How Valuable Are Your Business Relationships?

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

How Valuable Are Your Business Relationships?

That can only be determined when you understand and appreciate why and how they can be measured, however it doesn’t end there either. Like life, those business relationships are a two-way street and so you must understand and appreciate one another’s needs and expectations as they relate to the very type of relationship you are relying upon. How you build and transform your business into a successful entity depends upon the value you elect to share and create within those relationships.

Are Your Business Relationships – Value Oriented?

As we just established, your business success hinges entirely on the needs and desires of the people within those business relationships. What I hope you will be open to is that while the brand and prices of your products and services may be of value in terms of quality and pricing, the value your relationships can have an even bigger impact. It is a critical goal within the building and expansion of any business that you attract repeat business. The quality of your products is not something that is subject to price alone. Do you know what a niche really is? Do you completely understand how your marketing strategies must indeed be of increasing value for business online? Especially in this day and age it is important you identify your true market niche, for this is becoming increasingly important for building and sustaining the value of those business relationships.

Which Business Relationships Are Vital To You?

Have you properly identified all the business relationships essential to your business? Please keep in mind that while I am identifying essential relationships by category within your business, there may very well be numerous such relationships within each category, and even within those relationships there could also be numerous individuals you have to deal with. Once again I may not mention a specific relationship here, that you depend upon, but if you understand this you can apply it to virtually all types of business relationships. So here are the ones I would recommend you consider; those with investors and lenders to your business, business advisors including accountants, lawyers and insurance agents, suppliers, distributors, subcontractors, scientific, engineering and technology advisors. No doubt you should also consider your relationships with your employees, customers, neighbors, your competition, your community and your family. Perhaps the single most important relationship of all, the one you have with yourself and that’s one we will come back to in another blog.

What Is Crucial of Such Business Relationships?

Crucial is in reference to what is extremely important and necessary, or indispensable to the survival or continuing effectiveness of something. In business relationships such as these, it is essential that it is clearly understood that both you and the people within each of those relationships have your own specific needs and expectations. The challenge before you is really based therefore on how each of you does your utmost, to do two things. First make sure you do what you need to do in order to learn what is the criteria they must adhere to in order to provide you with value. Secondly, make it clear to them, what is crucial to such a relationship in order to share value with them. Do not jump to a conclusion that what will work for one such business relationship will necessarily work for another. For example while a supplier for a product may offer you a lower price for an increased volume in supplies, an accountant or lawyer will likely do just the opposite. Be sure and respect all such business relationships if you want them to deem you as someone of value to them.

How Do You Establish Value Within These Business Relationships?

So how do you get started? Be realistic and understand, that this is going to take some time, and so you may want to establish a time frame that requires a minimal amount of time, such as with your advisors, and yet can also mean they may be able to provide you with some additional perspectives as to why and how certain issues might have to be dealt with concerning others, such as . . . suppliers and subcontractors.

Also keep in mind that even as you make progress, you are also likely to face some additional changes within these relationships. People within these relationships may change, and thus their policies and procedures may also be subject to change.