After working strenuously for hours in office environments, we often confuse the term ‘business relationships’ as relationships based on money transactions and services/products exchanged. This needs to be changed. We as business-oriented professionals, need to re-learn the true meaning of business relationships. A successful business is not only about the company and the ones sitting at the head of our respective companies. It is also about the people who are contributing to the overall success of the company. Now, when dealing with business transactions, we often forget that we are all humans, and it is very important how we interact with each other in our daily lives. Therefore, we need to redetermine if money transactions and services/products in exchange, is all that our business relationships comprise of. So, let’s find out what are the basic types of business relations, and the benefits of having good relationships in business.
So, basically there are many types of business relationships and it’s important to know what to expect of such interdependent relationships:
- Vendors/Consultants Vendors can help companies save loads of money and in the long run, we often make good relationships with our vendors or consultants. Maintaining good relationships with them can also help in bettering customer service and market development. Moreover, vendors often help companies to sell products and services on the international platform, and that’s why companies always give priority to the relationship established between them and their vendors.
- Partners Partners are an integral part of the success of any given company. Partners are companies that collaborate with each other to reach a common goal which shall reap massive economic growth in all the companies involved. Having multiple business partners and good relationships with them helps in expanding the market, constructing proper brand awareness and learning from other companies. Giving due respect to the relationship between partners is thus, very important.
- Employees The basic unit of any business is its employees, and their contribution to the company is the deciding factor of the success or downfall of the company. This is why employers these days are not only evaluating employee performance but also their own performance, based on how much job satisfaction the employees get. The relationship between employers and employees has vastly changed and bosses and CEOs have been able to establish themselves as leaders and teachers and not just a capitalist who exploits his/her employees. In order to maintain good relationships with employers or employees, the relationship needs constant check as power and responsibilities play huge roles in businesses.
- Clients and Customers We often interpret the relationship between clients/customers and the company as a relationship based on ‘give and take’ policy. But that’s not the end of the story. Good customer/client relationships with the company, often leads to better and improved services or products. It can also help in acquiring customer loyalty which is very important during any crisis situation. Furthermore, it helps in improving employer branding and brand awareness. Therefore, it should be our primary concern to develop good client or customer based relationships in business.There are a number of benefits that you can reap with positive reinforcement in building strong relationships:
- Improvement in Communication Skills With the help of constant communication with your business relations, you will see a visible improvement in your communication skills, whether it be written or verbal. You will have knowledge about how to give negative feedback in a manner that won’t sound negative in tone. You will also be able to read body language and understand the inner dwellings of your business relations. This will help you in maintaining an ethical professional attitude as well.
- Valuable Friendships With the help of valuable friendships, you will be able to earn the trust and loyalty of your business relations. It is not possible to convert all your business relationships into valuable friendships, but at least, one should aim for that because these valuable friendships with your business relationships will help you in future investments, as well as dealing with crisis situations.
- Long-term Business Investments With the help of good relationships in business, you will be able to plan for the future and chalk out innovative plans for expanding your business or reaching the global platform. You will be able to trust your financial investments, and even, gain more financial investments made to your company by valuable partners, clients, and customers.
- Improvement in Teamwork Working together for a common goal or target can be improved by developing good relationships with your business relations. This way your business relations will be more comfortable working with or for you. They will be able to report errors and provide suggestions more freely and accurately. It also lightens the workload and helps in uplifting the company’s culture. A team united is more successful than business-oriented individuals working for a common goal.
- Customer/Client Satisfaction When attending your customers or clients, it is very important that you develop good relationships with them. Because if you treat your customers or clients as people who largely contribute to your success, the customer or client may easily ignore the past errors and invest more in your business. A good business relationship with the company that is providing you with services or products, is equally important because your issues will be duly met. This will increase your satisfaction as clients and even the company’s satisfaction by serving you correctly.
- Business even in crisis You never know when your company may experience crisis situations. Although, you may be financially ready for such situations, but we all know how hard it is to keep your business going during these times. If you have good relationships with your vendors, employees, partners, and clients, you have the assurity that your business will run, even during difficult times. Some may even be able to help you come out of such crisis situations.
One also needs to understand when a business relationship has become toxic and it is time to let it go, before it gets even worse. Having bitter business relationships and not being able to mend them can hamper your reputation as a company. Thus, in such situations after you run out of more tactics to implement, it is more sound to dissolve the relationship. But before that make sure you have tried all tactics to improve your business relationships.