and establishing long term contracts.
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