BusinessDay

Building relationships in business: The need

You have probably heard it said, “Your network is your net worth.” It is not mere motivational talk. On the contrary, there is a lot of truth in that. It simply means the quality of the people you know reveals how valuable you are.

Also, humans are wired to connect with other people, and relationships are how we thrive. People who have excelled in their various fields attribute it to building strong relationships over time.

Although some tend to frown at building networks because it seems to give more importance to who you know over what you know, people connections are an almost unquantifiable asset for a business.

In fact, successful business owners and founders accept that your network is truly your net worth, so they give considerable attention to building and grooming relationships

In fact, successful business owners and founders accept that your network is truly your net worth, so they give considerable attention to building and grooming relationships.

Business relationships is defined by Investopedia as all of the individuals and entities with which a business is connected or expects to have a connection, whether internal or external.

Business relationships are an investment, and like other investments, they take time to grow. But when properly managed, their returns can be inestimable. They could come in such forms as business expansion, increased sales, increased clientèle patronage, high customer satisfaction, expedited actions on pending agreements, and so on.

In the 21st Century, collaboration is a strength, although the marketplace is still characterised by how fast-paced and competitive an organisation can prove to be. But in the end, it is those who are most open to collaboration who thrive the most.

We recognise the value of networking, so we create programmes and avenues to give room for them. Recently, we hosted a business breakfast meeting for CEOs and business leaders in our Abuja, Nigeria office, on Rethinking People Practices, and invited a senior fellow at Lagos Business School, Dr. Akin Oparison, to facilitate.

It was an opportunity for attendees to glean on how to improve the operational processes in their organisations and as well share and build relationships, mostly because this is in tandem with our goal, which centres on excellent individual and organisational performance.

We are committed to growing the business ecosystem in this part of the world, and for this to be achieved, we understand that businesses, irrespective of the industry, ought to support each other to grow.

Read also: How businesses can use resources effectively – DNBC

There are different types of business relationships, however, we will expound on three:

Employee relationships

Sir Richard Branson has often been quoted as saying, “If you look after your staff, your staff will look after your customers.” Your employees are an essential part of your business. Inasmuch as your business exists on a mission, your employees are the vehicle to get your organisation where it needs to get to. As we shared previously, an organisation is only as good as its people. A healthy, strong relationship with your employees or team, whichever you call, is very crucial.

Truth is, after you, nobody knows your business better than your employees. The possibilities for more growth abound where the workplace culture is friendly. Who knows, your employees could be holding on to that billion-dollar idea that your organisation needs.

Customer relationships

What is a business without customers? It is a mantra in business that ‘customer is king,’ which is why this relationship is easily the next most important. Great customer service is not only ideal, but it is very beneficial as well. It means continued patronage, most likely on a much higher scale with their recommendation also.

In the sale chain, the end goal is to convert your customers to your brand evangelists, unrelenting supporters who ensure that everyone in their circle also patronises you.

Corporate partnerships

Collaboration is a powerful tool for all business owners, regardless of the industry. Collaborations help business owners grow their businesses. It is also a smart way to get in front of potential customers.

By partnering with an established brand, it is easier to access new clientèle by leveraging their already-existing business relationships to build trust in your brand—and attract new customers along the way.

While many business owners and leaders view their competitors as threats, it is incredible to discover how valuable relationships with other businesses can be. Explore it.

Get real time updates directly on you device, subscribe now.