For an entrepreneur, building relationships plays a pivotal role in the successes of a startup as it leads to the introduction of potential investors, faithful and enthusiast clients, future hires and great advisors. But making relations are not very easy. It needs trust, support and sincere assurance. It requires consistent efforts to keep contact overtime. Many businesses start as one man’s ideas and the creator is often an entrepreneur who sports a gap in the market or a commercial opportunity. For example, Simon Woodroffe opened his Yo Sushi restaurant in Japan by copying an idea. The business grew into a chain of successful restaurants with an approach of serving decent food to the people.
Small business plays a vital role in the success of an economy as they are mostly setup to meet the local needs. They serve the requirements of larger businesses. Being entrepreneurial means having the right attitude and developing productive skills. In U.S most business are small such as owning a food truck and running it. This has a small investment and great profit.
Small businesses are well placed to build personal relationship with customers, employees and suppliers. With a small business you know who you are dealing with and you can’t put a face to the person you are in contact with. In a professional setting people like to have a relation with those who can help their career or business grow. It helps in expanding the network and makes you stronger. In any business it is very important to have a proper and mutual relation with the employees and employers as it offers relevant and beneficial introduction providing advice, expertise or feedback. Share information such as events, articles or research that may be helpful to promote the business. When you are helpful to others then people will feel more inclined to help you as well.
Supplier relationships are critically important to maintain a healthy business. If you want good delivery, good service and good quality then you need to keep your suppliers happy and healthy. If a supplier can’t meet a standard, you just switch and find somebody else. Moreover there are many industries where there are some or other faults such as in the manufacturing industry where sometimes its quality and sometimes its delivery time. Then there is no better way to torpedo a relationship than to blame the supplier.
Maintaining a strong employer and employee relationship can be a key to the ultimate success of an organization. It is known that if a strong relationship exists then employees will be more productive, more efficient and there is less conflict. It also increases the employee’s motivation and can also be increased through improved employee morale. Companies that have invested into employee relationship programs have experienced increased productivity which leads to an increase in profits for the business.
As your business grows, your responsibilities also increase. Your relation with the customers, suppliers, competitors, and industry leaders, financial and professional advisers should also grow. In a business there are people you don’t know, they can either be peers or competitors. It is worthwhile connecting with them because you will benefit by what they offer and they will benefit from knowing you. But you actually don’t meet these people.
Trusted relationships are the most personal, valuable and often last long. These people are your mentors and close peers at work. This kind of a relationship also exists between senior executives and partners in different organizations. Business deals need to be crafted through trusted relationships. For this you need to have many interactions with one another. At the beginning you should offer your service, products and expertise without expecting anything in return. Once this happens a trust is formed between you and the other person. Trusted relationship takes the most work and longest to form. But they are worth it because they frequently create huge opportunities and have enormous long term impact.