Business Relationships Are Important – Are They?

The foundation of any essential business practice is the development of healthy work relationships. These relationships are important for the success of your business. There are various relationships that a business should have or try to build.

There are 3 essential types of business relationships:

1. Relationship with your present clients

2. Relationship with prospective clients

3. Relationship with individuals within your business domain

Each of these business relationships play an important role in keeping your business in demand and allowing it to flourish. These connections are crucial as they enable your business to constantly generate revenue.

1. Relationship with your present clients:

The relationship that you share with your present client may vary from individual customers to established businesses and organizations. The way in which you handle this relationship is very important. Developing a strong connection between your business and your present client could help you get a customer for life. On the other hand, if you fail to do so, it could mean the loss of a potential customer to a competitor offering the same product and services. It is good to show appreciation virtual roundtables to all your present customers. Maintain a strong line of communication via email, phone call, feedback forms, etc. This will also provide you with vital feedback of the status of the services offered by you and how you could improve them. Maintaining constant communication enables you to keep your customers updated about any upcoming services that you might offer and serves as the best way to build a productive relationship. For those customers who have been associated with you for a long duration, you may offer them a discount as a way of saying thank you for being associated with your business.

2. Relationship with prospective clients:

It is always a challenge when it comes to dealing with prospective clients. A well known fact is that many businesses fail to market their services effectively and end up losing a prospective client to a competitor who knows how to. Business should never be restricted or complacent. It should always explore newer opportunities. Make it a point to maintain communication with prospective customers who may need your services or products in the future. Make use of social media to create awareness of your brands. When an opportunity would present itself, the customer will remember your brand (brand recall) and take steps toward a conclusive decision. You don’t need to be over aggressive in your campaign. The aim is to build a strong connection. You can send across a bi-weekly or monthly newsletter or an email that highlights the products and services that you offer. Once the need is felt, they will approach you for your services.


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