If you’re an entrepreneur, you would know the benefits of having solid and strong business relationships. They reap fruits in times of need. Whether you want people to contribute to your business growth or need cash to sustain the course, you need to build strong and impactful relationships with your vendors, suppliers, and investors. Not to mention how a good relationship with your lender can help you get out of the blues.
Here’s a blog to help you learn about smart ways to build solid business relationships.
Identify core values
In any business, the onus lies on the business leader who wants everyone to contribute to the growth of his or her business. That’s why it’s important to identify shared goals and values that bring harmony to the relationship. If you are looking to attract investors that can add value to your business and help you with capital, you should try to understand their way of working, their attitude towards business, how they treat their teams, etc. If you think your idea of business ethics is in sync with what they are offering, it’s a win-win situation for you.
Network smartly
As a startup, you would know the value of building a smart network of people. It helps you in times of emergencies as you can rely on their support. The prime component may involve financial help, but if you keep your network smart and strong, you’re likely to attract like-minded people to your business. For one, investors could help you a great deal in achieving your business goals, so as your lenders.
If you boast a great camaraderie with your creditors, you’re likely to enjoy credit facility more than others. It may help you get credit on your favorable terms. Here, don’t forget the importance of having a good business CIR. Your commercial credit report says a lot about your business ethics and financial performance. If you’ve got an impressive business credit report, it makes it easy for you to build a solid foundation for your business.
Spend quality time with your key business associates
Investing your time building a solid rapport with your key business associates assures you of a great time ahead. When you take care of your key business people and make them feel valued and respected, they reciprocate with a kind gesture. Maybe they would be willing to help you with starting your new venture or reduce your debts.
It makes sense to understand if you’re giving back as much as you’re getting from other businesses. It means that you need to value their time and be available for them as much as they would if you need them.
Respect other businesses
While it’s important to get ahead of your competitor to make profits and sustain in the business arena, it’s equally relevant to respect other businesses. Have a cordial relationship with your competitors and other businesses with whom you’ve got an ongoing working relationship. In business, mutual respect is important. You can take initiative and join forums and groups where you can discuss business issues and strengthen your bond with others.
Focus on local businesses
If you’re an MSME, it’s a given that maintaining a good rapport with your local vendor would make your path easy. If you’ve got a solid working relationship with any of your trusted suppliers, it helps you buy goods and material at a friendly price, and you don’t have to negotiate repayment terms hard. Here, the crux is to maintain a solid rapport with local businesses and observe the business landscape. Learn how you can improve your existing business relationships or network better locally.
Invest your time in like-minded people only
While it’s good to shake hands with many business people, it’s equally important to select a few relationships you think you can nurture. For example, if a vendor is loyal to you and making payments on time, you can go out of your way to make him or her feel valued. However, if you’ve to deal with a payment defaulter that is hindering your path to success, you should report your business defaulter on platforms like CreditQ. It helps you get back your stuck money through a refined payment settlement process.
With all that said above, you should also know where to draw the line so that your business does not experience loss. It can so happen that your current business relationship with your supplier could go extreme, and all that invested time and effort could go in vain. That’s why it’s crucial to gain a better understanding of business people you deal with regularly.
Use this information to build smart ways to attract like-minded people and retain loyal clients and customers. You should aim at making your brand respectable and profitable.