No matter what industry your small business is in, one of the most important things you can do as a business owner is nurture strong relationships. The individual decisions you make about your business are just small pieces of your overall success. Without relationships, your business will have a difficult time growing.
Each business relationship you nurture will offer something different. Both personal and professional relationships are necessary to get the support your business needs to thrive over time. There are a few key relationships every business owner should focus on in order to propel his or her company toward success. Here are five of the most important.
- Business mentor: Many first-time business owners rely on the advice and support of a trusted business mentor. Business mentors can provide you valuable insight you can’t get anywhere else, and for that reason alone, your relationship with them is extremely important. Beyond that, though, maintaining a good relationship with your business mentor can open the door for new opportunities and business connections that help you later.
- Vendors and suppliers: The vendors and suppliers you choose to provide products and services for your business are also deserving of strong relationships. Unreliable or untrustworthy suppliers can cause endless headaches for your business. If you take the time to build a good relationship with a trusted supplier or vendor, you can feel confident that you’ll get reliable deliveries or services that help your business. Additionally, building a good relationship with your suppliers can help you out in other ways, like receiving the best prices or getting more favorable payment terms.
- Accountants: Managing your small business’s financials well is one of the most important parts of operating and growing your company. For this reason, many business owners choose to outsource financial matters to accountants and financial advisors, who help with things like payroll, budgeting, forecasting, taxes and more. Maintaining a good relationship with the people behind your business’s “money matters” can help you remain confident in the reports and advice provided.
- Employees: If your small business relies on the hard work of employees to operate smoothly, it’s extremely important for you to build strong relationships with them. Employees who feel undervalued or mistreated aren’t likely to stick around long or care about making mistakes that could cost you time, money and customers. On the other hand, employees who feel supported and valued by the business owner are more inclined to work hard to make the business as successful as possible. Check in with your employees, offer them your support, listen to their feedback and ensure they feel valued.
- Customers: Perhaps the most important relationship any business can maintain is the relationship it has with its customers. Customers are the lifeblood of your business. They are what allow you to keep your doors open and the bills paid. Nurturing these relationships can help you build trust and turn occasional buyers into life-long customers. Activate your customer relationships by humanizing your business, rewarding customer loyalty and getting involved in your local community.
Communication, shared goals and trust are key in building and maintaining strong business relationships. Take time to nurture the important relationships for your business and see just how much stronger your company is for it.
One last partner you might find yourself needing is an expert in financing solutions for your small business. If you need startup funding for your business venture, contact Tenet Financial Group via email and get connected with a Senior Consultant today!